Key indices were trading with tiny gains near the flat line. The Nifty hovered around the crucial 11,000 mark. Weak domestic macroeconomic data spoiled investors sentiment.
At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 16.64 points or 0.04% at 37,704.47. The Nifty 50 index was up 34 points or 0.31% at 11,129.40.
The broader market traded with gains. The S&P BSE Mid-Cap index was up 0.56% while the S&P BSE Small-Cap index added 0.74%.
The market breadth was positive. On the BSE, 1506 shares rose and 1035 shares fell. A total of 159 shares were unchanged.
Total COVID-19 confirmed cases worldwide stood at 18,480,000 with 700,647 deaths. India reported 5,86,244 active cases of COVID-19 infection and 39,795 deaths while 12,82,215 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Numbers to Track:
The yield on 10-year benchmark federal paper fell to 5.826% compared with previous closing of 5.833% in the previous trading session.
In the foreign exchange market, the partially convertible rupee edged higher to 74.925 compared with its previous closing 75.0450.
In the commodities market, Brent crude for October 2020 settlement rose 44 cents to $44.87 a barrel. The contract rose 2.7% to end at $44.43 in the previous trading session.
MCX Gold futures for 5 August 2020 settlement gained 0.92% to Rs 55,052.
Stocks in Spotlight:
Godrej Properties shed 2.06% to Rs 912 after the company reported consolidated net loss of Rs 20.23 crore in Q1 June 2020 compared with net profit of Rs 90 crore in Q1 June 2019. Consolidated net sales slumped 88.63% to Rs 72.29 crore in Q1 June 2020 over Rs 635.88 crore in Q1 June 2019. Pre-tax loss stood at Rs 14.69 crore in Q1 June 2020 as compared to a pre-tax profit of Rs 140.13 crore in Q1 June 2019. EBITDA stood at Rs 40 crore as compared to Rs 195 crore, registering a 79.48% Y-o-Y (year-on-year) drop. The result was announced during market hours today, 5 August 2020. The quarter witnessed total booking value of Rs 1,531 crore and total booking volume of 2.51 million sq. ft. compared with total booking value of Rs 897 crore and total booking volume of 1.35 million sq. ft. in Q1 June 2019. The company leased 2 lakh sq. ft. of office space to A.P. Moller – Maersk's business units at Godrej Two.
Cadila Healthcare declined 1.07%. The company's net profit surged 49.53% to Rs 454 crore on 4.20% rise in revenue from operations to Rs 3,549.30 crore in Q1 June 2020 over Q1 June 2019. EBIDTA for the quarter stood at Rs 815 crore. EBIDTA margin was at 22.4%, registering an improvement of 360 basis points over the corresponding quarter of the previous financial year. The company's India business which comprises human formulations, consumer wellness and animal health business posted sales amounting to Rs 1,486 crore during the quarter. After a quiet start to the quarter, businesses across India geography have shown gradual improvement on a month-on-month (M-o-M) basis during the quarter. The US business posted sales aggregating to Rs 1,623 crore, recording a 19% jump on a Y-o-Y (year-on-year) basis. The company received 12 ANDA approvals (including 4 tentative approvals) during the quarter. The company's rest of the world business grew by 8% during the quarter on a Y-o-Y basis and posted sales of Rs 238 crore.
Lupin was down 1.65%. The drug major on Wednesday announced the launch of its Favipiravir in India under the brand name Covihalt for the treatment of mild to moderate COVID-19. Favipiravir has received authorization from the Drug Controller General of India (DCGI) for emergency use. Lupin's Covihalt dosage strength has been developed keeping in mind convenience of administration. It is available as 200 mg tablets in the form of a strip of 10 tablets, and priced at Rs 49 per tablet.