Barometers turn flat; breadth strong

Key benchmark indices wiped early gains and turned flat in mid-afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex was up 17.6 points or 0.05% at 34,304.95. The Nifty 50 index was flat at 10,142.

The broader market was mixed. The S&P BSE Mid-Cap index was down 0.05% while the S&P BSE Small-Cap index gained 0.72%.

The market breadth was strong. On the BSE, shares 1,760 rose and 836 shares fell. A total of 158 shares were unchanged. In Nifty 50 index, 26 stocks advanced while 24 stocks declined.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 5.809% compared with previous closing of 5.821% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged higher to 75.55 compared with its previous closing 75.58.

In the commodities market, Brent crude for August 2020 settlement was up 48 cents to $42.78 a barrel. The contract surged 5.78% to settle at $42.3 a barrel in the previous trading session.

MCX Gold futures for 5 August 2020 settlement rose 0.73% to Rs 46,032.

Buzzing Index:

The Nifty Metal index was up 1.04% to 2,071.05. The index has risen 6% in three sessions.

NMDC (up 3.88%), Coal India (up 2%), National Aluminium Company (up 1.83%), Steel Authority of India (up 1.2%), Vedanta (up 1.14%), Hindustan Zinc (up 0.49%) and JSW Steel Ltd (up 0.2%) were top gainers in metal segment.

Stocks in Spotlight:

Shriram Transport Finance Company rose 4.78% to Rs 645.10 after US-based global investment management firm T Rowe Price increased its stake in the Indian firm to 5.36% on 3 June 2020 from 4.77% held earlier.

IndusInd Bank surged 6.45% to Rs 449.80 after the bank said its promoters intend to hike stake. Currently, the promoters hold 14.68% stake in the bank. The cap on promoter holding in private banks is at 15%.

Vodafone Idea jumped 11% to Rs 11.68. The stock soared 111.6% in eleven trading sessions from its previous closing low of Rs 5.52 on 21 May 2020. In last one month, the stock has rocketed 180% as against a 9% rise in the Sensex. The recent demand in the stock was triggered by the media reports that Google was considering buying 5% stake in the Indian telco. Vodafone Idea, however, clarified on 29 May that it constantly evaluates various opportunities for enhancing the stakeholders' value. Currently, there is no proposal as reported by the media that is being considered at the board.

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