Benchmarks hit day's low; breadth turns negative

Key equity indices reversed gains and hit the day's low in mid-afternoon trade. At 14:21 IST, the barometer index, the S&P BSE Sensex, was down 283.94 points or 0.70% at 40,260.43. The Nifty 50 index lost 85 points or 0.71% at 11,811.80.

Selling was broad based. The S&P BSE Mid-Cap index slipped 0.58% while the S&P BSE Small-Cap index shed 0.75%.

The market breadth turned negative. On the BSE, 1113 shares rose and 1467 shares fell. A total of 168 shares were unchanged.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 73.58 compared with its previous closing 73.37.

The yield on 10-year benchmark federal paper rose to 5.912% compared with previous closing of 5.931% in the previous trading session.

MCX Gold futures for 04 December 2020 settlement rose 0.39% to Rs 51,111.

In the commodities market, Brent crude for December 2020 settlement lost 56 cents to $42.60 a barrel. The contract advanced 1.27% or 54 cents to settle at $43.16 in the previous trading session.

Oil prices corrected on Wednesday after a surprise build-up in US crude stockpiles stoked concerns about a global supply glut even as a spike in global COVID-19 cases fueled fears of slower recovery in fuel demand.

Buzzing Index:

The Nifty Realty index rose 1.30% to 229.90. The index has added 9.7% in four sessions.

Godrej Properties (up 7.77%), Oberoi Realty (up 1.51%) advanced while Prestige Estates (down 2.98%), Sobha Developers (down 1.60%) and Sunteck Realty (down 1.60%) declined.

Brigade Enterprises rose 1.25% to Rs 173.90. The company's subsidiary, Mysore Projects, has entered into a Limited Liability Partnership (LLP) agreement with Prestige Estates Projects in Prestige OMR Ventures. Mysore Projects contributed Rs 12.48 crore for the 30% stake in Prestige OMR Ventures LLP. Prestige Estates Projects will hold the remaining 70% stake in the joint venture. The partnership will undertake real estate development on a joint venture basis.

Stocks in Spotlight:

Bajaj Finance slumped 3.85% to Rs 3136.5 after the NBFC's consolidated net profit slipped 36% to Rs 965 crore on 3% increase in total income to Rs 6523 crore in Q2 September 2020 over Q2 September 2019. Profit before tax (PBT) fell 35% to Rs 1305.47 crore in Q2 September 2020 over Q2 September 2019. Total tax expense fell 34% to Rs 340.59 crore in Q2 September 2020 over Q2 September 2019. The result was announced during market hours today, 21 October 2020.

D B Corp fell 0.73% to Rs 75.25. The company's consolidated net profit tanked 62.26% to Rs 28.52 crore on 34.82% decline in revenue from operations to Rs 346.36 crore in Q2 September 2020 over Q2 September 2019. EBIDTA declined 25.94% to Rs 74.5 crore (21.3% margin) in Q2 September 2020 as against Rs 100.6 crore (margin of 18.8%) in Q2 September 2019.

Circulation revenue slipped 19.67% to Rs 103.30 crore in Q2 September 2020 compared with Rs 128.60 crore in Q2 September 2019. Advertising revenue tumbled 38.33% to Rs 226.30 crore in Q1 FY21 as against Rs 367 crore in Q2 FY20.

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