The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index was up 1.3% while the S&P BSE Small-Cap index rose 0.78%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1430 shares rose and 599 shares fell. A total of 111 shares were unchanged.
COVID-19 Update:
India reported 5,94,386 active cases of COVID-19 infection and 120,527 deaths while 73,73,375 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. Total COVID-19 confirmed cases worldwide stood at 44,945,080 with 1,180,317 deaths, according to data from Johns Hopkins University.
Economy:
India's output of eight core infrastructure sectors dropped by 0.8% in September, mainly due to decline in production of crude oil, natural gas, refinery products and cement. The production of eight core sectors had contracted 5.1% in September 2019, data released by the Commerce and Industry Ministry showed on Thursday. The decline in output during the month under review was lowest since March. Barring coal, electricity and steel, all sectors (crude oil, natural gas, refinery products, fertiliser and cement) recorded negative growth in September 2020.
India's fiscal deficit stood at Rs 9.1 lakh crore halfway through this financial year, exceeding the full-year target of Rs 7.96 lakh crore by almost 15%, according to official data released on Thursday. Total expenditure stood at Rs 14.8 lakh crore, or 48.6% of the budget estimate. The Centre spent 53% of the budgeted expenditure in the six months ended September 2019. The government's total revenue was Rs 5.7 lakh crore at the end of September, representing 25% of the budgeted amount and 40% of the figure a year earlier, data from the Controller General of Accounts revealed.
Buzzing Index:
The Nifty Metal index gained 1.79% to 2,349, snapping two day losing streak. The index had lost 2.2% in two days.
Coal India (up 3.43%), NMDC (up 2.91%), National Aluminium Company (up 2.49%), Steel Authority of India Ltd (up 2.23%), Hindalco Industries Ltd (up 2.08%), Tata Steel (up 1.23%), Hindustan Zinc (up 0.95%), JSW Steel (up 0.86%) and Vedanta (up 0.26%) were top gainers.
Hindustan Copper surged 6.06% to Rs 35 after the company's board approved raising up to Rs 2,500 crore for all types of borrowings/ loans including bonds across various products.
Earnings Impact:
InterGlobe Aviation (IndiGo) fell 1.86% to Rs 1306.50 after the airliner posted a consolidated net loss of Rs 1,194.83 in Q2 September 2020, higher than net loss of Rs 1061.99 crore in Q2 September 2019. Consolidated revenue from operations stood at Rs 2,740.96 crore in Q2 September 2020, falling 66% from Rs 8,105.19 crore in the same period last year. For the quarter, the company's passenger ticket revenues were Rs 2208.20 crore, a decrease of 68.9% and ancillary revenues were Rs 506.60 crore, a reduction of 45.5% compared to the same period last year. The airline company posted a 59.3% rise in EBITDAR to Rs 408.50 crore in Q2 September 2020 from Rs 256.40 in Q2 September 2019. EBITDAR margin improved to 14.9% in Q2 September 2020 from 3.2% registered in the same period last year.
Vodafone Idea rose 3.46% to Rs 8.67 after the telco reported a consolidated net loss of Rs 7,218.2 crore in Q2 September 2020, lower than net loss of Rs 50,921.90 crore in Q2 September 2019. Gross revenue during the quarter declined 0.5% year-on-year (YoY) to Rs 10,791.20 crore. It rose 1.2% quarter on quarter as economic activities have gradually started to resume. EBITDA in the second quarter rose 22.3% to Rs 4,152.40 crore from Rs 3395.60 crore reported in the same period last year. EBITDA margin was at 38.5% as on 30 September 2020 as against 31.3% as on 30 September 2019. The teleco recorded an exceptional expense of Rs 767.10 crore during the first quarter. Of the total sum, Rs 338.40 crore pertains to integration and merger related costs; Rs 297.70 crore is provisioning for additional depreciation or impairment of assets; and Rs 128.70 crore is for one-time spectrum charge (including interest).
Earnings Today:
Index heavyweight Reliance Industries (up 0.73%) will announce its quarterly result today.
Deepak Nitrite (up 2%), Dhanuka Agritech (up 1.58%), Dixon Technologies (up 2.03%), DLF (up 1.11%), Edelweiss Financial Services (up 0.18%), Grindwell Norton (up 0.25%), IndusInd Bank (up 1.83%), Indian Oil Corp (up 1.47%), Jindal Steel (up 0.98%), Just Dial (up 2.43%), Mahindra Lifespace (up 0.58%), Motilal Oswal (up 2.82%), Quess Corp (up 0.78%) and UPL (up 0.5%) are some of the companies that will announce their quarterly results today.
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