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Shares pare gains; Nifty faces resistance at 11,200

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The barometer indices trimmed gains after hitting fresh intraday high in morning trade. The Nifty slipped below 11,200 mark after crossing that level in morning trade. Strength in auto stocks was negated by weakness in banks stocks.

At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 140.98 points or 0.37% at 38,075.71. The Nifty 50 index was up 43.5 points or 0.39% at 11,175.30.

In broader market, the S&P BSE Mid-Cap index was up 0.42% while the S&P BSE Small-Cap index was up 0.3%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1042 shares rose and 994 shares fell. A total of 116 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 453.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 977.88 crore in the Indian equity market on 27 July, provisional data showed.

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 31 December 2020 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.

Earnings Today:

Nestle India (up 0.22%), UltraTech Cement (up 0.99%) and IndusInd Bank (up 1.77%) are Nifty companies that will announce their results today.

Hexaware Tech (down 0.4%), NIIT Technologies (down 0.46%), Yes Bank (down 4.88%), Castrol India (up 0.27%), Sanofi India (down 0.06%), Tata Coffee (up 0.79%), Quess Corp (up 0.57%), Sunteck Realty (up 0.42%), RBL Bank (down 0.81%), IDBI Bank (up 0.54%) and IDFC First Bank (up 0.37%) are some of the other companies that will announce results today.

Earnings Impact:

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.

Bharti Infratel declined 2.34% to Rs 190 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.

Pfizer rose 1.67% to Rs 4,444 after the company's net profit rose 10.32% to Rs 124.45 crore on 8.3% fall in total income to Rs 532.09 crore in Q1 June 2020 over Q1 June 2019. Profit before tax remained flat at Rs 173.34 crore in Q1 June 2020 as against Rs 174.91 crore reported in Q1 June 2019. Total tax expenses fell 21.27% to Rs 48.89 crore. Pfizer said that the current quarter sales were impacted due to COVID-19. Hospitals and Vaccines business have a higher impact as compared to the established products business. Current quarter results are also impacted by divestment of rights and interests in certain brands in December 2019.

Nippon Life India Asset Management gained 3% to Rs 278.30 after the AMC posted a 24.3% rise in consolidated net profit to Rs 156.12 crore on a 6.7% drop in total income to Rs 336.18 crore in Q1 June 2020 over Q1 June 2019. The company's assets under management (AUM) stood at Rs 2,73,701 crore at the end of 30 June 2020.

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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. 10:21 IST