Indices trim gains; India's 10-year bond yield ends below 6%

Key equity indices trimmed gains in mid-afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 433.52 points or 1.38% at 31,876.29. The Nifty 50 index rose 120 points or 1.3% at 9,319.05

In the broader market, the S&P BSE Mid-Cap index was up 0.22% while the S&P BSE Small-Cap index down 0.1%.

The market breadth turned negative. On the BSE, 1009 shares rose and 1200 shares fell. A total of 171 shares were unchanged. In the Nifty 50 index, 23 shares advances and 27 shares declined.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 5.974% as compared with 6.028% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged higher to 75.5375 compared with its previous closing of 75.72.

In the commodities market, Brent crude for July 2020 settlement was up 54 cents to $30 a barrel. The contract fell 0.87% to settle at $ 29.46 a barrel in the previous trading session

MCX Gold futures for 5 June 2020 settlement rose 0.03% to Rs 46,175.

Buzzing Index:

The Nifty IT gained 1.3% to 13,456.35, reversing yesterday's losses. The index fell 0.76% in Thursday's session.

Tech Mahindra (up 3.93%), NIIT Technologies (up 2.77%), Just Dial (up 2.56%), Mindtree (up 1.89%), Infosys (up 1.69%), HCL Technologies (up 1.39%), Tata Elxsi (up 0.77%), Wipro (up 0.49%) and TCS (up 0.29%) were top gainers in IT segment.

Stocks In Spotlight:

Cadila Healthcare said it received final approval from US drug regulator for Deferasirox tablets for oral suspension. Deferasirox binds to iron and removes it from the bloodstream. It is used to treat iron overload caused by blood transfusions in adults and children who are at least 2 years old. Shares of Cadila Healthcare were down 0.26% at Rs 320.75.

NLC India fell 0.46% to Rs 43.70 after the company said eight workers were injured in a fire accident. The company said the fire broke out at one of the boilers at the TS II power plant at Neyveli at around 5 pm on Thursday (7 May). The accident resulted in burn injuries to two regular employees and six contract workers. The fire was brought under control by the fire wing of CISF unit of NLCIL. Following the incident, two other generating units of 210 MW capacity each have also been shut down and these units will be restored for power generation only after all safety aspects have been taken care of which is expected to be completed shortly, the company said in a statement.

Biocon said it has received the Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for the pre-approval and GMP inspection of its small molecules API manufacturing facility at Biocon Park SEZ, Bommansandra, Bengaluru. The inspection was conducted between 20 and 24 January 2020. At the conclusion of the inspection, USFDA issued a Form 483, with five observations, which are being addressed by the company. The EIR has been closed with a 'VAI' classification for the observations. Shares of Biocon were trading 2.17% higher at Rs 357.25.

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