Weak global cues drag Nifty below 9200

Equity barometers extended fall and hit fresh intraday low in mid-afternoon trade. Trading was volatile due to expiry of weekly index options. At 14:20 IST, the barometer index, the S&P BSE Sensex, fell 849.98 points or 2.66% at 31,158.63. The Nifty 50 index was down 232.6 points or 2.48% at 9,150.

A weak economic outlook by the US Fed and worries about a second wave of coronavirus infections weighed on global stock markets. Domestic investors shrugged off a number of measures announced by the Indian government to support MSMEs and NBFCs.

The broader market bucked weak trend. In broader market, S&P BSE Midcap index was down 0.37% while S&P BSE Smallcap index down 0.67%.

The market breadth was negative. On the BSE, 858 shares rose and 1324 shares fell. A total of 155 shares were unchanged. In the Nifty 50 index, 11 shares advanced while 39 stocks declined.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 43,48,246 far with 2,97,220 deaths. India reported 49,219 active cases of COVID-19 infection and 2,549 deaths, according to the data from the Ministry of Health and Family Welfare.

Buzzing Index:

The Nifty Pharma index was up 0.46% at 9,190.10, snapping its three days losing streak. The index lost 2.1% in past three sessions.

Cadila Healthcare (up 3.8%), Glenmark Pharmaceuticals (up 3.07%), Sun Pharmaceutical Inds (up 1.49%), Divi's Laboratories (up 1.17%) and Piramal Enterprises (up 0.88%) were top gainers in pharmaceutical space.

Biocon (up 0.28%) will announce its result for quarter ending 31 March, today.

Lupin gained 2.06% after the company said its active pharmaceutical ingredient facility in Visakhapatnam received establishment inspection report from the US drug regulator. The US Food and Drug Administration (USFDA) conducted the inspection of the Visakhapatnam (Vizag) facility between 13 and 17 January 2020.

Stocks in Spotlight:

HUDCO on Thursday (14 May) said it achieved loan sanctions of Rs 19942.04 crore and loan releases of Rs 10121.83 crore as on 31 March 2020 for the financial year 2019-2020. Shares of HUDCO rose 0.21% to Rs 23.75 on BSE. The scrip traded in the range of Rs 23.15 to Rs 24.35 so far.

PNC Infratech rose 4.99%. PNC Infratech said that NHAI has declared the company as lowest bidder for a highway project in Uttar Pradesh under Bharatmala Pariyojana on Hybrid Annuity Mode (HAM) for Rs 1,412 crore.

CSB Bank slipped 0.88%. The bank said its total deposits rose 4.41% to Rs 15,790.66 crore (provisional) in Q4 March 2020 over Q4 March 2019. Out of the total deposits, CASA deposits grew 9.40% to Rs 4606.58 crore and term deposits rose 4.30% to Rs 11,184.08 crore year-on-year (YoY) during the quarter. Advances against gold & gold jewellery jumped 28.54% to Rs 3790.11 crore in Q4 March 2020 over Q4 March 2019. Gross advances were up 6% to Rs 11,558.9 crore. Liquidity coverage ratio stood at 245% as compared to 214.80% during the same period last year.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 6.059% compared with previous closing of 6.095% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged lower to 75.5625 compared with its previous closing of 75.46.

In the commodities market, Brent crude for July 2020 settlement was up 86 cents to $30.05 a barrel. The contract lost 2.64% to settle at $ 29.19 a barrel in the previous trading session.

MCX Gold futures for 5 June 2020 settlement rose 0.42% to Rs 46,174.

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