Key indices bounced back and hit fresh intraday high in mid-afternoon trade. At 14:27 IST, the barometer index, the S&P BSE Sensex gained 28.41 points or 0.09% at 32,229. The Nifty 50 index gained 46.55 or 0.49% and stood at 9,521.35.

In the broader market, the S&P BSE Mid-Cap index surged 1.98% while the S&P BSE Small-Cap index gained 1.5%. Both these indices outperformed the Sensex.

Buyers outpaced sellers. On the BSE, shares 1,422 rose and 795 shares fell. A total of 172 shares were unchanged. In Nifty 50 index, 37 stocks advanced while 13 stocks declined.

The Centre is expected to put out details of a possible lockdown extension soon. The nationwide lockdown was first announced by Prime Minister Narendra Modi on March 24 for 21 days in a bid to combat the coronavirus pandemic. It was first extended till May 3 and again till May 17. The fourth phase of the lockdown ends on May 31.

Buzzing Index:

The Nifty Auto index gained 0.9% to 6,164.60, extending gains for eighth day. The index has added 13.5% in eight sessions from its previous closing low of 5430.05 on 18 May 2020.

Bajaj Auto (4.17%), SML Isuzu (up 3.32%), Eicher Motors (up 2.98%), Hero MotoCorp (up 2.32%), TVS Motor Company (up 1.82%), Escorts (up 0.93%) and Maruti Suzuki India (up 0.47%) were top gainers in auto segment.

Stocks in Spotlight:

Vodafone Idea surged 25.26% to Rs 7.29 on media reports that Google was considering buying 5% stake in the Indian telecom player.

The scrip jumped 34.88% to hit the day’s high at Rs 7.85 on the BSE. The counter clocked a volume of 23.68 crore shares as against its average trading volume of 5.51 crore shares in the past one quarter.

For Vodafone Idea, an investment by Google could boost the likelihood of its survival, the reports added. A foreign brokerage reportedly said that such a deal would be a strategic positive for Vodafone Idea but have little impact on leverage. Capital raise could become easier if Google invests, it added.

Wipro gained 3.41% to Rs 206.10 after the IT major appointed Capgemini executive Thierry Delaporte as its chief executive officer and managing director. Delaporte will take over as the Chief Executive Officer and Managing Director of the company, effective 6 July 2020. Abidali Neemuchwala will relinquish his position as CEO and MD on 1 June. Rishad Premji will oversee the day to day operations of the company until 5 July.

Cadila Healthcare rose 1.76% to Rs 344 after the company’s formulations manufacturing facility located at Baddi, Himachal Pradesh received an establishment inspection report (EIR) from the US drug regulator. The announcement was made after market hours yesterday, 28 May 2020. The EIR report stated that the classification of the facility is ‘No Action Indicated (NAI)’. The United States Food & Drug Administration (US FDA) had conducted the inspection at the facility from 2nd to 9th March 2020.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.016% compared with previous closing of 5.99% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged higher to 75.62 compared with its previous closing of 75.76.

In the commodities market, Brent crude for July 2020 settlement was down 72 cents to $34.57 a barrel. The contract rose 1.58% to settle at $35.29 a barrel in the previous trading session.

MCX Gold futures for 5 June 2020 settlement rose 0.27% to Rs 46,531.

Powered by Capital Market – Live News

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


Source link


Please enter your comment!
Please enter your name here