Indices tumble to day's low; breadth turns negative

Key barometers further extended losses and hit fresh intraday low in mid-afternoon trade. Selling was broad based with banks, financials and metals losing the most. At 14:21 IST, the barometer index, the S&P BSE Sensex, was down 162.44 points or 0.47% at 34,208.78. The Nifty 50 index fell 54.10 points or 0.53% at 10,113.35.

The broader market traded on a mixed note. The S&P BSE Mid-Cap index was up 0.09% while the S&P BSE Small-Cap index fell 0.65%.

The market breadth turned negative. On the BSE, 1155 shares rose and 1326shares fell. A total of 176 shares were unchanged. In the Nifty 50 index, 15 shares advanced while 35 stocks declined.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 5.776% compared with previous closing of 5.807% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged lower to 75.61 compared with its previous closing 75.55.

In the commodities market, Brent crude for August 2020 settlement was down 51 cents to $40.29 a barrel. The contract declined 5.25% to settle at $40.08 a barrel in the previous trading session.

MCX Gold futures for 5 August 2020 settlement rose 0.54% to Rs 46,350.

Buzzing Index:

The Nifty Realty index gained 1.01% to 204.70, rising 3.72% in three trading sessions.

Indiabulls Real Estate (up 4.98%), Mahindra Lifespace Developers (up 4.78%), Godrej Properties (up 3.15%), Oberoi Realty (up 2.53%), DLF (up 1.34%) and Prestige Estate Project (up 1.17%) were top gainers in realty segment.

Stocks in Spotlight:

Adani Green Energy hit an upper circuit of 5% at Rs 312.75 after the company bagged a manufacturing linked solar agreement from the Solar Energy Corporation of India (SECI). As a part of the contract, the company will build 8 GW of solar projects along with a commitment that will see Adani Solar establish 2 GW of additional solar cell and module manufacturing capacity. With this order win, the company will have 15 GW capacity under operation, construction or under contract.

Rites added 0.67% to Rs 249. The company's joint venture has bagged an order of Rs 55 crore from National Highways & Infrastructure Development Corporation (NHIDCL) for providing consultancy services for construction of highway tunnels in Himachal Pradesh & Ladhak.

Bharat Heavy Electricals (BHEL) jumped 6.61% to Rs 29.85 after the company successfully commissioned one 270 MW thermal unit at the 4x270 MW Bhadradri Thermal Power Project in Telangana. BHEL's scope of work in the project includes design, engineering, manufacture, supply, construction, erection, testing and commissioning of four thermal sets of 270 MW on EPC basis.

Affle India rose 3.57% to Rs 1534.40. The company said that its wholly-owned Singapore subsidiary, Affle International, has entered into a definitive share purchase agreement to acquire 66.67% ownership in Appnext incorporated in Singapore (Appnext Singapore) immediately and options to acquire the remaining 28.33% shares and 5% shares of Appnext Singapore within 3 years and 5 years respectively from the closing of the share purchase agreement. Further, Affle MEA FZ-LLC, a subsidiary of Affle International, has entered into an intellectual property (IP) purchase agreement to acquire 100% Tech IP assets of Appnext incorporated in British Virgin Islands (Appnext BVI). A total consideration of $17.25 million for 66.67% of equity ownership and transfer of the Tech IP assets, will be paid over next 12 months from the date of closing of the agreements.

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