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Mid Session
Home >> Markets >> Equity >> News >> Mid Session Detailed News
Benchmarks come off day's high; Nifty holds 10k mark
(10:28, 03 Jun 2020)

The market came off day's high in morning trade as profit selling emerged at higher levels. The Nifty held above the 10,000 mark. At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 343.88 points or 1.02% at 34,169.41. The Nifty 50 index added 115.25 points or 1.15% at 10,094.35.

In the broader market, the S&P BSE Mid-Cap index rose 1.34% while the S&P BSE Small-Cap index gained 1.72%. Both these indices outperformed the Sensex.

The market breadth was strong. On the BSE, 1525 shares rose and 451 shares fell. A total of 104 shares were unchanged. In the Nifty 50 index, 41 shares advanced while 9 stocks declined.

Buzzing Index:

The Nifty Private Bank index rose 2.54% to 11,561.10, rising for seventh day. The index has added 22.7% in seven sessions.

Bandhan Bank (up 5.43%), ICICI Bank (up 3.73%), Axis Bank (up 3.57%), RBL Bank (up 2.87%), City Union Bank (up 2.26%), HDFC Bank (up 2.25%), Kotak Mahindra Bank (up 2.08%), IndusInd Bank (up 1.4%), Federal Bank (up 1.05%) and Yes Bank (up 0.55%) edged higher.

Earnings today:

Aurobindo Pharma (up 2.21%), BPCL (down 0.47%), Cholamandalam Investment and Finance Company (up 1.05%), Dishman Carbogen Amcis (up 4.93%), DCM Shriram (up 0.38%) and MAS Financial Services (up 4.75%) will announce their quarterly earnings today.

Earnings Impact:

Britannia Industries gained 5.48% to Rs 3,639.30 after the packaged foods maker's consolidated net profit surged 26% to Rs 374.75 crore on 1.6% rise in net sales to Rs 2807.78 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax stood at Rs 457.72 crore in Q4 March 2020, rising 1.6% from Rs 449.92 crore in Q4 March 2019.

Net profit was aided by a significant drop in tax expenses. Total tax expenses declined 45.4% to Rs 84.92 crore in Q4 March 2020 from Rs 155.65 crore reported in the same period last year.

Commenting on the performance, Varun Berry, Managing Director, said that on the cost front, the company witnessed moderate inflation in the prices of key raw materials for the bakery business. Commodity prices at global level too witnessed a moderation due to low demand on account of lockdown in most parts of the world.

Zydus Wellness surged 1.88% to Rs 1322 after the company reported a 10.9% rise in consolidated net profit to Rs 69.10 crore on 17.2% rise in net sales to Rs 487.87 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax stood at Rs 61.47 crore in Q4 March 2020, rising 24% from Rs 49.48 crore reported in Q4 March 2019. Adjusted EBIDTA was up by 20.9% to Rs 104.60 crore in Q4 March 2020 over Q4 March 2019.

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