The market traded in a narrow range near the day's high in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 539.74 points or 1.71% at 32,144.96. The Nifty 50 index added 153.85 points or 1.65% at 9,468.80. In the broader market, the S&P BSE Mid-Cap index rose 1.09% while the S&P BSE Small-Cap index gained 1.38%. The market breadth was strong. On the BSE, 1448 shares rose and 645 shares fell. A total of 129 shares were unchanged. In the Nifty 50 index, 41 shares advanced while 9 stocks declined. The media reported that India's GST Council is likely to meet in the second week of June to discuss the impact of the coronavirus pandemic on the economy of states, among other things. COVID-19 Update: Total COVID-19 confirmed cases worldwide stood at 56,95,968 far with 3,55,701 deaths. India reported 86,110 active cases of COVID-19 infection and 4,531 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. Derivatives: The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 3.07% to 30.31. The Nifty June 2020 futures were trading at 9,415.35, a discount of 53.45 points compared with the spot at 9,468.80. On the options front, the Nifty option chain for 25 June 2020 expiry showed maximum call open interest (OI) of 16.95 lakh contracts at the 10,000 strike price. Maximum put OI of 20.69 lakh contracts was seen at 9,000 strike price. Buzzing Index: The Nifty Metal index rose 2.13% to 1,839.70, extending gains for third day. The index has gained 7.6% in three sessions. NMDC (up 3.66%), Jindal Steel & Power (up 3.52%), Hindalco Industries (up 3.41%), Steel Authority of India (up 2.36%), Hindustan Zinc (up 1.94%), Hindustan Copper (up 1.38%), Vedanta (up 1.37%), Tata Steel (up 1.27%), National Aluminium Company (up 1.2%) and JSW Steel (up 0.59%) advanced. Stocks in Spotlight: Tata Investment Corporation rose 1.13% to Rs 708.55. The company reported consolidated net loss of Rs 36.75 crore in Q4 March 2020, higher than net loss of Rs 6.02 crore in Q4 March 2019. Total income dropped 17.2% to Rs 21.41 crore in Q4 FY20 over Rs 25.87 crore in Q4 FY19. Pre-tax loss in the fourth quarter stood at Rs 36.62 crore as against pre-tax loss of Rs 4.42 crore reported in the corresponding period last year. Tube Investments of India rallied 8.27% to Rs 335.85 after consolidated net profit gained 5.8% to Rs 59.76 crore on 22.1% decline in net sales to Rs 989.40 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) dropped 23.4% to Rs 67.38 crore in Q4 FY20 over Q4 FY19. Quess Corp fell 1.46% to Rs 199.05 after consolidated net loss stood at Rs 629.92 crore in Q4 March 2020 compared with net profit of Rs 75.50 crore in Q4 March 2019. Consolidated net sales jumped 30.5% to Rs 2,994.59 crore in Q4 March 2020 over Rs 2,294.77 crore in Q4 March 2019. Pre-tax loss stood at Rs 594.36 crore in Q4 March 2020 as compared to a pre-tax profit of Rs 87.59 crore in Q4 March 2019. The company incurred one off non-cash charge of Rs 664 crore on account of goodwill impairment and change in tax regime. Consolidated EBITDA grew 28% to Rs 169 crore in Q4 FY20 over Q4 FY19 due to Covid-19 impact. EBITDA margin stood at 5.63% in Q4 FY20 as against 5.74% in Q4 FY19. Powered by Capital Market - Live News |