Key benchmark indices hit an intraday high in afternoon trade amid positive global cues. At 13:20 IST, the barometer index, the S&P BSE Sensex jumped 364.66 points or 1.04% at 35,275.98. The Nifty 50 index advanced 111.75 points or 1.08% at 10,422.95.
Sentiment got a boost after India's Chief Economic Advisor Krishnamurthy Subramanian, told the media that a V-shaped recovery is possible for the Indian economy this year, provided a vaccine is found to contain the pandemic. "The recovery will happen after the uncertainty from the health side is taken care of," he reportedly said.
The broader market outperformed the key benchmarks. The S&P BSE Mid-Cap index rose 1.49% while the S&P BSE Small-Cap index gained 1.41%.
Buyers outpaced sellers. On the BSE, shares 1,830 rose and 730 shares fell. A total of 140 shares were unchanged. In Nifty 50 index, 48 stocks advanced while 2 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 424.21 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,287.69 crore in the Indian equity market on 22 June, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 91,00,090 far with 4,72,216 deaths. India reported 1,78,014 active cases of COVID-19 infection and 14,011 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Gainers & Losers:
Larsen & Toubro (up 5.50%), IndusInd Bank (up 5.33%), UPL (up 4.73%), Hindalco Industries (up 4.43%) and NTPC (up 4.04%) were top gainers in Nifty 50 index.
Reliance Industries (down 0.49%), HDFC (down 0.18%), HDFC Bank (down 0.16%), Bharti Airtel (down 0.09%) and Vedanta (down 0.05%) were top losers in Nifty 50 index.
Q4 Results Today:
Asian Paints (up 1.63%), Bank of Baroda (up 2.33%), Page Industries (down 0.35%), Union Bank of India (up 7.36%), Berger Paints India (up 2.11%), Aster DM Healthcare (up 2.99%), Balrampur Chini Mills (up 1.90%), Finolex Industries (up 0.36%), GM Breweries (up 1.20%), GMDC (down 0.33%), Hatsun Agro Product (up 1.65%), Indian Bank (up 9.40%), Kolte-Patil Developers (up 0.22%), NLC India (up 1.46%) and Phillips Carbon Black (up 1.44%) are some of the companies that will announce their quarterly earnings today.
Earnings Impact:
Info Edge (India) jumped 4.61%. The company reported 63.4% decline in consolidated net profit to Rs 119.10 crore on 7.8% increase in net sales to Rs 327.60 crore in Q4 March 2020 over Q4 March 2019. On a standalone basis, net profit declined 37.2% to Rs 41.62 crore on 10.3% rise in net sales to Rs 322.82 crore in Q4 March 2020 over Q4 March 2019. Operating EBITDA stood at Rs 96.50 crore, up 5.8% over Q4 FY19. Billing stood at Rs 331.9 crore, down 8% over the corresponding quarter last year. The deferred sales revenue (amount collected in advance) as at 31 March 2020 is Rs 465.60 crore, down 1.9% over the quarter ended 31 March 2019. Meanwhile, the company's board of directors approved raising of up to Rs 1,875 crore through Qualified Institutions Placement (QIP) of equity shares.
Balaji Amines gained 2.87% after the company's standalone net profit rose 19.8% to Rs 32.35 crore on 0.3% rise in net sales at Rs 235.50 crore in Q4 March 2020 over Q4 March 2019. EBITDA margin for the quarter stood at 23.6%, up 280 basis points as against 20.8% in Q4 FY19. Operating margins improved due to marked increase in volume offtake with improved price realizations largely across all products, increase in operating leverage and benign raw material prices. Total volumes stood at 22,146 million tonnes (MT) for Q4 FY20, up by 2.8% from 21,543 MT in Q4 FY19. For the January-March quarter, amines volumes stood at 4,525 MT, amines derivatives volumes stood at 9,030 MT and specialty chemicals volumes stood at 8,591 MT.
Aegis Logistics rose 1.36%. The company's consolidated net profit declined 33.7% to Rs 46.58 crore on 33% fall in net sales to Rs 1,241.65 crore in Q4 March 2020 over Q4 March 2019. Its board has recommended a final dividend of Re 1.20 per share for the financial year ended 31 March 2020.
Skipper hit an upper circuit of 20% at Rs 47.15 after consolidated net profit jumped 58.4% to Rs 28.12 crore on 1.3% rise in net sales to Rs 438.85 crore in Q4 March 2020 over Q4 March 2019. The company reported a consolidated pre-tax loss of Rs 1.31 crore in Q4 March 2020 as against pre-tax profit of Rs 22.34 crore in Q4 March 2019. The company received a total tax rebate of Rs 29.43 crore in Q4 March 2020, which aided the net profit. Total tax expense in Q4 March 2019 stood at Rs 4.49 crore. The company reported a forex loss of Rs 19.45 crore in Q4 March 2020 due to sharp depreciation of rupee, which impacted the profitability. The company stated that this impact is largely notional. Skipper's order book as on 31 March 2020 stood at Rs 2011 crore, which constituted 30% exports and 70% domestics orders.
Sudarshan Chemical Industries fell 1.87%. The firm reported 5.77% rise in consolidated net profit to Rs 27.31 crore on 3.77% rise in total income to Rs 450.11 crore in Q4 March 2020 over Q4 March 2019. The announcement was made after market hours yesterday, 22 June 2020.
Global Markets:
European stocks opened higher while Asian shares continued trading higher on Tuesday, recovering from some early losses as regional markets tracked a late rally on Wall Street led by technology shares.
In Europe, investors will be focusing on the latest indicator on the state of the euro zone economy when preliminary purchasing manager's index (PMI) data for June 2020.
White House trade adviser Peter Navarro said the U.S. trade deal with China was in trouble. However, Navarro later clarified that his comments were taken out of context. President Donald Trump tweeted that the agreement with China, the basis for a truce in a tariff war over technology and other problems, is still on. Trump tweeted: "The China Trade Deal is fully intact. Hopefully they will continue to live up to the terms of the Agreement!"
The US stock market finished session higher on Monday, as investor sentiment was bolstered by optimism over a quick recovery for the domestic economy after better than expected retail sales and employment data. However, market gain were capped after report from the National Association of Realtors showing a continued nosedive in existing home sales in May and amid evidence of an acceleration of COVID-19 infections in half of all U.S. states and elsewhere in the world.
New cases have increased in the US as states reopen from lockdowns that began in mid-March to contain the disease. The US reported more than 30,000 new COVID-19 cases on Friday and Saturday, the highest levels since 1 May 2020, according to Johns Hopkins University data. According to the World Health Organization, more than 1,83,000 new coronavirus infections were reported globally on Sunday, 21 June 2020 the biggest single-day increase since the outbreak began.
In economic news, the National Association of Realtors data showed that existing home sales plunged by 9.7% to an annual rate of 3.91 million in May 2020 after plummeting by 17.8% to a rate of 4.33 million in April 2020.
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