Benchmark indices were trading in a narrow range near the day's high in early afternoon trade trade. At 12:21 IST, the barometer index, the S&P BSE Sensex, was up 468.29 points or 1.25% at 37,887.28. The Nifty 50 index added 129.30 points or 1.17% at 11,151.50.
Asian shares advanced as EU leaders agreed on a 750 billion euros package aimed at funding post-pandemic relief efforts in the region.
Hopes for a coronavirus vaccine also lifted risk appetite. The first set of results from early-stage clinical trials of the Oxford University Covid-19 vaccine candidate show the vaccine is safe and induces an immune reaction.
In the broader market, the S&P BSE Mid-Cap index rose 0.32% while the S&P BSE Small-Cap index gained 0.52%. Both these indices underperformed the Sensex.
The market breadth was positive. On the BSE, 1370 shares rose and 1065 shares fell. A total of 149 shares were unchanged.
Coronavirus Update:
India reported 4,02,529 active cases of COVID-19 infection and 28,084 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. Total coronavirus cases worldwide stood at 14,706,950 with 609,971 deaths so far, according to data from Johns Hopkins University.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 2.21% to 24.165. The Nifty July 2020 futures were trading at 11,139.80, at a discount of 11.7 points compared with the spot at 11,151.50.
On the weekly index options front, the Nifty option chain for 23 July 2020 expiry showed maximum Call Open Interest (OI) of 31.33 lakh contracts at the 11,200 strike price. Maximum Put OI of 33.62 lakh contracts was seen at 11,000 strike price.
On the monthly index options front, the Nifty option chain for 30 July 2020 expiry showed maximum Call OI of 28.09 lakh contracts at the 11,500 strike price. Maximum Put OI of 35.59 lakh contracts was seen at 10,000 strike price.
Stocks in Spotlight:
Bajaj Finance added 0.72% to Rs 3466. The company's consolidated net profit tumbled nearly 20% to Rs 962.32 crore in Q1 June 2020 (Q1FY21) from Rs 1195.25 crore posted in Q1 June 2019 (Q1FY20).
Total revenue from operation jumped 14.5% to Rs 6648.20 crore in Q1FY21 as against Rs 5805.48 crore posted in the same period last year. The result was announced during market hours today, 21 July 2020.
Profit before tax (PBT) stood at Rs 1309.69 crore in Q1FY21, falling 30% from Rs 1851.42 crore registered in Q1FY20. Total tax expenses fell 47% year on year to Rs 347 crore in Q1 June 2020.
Jubilant Life Sciences rose 2.49% to Rs 739.45. the company's subsidiary, Jubilant Generics, has received approval from the Drug Controller General of India (DCGI) to manufacture and market the investigational antiviral drug remdesivir for 100 mg/vial (lyophilized injection) for restricted emergency use in India for the treatment of severe COVID-19.
InterGlobe Aviation (Indigo) was up 0.32%. The low cost airliner's CEO, Ronojoy Dutta, in a statement on Monday (20 July) said that the current pandemic has severely impacted the aviation industry. IndiGo is flying only a small percentage of its full fleet of 250 airplanes.
To survive the situation, the company undertook a number of measures such as pay cuts, leave without pay and various other costs, but such measures were not enough to offset the decline in revenues. Therefore after carefully assessing and reviewing all possible scenarios, the company decided reduce 10% of its workforce, Dutta said in a statement. The scrip rose 0.39% to currently trade at Rs 975.10 on the BSE.
Endurance Technologies shed 0.78% to Rs 874.40. The counter a clocked volume of 6.18 lakh shares, a 167.47 times surge over two-week average daily volume of 3747 shares.
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