Nifty regains 10,800 mark; breadth positive

The Sensex and the Nifty advanced further and hit fresh intraday high in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex, rallied 402.19 points or 1.11% at 36,731.23. The Nifty 50 index rose 101.6 points or 0.95% at 10,807.05

In the broader market, the S&P BSE Mid-Cap index was down 0.07% while the S&P BSE Small-Cap index rose 0.35%. Both these indices underperformed the Sensex.

The market breadth was positive. On the BSE, 1343 shares rose and 1250 shares fell. A total of 157 shares were unchanged. In Nifty 50 index, 28 stocks advanced while 22 stocks declined.

Foreign portfolio investors (FPIs) sold shares worth Rs 994.87 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 853.41 crore in the Indian equity market on 8 July, provisional data showed.

Buzzing Index:

The Nifty Metal index gained 2.22% to 2,099.9, up for second consecutive trading session. The index has gained 3.8% in two trading days.

Hindalco Industries (up 5.23%), Steel Authority of India (up 4.38%), Jindal Steel & Power (up 3.99%), Tata Steel Ltd (up 3.46%), National Aluminium Company (up 3.08%), Vedanta (up 1.86%), JSW Steel (up 1.48%), Hindustan Zinc (up 1.44%) and NMDC (up 1.18%) advanced.

Stocks in Spotlight:

BASF India fell 0.97% to Rs 1,231.35 after the company said it has received a tax demand notice of Rs 46.01 crore for the period 2015-2016 from Commercial Tax Department, Karnataka. The company, based on the legal assessment, does not consider these stock transfers as interstate sales and is taking all the necessary legal steps to defend the matter.

Bharat Heavy Electricals (BHEL) rose 3.76% to Rs 42.75 after the company said it commissioned a 1.7 megawatts solar photovoltaic plant in Madhya Pradesh for the Indian Railways.

South Indian Bank hit an upper circuit of 5% at Rs 8.37 after the bank's standalone net profit jumped 11.05% to Rs 81.65 crore on a 4.6% increase in total income to Rs 2,171.86 crore in Q1 June 2020 over Q1 June 2019. Net Interest Income (NII) rose 10% to Rs 587 crore in Q1 June 2020 as compared to Rs 536 crore in Q1 June 2019. The bank's provisions and contingencies surged 42.95% to Rs 293.08 crore in Q1 June 2020 over Q1 June 2019. The provision coverage ratio of the bank was at 58.8% as on Q1 June 2020, higher than 45.1% in Q1 June 2019.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 5.771% compared with previous closing of 5.778% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged higher to 75.02 compared with its previous closing 75.

In the commodities market, Brent crude for September 2020 settlement fell 11 cents to $43.18 a barrel.

MCX Gold futures for 5 August 2020 settlement rose 0.16% to Rs 49,240.

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