The equity benchmarks traded in narrow range near day's low in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 237.67 points or 0.62% at 37,902.80. The Nifty 50 index lost 94.80 points or 0.85% at 11,120.65.
Sentiment was impacted by negative global cues amid rising coronavirus cases and ongoing US-China tensions. In the broader market, the S&P BSE Mid-Cap index shed 0.71% while the S&P BSE Small-Cap index skid 0.33%.
The market breadth was weak. On the BSE, 803 shares rose and 1585 shares fell. A total of 135 shares were unchanged.
Coronavirus Update:
India reported 4,40,135 active cases of COVID-19 infection and 30,601 deaths while 8,17,208 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 15,511,157 with 633,396 deaths so far, according to data from Johns Hopkins University.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 0.45% to 24.7525. The Nifty July 2020 futures were trading at 11,089.90, at a discount of 30.75 points compared with the spot at 11,120.65.
On the monthly index options front, the Nifty option chain for 30 July 2020 expiry showed maximum Call OI of 43.88 lakh contracts at the 11,500 strike price. Maximum Put OI of 42.87 lakh contracts was seen at 11,000 strike price.
Buzzing Index:
The Nifty Auto index fell 1.40% to 7,198.50. The index rose 1.35% yesterday.
Ashok Leyland (down 3.65%), Tata Motors (down 2.5%), Bharat Forge (down 2.31%), Eicher Motors (down 1.88%), Maruti Suzuki (down 1.83%), Mahindra & Mahindra (down 1.3%), Bajaj Auto (down 1.14%), Hero MotoCorp (down 1.12%) and TVS Motor Company (down 0.85%) edged lower.
Stocks in Spotlight:
INEOS Styrolution India hit a lower circuit of 20% at Rs 700.45 after the company's promoter INEOS Styrolution APAC rejected the discovered price of Rs 1,100 share for delisting. The promoter has also determined, pursuant to the book building process, not to make any counter offer to delist its Indian arm.
Bank of Maharashtra rose 3.71% to Rs 12.31 after the bank reported a pre-tax profit of Rs 101.13 crore in Q1 June 2020 compared with pre-tax loss of Rs 262.27 crore in Q1 June 2019.
Total income rose 2.3% YoY to Rs 3264.81 crore during the quarter. Net interest income increased to Rs 1,088 crore (increase of Rs 91 crore showing growth of 9.14%) for the quarter ended 30 June 2020 as against Rs 997 crore for the quarter ended 30 June 2019.
Provisions and contingencies fell 33.86% to Rs 608.94 crore in Q1 FY21 over Rs 920.72 crore in Q1 FY20. The bank has made provision of Rs 275 crore in Q1 towards COVID-19 regulatory package provision and cumulative provision of Rs 425 crore as on 30 June 2020 as against regulatory requirement of Rs 75 crore at 10%.
The ratio of gross NPAs to gross advances stood at 10.93% as on 30 June 2020 as against 12.81% as on 31 March 2020 and 17.90% as on 30 June 2019. The ratio of net NPAs to net advances stood at 4.10% in Q1 FY21 as against 4.77% in Q4FY20 and 5.98% in Q1 FY20.
PNC Infratech jumped 5.86% to Rs 148.15 after the company received letters of acceptance from National Highways Authority of India (NHAI) for two EPC projects worth Rs 1547.80 crore. Both the orders relate to construction of eight lane access controlled expressway in two separate sections of Delhi-Vadodara Greenfield Alignment (NH-148N) on EPC mode under Bharatmala Pariyojana in Gujarat with a completion time of 24 months.
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