The broader market traded with decent gains. The S&P BSE Mid-Cap index was up 0.21% while the S&P BSE Small-Cap index was up 0.77%.
The market breadth was positive. On the BSE, 1543 shares rose and 1089 shares fell. A total of 152 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 46.39 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 797.08 crore in the Indian equity market on 14 August, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 21,674,130 with 7,75,275 deaths. India reported 6,76,900 active cases of COVID-19 infection and 50,921 deaths while 19,19,842 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
India's exports contracted for the fifth straight month in July, falling by 10.21% to $26.33 billion. In rupee terms, exports stood at Rs 1,77,305.79 crore in July 2020, down 2.14%, as per the data released by the Commerce and Industry Ministry on Friday. The imports too contracted by 28.40% to $28.47 billion in July from $39.76 billion in the same month last year. In terms of rupee, imports were down 21.96 per cent YoY to Rs Rs 2,13,499.56 crore. The trade deficit for July was $4.83 billion as against a surplus of $790 million in June and a deficit of $13.43 billion in the year ago period.
Stocks in Spotlight:
NTPC (up 8.26%), Eicher Motors (up 5.40%), Zee Entertainment Enterprises (up 4.56%), Bajaj Auto (up 3.63%) and Hero MotoCorp (up 3.55%) were the top index gainers.
State Bank of India (down 1.88%), Grasim Industries (down 1.26%), Reliance Industries (down 1.32%), Axis Bank (down 1.17%) and BPCL (down 0.85%) were the top index losers.
ICICI Bank shed 0.95% to Rs 358. The bank on Saturday (15 August 2020) announced that it raised approximately Rs 15,000 crore through qualified institutions placement (QIP) of 41.89 crore equity shares at Rs 358 each. The issue opened on 10 August 2020 and closed on 14 August 2020.
"The proceeds of the issue will be used towards strengthening the capital adequacy ratio of the Bank, improving the Bank's competitive positioning and/ or general corporate requirements or any other purposes", the private lender said in a statement.
Drug major Lupin fell 1.66% to Rs 1001.95 amid profit selling after a recent steep surge. The stock surged 9.51% to Rs 1,018.85 in a single trading session on Friday (14 Aug).
Lupin after trading hours on 14 August 2020, said that its US-based subsidiary, Lupin Pharmaceuticals Inc., had announced results from its pivotal phase-3 clinical trial to assess efficacy and safety of single-dose Solosec (secnidazole) 2g oral granules in female patients with trichomoniasis, the most common non-viral, curable sexually transmitted infection (STI) in the United States. Based on the data, Lupin will submit a supplemental new drug application (sNDA) to the U.S. Food and Drug Administration (FDA) for Solosec for the treatment of trichomoniasis later this year.
Larsen & Toubro (L&T) rose 1.97% to Rs 1001.45, resuming its uptrend after a brief pause. The stock shed 0.85% on Friday to end at Rs 982.15.
The company on Friday (14 Aug) said that the heavy civil infrastructure business of L&T Construction has started mobilising resources and is all set to execute a hydro-electric project in the state of Assam for Assam Power Generation Corporation. L&T has classified the project as a ''significant'' contract. As per the company''s classification, the valuation of a ''significant'' contract ranges between Rs 1,000 crore and Rs 2,500 crore.
Global Markets:
European markets rose across the board while most Asian markets were trading higher on Monday. Tensions between the US and China continue to weigh on investor sentiment. The market in South Korea is closed for a holiday.
China's central bank on Monday rolled over maturing medium-term loans while keeping borrowing costs unchanged for the fourth straight month. The People's Bank of China (PBOC) said in a statement it was keeping the rate on 700 billion yuan ($100.74 billion) worth of one-year medium-term lending facility (MLF) loans to financial institutions steady at 2.95% from previous operations.
Japan was hit by its biggest economic contraction on record in the second quarter as the coronavirus pandemic crushed business and consumer spending. Gross domestic product (GDP) shrank an annualised 27.8% in April-June, government data showed on Monday.
In US, stocks ended on a mixed note on Friday as data on the U.S. economy added to uncertainty over the recovery.
Meanwhile, a planned U.S.-China trade deal review initially set for Saturday was reportedly delayed with no new date agreed upon. The delay was due to scheduling conflicts as well as to give time for more Chinese purchases of U.S. exports.
US President Donald Trump reportedly issued an executive order Friday forcing China's ByteDance to sell or spin off its U.S. TikTok business within 90 days. In his order, Trump cited credible evidence that ByteDance might take action that threatens to impair the national security of the United States.
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