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Nifty slips below 11,950; Asian stocks trade higher

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The key indices pared early gains in mid-morning trade. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 157.27 points or 0.39% at 40,666.76. The Nifty 50 index added 33.60 points or 0.28% at 11,947.80.

In the broader market, the S&P BSE Mid-Cap index shed 0.33% while the S&P BSE Small-Cap index lost 0.32%. Both these indices underperformed the Sensex.

The market breadth was negative. On the BSE, 909 shares rose and 1379 shares fell. A total of 183 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 39.39 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 126.61 crore in the Indian equity market on 9 October, provisional data showed.

Mumbai Power Outage:

Mumbai faced a power outage on Monday morning. The Brihanmumbai Electric Supply and Transport (BEST) Electricity, twitted that the electric supply in Mumbai was interrupted due to TATA's incoming electric supply failure.

Buzzing Index:

The Nifty Metal index fell 1.19% to 2,233.95. The index has lost 1.7% in three sessions.

Among the index constituents, Welspun Corp (down 4.39%), JSW Steel (down 3.10%), Hindustan Zinc (down 2.78%), Ratnamani Metals Tubes (down 1.99%), Coal India (down 1.52%), SAIL (down 1.33%), Tata Steel (down 1.12%) and NMDC (down 1.10%) declined.

Stocks in news:

HFCL fell 1.50% to Rs 16.45. The company reported 21.5% fall in consolidated net profit to Rs 51 crore on a 7.6% rise in net sales to Rs 1054.32 crore in Q2 September 2020 over Q2 September 2019. On the segmental front, revenue from turnkey contracts and services was at Rs 775.46 crore (down 2.6% YoY) while the revenue from telecom products was at Rs 278.86 crore (up 52.2% YoY).

Total expenditure during the quarter increased by 7.6% year-on-year (YoY) to Rs 923.63 crore. Concurrently, the interest payments during the same period were higher by 43.7% YoY as it came in at Rs 42.83 crore. Profit before tax in Q2 FY21 stood at Rs 75.49 crore, down by 26.8% from Rs 103.13 crore reported in Q2 FY20.

Indiabulls Housing Finance added 0.23% to Rs 155.25. The housing financier has further sold a portion of its stake in OakNorth Holding (the wholly owning parent company of OakNorth Bank) (OakNorth), to Riva Capital Partners V, L.P., USA, for approximately Rs 441 crore. The sale proceeds will be accretive to the regulatory net worth and the CRAR of the company.

Global Markets:

Most Asian stocks were trading higher on Monday, amid hopes of US stimulus spending.

The US stock market finished higher for third straight session on Friday, 9 October 2020, as investors cling to hope that a new round of coronavirus relief aid can be agreed upon between the White House and Congress for struggling US businesses and households. Meanwhile, growing expectations of a Democratic victory in next month's presidential election also supported risk sentiments.

United States President Donald Trump tweeted: "Covid Relief Negotiations are moving along. Go Big!" The media reported that the White House is preparing a $1.8 trillion stimulus proposal.

The Federal Reserve and US lawmakers have spent trillions of dollars on various measures to keep the economy afloat during the pandemic. Earlier this year, the Fed launched an open-ended bond-buying program and Trump signed a $2.2 trillion package that included enhanced unemployment benefits and direct payments to Americans.

Meanwhile, the second presidential debate between President Donald Trump and Democrat Joe Biden is officially off. The decision was made a day after the commission announced the debate would take place virtually because Trump had contracted the coronavirus. The third debate, scheduled for October 22 in Nashville, Tennessee, is still on.

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

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First Published: Mon, October 12 2020. 11:25 IST
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