Indices witness lackluster trade; Nifty above 11,550 mark

Key barometer indices traded near the flat line in mid-afternoon trade. At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 19.25 points or 0.05% at 38,105.86. The Nifty 50 index rose 26.7 points or 0.23% at 11,561.70.

In broader market, the S&P BSE Mid-Cap index was up 0.49% while the S&P BSE Small-Cap index rose 0.98%. Both indices continued to outperform the Sensex.

The market breadth was positive. On the BSE, 1463 shares rose and 1143 shares fell. A total of 173 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 25,938,122 with 861,679 deaths. India reported 8,15,538 active cases of COVID-19 infection and 67,376 deaths while 29,70,492 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Meanwhile, India continued to report one of the lowest COVID Case Fatality Rates (CFR) when compared to several other countries. While the global CFR stands at 3.3% as on date, the comparative figure for India is 1.76%, an official update noted today. The deaths per million population in India is one of the lowest in the world. While the global average is 110 deaths /million population, India is reporting 48 deaths /million population. The comparative figure for Brazil and the UK is 12 and 13 times higher, respectively.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee declined to 73.47 compared with its previous closing 73.035.

The yield on 10-year benchmark federal paper fell to 5.883% compared with previous closing of 5.920% in the previous trading session.

In the commodities market, Brent crude for November 2020 settlement fell 50 cents to $43.93 a barrel. The contract fell 2.52% to end at $44.43 in the previous trading session.

MCX Gold futures for 5 October 2020 settlement fell 0.12% to Rs 50,758.

Buzzing Index:

The Nifty IT index gained 1.55% to 18,357.05, rising for second consecutive trading session. The index has gained 3% in two trading sessions.

Mphasis (up 2.9%), Wipro (up 2.8%), Tech Mahindra (up 2.73%), MindTree (up 2.46%), TCS (up 1.89%), HCL Technologies (up 1.16%), Infosys (up 1.15%) and Coforge (up 1.05%) advanced.

Stocks in Spotlight:

Page Industries fell 1.78% to Rs 19,311.45 after the company reported net loss of Rs 39.55 crore in Q1 June 2020 compared with net profit of Rs 110.66 crore in Q1 June 2019. Lower Q1 PAT was primarily on account of lower revenues resulting in lower absorption of wages and fixed cost. Revenue from operations slumped 65.89% to Rs 284.80 crore in Q1 June 2020 over Q1 June 2019. This quarter witnessed the full impact of COVID-19 lockdowns.

As of now, more than 80% of the firm's multi-brand outlets, 96% of exclusive brand outlets (EBOs) and 90% of large format stores are fully functional. The total operating cost was controlled effectively and reduced by 34% quarter-on-quarter and 37% year-on-year to Rs 171.70 crore. This was achieved without any employee/worker lay-offs and salary cuts. The cash & cash equivalent has increased by 56% during the quarter to Rs 173.40 crore, due to efficient working capital management. Page Industries continues to have a strong balance sheet and not borrowed any additional funds during this period.

Tata Power was down 0.74%. The company on Thursday said its strategic engineering division (SED) has secured a contract worth about Rs 490 crore from India's Defense Ministry to supply two regiments of Pinaka multiple rocket launcher system.

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