Broader market turns negative

The market sharply pared gains turned almost flat in mid afternoon trade. The Nifty descended toward 9300 mark. At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 244 points or 0.77% at 31,959.35. The Nifty 50 index was up 63.65 points or 0.68% at 9,357.65.

In the broader market, the S&P BSE Mid-Cap index was down 0.02% while the S&P BSE Small-Cap index was down 0.06%.

The market breadth was negative. On the BSE, 1000 shares rose and 1278 shares fell. A total of 197 shares were unchanged. In Nifty 50 index, breadth was positive with 26 stocks advancing and 24 stocks declining.

Buzzing Sector:

Shares of liquor makers fell after Delhi Government reportedly imposed a 'Special Corona Fees' of 70% tax on maximum retail price (MRP) of the liquor. As per reports, Haryana, Tamil Nadu and Rajasthan are mulling the imposition of "Coronavirus Levy" on liquor amid declining state revenues.

United Spirits (down 5.23%), United Breweries (down 4.73%), Radico Khaitan (down 4.61%) and G.M.Breweries (down 0.2%) declined.

Stocks in Spotlight:

Nath Bio-Genes was locked in an upper circuit of 5% at Rs 286 after the company informed about the internal developments internal of the company. The company has received 92% of the targeted seed production from the fields and it expects to receive the balance 8% by 15 May 2020. It is critical as the Kharif sowing starts around mid June, the company said in a statement. The company said it has been able to commence operations of all its six plants located in Maharashtra and Telangana. The work relating to processing, packing and quality assurance is in full swing, it said. The firm added that due to total lockdown in last week of March it has lost some sales and collection, but it would be able to recover the same partially in April and May.

Container Corporation of India (CONCOR) on Monday (4 May 2020) said it is surrendering its 15 terminals with a turnover of Rs 277.50 crore to the Indian Railways due to commercial and business viability considerations. These terminals, spread across various states, have 'net block' worth Rs 64.84 crore, the company said. According to the company's assessment, the surrender or handover of the terminals to the railways will not impact the business of the company materially, it said. CONCOR was down 2.25% at Rs 340.70.

Alembic Pharma, during market hours yesterday, said that the US Food and Drug Administration (US FDA) has classified the its general oral solid formulation facility located at Panelav, Gujarat, as voluntary action indicated (VAI). Inspection at the said facility was conducted by US FDA from 9 March 2020 to 13 March, 2020. VAI classification means that the US FDA accepted the company's response to its observations, the drug maker said. Shares of Alembic Pharma were trading 2% higher at Rs 768.55.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged higher to 75.63 compared with its previous closing of 75.73.

The yield on 10-year benchmark federal paper fell to 6.074% as compared with 6.084% in the previous trading session.

In the commodities market, Brent crude for July 2020 settlement was up $1.89 to $29.09 a barrel. The contract rose 2.87% to settle at $ 27.2 a barrel in the previous trading session

MCX Gold futures for 5 June 2020 settlement fell 0.74% to Rs 45,470.

Powered by Capital Market - Live News