Key benchmark indices bounced back in positive terrain in mid-afternoon trade. At 14:23 IST, the barometer index, the S&P BSE Sensex, was up 45.78 points or 0.12% at 36,720.30. The Nifty 50 index gained 23.75 points or 0.22% at 10,823.40.
The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index rose 0.52% while the S&P BSE Small-Cap index gained 0.67%.
The market breadth favored the buyers. On the BSE, 1433 shares rose and 1223 shares fell. A total of 149 shares were unchanged. In Nifty 50 index, 28 stocks advanced and 22 stocks declined. declining.
Foreign portfolio investors (FPIs) bought shares worth Rs 829.90 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 784.47 crore in the Indian equity market on 7 July 2020, provisional data showed.
COVID-19 Update:
India reported 2,64,944 active cases of COVID-19 infection and 20,642 deaths while 4,56,830 patients have been cured, according to the data from the Ministry of Health and Family Welfare, Government of India. Total coronavirus cases worldwide stood at 11,830,885 with 544,163 deaths so far, according to data from Johns Hopkins University.
Economy:
Union Finance Minister Nirmala Sitharaman held review meeting with CMDs of 23 Central Public Sector Enterprises (CPSEs) on Tuesday to boost expenditure in the economy. In 2019-20, the capital expenditure (capex) by the 23 CPSEs stood at Rs 1,66,029 crore against the target of Rs 1,64,822 crore, which is 101%. Sitharaman said CPSEs have a very important role in giving a push to the economy. She encouraged the CPSEs to perform better to achieve targets and to ensure that the capital outlay provided to them for the year 2020-21 is spent properly and within time. FM said better performance of CPSEs can help the economy in a big way to recover from the impact of COVID-19. FM stated that extraordinary situation requires extraordinary efforts and with collective efforts, we will not only perform better but also help the Indian economy to achieve better results.
Buzzing Index:
The Nifty Metal index jumped 2.91% to 2,081.50, outperforming other sectoral indices on the NSE.
Steel Authority of India (up 12.02%), National Aluminium Company (up 7.16%), JSW Steel (up 4.01%), Tata Steel (up 3.98%), NMDC Ltd (up 3.93%), Vedanta (up 3.3%), Hindalco Industries (up 2.76%), Jindal Steel & Power (up 1.86%) and Coal India (up 0.3%) were top gainers in metal segment.
Stocks in Spotlight:
NBCC (India) rose 1.28% to Rs 27.70 after the company said it secured total business worth Rs 431.63 crore in June 2020. The company bagged an EPC order worth Rs 284.63 crore from BHEL for construction of natural draught cooling towers for 5X800 MW Yadadri STPP. It also won a project worth Rs 147 crore for construction & development of student's hostel and faculty apartments at IIT-BHU, Varanasi. The announcement was made on Wednesday (8 July).
Ramco Systems hit an upper circuit of 5% at Rs 113.80 after the company secured order from US-based Tactical Air Support for implementing Ramco's aviation software suite. Global aviation software specialist Ramco Systems announced on Wednesday (8 July) that it will implement its Aviation M&E MRO Suite V5.8 at Tactical Air Support, a leading American defense contractor and aviation training provider based in Nevada, US. With this partnership for digital transformation, Ramco Systems now counts 3 of the top 4 defense adversary air operators in the United States as its customers.
Numbers to Track:
The yield on 10-year benchmark federal paper fell to 5.772% compared with previous closing of 5.792% in the previous trading session.
In the foreign exchange market, the partially convertible rupee edged lower to 75.0075 compared with its previous closing 74.935.
In the commodities market, Brent crude for September 2020 settlement fell 18 cents to $42.90 a barrel.
MCX Gold futures for 5 August 2020 settlement rose 0.08% to Rs 48,837.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
