Market breadth turns positive

The benchmark indices bounced back and hit fresh intraday high in mid morning trade. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 69.21 points or 0.18% at 37,900.19. The Nifty 50 index was up 29.50 points or 0.26% at 11,281.65.

The S&P BSE Mid-Cap index was up 0.28%. The S&P BSE Small-Cap index was up 0.05%.

The market breadth, indicating the overall health of the market, turned positive from negative. On the BSE, 1007 shares rose and 1001 shares fell. A total of 112 shares were unchanged.

Most metal shares rose. Steel Authority of India (up 3.71%), Jindal Steel & Power (up 2.49%), NMDC (up 2.35%), Hindustan Zinc (up 2.09%), Hindustan Copper (up 1.64%), National Aluminium Company (up 1%), Tata Steel (up 0.93%) and JSW Steel (up 0.8%) advanced. Hindalco Industries was down 0.48%.

Vedanta was down 2.54%. The company said that Cairn India Holdings (CIHL), an overseas subsidiary of the company, and Volcan Investments have agreed to unwind entirely the structured investment entered between them in December 2018 ahead of the originally envisaged schedule. With this, Volcan will exercise the early exchange option available to it on 26 July 2019 and consequent to this the full exchange of its two issues of mandatory exchangeable bonds secured by shares in Anglo American plc, will settle on 12 August 2019.

The investment by CIHL, which was entered into as part of its cash management activities, has delivered a net gain of over USD 100 mm in the 8 month period it was held. Cash proceeds from the settlement of the transaction will be paid to CIHL on 13 August 2019. The announcement was made before market hours today, 26 July 2019.

Tata Steel was up 0.55%. The company said that it has on 24 July 2019 subscribed to 2.58 crore rights equity shares of Tata Sponge Iron at an issue price of Rs 500 per rights equity share (including a premium of Rs 490 per rights equity share) aggregating to Rs 1,292.20 crore. The announcement was made after market hours yesterday, 25 July 2019.

JSW Steel rose 0.8%. At the 25th Annual General Meeting of the members of JSW Steel, held on 25th July 2019, shareholders offered consent to the board for making offer or invitations to subscribe to secured / unsecured redeemable non convertible debentures of the company, for an amount not exceeding Rs 10,000 crore on private placement basis. The announcement was made after market hours yesterday, 25 July 2019.

Techno Electric & Engineering Company was up 0.80%. The company said that it has been awarded with an order worth Rs 369 crore Damodar Valley Corporation (DVC) for setting up flue gas desulphurisation (FGD) system for Bokaro 'A' thermal power station, BTPS 'A', (lX500 MW) located at Bokaro, Jharkhand. The announcement was made after market hours yesterday, 25 July 2019.

Punjab National Bank rose 3.03%. The bank after market hours yesterday, 25 July 2019, announced that its board has approved raising of equity capital amounting up to Rs 5000 Crore in one or more tranches through qualified institutional placements (QIP)/ follow-on public offer (FPO)/ rights issue.

Bajaj Hindusthan Sugar was up 0.88%. CARE Ratings revised its rating to CARE D from CARE D (issuer not cooperating) on the long term bank facilities worth Rs 7227.13 crore and short term bank facilities worth Rs 329.04 crore of the company. The announcement was made after market hours yesterday, 25 July 2019.

Future Enterprises was up 3.75%. The company said that bail application of Dinesh Maheshwari, has been approved by High Court at Calcutta, on 23 July 2019 and he was released on 24 July 2019. The announcement was made after market hours yesterday, 25 July 2019.

FMCG stocks were mixed. Tata Global Beverages (up 1.63%), Jyothy Laboratories (up 1.61%), Dabur India (up 0.85%), Colgate Palmolive (India) (up 0.83%), Godrej Consumer Products (up 0.32%) and Nestle India (up 0.26%) advanced.

Britannia Industries (down 1.49%), Procter & Gamble Hygiene & Health Care (down 0.8%), GlaxoSmithKline Consumer Healthcare (down 0.67%), Bajaj Consumer Care (down 0.63%), Marico (down 0.59%) and Hindustan Unilever (down 0.46%) declined.

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