Key equity indices reversed gains and hit the day's low in mid-afternoon trade. At 14:21 IST, the barometer index, the S&P BSE Sensex, was down 283.94 points or 0.70% at 40,260.43. The Nifty 50 index lost 85 points or 0.71% at 11,811.80.
Selling was broad based. The S&P BSE Mid-Cap index slipped 0.58% while the S&P BSE Small-Cap index shed 0.75%.
The market breadth turned negative. On the BSE, 1113 shares rose and 1467 shares fell. A total of 168 shares were unchanged.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee rose to 73.58 compared with its previous closing 73.37.
The yield on 10-year benchmark federal paper rose to 5.912% compared with previous closing of 5.931% in the previous trading session.
MCX Gold futures for 04 December 2020 settlement rose 0.39% to Rs 51,111.
In the commodities market, Brent crude for December 2020 settlement lost 56 cents to $42.60 a barrel. The contract advanced 1.27% or 54 cents to settle at $43.16 in the previous trading session.
Oil prices corrected on Wednesday after a surprise build-up in US crude stockpiles stoked concerns about a global supply glut even as a spike in global COVID-19 cases fueled fears of slower recovery in fuel demand.
Buzzing Index:
The Nifty Realty index rose 1.30% to 229.90. The index has added 9.7% in four sessions.
Godrej Properties (up 7.77%), Oberoi Realty (up 1.51%) advanced while Prestige Estates (down 2.98%), Sobha Developers (down 1.60%) and Sunteck Realty (down 1.60%) declined.
Brigade Enterprises rose 1.25% to Rs 173.90. The company's subsidiary, Mysore Projects, has entered into a Limited Liability Partnership (LLP) agreement with Prestige Estates Projects in Prestige OMR Ventures. Mysore Projects contributed Rs 12.48 crore for the 30% stake in Prestige OMR Ventures LLP. Prestige Estates Projects will hold the remaining 70% stake in the joint venture. The partnership will undertake real estate development on a joint venture basis.
Stocks in Spotlight:
Bajaj Finance slumped 3.85% to Rs 3136.5 after the NBFC's consolidated net profit slipped 36% to Rs 965 crore on 3% increase in total income to Rs 6523 crore in Q2 September 2020 over Q2 September 2019. Profit before tax (PBT) fell 35% to Rs 1305.47 crore in Q2 September 2020 over Q2 September 2019. Total tax expense fell 34% to Rs 340.59 crore in Q2 September 2020 over Q2 September 2019. The result was announced during market hours today, 21 October 2020.
D B Corp fell 0.73% to Rs 75.25. The company's consolidated net profit tanked 62.26% to Rs 28.52 crore on 34.82% decline in revenue from operations to Rs 346.36 crore in Q2 September 2020 over Q2 September 2019. EBIDTA declined 25.94% to Rs 74.5 crore (21.3% margin) in Q2 September 2020 as against Rs 100.6 crore (margin of 18.8%) in Q2 September 2019.
Circulation revenue slipped 19.67% to Rs 103.30 crore in Q2 September 2020 compared with Rs 128.60 crore in Q2 September 2019. Advertising revenue tumbled 38.33% to Rs 226.30 crore in Q1 FY21 as against Rs 367 crore in Q2 FY20.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU