Nifty slips below 11,450 mark

Benchmark indices slipped into negative terrain and hit day's low in afternoon trade. The barometer index, the S&P BSE Sensex, declined 73.74 points or 0.19% at 38,766.58. The Nifty 50 index lost 16.90 points or 0.15% at 11,432.35.

HDFC Bank (down 1.44%), HDFC (down 0.68%) and ICICI Bank (down 1.07%) put pressure on the indices. TCS (up 1.60%), Infosys (up 0.73%) and Reliance Industries (up 0.27%) supported the benchmarks.

The broader market traded with minor gains. The S&P BSE Mid-Cap index rose 0.04%. The S&P BSE Small-Cap index gained 0.28%.

The market breadth was almost even. On the BSE, 1,256 shares rose and 1,214 shares fell. A total of 178 shares were unchanged. In Nifty 50 index, 21 stocks advanced while 29 stocks declined.

The foreign ministers of India and China have reportedly agreed that troops of the two countries must quickly disengage from a border standoff, they said in a joint statement issued on Friday. The two Foreign Ministers agreed that the current situation in the border areas is not in the interest of either side. They agreed therefore that the border troops of both sides should continue their dialogue, quickly disengage, maintain proper distance and ease tensions.

Foreign portfolio investors (FPIs) bought shares worth Rs 838.37 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 317.30 crore in the Indian equity market on 10 September 2020, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 2,81,74,590 with 9,09,672 deaths. India reported 9,43,480 active cases of COVID-19 infection and 76,271 deaths while 35,42,663 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Gainers & Losers:

Wipro (up 4.13%), Bharti Infratel (up 2.10%), Hero MotoCorp (up 1.86%), and Britannia Industries (up 1.64%) were other major index gainers.

IndusInd Bank (down 2.44%), Zee Entertainment Enterprises (down 1.86%), Asian Paints (down 1.58%) and PowerGrid Corporation of India (down 1.41%) were major index losers.

Results Today:

Bharat Heavy Electricals (BHEL) (up 0.81%), IRCTC (down 0.34%), Mishra Dhatu Nigam (MIDHANI) (down 0.15%), Rail Vikas Nigam (up 0.24%), Adani Green Energy (up 5%), Future Supply Chain Solutions (up 2.56%), Premier Explosives (down 0.83%) and Orissa Minerals Development Company (up 2.44%) will announce quarterly earnings today.

Earnings Impact:

Hindustan Aeronautics (HAL) skid 1.62%. HAL's consolidated net profit dropped 74% to Rs 148.65 crore in Q1 June 2020 compared with Rs 564.69 crore in Q1 June 2019. Net sales for Q1 June 2020 stood at Rs 1,736.74 crore, registering a 47% Y-o-Y (year-on-year) decline compared with Rs 3,289.47 crore in Q1 June 2019.

The company said it operations for the current quarter were impacted by the lockdown imposed to contain the spread of COVID-19. The group's manufacturing facilities were shut down during April 2020. The activities resumed from 28 April 2020 with precautions, reduced availability of manpower and disrupted supply chain, resulting in lower turnover and consequent lower profit.

Goa Carbon slipped 1.15% after the company recorded a net loss of Rs 5.07 crore in Q1 June 2020 as against net loss of Rs 5.02 crore in Q1 June 2019. Net sales slumped 59.9% to Rs 55.62 crore in Q1 FY21 over Q1 FY20. Due to the absence of viable export and domestic orders, the company's Goa plant was shut for 36 days, Bilaspur plant for 35 days and Paradeep plant for 23 days during the quarter ended 30 June 2020.

Stocks in Spotlight:

Info Edge (India) fell 0.76%. The company said Zomato closed primary fund raising of $100 million from Tiger Global Management and $60 million from MacRitchie Investments, an indirect wholly-owned subsidiary of Temasek Holdings. The food-delivery startup is now valued on a post-money valuation of $3.30 billion. On a fully converted and diluted basis, Info Edge (India)'s effective stake in Zomato stands at 22.2%.

National Fertilizers (NFL) advanced 3.41% after the company's total fertilizer sales rose 16% to 23.81 lakh MT in April-August 2020 over 20.57 lakh MT in April-August 2019. The company produced 16.11 lakh MT urea in the first five months of 2020-21, recording 13% jump against 14.26 lakh MT produced during the same period in 2019-20.

Global Markets:

US Dow Jones futures were up 188 points, indicating a strong opening for the US stock today.

Most shares in Europe and Asia advanced on Friday. Investors monitored tense negotiations between the UK and the European Union. The EU on Thursday urged the UK to abandon its plan to renege on the Brexit Withdrawal Agreement and threatened legal action, but U.K. Prime Minister Boris Johnson's government has vowed to press ahead with its Internal Market Bill, despite acknowledgment that the move violates international law.

Meanwhile, the U.K. economy grew 6.6% in July 2020 on a monthly basis, according to initial estimates published on Friday. However, this represents a decline of 11.7% compared to the same period last year, data from the Office for National Statistics showed.

US stock market finished session deeply in the red on Thursday, 10 September 2020, as risk sentiments dented after the U.S. Senate Republicans failed to advance a new coronavirus stimulus bill and simmering tensions between Washington and Beijing. Most of sectors declined, with tech stocks being notable losers amid increasing worry on Wall Street about a tech bubble, with those stocks fuelling the Nasdaq to record highs despite the coronavirus pandemic's hit to the economy.

US first-time claims for unemployment benefits came in at 884,000 in the week ended September 5th, the Labor Department revealed in a report on Thursday. The report said initial jobless claims came in unchanged from the previous week's revised level.

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