After a mild recovery, key barometers returned to the day's low in morning trade. At 10:28 IST, the barometer index, the S&P BSE Sensex, fell 82 points or 0.22% at 36,655.69. The Nifty 50 index lost 25.90 points or 0.24% at 10,787.55.
In the broader market, the S&P BSE Mid-Cap index was up 0.06% while the S&P BSE Small-Cap index gained 0.12%.
The market breadth was negative. On the BSE, 984 shares rose and 1144 shares fell. A total of 111 shares were unchanged.
Buzzing Index:
The Nifty Metal index lost 0.65% to 2,080.65, underperforming other sectoral indices on the NSE. The index rose 3.54% in the past two sessions.
Steel Authority of India (down 2.45%), Hindustan Zinc (down 1.87%), Hindustan Copper (down 1.82%), JSW Steel (down 1.62%), Tata Steel (down 1.26%), NMDC (down 1.17%), Hindalco Industries (down 0.99%), Vedanta (down 0.89%) and Jindal Steel & Power (down 0.52%) declined while National Aluminium Company was up 0.54%.
Earnings Impact:
Tata Consultancy Services shed 0.52% to Rs 2192.80. The IT major reported a 13% decline in consolidated net profit to Rs 7049 crore on a 4% fall in revenue to Rs 38,322 crore in Q1 June 2020 (Q1FY21) over Q4 March 2020 (Q4FY20).
Operating margin stood at 23.6% in Q1FY21 from 25.1% in Q4FY20. The deal wins stood at $6.9 billion in Q1FY21, against $8.9 billion in Q4FY20.
Rajesh Gopinathan, chief executive officer and managing director, TCS, said: "The revenue impact of the pandemic played out broadly along the lines we had anticipated at the start of the quarter. We believe it has bottomed out, and we should now start tracing our path to growth.
Stocks in Spotlight:
Reliance Industries (RIL) was up 0.78% to Rs 1838.90. RIL and BP on Thursday (9 July) announced the start of their new Indian fuels and mobility joint venture, Reliance BP Mobility (RBML). BP has paid RIL $1 billion for a 49% stake in the JV, with RIL holding 51%.
RBML aims to expand from its current fuel retailing network of over 1,400 retail sites to up to 5,500 over the next five years. The joint venture also aims to increase its presence from 30 to 45 airports in the coming years
Container Corporation of India rose 0.79% to Rs 431.55. The company's total throughput volumes declined 20.95% to 7,32,711 twenty foot equivalent units (TEUs) (provisional) in Q1 FY21 from 9,26,923 TEUs in Q1 FY20.
While the export import (EXIM) volumes have fallen 20.16%, domestic (DOM) volumes witnessed a larger contraction of 25.39% in Q1 FY21 over Q1 FY20.
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