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Sensex, Nifty hit day's high

Capital Market 

The domestic equity benchmarks hit fresh intraday high in afternoon trade. At 13:24 IST, the barometer index, the S&P BSE Sensex, gained 343.07 points or 0.90% at 38,277.80. The Nifty 50 index added 108.50 points or 0.97% at 11,240.30.

In broader market, the S&P BSE Mid-Cap index rose 0.62% while the S&P BSE Small-Cap index advanced 0.43%.

The market breadth favoured the sellers. On the BSE, 1218 shares rose and 1280 shares fell. A total of 142 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 16,426,919 with 653,353 deaths. India reported 4,96,988 active cases of COVID-19 infection and 33,425 deaths while 9,52,743 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Sebi Regulations:

Market regulator Sebi on Monday extended relaxation in procedural requirements for listed entities with respect to open and buyback offers till December 31 amid coronavirus pandemic. The regulator, in May, had granted one-time relaxations from strict enforcement of SAST (Substantial Acquisition of Shares and Takeovers) Regulations and norms for buyback of securities through open and buyback tender offers opening till July 31.

Stocks in Spotlight:

Hero MotoCorp (up 3.67%), TCS (up 3.47%), Mahindra & Mahindra (up 3.45%), Bajaj Auto (up 3.30%) and Tata Motors (up 3.10%) were the top gainers.

Zee Entertainment Enterprises (down 2.58%), ICICI Bank (down 2.38%), ONGC (down 1.55%), Nestle India (down 1.01%) and Asian Paints (down 0.85%) were the top losers.

IndusInd Bank gained 3.38% to Rs 523.75. The bank's board will consider fund raising along with June quarter results today.

State Bank of India (SBI) was up 0.24% to Rs 187.60. SBI said its holding in Yes Bank has come down to 30%, from 48.21% stake held earlier, after the private lender's follow on public offer (FPO).

With the FPO, the share capital of Yes Bank increased to 2,505.40 crore of face value Rs 2 per share from 1,255 of face value of Rs 2 each, it said. Following the FPO, SBI holding in Yes Bank stood at 751.66 crore shares, which is 30% of the total share capital.

Tech Mahindra rose 2.79% to Rs 682.55 after the IT major's consolidated net profit jumped 20.9% to Rs 972 crore on 4% fall in revenue to Rs 9,106 crore in Q1 June 2020 over Q4 March 2020. Sequentially, EBITDA declined 3.5% to Rs 1,301 crore while its EBITDA margin expanded by 10 bps to 14.3% during the first quarter.

In dollar terms, the company's consolidated revenue came in at $1,207.5 million in the April-June period, down 6.7% on a sequential basis. Profit after tax (PAT) jumped 18.2% to $128.8 million in Q1 FY21 over Q4 FY20.

Bharti Infratel declined 2.21% to Rs 190.25 after consolidated net profit dropped 20.7% to Rs 703.60 crore on 5.2% fall in net sales to Rs 1,635.40 crore in Q1 June 2020 over Q1 June 2019. Bharti Infratel said it has a total tower base of 95,801 with closing sharing factor of 1.82. Consolidated EBITDA slipped 7% to Rs 1,807 crore during Q1 June 2020 as against Q1 June 2019, representing an operating margin of 51.6%. Meanwhile, the company has declared an interim dividend of Rs 2.30 per equity share for the FY 2020-21.

Global Markets:

Shares in Europe and Asia were mixed as the situation surrounding the coronavirus pandemic continued to weigh on investor sentiment.

In US, major stock indexes finished higher Monday, as investors watched lawmakers haggle over a coronavirus rescue program and braced for the busiest week of earnings season. Gains across the major tech names lifted the broader market as traders braced for the busiest week of the earnings season.

Amazon gained 1.54% after several analysts hiked their 12-month price targets on the e-commerce giants. Apple also rose 2.37% and was among the best-performing Dow stocks. Facebook, Netflix, Alphabet and Microsoft ended the day higher as well.

The Federal Reserve's two-day policy meeting kicks off on Tuesday. Investors generally don't expect the central bank to make any major announcements, but are looking for Chairman Jerome Powell to maintain a dovish tone.

Earnings season continues apace this week, including results from a host of tech heavyweights. Google parent Alphabet Inc., Amazon.com, Apple Inc., and Facebook Inc. are due to report Wednesday and Thursday.

US Senate Majority Leader Mitch McConnell on Monday unveiled the Republican coronavirus relief plan, which would include relief for jobless Americans, among other provisions.

US drugmaker Pfizer and German biotech firm BioNTech said they began their late-stage human trial for a potential coronavirus vaccine on Monday. That announcement by the firms came the same day biotech firm Moderna, also developing a leading vaccine candidate, said it began its late-stage coronavirus vaccine trial

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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, July 28 2020. 13:25 IST
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