Indices come off day's high; breadth remains strong

The Sensex and the Nifty pared gains after hitting fresh intraday high in mid-afternoon trade. Gradual lifting of lockdown measures and expectations of further government stimulus boosted investor confidence. At 14:27 IST, the barometer index, the S&P BSE Sensex jumped 275.41 points or 0.81% at 34,256.11. The Nifty 50 index soared 101.1 points or 1.01% at 10,130.20.

The broader market rallied. The S&P BSE Mid-Cap index rose 1.49% while the S&P BSE Small-Cap index gained 2.28%.

The market breadth was quite strong. On the BSE, shares 1,956 rose and 492 shares fell. A total of 132 shares were unchanged. In Nifty 50 index, 40 stocks advanced while 10 stocks declined.

Buzzing Index:

The Nifty Realty index gained 1,87% to 201.05, rising after yesterday's decline. The index has added nearly 23% in nine trading sessions.

Sunteck Realty (up 8.24%), Sobha (up 7.86%), The Phoenix Mills (up 6.13%), Brigade Enterprises (up 4%), Indiabulls Real Estate (up 3.4%), Prestige Estate (up 2.65%), Mahindra Lifespace Developers (up 2.45%) and Godrej Properties (up1.4%) were top gainers in realty segment.

Stocks in Spotlight:

RITES jumped 3.09% after the company's arm secured mandate for 3,000 megawatts solar power plants' installation. The project will be divided into three phases of one GW each and the entire installation is expected to be completed by 2022-23

Hexaware Technologies hit an upper circuit of 20% at Rs 311.30 after the company said its board will meet on on 12 June 2020 to consider a proposal to voluntarily delist equity shares of the company. As on 31 March 2020, the promoter HT Global IT Solutions Holding held 62.4% stake in the company while the public shareholders held 37.6% stake. As a part of the delisting offer, HT Global IT Solutions Company, the promoter has given an indicative offer of Rs 285 per share, which is a 9.8% premium on the closing price of the shares on 4 June. The floor price will be separately informed to the company in due course.

Cadila Healthcare were down 0.23%. The drug maker on Friday (5 June) announced that it has received a final approval from the US drug regulator to market Atazanavir capsules in multiple strengths. Atanazavir, an antiretroviral drug, is used to treat infection of the Human Immunodeficiency Virus (HIV). It is used in combination with other antiretroviral drugs to treat HIV-1 infection. The company will manufacture the drug at its facility in Ahmedabad.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 5.836% compared with previous closing of 5.796% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged lower to 75.58 compared with its previous closing 75.5750.

In the commodities market, Brent crude for August 2020 settlement was up 71 cents to $40.71 a barrel. The contract rose 0.5% to settle at $39.99 a barrel in the previous trading session.

MCX Gold futures for 5 August 2020 settlement fell 0.76% to Rs 46,340.

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