Key equity indices firmed up and hit fresh intraday high in mid afternoon trade. At 14:26 IST, the barometer index, the S&P BSE Sensex, added 430.96 points or 1.13% at 38,481.05. The Nifty 50 index jumped 129.85 points or 1.15% at 11,376.10.
Buying was broad based. The S&P BSE Mid-Cap index added 0.97% while the S&P BSE Small-Cap index rallied 1.30%.
There were more buyers than sellers. On the BSE, 1804 shares rose and 881 shares fell. A total of 154 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 21,881,858 with 7,74,053 deaths. India reported 6,73,166 active cases of COVID-19 infection and 51,797 deaths while 19,77,779 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
Ministry of Finance said that the Partial Credit Guarantee Scheme (PCGS) 2.0 has been extended with greater flexibility to respond to emerging demands. Under PCGS 2.0, PSBs have approved purchase of Bonds/ CPs rated AA/AA- issued by 28 entities and Bonds/CPs rated below AA- issued by 62 entities, amounting to Rs. 21,262 crore overall. Government has now decided to modify PCGS 2.0 for purchase of Bonds/CPs. Additional 3 months have been granted to build up the portfolio.
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 5.99% compared with previous closing of 5.975% in the previous trading session.
In the foreign exchange market, the partially convertible rupee edged higher to 74.76 compared with its previous closing 74.88.
In the commodities market, Brent crude for October 2020 settlement rose 11 cents to $45.48 a barrel. The contract rose 1.27% to end at $45.37 in the previous trading session.
MCX Gold futures for 5 October 2020 settlement was up 1.05% to Rs 53,834.
Buzzing Index:
The Nifty Auto index gained 1.16% to 7,956.90. The index has jumped about 4% in two days.
Ashok Leyland (up 7.74%), Tata Motors (up 2.67%), Eicher Motors (up 1.96%), Maruti Suzuki India (up 1.56%), TVS Motor Company (up 1.5%), Bajaj Auto (up 0.73%) and Hero MotoCorp (up 0.7%) were top gainers in auto space.
Stocks in Spotlight:
KNR Constructions jumped 4.78% after the company's consolidated net profit rose 8.8% to Rs 46.68 crore on 1.5% fall in revenue from operations to Rs 522.52 crore in Q1 FY21 over Q1 FY20. Total expense declined by 4.6% to Rs 470.22 crore in the June quarter compared with the same period last year. Profit before tax in Q1 June 2020 was at Rs 59.28 crore, up by 5% from Rs 56.44 crore in Q1 June 2019. Current tax expense increased by 57% year-on-year (YoY) to Rs 22.06 crore during the quarter.
Fertilisers & Chemicals Travancore (FACT) rose 2.34% after the company reported consolidated net loss of Rs 17.56 crore in Q1 June 2020, lower than net loss of Rs 80.24 crore in Q1 June 2019. Consolidated revenue from operations soared 57.11% to Rs 551.80 crore in Q1 June 2020 over Q1 June 2019. The company said that there was no material impact on the financial results of the company on account of COVID-19 pandemic.
Steel Strips Wheels (SSWL) gained 2.85% after the company bagged export orders for over 110,000 wheels worth over Rs 13 crore for US caravan trailer market. The order is to be executed in September and October and would be supplied from the company's Chennai plant. "Inflow of more orders is expected to come from various other customers as the market gains stability," the company said in a BSE filing.
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