Benchmarks pare gains; autos rise for 5th day

Key equity benchmarks sharply pared gains in mid-afternoon trade as profit booking emerged at higher levels. At 14:23 IST, the barometer index, the S&P BSE Sensex, was up 141.67 points or 0.37% at 38,182.24. The Nifty 50 index added 51.65 points or 0.46% at 11,265.70.

In the broader market, the S&P BSE Mid-Cap index gained 1.33% while the S&P BSE Small-Cap index rose 1.20%.

Buyers outnumbered sellers. On the BSE, 1686 shares rose and 981 shares fell. A total of 166 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 397.32 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 438.62 crore in the Indian equity market on 7 August, provisional data showed

Buzzing Index:

The Nifty Auto index rose 0.96% to 7,627.30, extending gains for fifth day. The index added 5.3% in five sessions.

Among the index constituents, Mahindra & Mahindra (up 5.40%), Bharat Forge (up 3.91%), Tata Motors (up 3.36%) and Ashok Leyland (up 2.90%) advanced.

TVS Motor Company (down 1.10%), Eicher Motors (down 1.09%), Maruti Suzuki (down 0.86%), Bajaj Auto (down 0.72%) and Hero MotoCorp (down 0.69%) declined.

Earnings Impact:

IPCA Laboratories surged 9.81% to Rs 2147.50. The company's net profit surged to Rs 445.68 crore in Q1 June 2020 from Rs 129.43 crore in Q1 June 2019. Net total income increased by 41% YoY to Rs 1,546.49 crore during the quarter.

TTK Prestige was up 0.39% to Rs 5576.05. The company's net profit slumped 92.9% to Rs 2.55 crore on a 50.1% drop in revenue from operations to Rs 226.64 crore in Q1 FY21 over Q1 FY20.

Caplin Point Laboratories tumbled 4.02% to Rs 561.30. The pharmaceutical company's net profit rose 9% to Rs 54.55 crore on a 25.1% increase in total revenue to Rs 246.57 crore in the June quarter as compared to the same period last year.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 5.895% compared with previous closing of 5.886% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged higher to 74.90 compared with its previous closing 74.93.

In the commodities market, Brent crude for October 2020 settlement gained 47 cents to $44.87 a barrel. The contract fell 1.5% or 69 cents to end at $45.09 in the previous trading session.

MCX Gold futures for 5 August 2020 settlement rose 0.30% to Rs 54,954.

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