In the broader market, the S&P BSE Mid-Cap index was up 0.15% while the S&P BSE Small-Cap index was down 0.05%.
The market breadth was negative. On the BSE, 939 shares rose and 1166 shares fell. A total of 159 shares were unchanged. In the Nifty 50 index, 26 shares advanced while 24 shares declined.
European markets were trading higher while most Asian markets were positive as data released by China showed industrial output bounced back in April. China's industrial output rose 3.9% in April from a year earlier, improving from a 1.1% fall in March, according to data released Friday by the country's National Bureau of Statistics. This marks the first expansion in the metric for this year from China.
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 6.085% compared with previous closing of 6.056% in the previous trading session.
In the foreign exchange market, the partially convertible rupee edged lower to 75.58 compared with its previous closing of 75.5625.
In the commodities market, Brent crude for July 2020 settlement was up $1.13 to $32.27 a barrel. The contract surged 6.65% to settle at $31.13 a barrel in the previous trading session.
MCX Gold futures for 5 June 2020 settlement rose 0.4% to Rs 46,840.
Stocks in Spotlight:
Oracle Financial Services Software (OFSS)'s consolidated net profit fell 41.05% to Rs 269.22 crore on 8.91% increase in net sales to Rs 1,263.54 crore in Q4 March 2020 over Q3 December 2019. Consolidated profit before tax (PBT) fell 4.22% to Rs 535.37 crore in Q4 March 2020 as against Rs 558.97 crore in Q3 December 2019. Total tax expenses surged 160.38% at Rs 266.14 crore in Q4 March 2020 as against Rs 102.21 crore paid in Q3 December 2019. The results were announced post trading hours yesterday, 14 May 2020.
Alembic Pharmaceuticals rose 3.47% to Rs 875 after the company said it received US drug regulator's final approval for doxycycline hyclate tablets USP, 100 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Vibra-Tabs, 100mg of Pfizer, Inc. This medication is used to treat a wide variety of bacterial infections, including those that cause acne. This medication is also used to prevent malaria. The drug has an estimated market size of $53 million for twelve months ending December 2019 according to IQVIA.
J. Kumar Infraprojects added 3.11% to Rs 82.80 after the construction major declared that it has secured a contract for the construction of part design and construction of Andheri (East)-Dahisar (East) corridor of Mumbai Metro Rail Project of MMRDA. The disclosure was made during market hours today, 15 May 2020.
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