Equity indices pared some gains and came off the day's high in afternoon trade. The Nifty gave up 11,600 mark. Banks and pharma stocks gained while FMCG and metals shares declined.
At 13:21 IST, the barometer index, the S&P BSE Sensex, was up 146.89 points or 0.38% at 39,220.48. The Nifty 50 index gained 35.35 points or 0.31% at 11,584.65.
The market breadth was positive. On the BSE, 1458 shares rose and 1244 shares fell. A total of 146 shares were unchanged.
The S&P BSE Mid-Cap index rose 0.19% while the S&P BSE Small-Cap index rallied 0.62%. Both these indices advanced for the ninth straight session.
Trading was volatile as traders roll over positions in the F&O segment from the near month August 2020 series to September 2020 series.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,581.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,194.62 crore in the Indian equity market on 26 August, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 24,181,120 with 825,794 deaths. India reported 7,25,991 active cases of COVID-19 infection and 60,472 deaths while 25,23,771 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
GST Council meeting:
The Goods and Services Tax (GST) Council will hold its 41st meeting today, 27 August 2020 to discuss the single-point agenda of compensation to states for revenue losses under the indirect tax regime. The meeting will be held via video conferencing. Several options including expanding the ambit of compensation cess, market borrowing to fund compensation deficit along with a future plan for rate rationalisation beginning from correction of inverted duty structure for some items are expected to be discussed in the meeting
Earnings Today:
Avanti Feeds (down 2.5%), ICRA (down 1.03%), NMDC (down 0.2%), Edelweiss Financial Services (up 1.95%), GMR Infra (up 1.35%), Hindustan Construction Company (up 10%), IDFC (down 0.68%), Waterbase (down 3.13%) and PNC Infratech (up 0.56%) are some of the companies that will announce their quarterly earnings today.
Buzzing Segment:
The Nifty Realty index jumped 6.88% to 233.85, led by the Maharashtra-focused realty firms.
Godrej Properties (up 8.54%), Prestige Estate (up 8.53%), Sunteck Realty (up 7.65%), Kolte-Patil Developers (up 6.94%) and Oberoi Realty (up 6.57%) were top gainers.
The Maharashtra Cabinet approved a proposal on Wednesday (26 August) to reduce stamp duty by 3% on all land or home sale transactions executed and registered between 1 September and 31 December, this year. There will be a 2% reduction on stamp duty from 1 January to 31 March 2021. The stamp duty rate, fixed by the state government, is payable on the sale agreement. In Maharashtra, existing stamp duty charges are 5% in major cities like Mumbai, Pune, Nagpur and Nashik, and 6% in others.
Stocks in Spotlight:
Gillette India rose 2.18% at Rs 5,643. The shaving products maker posted a 1.9% decline in net profit to Rs 44.97 crore on 24% decline in net sales to Rs 350.98 crore in Q4 June 2020 over Q4 June 2019. The company said its business operations were disrupted across the country following the nationwide lockdown imposed to contain the spread of COVID-19.
Indraprastha Gas shed 0.76% to Rs 410.40. The natural gas distributor's consolidated net profit dropped 85.64% to Rs 35.18 crore on 58.96% fall in total income to Rs 675.12 crore in Q1 June 2020 over Q1 June 2019. The company's CNG sales volume declined 66% to 105 million kgs in Q1 June 2020 over Q1 June 2019. Total PNG sales fell 30% YoY to 101 million scm in quarter ending June 2020.
Rossari Biotech added 0.72% to Rs 784.75. SBI Mutual Fund added 2.34 lakh shares or 0.45% stake of Rossari Biotech via open market on 25 August 2020. Following the acquisition, SBI Mutual Fund's stake in the company increased to 5.25% from 4.80% earlier.
Alembic Pharmaceuticals gained 1.23% after the company said it received US drug regulator's tentative approval for Empagliflozin and Linagliptin tablets in multiple strengths. The tablet is estimated to have market size of $244 million for twelve months ending June 2020 according to IQVIA.
Blue Star advanced 2.34% after the company won an order valued at Rs 149 crore for electrical & mechanical works for Mumbai Metro Line III from Dogus-Soma JV.
Global Markets:
European markets opened lower while most Asian markets declined on Thursday despite newly released data pointing towards continued recovery China's economy. Profits at China's industrial firms grew 19.6% year-on-year to 589.5 billion yuan ($85.58 billion), the statistics bureau said on Thursday. It follows an 11.5% gain in June and the third straight month of profit growth in this year.
South Korea's Kospi shed 0.87%. The country's central bank kept its rates on hold on Thursday, but cut its 2020 GDP forecast, as it weighed concerns over rising house prices and the worsening coronavirus fallout.
Global oil prices would be watched by investors today after a massive storm in the Gulf of Mexico raced towards the heart of the US Oil industry, forcing oil rigs and refineries to shut, with little impact expected on supply as oil stockpiles remain high. However, the impact of the storm on the crude oil prices could be limited as oil and product inventories remain high due to the coronavirus pandemic's hit to fuel demand.
The US stock market finished session at all-time closing highs on Wednesday, 26 August 2020, as risk sentiments buoyed by better than expected US durable-goods order data for July coupled with positive news on the COVID-19 vaccine front. Biotech firm Moderna announced promising results from a small trial of its coronavirus vaccine candidate in elderly patients.
Meanwhile, Fed Chairman Jerome Powell will speak Thursday during a virtual version of the Fed's annual Jackson Hole, Wyoming, conference. He is expected to outline what could be the central bank's most active efforts ever to spur inflation back to a healthy level.
US durable-goods orders jumped 11.2% in July on strong auto demand, the Census Bureau said on Wednesday, following June's 7.7% gain. The jump signaled a continued recovery in the nation's manufacturing industry, though the figures remain well below pre-pandemic highs.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
