Indices hit day's high; Nifty nears 10400

Indices advanced further and hit fresh intraday high in mid-afternoon trade. At 14:21 IST, the barometer index, the S&P BSE Sensex jumped 472.82 points or 1.36% at 35,204.36. The Nifty 50 index advanced 146.55 points or 1.43% at 10,390.95.

The broader market was in line with benchmarks. The S&P BSE Mid-Cap index rose 1.25% while the S&P BSE Small-Cap index gained 1.18%.

Buyers outpaced sellers. On the BSE, shares 1,861 rose and 795 shares fell. A total of 164 shares were unchanged. In Nifty 50 index, 41 stocks advanced while 9 stocks declined.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 5.88% compared with previous closing of 5.849% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged higher to 76.035 compared with its previous closing 76.20.

In the commodities market, Brent crude for August 2020 settlement gained 4 cents to $42.23 a barrel. The contract surged 1.64% to settle at $42.19 a barrel in the previous trading session.

MCX Gold futures for 5 August 2020 settlement fell 0.1% to Rs 47,891.

Buzzing Index:

The Nifty Metal index gained 1.73% to Rs 2,032.05, outperforming other sectoral indices on NSE.

NMDC (up 5.4%), Hindustan Zinc (up 4.24%), Coal India (up 3.83%), Steel Authority of India (up 3.82%), National Aluminium Company (up 3.75%), Vedanta (up 2.42%), Tata Steel (up 0.73%) and JSW Steel (up 0.26%) were top gainers in metal segment.

Stocks in Spotlight:

Larsen & Toubro (L&T) rose 1.21% after L&T Hydrocarbon Engineering signed memorandum of understanding (MoU) with KBR for refinery and petrochemical projects. Under the terms of the agreement, KBR and LTHE will collaborate to develop business opportunities and LTHE will exclusively bid for KBR's solid acid alkylation technology (K-SAAT), solvent de-asphalting technology (ROSE) and catalytic olefins technology (K -COT) for global projects with special emphasis on India, South East Asia, Middle East and Africa

Alembic Pharmaceuticals gained 1.88% after the company said it has received US drug regulator's tentative approval for Rivaroxaban tablets in 10 mg, 15 mg, and 20 mg strengths. According IQVIA, Rivaroxaban tablets have an estimated market size of $6.1 billion for twelve months ending March 2020.

Rivaroxaban is indicated for the reduction of the risk of stroke and systemic embolism in patients with nonvalvular atrial fibrillation; the treatment of deep vein thrombosis (DVT); the treatment of pulmonary embolism (PE); the reduction in the risk of recurrence of deep vein thrombosis and of pulmonary embolism following initial 6 months treatment for DVT and/or PE; the prophylaxis of DVT, which may lead to PE in patients undergoing knee or hip replacement surge.

Steel Strip Wheels (SSWL) jumped 4% after the company said it received new orders worth about 100,000 euros from Europe & US. SSWL has bagged firm exports orders for over 12,000 wheels for EU & US caravan trailer & US mobile home market to be executed within July from its Chennai plant. "This reaffirms gradual re-start of operations in EU & US post Covid lockdown. Additional orders are expected in coming weeks from several other regular customers as the market begins to recover," the company said.

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