Barometers hit day's high; metal shares in demand

The equity market barometers hit fresh intraday high in mid-afternoon trade. At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 394.28 points or 1.30% at 30,774.09. The Nifty 50 index was up 127.70 points or 1.43% at 9,053.

Among the sectoral indices, the Nifty Metal (up 1.77%), the Nifty Pharma index (up 1.71%) and the Nifty Fin Service index (up 1.57%) outperformed the benchmark Nifty 50 index. The Nifty IT index (down 1.44%), the Nifty FMCG index (down 0.2%) and the Nifty PSU Bank index (up 0.53%) underperformed the benchmark Nifty 50 index.

The broader market was trading firm. The S&P BSE Mid-Cap index was up 1.54% while the S&P BSE Small-Cap index was up 1.58%.

The market breadth was strong. On the BSE, 1521 shares rose and 739 shares fell. A total of 151 shares were unchanged. In Nifty 50 index, 38 stocks advanced while 12 stocks declined.

Sentiment was supported by the media reports that the government is working on a fiscal package and is closely studying the impact of Covid-19 on various industries. According to reports, the government is conducting a detailed sectoral analysis on the impact of Covid-19 and an announcement should be made soon.

Buzzing Index:

The Nifty Metal index rose 2.09% to 1,789.60, extending gains for fourth day. The index has added 10.13% in four sessions.

Vedanta (up 5.92%), Hindalco Industries (up 4.26%), Hindustan Zinc (up 3.09%), Hindustan Copper (up 2.91%), National Aluminium Company (up 2.31%), Steel Authority of India (up 2.1%), Jindal Steel & Power (up 1.02%), JSW Steel (up 0.91%) and Tata Steel (up 0.81%) advanced.

Stocks in Spotlight:

NBCC (up 11.44%), Max Financial Services (up 8.87%), Mahindra & Mahindra Financial Services (up 8.44%), Apollo Tyres (up 6.07%) and LIC Housing Finance (up 5.06%) were the top mid-cap gainers.

Bajaj Electricals (up 7.35%), Equitas Holdings (up 6.56%), PVR (up 5.94%), Can Fin Homes (up 5.31%) and CEAT (up 5.20%) were the top small-cap gainers.

Hindustan Composites surged 9.81% to Rs 142.75 after the company said it resumed partial operations at Paithan plant, Aurangabad, from 16 April 2020.

Zuari Agro Chemicals rose 2.15% to Rs 90.40. ICRA has upgraded its rating on the company's term loans, long- term fund-based limits, long-term unallocated limits and compulsorily convertible debentures (CCDs) to B with a stable outlook from D. "The ratings upgrade factors in account of regularisation of payment of debt obligations by Zuari Agro Chemicals (ZACL) for a period of more than three months and operationalisation of the urea plant," ICRA said in its note.

Motherson Sumi Systems added 3.93% to Rs 74. The company in a regulatory filing during market hours today announced that the board of directors has approved the issuance of listed, secured, redeemable, non-convertible debentures (NCDs), with an aggregate amount up to Rs 500 crore on a private placement basis.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged lower to 76.87 compared with its previous closing of 76.44.

The yield on 10-year benchmark federal paper rose to 6.441% as compared with 6.425% in the previous trading session.

MCX Gold futures for 5 June 2020 settlement rose 0.64% to Rs 47007.

In the commodities market, Brent crude for June 2020 settlement was up 51 cents to $28.20 a barrel. The contract fell $1.91 or 6.45% to settle at $27.69 a barrel in the previous trading session.

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