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Mid Session
Home >> Markets >> Equity >> News >> Mid Session Detailed News
Nifty spurts above 10,000 mark
(09:26, 03 Jun 2020)

Local stocks extended five-day gains on follow-up buying in index pivotals. The Nifty moved above the psychological 10,000 mark in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 507.24 points or 1.5% at 34,332.77. The Nifty 50 index was up 154.75 points or 1.55% at 10,133.85.

The S&P BSE Mid-Cap index was up 1.27%. The S&P BSE Small-Cap index was up 1.71%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1212 shares rose and 172 shares fell. A total of 52 shares were unchanged.

Stocks in news:

Lupin rose 0.67%. Lupin announced that it has received approval for its Meloxicam Capsules, 5 mg and 10 mg, from the United States Food and Drug Administration (U.S. FDA), to market a generic equivalent of Vivlodex Capsules, 5 mg and 10 mg, of Zyla Life Sciences US, Inc. The product would be manufactured at Lupin's Aurangabad facility, India, and is expected to be launched shortly.

Britannia Industries jumped 6.71% after 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.

InterGlobe Aviation (IndiGo) surged 4.72%. InterGlobe Aviation reported a consolidated net loss of Rs 870.81 crore in Q4 March 2020 as against consolidated net profit of Rs 595.83 crore in Q4 March 2019. Pre-tax loss stood at Rs 1,289.77 crore in Q4 FY20 as against pre-tax profit of Rs 626.07 crore in Q4 FY19. Net sales during the quarter rose 5.3% YoY (year-on-year) to Rs 8,299.06 crore. Closure of flight operations during national lockdown on account of COVID-19 significantly impacted revenue for the quarter.

Syngene International rose 3.01%. Syngene International has entered into collaboration with HiMedia Laboratories, a bioscience company with expertise in media manufacturing and diagnostics for over 45 years, to manufacture and distribute its ELISA kits. HiMedia will manufacture the kits at its facility in Mumbai and distribute it across India.

Quess Corp gained 5%. Quess Corp said the company has completed the additional acquisition of 25% equity shares in Terrier Security Services (India) (TSSIPL), an associate company of Quess Corp (Quess) from Heptagon Technologies, another associate of Quess. The shareholding of Quess in TSSIPL stands increased from existing 49% to 74%, thereby making TSSIPL a subsidiary of Quess effective 1 June 2020.

Global Markets:

Overseas, Asian stocks were trading higher on Wednesday, with optimism over the reopening of economies as authorities ease coronavirus-induced lockdown measures continuing to keep investor sentiment afloat.

Japan's services sector activity stayed deep in contraction in May, although the pace of decline moderated from the previous month, as restraining measures put in place over the coronavirus outbreak hurt business activity and the jobs market.

The final seasonally adjusted au Jibun Bank Japan Services Purchasing Managers' Index (PMI) rose to a seasonally adjusted 26.5 in May from a record low 21.5 in the previous month.

In US, stocks ended higher for a second straight day Tuesday. A restart of business activity from the closures due to the COVID-19 pandemic has been cited as the main reason behind the market's ability to shake off a number of persistent worries of late, including Sino-American tensions and civil unrest in America.

Shares of gun makers and ammunition suppliers soared Tuesday amid the violence in U.S. cities, with Sturm, Ruger & Co. Inc. gaining 4.4%, Smith & Wesson Brands Inc. up 10.1% and Vista Outdoor Inc. advancing 7.5%.

President Donald Trump reiterated threats to deploy military troops across cities facing protests if governors and local officials prove unable to contain violent demonstrations.

Major cities from Los Angeles to New York have been engulfed in nightly protests after George Floyd, a black man, died last Monday following a confrontation with police in Minneapolis in which a white police officer, Derek Chauvin, was captured on video driving his knee onto Floyd's neck until the handcuffed man lost consciousness and later died.

Domestic shares spurted on Tuesday, extended its winning run to fifth straight session. Buying was broad based with private banks in the lead. Sentiment got a boost after Prime Minister Narendra Modi assured industry leaders on Tuesday that India will get its economic growth back and is already on that path with government's various reforms. The barometer S&P BSE Sensex jumped 522.01 points or 1.57% at 33,825.53. The Nifty 50 index gained 152.95 points or 1.56% at 9,979.10. Both these indices have jumped 10.5% each in five sessions.

Foreign portfolio investors (FPIs) bought shares worth Rs 7,498.29 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 441.05 crore in the Indian equity market on 2 June, provisional data showed.

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