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Barometers trade firm; metal shares in demand

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Indices firmed up once again in mid-morning trade amid fresh buying. The Nifty hovered near the crucial 11,200 mark. Buying was seen in auto and metal shares. Strength in index pivotal TCS also pushed the barometers higher.

At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 193.43 points or 0.51% at 38,128.71. The Nifty 50 index added 57.85 points or 0.52% at 11,189.65.

In broader market, the S&P BSE Mid-Cap index was up 0.53% while the S&P BSE Small-Cap index was up 0.41%.

The market breadth was almost even. On the BSE, 1108 shares rose and 1153 shares fell. A total of 121 shares were unchanged. In Nifty 50 index, 36 stocks advanced while 14 stocks declined.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 16,426,919 with 653,353 deaths. India reported 4,96,988 active cases of COVID-19 infection and 33,425 deaths while 9,52,743 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Sebi Regulations:

Market regulator Sebi on Monday extended relaxation in procedural requirements for listed entities with respect to open and buyback offers till December 31 amid coronavirus pandemic. The regulator, in May, had granted one-time relaxations from strict enforcement of SAST (Substantial Acquisition of Shares and Takeovers) Regulations and norms for buyback of securities through open and buyback tender offers opening till July 31.

Buzzing Index:

The Nifty Metal index rose 0.93% to 2,113.85, rising for second session.

Jindal Steel & Power (up 2.97%), Hindustan Zinc (up 2.88%), Hindalco Industries (up 2.34%), JSW Steel (up 1.93%), Steel Authority of India (up 1.91%), National Aluminium Company (up 0.75%), Tata Steel (up 0.38%) and NMDC Ltd (up 0.3%) were top gainers in metal segment.

Stocks in Spotlight:

IT major TCS was up 2.23% at Rs 2254.90.

Nine stocks are under F&O ban for today. Adani Enterprises (down 0.72%), BHEL (down 0.14%), Canara Bank (up 0.4%), GMR Infrastructure (up 0.93%), Indiabulls Housing Finance (up 0.82%), Vodafone Idea (down 2.48%), IndusInd Bank (up 2.24%), RBL Bank (down 0.64%) and SAIL (up 1.76%) are banned from trading in NSE's F&O segment after the securities crossed 95% of market wide position limit.

Indian Oil Corporation rose 1.50% to Rs 95 after the company set up an equal joint venture with French energy giant Total to manufacture and market bitumen derivatives and specialty products for the Indian road-building industry. The new JVC will combine the R&D and marketing strengths of both IndianOil and Total to manufacture and market innovative bitumen formulations and superior quality products such as polymer-modified bitumen, crumb rubber-modified bitumen, bitumen emulsions and other specialty products.

INEOS Styrolution India declined 2.39% to Rs 547, extending losses for fifth consecutive trading session.

The stock has lost 38.28% in five trading sessions from its previous closing high of Rs 886.35 on 22 July 2020. The counter came under heavy selling after the company's promoter INEOS Styrolution APAC rejected the discovered price of Rs 1,100 share for delisting. The promoter has also determined, pursuant to the book building process, not to make any counter offer to delist its Indian arm. The UK-based promoter INEOS Styrolution APAC, who currently owns 75% of stake in the Indian firm, had proposed to acquire up to 43.96 lakh shares, representing 25%, from the public shareholders. The delisting offer was open between 16 and 22 July 2020.

NBCC (India) was up 1.88%. The company it has received two orders on Project Management Consultant (PMC) basis in Seychelles for estimated cost of USD 27.28 Million (Rs. 204.49 crore). The announcement was made after market hours yesterday, 27 July 2020.

Global Markets:

Asian markets were mixed on Tuesday as the situation surrounding the coronavirus pandemic continued to weigh on investor sentiment.

In US, major stock indexes finished higher Monday, as investors watched lawmakers haggle over a coronavirus rescue program and braced for the busiest week of earnings season. Gains across the major tech names lifted the broader market as traders braced for the busiest week of the earnings season.

Amazon gained 1.54% after several analysts hiked their 12-month price targets on the e-commerce giants. Apple also rose 2.37% and was among the best-performing Dow stocks. Facebook, Netflix, Alphabet and Microsoft ended the day higher as well.

The Federal Reserve's two-day policy meeting kicks off on Tuesday. Investors generally don't expect the central bank to make any major announcements, but are looking for Chairman Jerome Powell to maintain a dovish tone.

Earnings season continues apace this week, including results from a host of tech heavyweights. Google parent Alphabet Inc.,, Apple Inc., and Facebook Inc. are due to report Wednesday and Thursday.

US Senate Majority Leader Mitch McConnell on Monday unveiled the Republican coronavirus relief plan, which would include relief for jobless Americans, among other provisions.

US drugmaker Pfizer and German biotech firm BioNTech said they began their late-stage human trial for a potential coronavirus vaccine on Monday. That announcement by the firms came the same day biotech firm Moderna, also developing a leading vaccine candidate, said it began its late-stage coronavirus vaccine trial

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 28 2020. 11:24 IST