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Mid Session
Home >> Markets >> Equity >> News >> Mid Session Detailed News
Sensex, Nifty decline further; metal stocks slide
(11:26, 29 Jun 2020)

Key barometers were trading near the day's low in mid-morning trade. Global cues were weak amid rising coronavirus cases. At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 477.97 points or 1.36% at 34,693.30. The Nifty 50 index fell 141.05 points or 1.36% at 10,241.95.

In the broader market, the S&P BSE Mid-Cap index slipped 1.58% while the S&P BSE Small-Cap index lost 1.48%. Both these indices underperformed the Sensex.

The market breadth was weak. On the BSE, 875 shares rose and 1577 shares fell. A total of 113 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 753.18 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,304.18 crore in the Indian equity market on 26 June, provisional data showed.

COVID-19 Update:

India reported 2,10,120 active cases of COVID-19 infection and 16,475 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. Total coronavirus cases worldwide stood at 10,145,791 so far with 501,893 deaths, according to data from Johns Hopkins University.

Buzzing Index:

The Nifty Metal index fell 3.44% to 1,973.05. The index had risen 0.62% on Friday.

National Aluminum Co. (down 4.78%), Coal India (down 4.26%), Hindalco Industries (down 4.34%), NMDC (down 3.68%), Welspun Corp (down 3.66%), Steel Authority (down 3.77%), Hindustan Copper (down 3.47%), Tata Steel (down 3.23%), JSW Steel (down 3.17%), Vedanta (down 2.64%), MOIL (down 2.2%), Hindustan Zinc (down 1.94%), Jindal Steel & Power (down 1.96%), APL Apollo Tubes (down 1.39%) and Ratnamani Metals Tubes (down 0.64%) declined.

Earnings impact:

Coal India fell 4.37% to Rs 135.75 after the company reported 23% decline in consolidated net profit to Rs 4,637.95 crore on 3.6% fall in revenue from operations to Rs 27,568.23 crore in Q4 FY20 over Q4 FY19.

Total expense in the fourth quarter rose 2.6% to Rs 22033.90 crore from Rs 21471.78 crore in the same period last year. Profit before tax (PBT) in Q4 March 2020 stood at Rs 7447.40 crore, down by 16.2% from Rs 8892.35 crore in Q4 March 2019.

During the March quarter, raw coal production increased by 9.9% YoY to 213.71 million ton while the raw coal offtake remained almost flat at 163.87 million tonne.

Glenmark Pharmaceuticals rose 0.89% to Rs 471 after consolidated net profit surged 36.3% to Rs 220.31 crore on 7.3% rise in net sales to Rs 2,711.27 crore in Q4 March 2020 over Q4 March 2019. Consolidated EBITDA soared 27.89% to Rs 465.68 crore in the quarter ended 31 March 2020 as against Rs 364.13 crore in the corresponding quarter last year.

India business grew 14.52% Y-o-Y (year-on-year) to Rs 764.75 crore in Q4 FY20. Europe business jumped 29.26% Y-o-Y to Rs 411.56 crore. Latin America business surged 46.9% Y-o-Y to Rs 176.87 crore. North America business recorded 1% Y-o-Y fall to Rs 761.90 crore.

Global Markets:

Overseas, Asian stocks are trading lower on Monday as rising number of global coronavirus cases spooked investors. Investors across the globe have been banking on businesses continuing to reopen, helping to drive a recovery from the worst global downturn since the 1930s Great Depression.

The US stock market finished session steeply lower on Friday, 26 June 2020, as risk off selling triggered on rising coronavirus cases and the Federal Reserve's order to cap bank dividend payments and share buybacks.

Investors were disappointed to see that the number of confirmed new coronavirus cases per day in the US hit an all-time high of 40,000, surpassing the peak set during one of the deadliest stretches in late April 2020.

The governors from Texas and Florida on Thursday both signaled that they would pause the reopening of their economies as the two giant states of the US sunbelt contend with spikes in coronavirus cases. Renewed concerns over the novel coronavirus pandemic has threatened to derail a strong rally for Wall Street.

Bank shares plummeted after the Federal Reserve limited dividend payments and barred share repurchases until at least the fourth quarter following its annual stress test.

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