Key equity indices further extended gains and hit fresh intraday high in mid-afternoon trade. Buying was broad based with auto and metal stocks at the fore. At 14:22 IST, the barometer index, the S&P BSE Sensex, rallied 433.56 points or 1.14% at 38,368.80. The Nifty 50 index added 127.85 points or 1.15% at 11,259.
Global stock market were mildly higher as a closely followed gauge of the US dollar lost ground to major rivals on Monday. The US Dollar Index, which tracks the greenback against a basket of six major rivals, was currently up 0.26% at 93.91.
In broader market, the S&P BSE Mid-Cap index rose 0.66% while the S&P BSE Small-Cap index advanced 0.47%.
The market breadth favored the sellers. On the BSE, 1257 shares rose and 1301 shares fell. A total of 146 shares were unchanged.
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.
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.
The Nifty IT index rose 1.65% to 17,917.70, extending gains to third trading session. The index is up 5.12% in three days.
TCS (up 3.74%), Mphasis (up 1.98%), Wipro (up 1.8%) and Info Edge (up 1.08%) were top gainers in IT segment.
Hexaware Technologies up 0.69% will announce it quarterly results today.
Tech Mahindra jumped 4.95% to Rs 696.95 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.
Numbers to Track:
The yield on 10-year benchmark federal paper fell to 5.853% compared with previous closing of 5.859% in the previous trading session.
In the foreign exchange market, the partially convertible rupee edged lower to 74.85 compared with its previous closing 74.835.
In the commodities market, Brent crude for September 2020 settlement rose 4 cents to $43.45 a barrel. The contract rose 0.16% to end at $43.41 in the previous trading session.
MCX Gold futures for 5 August 2020 settlement fell 0.69% to Rs 51,739.
Stocks in Spotlight:
Mahindra & Mahindra Financial Services spurted 4.81% to Rs 135.05 as the company's Rs 3088.82 crore rights issue opened today, 28 July 2020. The company will issue 61,77,64,960 fully paid-up equity shares of face value of Rs 2 each for cash at a price of Rs 50 per equity share aggregating to Rs 30,88,82,48,000 on a rights basis to eligible equity shareholders in the ratio of one equity share for every one fully paid-up equity share held on the record date, that is 23 July 2020. The issue opened today, 28 July 2020, and it will close on 11 August 2020.
Manappuram Finance rose 1.15% to Rs 184.50 after the NBFC's board approved raising upto Rs 500 crore through non-convertible debentures. A special committee of the board of directors of Manappuram Finance on 28 July 2020 approved the issuance of the private placement of rated, secured, redeemable non-convertible debentures having face value of Rs 10 lakh each for the amount of Rs 150 crore, with an option to retain over subscription up to Rs 350 crore, aggregating to Rs 500 crore.
Adani Enterprises gained 3.47%. The company on Monday said that it signed a non-binding Memorandum of Understanding (MoU) with the Government of Tamil Nadu for exploring possibilities of setting up hyperscale data center facility in the state. The announcement was in response to the clarification sought by the BSE on a news report that Tamil Nadu has inked 16 pacts for Rs 5,137 crore investment.
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