Benchmarks pare gains; auto stocks advance

Key equity benchmarks pared gains in morning trade. At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 135.09 points or 0.39% at 35,096.61. The Nifty 50 index added 50.65 points or 0.49% at 10,363.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.41% while the S&P BSE Small-Cap index was trading flat.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1297 shares rose and 926 shares fell. A total of 119 shares were unchanged.

PM's Address to the nation:

Prime Minister Narendra Modi will address the nation at 16:00 IST today, 30 June 2020. This would be the prime minister's sixth address to the nation since the outbreak of the pandemic.

Buzzing Index:

The Nifty Auto index added 0.50% 6,679.35 amid value buying. The index lost 2.11% in the past four sessions.

Among the index constituents, Motherson Sumi Systems (up 2.15%), Amara Raja Batteries (up 1.36%), MRF (up 1.31%), Hero MotoCorp (up 0.92%), Tata Motors (up 0.85%), Apollo Tyres (up 0.92%), Bosch (up 0.86%), Eicher Motors (up 0.72%), TVS Motor Company (up 0.81%), Ashok Leyland (up 0.82%), Maruti Suzuki (up 0.38%), Exide Industries (up 0.31%) and Mahindra & Mahindra (up 0.12%) advanced while Bharat Forge (down 1.3%) and Bajaj Auto (down 0.4%) declined.

As per media reports, India is drawing up an incentive scheme for the autos sector aimed at doubling exports of vehicles and components in the next five years.

The Department of Heavy Industries (DHI) has reportedly sought feedback from auto industry groups on the initial proposal, which suggests giving incentives over five years to increase local production and procurement for export. The incentives would be based on the sales value of vehicles or components and eligible companies would need to meet certain conditions, including a minimum revenue and profit threshold and presence in at least 10 countries, the reports added.

Q4 Results Today:

ONGC (up 0.73%) and Vodafone Idea (down 0.45%) will announce their quarterly earnings today.

Stocks in Spotlight:

Axis Bank advanced 0.94% to Rs 408.55 after the bank informed about a board meeting scheduled for Thursday (2 July 2020) to explore raising funds by issue of equity shares or depository receipts.

Gujarat Gas gained 3.25% to Rs 319.50 after Petroleum and Natural Gas Regulatory Board (PNGRB) sanctioned the transfer Amritsar District GA (Geographical Area) and Bhatinda District GA from Gujarat State Petronet to the company. The regulator has permitted the company to take over activities of laying, building, operating or expanding CGD (city gas distribution) network in the said areas.

Powered by Capital Market - Live News