The key equity barometers continued to trade with modest gains in morning trade. While metal, IT and private bank stocks rose, PSU bank stocks declined. The market breadth was strong.
At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 106.40 points or 0.28% at 38,476.03. The Nifty 50 index added 38.90 points or 0.34% at 11,347.30.
In the broader market, the S&P BSE Mid-Cap index gained 1.04% while The S&P BSE Small-Cap index rose 0.92%.
The market breadth was strong. On the BSE, 1428 shares rose and 798 shares fell. A total of 111 shares were unchanged.
The Nifty PSU Bank index shed 0.41% to 1,471.70, as it witnessed some bit of correction. The index had added 4.6% in the past four sessions while the benchmark Nifty 50 index rose 1% during the same period.
Jammu and Kashmir Bank (down 1.98%), Indian Overseas Bank (down 1.41%), Indian Bank (down 1.40%), Union Bank of India (down 1.30%), Punjab National Bank (down 0.89%) and Central Bank of India (down 0.82%) were the top index losers.
However, State Bank of India rose 0.49% to Rs 204.30, extending gains for fourth day. The stock has added 7.2% in four sessions.
Key results today:
Among Nifty stocks, GAIL (India) (up 0.97%), Hero MotoCorp (down 0.22%), BPCL (up 0.45%), Grasim (down 0.45%), Eicher Motors (down 1.09%) and Tata Steel (up 0.25%) will announce their quarterly earnings today.
Among other stocks, APL Apollo (up 1.09%), Balkrishna Industries (up 0.78%), City Union Bank (up 0.47%), DCM Shriram (down 0.53%), Engineers India (up 0.69%), Godrej Industries (up 0.88%), Kaveri Seed (up 0.21%), Minda Corp (up 0.76%), PFC (down 0.44%), Praj Industries (up 0.67%), Redington India (down 0.52%), Prestige Estates (down 0.67%), Safari Industries (up 0.69%), Shankara Building Products (up 0.65%), Sharda Cropchem (up 1.18%), Shriram Transport Finance (up 1.08%), Trent (up 0.85%), Venky's (up 1.43%) will announce their quarterly earnings today.
Thermax was up 0.43% to Rs 743.30. The company reported a consolidated net loss of Rs 15 crore in Q1 June 2020 as against a net profit of Rs 63 crore reported in the same period last year. Sales declined 52% year-on-year (YoY) to Rs 665 crore during the quarter. Thermax said that the unprecedented slowdown in industrial activity globally during the quarter, mainly on account of the COVID-19 pandemic, has severely impacted the company's performance. The company registered a loss for the first time in two decades.
Ashok Leyland declined 1.48% to Rs 53.15 after the company posted a consolidated net loss of Rs 389 crore in Q1 June 2020 compared with net profit of Rs 275 crore reported in Q1 June 2019. Consolidated income from operations for quarter ending June 2020 stood at Rs 1480 crore, tumbling 77% from Rs 6514.73 crore in the same period last year.
The commercial vehicle manufacturer said that a drop in revenue was due to the lock down on account of the COVID-19 pandemic. With virtually no operations or revenues in the first part of this quarter owing to the lock down, the demand is seen to be gradually opening up as the lock down is being eased.