Live: Sensex\, Nifty Flat; Bharat Rasayan Down 8% Post Q1

Live: Sensex, Nifty Flat; Bharat Rasayan Down 8% Post Q1
A trader points to monitor displaying an S&P 500 Index chart on the floor of the NYSE in New York. (Photographer: Michael Nagle/Bloomberg)

Live: Sensex, Nifty Flat; Bharat Rasayan Down 8% Post Q1

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Current Market Update

Earnings Reaction: Bharat Rasayan Q1FY21

  • Revenue down 20.5% to Rs 281.7 crore
  • Net profit up 12% to Rs 46.7 crore
  • Ebitda down 7.5% to Rs 65.5 crore
  • Ebitda margin at 23.3% from 20%
  • Lower raw material costs improve margins
  • All numbers are standalone and compared on a year-on-year basis

Shares fell as much as 7.9% - the most in five months to Rs 9,776. The stock is down for the fourth straight day.

Markets At 10:10 A.M.

  • Benchmark indices trade with steady gains
  • Nifty up 0.44% at 11,350
  • Sensex up 0.5% at 38,500
  • Nifty Bank down 0.2% at 22,163
  • Nifty Midcap index up 0.5%
  • Nifty Smallcap index up 0.4%
  • India Volatility Index down 4.2% to 19.7
  • Nifty Pharma snaps three-day losing streak; up 2% and is the top sectoral gainer
  • Nifty Auto is the top sectoral laggard; down 0.6%
  • Nifty FMCG, I.T. and Media index up 0.5% each
  • Cipla is the top Nifty gainer; up 2.5%
  • Eicher Motors is the top Nifty laggard; down 2.5%
  • 1,038 stocks on the NSE trade with gains while 651 decline

Money Market Update

The rupee remains little changed, as has been the case over the last two weeks.

The currency opened at 74.8475 against the U.S. Dollar as compared to Thursday's close of 74.8450.

Yield on the 10-year bond opened for trade at 5.931% as compared to Thursday's close of 5.866%. Yields are rising after July's retail inflation print.

Retail inflation in July came in near the 7% mark, decreasing the likelihood of further rate cuts.

Within the bond markets today, traders will look forward to the bond auction worth Rs 30,000 crore after a shorter-tenor note saw poor demand in last week's sale.

We may also get details about the RBI's dividend payout to the government after its board meeting today.

Buzzing Stock: Blue Star

  • Top gainer on the Nifty Smallcap index
  • Gains as much as 8.5% to Rs 562
  • Biggest single-day gain in four months
  • Trades at the highest level in four months
  • Has gained in seven out of the last 10 trading sessions
  • Today's volumes are more tha 30 times higher than its 20-day average
  • Stock in overbought territory with Relative Strength Index (RSI) at 75
  • Above its 100-Day Moving Average of 499.8 for the fifth straight session
  • Has gained 37% from its 52-week low of Rs 409 on March 24, 2020
  • 12 out of the 26 analysts tracking the stock have a buy recommendation; 6 sell calls
  • The stock trades 8.7% higher than its 12-month consensus price target of Rs 509.5, implying a negative return potential

Coronavirus India Updates

  • India reports 64,553 new cases in the last 24 hours
  • Total confirmed cases now at 24,61,190
  • Active cases at 6,61,595
  • Patients cured / discharged / migrated at 17,51,555
  • Death toll rises to 48,040
  • 1,007 deaths reported in the last 24 hours
  • 55,573 recoveries reported in the last 24 hours