Key indices cut early losses triggered by negative Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 23.07 points or 0.06% at 36,714.62. The Nifty 50 index was down 21.25 points or 0.2% at 10,792.20.
The S&P BSE Mid-Cap index was up 0.04%. The S&P BSE Small-Cap index was up 0.32%.
The market breadth, indicating the overall health of the market, is negative. On the BSE, 749 shares rose and 840 shares fell. A total of 72 shares were unchanged.
Stocks in news:
TCS slipped 0.29%. TCS reported a 13% decline in consolidated net profit to Rs 7049 crore on a 4% fall in revenue to Rs 38,322 crore in Q1 June 2020 (Q1FY21) over Q4 March 2020 (Q4FY20). Consolidated profit before tax stood at Rs 9504 crore in Q1FY21, declining nearly 10% from Rs 10,512 crore in Q4FY20. Total tax expense rose 1.5% to Rs 2455 crore in Q1FY21 over Q4FY20.
Tata Motors rose 0.42%. Tata Motors said that its subsidiary Jaguar Land Rover retail sales for the three-month period to 30 June 2020 were significantly impacted by Covid-19 in line with the unprecedented market conditions, but improved month-on-month through the quarter. June retail sales were 35,334 vehicles, down 24.9% year-on-year, but representing an improving monthly trend within the overall quarter, with total sales of 74,067 which was down 42.4% year-on-year. Strict lockdowns and social distancing measures for Covid-19 resulted in temporary shutdowns of most retailers and the company's manufacturing plants in April and much of May.
Reliance Industries (RIL) rose 1.11%. RIL and BP announced the start of their new Indian fuels and mobility joint venture, Reliance BP Mobility Limited (RBML). Following initial agreements in 2019, BP and RIL teams have worked closely over the past few months in a challenging environment to complete the transaction as planned. BP has paid RIL $1 billion for a 49% stake in the joint venture, with RIL holding 51%.
Punjab National Bank dropped 4.31%. A fraud of Rs 3688.58 crore is being reported by bank to RBI in the accounts of Dewan Housing Finance. The bank has already made provisions amounting to Rs 1246.58 crore, as per prescribed prudential norms. The bank's board approved raising of capital through issue of equity shares and Basel III Compliant Tier 2 Bonds by way of Private Placement, Qualified Institutions Placement (QIP), Further Public Offer (FPO), Rights Issue or any other mode or through a combination thereof up to an amount of Rs 10000 crore.
Gujarat Ambuja Exports gained 4.04%. The board of directors of the company will meet on 25th July 2020 to consider proposal for sub-division of equity share of the company of face value of Rs 2 each into two equity shares of Re 1 each.
Muthoot Capital Services rose 0.1%. The company said it has completed a securitization transaction of Rs 100.89 crore on July 06, 2020. This was the first securitization / direct assignment transaction carried out by the Company during the FY 2020- 2021.
Overseas, Asian stocks are trading lower on Friday as investors remained cautious due to the growing number of coronavirus cases around the world.
In US, the S&P 500 and Dow dropped on Thursday as investors worried about another round of business shutdowns to contain a surge in coronavirus cases and they began to shift their focus to earnings. The Nasdaq was higher and hit another record high, however, helped by gains in Amazon.com , Microsoft Corp and Apple Inc .
Meanwhile, Treasury Secretary Steven Mnuchin reportedly said on Thursday that the Trump administration supports a narrower aid package for Americans hurt by the pandemic. Mnuchin said that the White House backs a further extension of the Paycheck Protection Program, which has been extended to Aug. 8, and stimulus checks for individuals but at lesser level than the initial phases of recovery aid.
Back home, domestic shares resumed uptrend on Thursday after a day's pause. Banks and metal shares rallied while FMCG shares declined. The barometer S&P BSE Sensex jumped 408.68 points or 1.12% at 36,737.69. The Nifty 50 index climbed 107.70 points or 1.01% at 10,813.45.
Foreign portfolio investors (FPIs) bought shares worth Rs 212.77 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 803.39 crore in the Indian equity market on 9 July, provisional data showed.