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Market breadth turns negative

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Key barometers traded with decent gains in afternoon trade. At 14:35 IST, the barometer index, the S&P BSE Sensex, was up 222.2 points or 0.81% at 30,273.08. The Nifty 50 index added 67.65 points or 0.89% at 8,902.60.

Domestic shares witnessed bargain hunting after recent steep losses. The Sensex and the Nifty lost about 6% in the past three session. Domestic shares also mirrored global peers which surged on optimism about a potential vaccine for the coronavirus. However, gains were capped amid rising coronavirus cases in India.

In the broader market, the S&P BSE Mid-Cap index rose 0.73% while the S&P BSE Small-Cap index rose 0.02%.

The market breadth turned negative. On the BSE, 1019 shares rose and 1133 shares fell. A total of 163 shares were unchanged. In the Nifty 50 index, 34 shares advanced while 16 shares declined.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 48,04,167 far with 3,18,527 deaths.

India reported 58,802 active cases of COVID-19 infection and 3,163 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

In a bid to contain the spread of the novel coronavirus pandemic, the Centre on 17 May 2020 extended the nationwide lockdown till 31 May 2020.

Buzzing Index:

The Nifty Metal index gained 1.39% to 1,696.80 amid bargain hunting after yesterday's 3.97% decline.

Jindal Steel & Power (up 4.32%), JSW Steel (up 3.55%), Hindalco Industries (up 2.69%), Tata Steel (up 2.25%), Coal India (up 1.31%), NMDC (up 0.7%) and National Aluminium Company Ltd (up 0.54%) were top gainers in metal segment.

Stocks in Spotlight:

Biocon gained 0.57% to Rs 333.45. The drug maker said that its subsidiary Biocon Biologics India has received the certificate of Good Manufacturing Practice (GMP) compliance from EMA for multiple Biologics Drug Substance (DS) and Drug Product (DP) manufacturing facilities at Biocon Park, Bengaluru. These facilities are used for the manufacture of DS and DP for Biosimilars: Bevacizumab, Trastuzumab, Pegfilgrastim and secondary packaging of Insulin Glargine for EU markets, and were inspected in March 2020, Biocon said.

KEC International gained 2.23% to Rs 199.30 after the company secured new orders of Rs 1,203 crore across its various businesses. The firm has secured a transmission and distribution order of Rs 917 crore for T&D projects in India, Bangladesh, Africa and the Americas. The company's civil business secured orders of Rs 176 crore for industrial [civil works for Flue Gas Desulfurization (FGD) project] and residential projects in India. While cable business secured order of Rs 110 crore for various types of cables and cabling projects.

Lupin were down 2.25% at Rs 837.80. The drug major announced the launch of authorized generic version of Bausch Health's Apriso (mesalamine extended-release capsules 0.375 g) in the US. Mesalamine extended-release capsules 0.375g (authorized generic version) are indicated for the maintenance of remission of ulcerative colitis in patients 18 years of age and older. Mesalamine extended-release capsules 0.375 g, RLD: Apriso had an annual sales of approximately $290 million in the US (IQVIA MAT March 2020).

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 6.035% compared with previous closing of 6.05% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged higher to 75.66 compared with its previous closing of 75.9125.

In the commodities market, Brent crude for July 2020 settlement was up 16 cents to $34.97 a barrel. The contract surged 7.11% to settle at $34.81 a barrel in the previous trading session.

MCX Gold futures for 5 June 2020 settlement gained 0.17% to Rs 46,735.

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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, May 19 2020. 14:38 IST