Local stocks cut early losses triggered by negative Asian stocks. At 9:28 IST, the barometer index, the S&P BSE Sensex, was down 32.27 points or 0.1% at 33,475.65. The Nifty 50 index was down 9.75 points or 0.1% at 9,871.40.
The S&P BSE Mid-Cap index was up 0.58%. The S&P BSE Small-Cap index was up 0.83%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1074 shares rose and 457 shares fell. A total of 68 shares were unchanged.
Stocks in news:
Pidilite Industries fell 1.51%. Pidilite Industries reported 33.01% rise in consolidated net profit to Rs 157.53 crore on 8.15% rise in total income to Rs 1,558.74 crore in Q4 March 2020 over Q4 March 2019.
Muthoot Finance jumped 8.23% after the company reported 53.06% rise in consolidated net profit to Rs 829.37 crore on 26.08% rise in total income to Rs 2,633.58 crore in Q4 March 2020 over Q4 March 2019.
Indraprastha Gas fell 2.77%. Indraprastha Gas reported 27.48% rise in consolidated net profit to Rs 290.76 crore on 2.25% rise in total income to Rs 1,632.38 crore in Q4 March 2020 over Q4 March 2019.
Fortis Healthcare rose 0.29%. Fortis Healthcare reported a consolidated net loss of Rs 44.51 crore in Q4 March 2020 as against a net profit of Rs 135.60 crore in Q4 March 2019. Total income declined 25.81% to Rs 1,133.35 crore.
REC declined 3.16% after the company reported 62.16% fall in consolidated net profit to Rs 473.99 crore on 18.45% rise in total income to Rs 7,905.34 crore in Q4 March 2020 over Q4 March 2019.
J K Cement rose 1.51% after the company reported 19.03% rise in consolidated net profit to Rs 164.13 crore on 1.67% fall in total income to Rs 1,572.95 crore in Q4 March 2020 over Q4 March 2019.
Karnataka Bank rose 0.75%. Karnataka Bank has launched a special health insurance policy in association with Universal Sompo General Insurance Company to cover the uncertainties posed by COVID-19 pandemic.
BEML advanced 1.9%. The company has flagged off the last train set for Kolkata Metro (East - West) project from its Metro coach factory at Bangalore Complex. BEML secured the contract for 14 train sets (6 cars each), valued at approx Rs 900 crore from Kolkata Metro Rail Corporation.
Global Markets:
Overseas, Asian stocks are trading lower as spiking coronavirus cases and prospects of new lockdowns erased earlier confidence about a global economic recovery.
In US, the S&P 500 and the Dow reversed earlier gains to snap a three-day winning streak as news of spiking pandemic data and the prospect of a new round of economic lockdowns dampened investor optimism over signs of economic recovery. Tech shares led the Nasdaq to a modest gain.
U.S. Federal Reserve Chair Jerome Powell wrapped up two days of congressional testimony, during which he pledged the central bank will use its full range of tools to help that recovery along. But Powell added, It would be a concern if Congress were to pull back on the support that it's providing, too quickly.
Organization of the Petroleum Exporting Countries (OPEC) on Wednesday forecast a gradual recovery in oil demand that has been hammered by the coronavirus crisis and said record supply cuts by the group and other producers were already helping rebalance the market.
In a monthly report, the OPEC said world oil demand would decline by 6.4 million barrels per day (bpd) in the second half of 2020, a less severe drop than the 11.9 million bpd fall in the first six months. A gradual recovery (is) projected until the end of 2020, OPEC said in the report.
Back home, key domestic benchmarks ended the volatile session with modest losses on Wednesday. Geopolitical tension between India and China resulted in market weakness. Investors were also worried about the rising number of coronavirus cases and deaths in India. The barometer S&P BSE Sensex declined 97.30 points or 0.29% at 33,507.92. The Nifty 50 index fell 32.85 points or 0.33% at 9,881.15.
Foreign portfolio investors (FPIs) sold shares worth Rs 486.62 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 168.05 crore in the Indian equity market on 17 June, provisional data showed.
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