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Barometers trade with small losses

Capital Market 

Barometers traded in a narrow range with minor cuts in early afternoon trade. PSU banks were in demand. At 12:20 IST, the barometer index, the S&P BSE Sensex, slipped 110.05 points or 0.29% at 38,382.87. The Nifty 50 index was down 12.2 points or 0.11% at 11,288.85.

In the broader market, the S&P BSE Mid-Cap index gained 1.12% while the S&P BSE Small-Cap index added 1.16%. Both these indices outperformed the Sensex.

The market breadth was strong. On the BSE, 1465 shares rose and 938 shares fell. A total of 151 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 245.95 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,017.40 crore in the Indian equity market on 28 July, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 16,670,063 with 659,077 deaths. India reported 5,09,447 active cases of COVID-19 infection and 34,193 deaths while 9,88,029 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 2.31% to 24.19. The Nifty July 2020 futures were trading at 11,313.55, at a premium of 10.75 points compared with the spot at 11,302.80.

On the monthly index options front, the Nifty option chain for 30 July 2020 expiry showed maximum Call OI of 52.78 lakh contracts at the 11,300 strike price. Maximum Put OI of 46.30 lakh contracts was seen at 11,000 strike price.

Buzzing Index:

The Nifty PSU Bank index gained 2.57% to 1,434.15, outperforming other sectoral indices on the NSE.

J&K Bank (up 4.85%), Punjab National Bank (up 3.74%), Union Bank (up 2.91%), Bank of Baroda (up 2.78%), Bank of India (up 2.74%) and SBI (up 2.30%) were top gainers in PSU Bank segment.

Stocks in Spotlight:

NIIT Tech spurted 5.62%. The IT firm reported 29.7% decline in consolidated net profit to Rs 79.9 crore on 4.7% decline in revenues to Rs 1057 crore in Q1 June 2020 over Q4 March 2020. Consolidated revenues during the quarter under review declined sequentially by 6.8% in constant currency terms to Rs 1057 crore. In reported terms, the revenue declined 4.7% sequentially. This reflects the significant Covid-19 pandemic related distress in the travel vertical, which is a substantial contributor to the company's revenues and declined by 31.6% quarter-on-quarter. Excluding the travel vertical, the rest of the firm registered a growth of 3.2% QoQ in constant currency terms and 5.1% in reported terms during the quarter, the company said.

Hexaware Technologies down 0.85%. The IT firm's consolidated net profit dropped 13% to Rs 152.24 crore on 1.8% increase in revenue from operations to Rs 1,569.12 crore in Q2 June 2020 over Q1 March 2020. In terms of revenue (Constant Currency) growth, Hexaware Technologies fell 0.9% Q-o-Q (quarter-on-quarter) while it grew 11.3% Y-o-Y (year-on-year). EBITDA (post Restricted Stock Unit, or RSU) for the quarter stood at Rs 271.30 crore, registering a 16.1% Q-o-Q growth and 28.1% Y-o-Y growth. In terms of dollars (USD), net profit skid 7.2% to $20.20 million on 10.40% rise in revenue from operations to $208.10 million in Q2 June 2020 over Q1 March 2020.

Jet Airways hit a lower circuit of 5% at Rs 29.10 after the air carrier reported a standalone net loss of Rs 5,535.75 crore in the year ended March 2019 (FY19), higher than net loss of Rs 767.62 crore in the year ended March 2018 (FY18). Total income declined 2.7% to Rs 23,314.11 crore in FY19 from Rs 23,958.37 crore in FY18. Total expenses jumped 13.8% on a year-on-year (YoY) basis to Rs 28,141.61 crore due to higher aircraft fuel expenses (up 24.8% YoY), higher aircraft and engines lease rentals (up 18.4% YoY), higher finance costs (up 16.5% YoY) and higher other expenses (up 20.2% YoY). Among the other expenses, the airline's non-claimable GST jumped to Rs 397 crore in FY19 from Rs 63.72 crore in FY19. Forex losses surged to Rs 448.08 crore in FY19 from Rs 47.06 crore in FY18.

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

First Published: Wed, July 29 2020. 12:18 IST
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