Domestic equity barometers were trading near the flat line with minor cuts in early afternoon trade. At 12:23 IST, the barometer index, the S&P BSE Sensex, was down 42.49 points or 0.11% at 38,314.69. The Nifty 50 index lost 9.65 points or 0.09% at 11,324.20.
After hitting a low of 11,251.70 in early trade, the Nifty regained 11,300 mark in morning trade. However, weak global cues amid souring US-Sino relations continued to weigh on sentiment.
In the broader market, the S&P BSE Mid-Cap index fell 0.85% while the S&P BSE Small-Cap index slipped 0.44%.
The market breadth was negative. On the BSE, 1079 shares rose and 1406 shares fell. A total of 162 shares were unchanged.
Coronavirus Update :
Total COVID-19 confirmed cases worldwide stood at 27,105,151 with 883,342 deaths. India reported 8,82,542 active cases of COVID-19 infection and 71,642 deaths while 32,50,429 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.72% to 22.54. The Nifty September 2020 futures were trading at 11,324, at a discount of 0.20 points compared with the spot at 11,324.20.
The Nifty option chain for 10 September 2020 expiry showed maximum Call OI of 31.74 lakh contracts at the 11,500 strike price. Maximum Put OI of 25.24 lakh contracts was seen at 11,000 strike price.
The Nifty option chain for 24 September 2020 expiry showed maximum Call OI of 20.38 lakh contracts at the 11,500 strike price. Maximum Put OI of 28.24 lakh contracts was seen at 11,000 strike price.
Buzzing Index:
The Nifty IT index rose 0.44% to 18,153.70. The index slipped 1.50% on Friday.
Mphasis (up 1.22%), Infosys (up 0.63%) and Info Edge India (up 0.18%) advanced while Larsen & Toubro Infotech (down 2.67%), Coforge (down 0.55%), Wipro (down 0.42%) and HCL Technologies (down 0.21%) declined.
TCS rose 1.50% to Rs 2324.15. TCS announced partnership with Transnet Port Terminals (TPT) in South Africa, part of Transnet SOC, a state-owned freight transport and handling company, to help the latter develop an integrated online marketplace platform by bringing together cargo owners, shipping lines, clearing and forwarding agents, and road/rail haulers.
Stocks in Spotlight:
Jubilant Life Sciences tumbled 5.64% to Rs 782.80 after the company's consolidated net profit declined 52.4% to Rs 88 crore on 14% slide in net sales to Rs 1845.24 crore in Q1 June 2020 over Q1 June 2019. EBITDA margin declined to 16.4% as on 30 June 2020 from 20.4% as on 30 June 2019.
NLC India advanced 2.39% to Rs 53.50 after the company's consolidated net profit jumped 21% to Rs 343.41 crore on 29.6% increase in net sales to Rs 2,699 crore in Q1 June 2020 over Q1 June 2019. During the quarter, the group has recognised as an exceptional item, the one-time rebate of Rs 85.43 crore to DISCOMs on account of COVID-19 pandemic based on guidelines issued by Ministry of Power, Government of India.
NMDC gained 0.05% to Rs 93.80. The coal miner announced hike in iron ore (lump ore and fines) prices with effect from Saturday, 5 September 2020. Lump ore prices have been raised by 10.16% to Rs 3250 per tonne and prices of fines have been increased by 11.27% to Rs 2960 per tonne in September 2020 over August 2020.
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