Nifty holds above 10,750; breadth negative

Indices traded with modest gains in mid-afternoon trade. The Nifty held above 10,750 level. At 14:21 IST, the barometer index, the S&P BSE Sensex, was up 120.56 or 0.33% at 36,607.84. The Nifty 50 index was rose 21.25 points or 0.2% at 10,784.90.

In the broader market, the S&P BSE Mid-Cap index was up 0.49% while the S&P BSE Small-Cap index gained 0.48%.

The market breadth was negative. On the BSE, 1260 shares rose and 1372 shares fell. A total of 148 shares were unchanged. In Nifty 50 index the breadth was negative with 23 stocks advancing and 27 stocks declining.

Buzzing Index:

The Nifty Metal index fell 1.44% to 2,028.60. The index jumped 2.47% on Monday.

NMDC (down 2.76%), Tata Steel (down 2.11%), Vedanta (down 1.86%), Coal India (down 1.8%), Jindal Steel & Power (down 1.24%), National Aluminium Company (down 0.75%), Hindalco Industries (down 0.68%) and JSW Steel (down 0.67%) were top losers in metal segment.

Stocks in Spotlight:

Suzlon Energy hit a lower circuit of 5% at Rs 5.33 after the company reported consolidated net loss of Rs 823.53 crore in Q4 March 2020, higher than net loss of Rs 292.60 crore in Q4 March 2019. Net sales declined 54.7% year-on-year (YoY) to Rs 643.39 crore in the March quarter. Pre-tax loss in Q4 March 2020 stood at Rs 828.78 crore as against a pre-tax loss of Rs 288.88 crore in Q4 March 2019. Current tax expense jumped 18.1% YoY to Rs 5.36 crore in the fourth quarter.

NBCC jumped 9%. The company's consolidated net profit fell 42.3% to Rs 78.98 crore on 16.8% decline in net sales to Rs 2568.73 crore in Q4 March 2020 over Q4 March 2019. Profit before tax in Q4 FY20 stood at Rs 99.57 crore, down by 53.2% from Rs 212.93 crore in Q4 FY19. Current tax expenses declined 83.5% on a year-on-year (YoY) basis to Rs 16.76 crore in the fourth quarter. The project management consultancy (PMC) segment revenue stood at Rs 2,324.34 crore (down 17.5%) and real estate segment revenue was at Rs 123.35 crore (down 20.5%) while engineering, procurement and construction (EPC) segment revenues were at Rs 121.03 crore (up 6.5%) in the March quarter.

Shriram Transport Finance Company rose 2.5% after the company said its board has fixed the rights issue price at Rs 570 per equity share. Last month, Shriram Transport Finance Company's board approved rights issue of equity shares for an amount aggregating up to Rs 1500 crore. The company said the entitlement ratio is 3 fully paid-up equity shares for every 26 equity share held by eligible shareholders as on the record date i.e. 10 July 2020.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 5.795% compared with previous closing of 5.836% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged lower to 74.935 compared with its previous closing 74.685.

In the commodities market, Brent crude for September 2020 settlement fell 24 cents to $42.86 a barrel.

MCX Gold futures for 5 August 2020 settlement rose 0.02% to Rs 48,235.

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