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Benchmarks hit days high; metal shares correct - Business Standard

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The equity barometers firmed up further and hit fresh intraday high in mid-morning trade. Global stock markets were upbeat after US President Donald Trump signed executive actions extending financial relief to Americans hit by the coronavirus pandemic.

At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 378.27 points or 0.99% at 38,418.84. The Nifty 50 index added 117.65 points or 1.05% at 11,331.70.

In the broader market, the S&P BSE Mid-Cap index gained 1.56% while the S&P BSE Small-Cap index rose 1.51%. Both these indices outperformed the benchmark Sensex.

The market breadth was strong. On the BSE, 1635 shares rose and 753 shares fell. A total of 145 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 397.32 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 438.62 crore in the Indian equity market on 7 August, provisional data showed.

Buzzing Segment :

The Nifty Metal index was down 0.08%. The index added 8.4% in the past six sessions.

Among the index constituents, Hindustan Zinc (down 1.07%), Hindalco Industries (down 0.99%), APL Apollo Tubes (down 0.78%) and Jindal Steel & Power (down 0.48%) declined while Mishra Dhatu Nigam (up 3.64%), Ratnamani Metals Tubes (up 1.88%) and Welspun Corp (up 1.84%) advanced.

Earnings Impact:

REC gained 1.70% to Rs 107.55 after the consolidated net profit rose 22.29% to Rs 1,845.30 crore on 20.44% rise in total income to Rs 8,450.36 crore in Q1 June 2020 over Q1 June 2019.

Meanwhile, the board of directors of REC approved the proposal of raising of funds through issue of unsecured/secured non-convertible bonds/debentures through Private Placement, upto an amount of Rs 85,000 crore, in one or more tranches, subject to approval of shareholders in this regard in the ensuing Annual General Meeting.

Amara Raja Batteries rose 2.92% to Rs 738.80. The battery maker's consolidated net profit tanked 55.6% to Rs 62.49 crore on 36.6% drop in net sales to Rs 1,151.22 crore in Q1 June 2020 over Q1 June 2019.

The company's performance during the quarter came against the backdrop of severe disruptions in manufacturing, supply chain, and sales and distribution operations due to COVID-19 lockdown. Despite the challenges, Amara Raja Batteries managed the demand and supply by implementing completely new standard operating procedures across operational branches and units.

Separately, the company said that Jayadev Galla has been re-appointed as vice chairman and managing director (MD) of Amara Raja Batteries for a term of five years effective from 1 September 2020.

Global Markets:

Overseas, most Asian stocks were trading higher on Monday as investors shrugged off concerns over rising tensions between the United States and China. Japanese and Singaporean markets are closed for public holidays.

Investors continued to monitor the US fiscal stimulus after talks between the White House and Democrat lawmakers broke down.

Australia is reportedly tackling a fresh wave of coronavirus outbreak in Victoria state, which accounts for the majority of reported cases and deaths in the country. In an effort to slow the spread of infection, the state has imposed strict lockdown measures limiting people's movements and closed large parts of the economy, media reports said.

In US, the S&P 500 retreated from a near six-month high in choppy trading on Friday with data showing a sharp slowdown in US employment growth, while US-China tensions escalated with President Donald Trump's move to ban WeChat and TikTok.

US President Donald Trump signed two executive orders banning WeChat, owned by Chinese tech giant Tencent, and TikTok in 45 days' time while announcing sanctions on 11 Chinese and Hong Kong officials.

Trump signed a series of executive orders to extend unemployment benefits after talks with Congress broke down. The orders would provide an extra $400 per week in unemployment payments, less than the $600 per week passed earlier in the crisis.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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"correct" - Google News
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Benchmarks hit days high; metal shares correct - Business Standard
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