Benchmarks trade near day's low

Barometers traded near the day's low with modest losses in mid-afternoon trade. Weakness in banks and FMCG stocks put pressure on bourses. The Nifty hovered around the 9200 level.

At 14:24 IST, the barometer index, the S&P BSE Sensex, was down 253.87 points or 0.77% at 31,441.40. The Nifty 50 index was down 71.9 points or 0.78% at 9,200.01

In the broader market, the S&P BSE Mid-Cap index was down 0.25% while the S&P BSE Small-Cap traded near the flat line with minor loss of 0.05%.

The market breadth was negative. On the BSE, 1012 shares rose and 1197 shares fell. A total of 149 shares were unchanged. In the Nifty 50 index, the breadth was weak with 14 shares advancing and 36 shares declining.

Q4 Results Today:

Solara Active Pharma (up 2.93%), SKF India (down 1.61%), RBL Bank (up 1.44%), Gillette India (down 1.23%), Cyient (up 2.34%) and 5paisa Capital (down 2.83%) are some of the companies that will announce their Q4 March 2020 result today.

Stocks in Spotlight:

NHPC said its board on Wednesday, 6 May 2020, has approved the proposal to raise debt of up to Rs 2,000 crore during 2020-21 through issuance of secured, redeemable, non-cumulative, non-convertible taxable corporate bonds in one or more tranches on private placement basis and/or raising of term loans or external commercial borrowings in suitable tranches, a company statement said. Shares of NHPC were trading 0.49% lower at Rs 20.20.

Aster DM Healthcare jumped 5.05% to Rs 99.80 after the company said its diagnostics arm has started providing RT-PCR confirmatory test service for Covid-19 in Bengaluru. Aster Clinical Lab LLP (Aster Labs), the diagnostics arm of Aster DM Healthcare has set up its pathology reference laboratory at Queens Road, Bengaluru, which is fully equipped to serve routine and specialized investigation. It has approval from The Indian Council for Medical Research (ICMR) to start full-fledged testing of COVID-19 RT-PCR confirmatory test, which remains a Gold Standards for Covid-19 testing. The announcement comes at a time when Bengaluru is preparing to emerge from the lockdown and testing becomes essential to control the spread of Covid-19 infection through fast identification, quarantine, isolation and treatment.

HDFC shed 1.33%. The company plans to raise up to Rs 5,000 crore by issuing bonds with a face-value of Rs 10 lakh each on private placement basis to meet its business requirement. It will issue secured redeemable non-convertible debentures on private placement basis with an issue size of Rs 2,500 crore and an option to retain over-subscription of up to Rs 2,500 crore. The bonds will bear a coupon rate of 7.06% p.a. with a tenor of 19 months

Numbers to Track:

In the commodities market, Brent crude for July 2020 settlement was down 17 cents to $29.55 a barrel. The contract fell 4.04% to settle at $29.72 a barrel in the previous trading session

MCX Gold futures for 5 June 2020 settlement rose 0.21% to Rs 45,465.

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