Key domestic benchmarks ended with decent gains on Tuesday, supported by banks and metal stocks amid positive global cues. The barometer index, the S&P BSE Sensex, rose 224.93 points or 0.59% at 38,407.01. The Nifty 50 index added 52.35 points or 0.46% at 11,322.50. The Nifty 50 has added 3.96% in six sessions from its recent low of 10,891.60 on 3 August 2020. The broader market declined on Tuesday. The BSE Mid-Cap index fell 0.20% and the BSE Small-Cap index slipped 0.23%. The market breadth was positive. On the BSE, 1,600 shares rose and 1,161 shares fell. A total of 158 shares were unchanged. COVID-19 update: Total COVID-19 confirmed cases worldwide stood at 20,090,541 with 736,208 deaths. India reported 6,39,929 active cases of COVID-19 infection and 45,257 deaths while 15,83,489 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. Numbers to Watch: The yield on 10-year benchmark federal paper rose to 5.901% as compared with 5.893% at close in the previous trading session. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 74.80, compared with its close of 74.90 during the previous trading session. In the commodities market, Brent crude for October 2020 settlement rose 52 cents at $45.51 a barrel. The contract rose 59 cents, or 1.33% to settle at $44.99 a barrel in the previous trading session. Foreign Markets: The US Dow Jones index futures were up 272 points, indicating strong opening in the US market today. Shares in Europe and Asia advanced on Tuesday following the overnight gains on Wall Street. Investors hoped that a US fiscal stimulus package will be reached and by signs Sino-US tensions have eased ahead of a crucial round of trade talks. The Singapore economy contracted by 42.9% in the second quarter of 2020 compared to the previous quarter on an annualized, seasonally-adjusted basis, said the Ministry of Trade and Industry. The US stocks closed mixed on Monday (10 August) with the Dow Industrials rallying along with the S&P 500 index but the Nasdaq bucked the trend, as investors rotated into value stocks from tech sector while they awaited news on progress in a fiscal support bill for the country's battered economy. US President Donald Trump signed executive orders that partly restored enhanced unemployment benefits after talks between the White House and top Democrats in Congress about fresh stimulus broke down last week. Eastman Kodak Co sank after its $765-million loan agreement with the US government to produce pharmaceutical ingredients was put on hold due to recent allegations of wrongdoing. Buzzing Indian Segments: The Nifty Bank index was up 1.49% to 22,227.20. The index is up 5.48% in six sessions. HDFC Bank (up 1.58%), State Bank of India (up 0.67%) and Kotak Mahindra Bank (up 0.31%) advanced. Axis Bank gained 3.96% after the bank raised Rs 10,000 crore through qualified institutions placement (QIP) issue on 10 August 2020. The bank said that the committee of whole-time directors of the bank in its meeting held today considered and approved the allotment of 23,80,38,560 equity shares at a price of Rs 420.10 per equity share, which takes into account a discount of 5% to the floor price of Rs 442.19 per equity share. ICICI Bank rose 1.05%. The private lender on Monday (10 August) announced qualified institutional placement (QIP) of equity shares. The bank has set floor price of QIP at Rs 351.36 per share. The bank's board will meet on 14 August to decide QIP issue price. The bank may offer a discount of upto 5% on the floor price. The Nifty Metal index rose 1.66% to 2,370.65. The index has risen 11.03% in eight days. Jindal Steel & Power (up 4.69%), Hindustan Copper (up 3.52%), SAIL (up 2.23%) jumped. JSW Steel rose 3.94% after crude steel production grew 9% to 12.46 lakh tonnes in July 2020 as against 11.44 lakh tonnes in June 2020. On a year-on-year basis, crude steel production fell 5.39% in July 2020 over July 2019. Stocks in Spotlight: ITC gained 2.39% to Rs 203.65, extending gains to fourth consecutive trading session. The stock is up 5.65% in four trading sessions from its previous closing low of Rs 192.75 on 5 August 2020. Housing finance major HDFC rose 1.48%. The company on Tuesday said it has raised Rs 10,000 crore equity capital by issuing shares to qualified investors, including Government of Singapore and Invesco Oppenheimer Developing Markets Fund. Further, HDFC raised Rs 3,693 crore through an issue of non-convertible debentures. It also allotted 1,70,57,400 warrants at an issue price of Rs 180 per warrant, aggregating to around Rs 307 crore under the QIP issue, according to a regulatory filing. Power Grid Corporation of India fell 0.28%. The company's consolidated net profit fell 18.15% to Rs 2,048.42 crore on 9.24% rise in total income to Rs 10,258.67 crore in Q1 June 2020 over Q1 June 2019. InterGlobe Aviation fell 1.46% after the company's board of directors approved the raising of funds for an aggregate amount not exceeding Rs 4,000 crore through an issue of equity shares by way of a qualified institutions placement. Shree Cement declined 3.97% after consolidated net profit fell 13.6% to Rs 330.35 crore on 24.9% drop in net sales to Rs 2,480.14 crore in Q1 June 2020 over Q1 June 2019. Profit before tax (PBT) slipped 11.8% to Rs 442.65 crore in Q1 June 2020 over Q1 June 2019. Current tax expense for the quarter skid 12% to Rs 125.87 crore as against Rs 143.07 crore in Q1 June 2019. Indian Railway Catering and Tourism Corporation (IRCTC) rose 3.58% to Rs 1371.60. Powered by Capital Market - Live News |