Sensex, Nifty decline further

Key benchmarks further extended losses and hit fresh intraday low in mid-afternoon trade. At 14:30 IST, the barometer index, the S&P BSE Sensex, slipped 340 points or 0.88% at 38,152.87. The Nifty 50 index was down 87.5 points or 0.77% at 11,212.85.

The broader market continued to be positive. The S&P BSE Mid-Cap index gained 0.72% while the S&P BSE Small-Cap index added 0.66%.

Buyers outpaced sellers. On the BSE, 1365 shares rose and 1235 shares fell. A total of 152 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 245.95 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,017.40 crore in the Indian equity market on 28 July, provisional data showed.

 

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 16,670,063 with 659,077 deaths. India reported 5,09,447 active cases of COVID-19 infection and 34,193 deaths while 9,88,029 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 5.834% compared with previous closing of 5.85% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged higher to 74.80 compared with its previous closing 74.845.

In the commodities market, Brent crude for September 2020 settlement rose 49 cents to $43.71 a barrel. The contract rose 0.44% to end at $43.22 in the previous trading session.

MCX Gold futures for 5 August 2020 settlement rose 0.26% to Rs 52,729.

Buzzing Index:

The Nifty IT index slipped 0.94% to 17,873.05 amid profit selling. The index gained nearly 6% in three days.

HCL Tech (down 2.39%), TCS (down 1.68%), Tech Mahindra (down 1.36%), Mphasis (down 1.26%) and Larsen & Toubro Infotech (down 0.6%) were top losers in IT segment.

Stocks in Spotlight:

Colgate-Palmolive (India) rose 1.88% to Rs 1,417.75 after net profit jumped 17.18% to Rs 198.18 crore on 3.93% decrease in revenue from operations to Rs 1,033.60 crore in Q1 June 2020 over Q1 June 2019. Standalone profit before tax (PBT) rose 1.55% to Rs 266.89 crore in Q1 June 2020 as against Rs 262.81 crore in Q1 June 2019. Current tax expense for the quarter dropped 20.34% at Rs 74.33 crore as against Rs 93.31 crore in Q1 June 2019. The result was announced during trading hours today, 29 July 2020. The company's gross margins grew by 30 bps while EBITDA for the quarter was up 190 bps. The company launched Palmolive hand sanitizer in April. It also launched a brand new range of toothbrushes, Colgate Gentle.

Quess Corp fell 1.16% to Rs 343.75 after consolidated net profit dropped 35.5% to Rs 36.45 crore on 0.6% increase in revenue from operations to Rs 2,409.43 crore in Q1 June 2020 over Q1 June 2019. Consolidated EBITDA skid 12% to Rs 130 crore in Q1 FY21 as against Rs 148 crore in Q1 FY20. EBITDA margin stood at 5.38% in Q1 FY21 compared with 6.16% in Q1 FY20. OCF conversion was at 152% on comparison to 44% in Q1 June 2019, buoyed by strong collections performance and reduction in working capital requirements. Net debt reduced by Rs 100 crore to Rs 254 crore during the quarter from Rs 355 crore in Q4 March 2020. Gross debt reduced by Rs 170 crore to Rs 977 crore from Rs 1,147 crore in Q4 FY2019.

IDFC First Bank rose 2.87% to Rs 28.65 after net profit of Rs 93.55 crore in Q1 June 2020 compared with net loss of Rs 617.36 crore in Q1 June 2019. The bank's gross non-performing assets (NPAs) stood at Rs 1,741.66 crore as on 30 June 2020 as against Rs 2,279.56 crore as on 31 March 2020 and Rs 2,418.56 crore as on 30 June 2019. The ratio of gross NPAs to gross advances stood at 1.99% as on 30 June 2020 as against 2.60% as on 31 March 2020 and 2.66% as on 30 June 2019. The bank's provisions and contingencies declined 40.34% to Rs 764.08 crore in Q1 FY21 over Rs 1280.75 crore in Q1 FY20. Provision Coverage Ratio (PCR) on NPA accounts improved to 74.93% at 30 June 2020 as compared to 49.76% at 30 June 2019 and 64.53% at 31 March 2020. In the first phase of moratorium, the bank took COVID-19 related provision worth Rs 225 crore through the profit and loss account in the quarter ending on 31 March 2020. During Q1 FY21, the bank has created additional COVID-19 related provision of Rs 375 crore to further strengthen the balance sheet.

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