Shares firm up after Europe opens in green

Key benchmarks firmed up once again in afternoon trade. The Nifty moved above 9350 level. Realty stocks declined for the second consecutive trading session.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 244 points or 0.77% at 31,959.35. The Nifty 50 index was up 63.65 points or 0.68% at 9,357.65.

In the broader market, the S&P BSE Mid-Cap index added 0.46% while the S&P BSE Small-Cap index lost 0.21%. Both these indices trailed the Sensex.

The market breadth turned negative. On the BSE, 1043 shares rose and 1162 shares fell. A total of 182 shares were unchanged. In Nifty 50 index, 29 stocks advanced while 21 stocks declined.

Gainers & Losers:

Bharti Infratel (up 8.04%), Mahindra & Mahindra (up 5.48%), ONGC (up 5.23%), Zee Entertainment (up 4.37%) and Power Grid Corporation of India (up 4.02%) were top gainers in Nifty 50 index.

Asian Paints (down 5.24%), Britannia Inds (down 2.07%), Bajaj Finance (down 1.92%), Dr. Reddy's Laboratories (down 1.85%) and SBI (down 1.73%) were top losers in Nifty 50 index.

Buzzing Index:

The Nifty Realty index declined 1.86% to 171.05. It underperformed the other sectoral indices on the NSE. The index has fallen 8.86% in two sessions.

Sobha (down 4.98%), Indiabulls Real Estate (down 4.96%), Phoenix Mills (down 4.88%), Sunteck Realty (down 2.51%), Brigade Enterprises (down 1.71%), Godrej Properties (down 1.32%), Mahindra Lifespace Developers (down 1.3%) and DLF (down 0.68%) were top losers in realty segment.

Q4 Results Today:

SBI Life Insurance (up 4.61%), Adani Ports And Special Economic Zone (down 0.02%), NIIT Technologies (up 2.77%), Persistent Systems (up 0.56%), Tata Coffee (up 2.58%) and Rallis India (up 3.57%) are some of the companies that will announce their Q4 March 2020 result today.

Earnings Impact:

Marico rose 4.59%. On a consolidated basis, Marico's net profit fell 50.62% to Rs 199 crore on 7.02% decline in net sales to Rs 1,496 crore in Q4 March 2020 (Q4 FY20) over Q4 March 2019 (Q4 FY19). The result was announced after market hours on Monday.

During the quarter, the India business recorded a volume decline of 3%, vastly affected by disruptions in the last fortnight of March, due to lockdowns initially enforced in some states and eventually all over the country, to contain the outbreak of COVID-19 in India. But for this disruption, the business would have delivered low to mid single digit volume growth during the quarter.

While EBITDA fell 4% to Rs 282 crore, EBITDA margin improved by 58 basis points as it stood at 18.9% in Q4 FY20 as compared to Q4 FY19, due to the unfavorable portfolio mix in the India business.

Global Markets:

European markets opened on a positive note while Asian markets were trading higher on Tuesday after tech and oil shares rose on easing coronavirus restrictions and prospects of an economic recovery. Markets in China, Japan and South Korea are shut on account of holiday.

The Reserve Bank of Australia is expected to announce its interest rate decision on Tuesday.

US stocks ended higher on Monday as increases in large tech and internet companies and oil price gains outweighed concerns about the latest US-China tensions and downbeat sentiment from the annual meeting of Warren Buffett's Berkshire Hathaway.

Stocks initially stumbled amid rising tensions between the United States and China. President Donald Trump last week threatened China could face new tariffs over its handling of the coronavirus outbreak.

In economic data, U.S. factory orders sank 10.3% in March, and orders for long-lasting goods slumped 14.7%.

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