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Barometers trade with small gains
16-Sep-20   12:25 Hrs IST
Key benchmark indices firmed up once again in early afternoon trade. The Nifty hovered above the 11,550 level. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 82 points or 0.21% at 39,126. The Nifty 50 index added 34.4 points or 0.3% at 11,556.10.

The broader market underperformed. The S&P BSE Mid-Cap index gained 0.19% while the S&P BSE Small-Cap index rose 0.18%.

The market breadth was almost even. On the BSE, 1276 shares rose and 1222 shares fell. A total of 191 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,170.89 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 895.63 crore in the Indian equity market on 15 September, provisional data showed.

Investors remained on the sidelines ahead of the outcome of a two-day meeting of the U.S. Federal Reserve's Federal Open Market Committee (FOMC). The FOMC will also provide its quarterly update on its estimates for GDP, unemployment and inflation and could provide clearer guidance on what it will take to raise rates in the future.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 0.75% to 20.4425. The Nifty September 2020 futures were trading at 11,535, at a premium of 1.25 points compared with the spot at 11,533.75.

The Nifty option chain for 17 September 2020 expiry showed maximum Call OI of 33.82 lakh contracts at the 11,600 strike price. Maximum Put OI of 40.25 lakh contracts was seen at 11,500 strike price.

The Nifty option chain for 24 September 2020 expiry showed maximum Call OI of 24.06 lakh contracts at the 12,000 strike price. Maximum Put OI of 27.35 lakh contracts was seen at 11,000 strike price.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 29,479,686 with 9,33,542 deaths. India reported 9,95,933 active cases of COVID-19 infection and 82,066 deaths while 39,42,360 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

India's exports slipped 12.66% to $22.7 billion in August, on account of decline in the shipments of petroleum, leather, engineering goods and gems and jewellery items, according to the government data released on 15 September 2020. The country's imports too declined 26% to $29.47 billion in August, leaving a trade deficit of $6.77 billion, compared to a shortfall of $13.86 billion in the same month last year, as per the data.

Buzzing Index:

The Nifty Pharma index surged 1.1% to 11,576.10, rising for second consecutive trading session. The index has gained 3% in two trading days.

Lupin (up 2.16%), Divi's Laboratories (up 2.1%), Cadila Healthcare (up 1.75%), Sun Pharmaceutical (up 1.55%), Aurobindo Pharma (up 1.44%) and Dr. Reddy's Laboratories (up 1.03%) rose.

Stocks in Spotlight:

Procter & Gamble Health fell 4.5%. The FMCG company reported 10.8% increase in net profit to Rs 48.86 crore on 13.9% fall in net sales to Rs 201.16 crore in the quarter ended 30 June 2020 compared with the same period last year. Profit before tax in the June 2020 quarter stood at Rs 55.73 crore, down by 17.4% from Rs 67.50 crore in the June 2019 quarter. Current tax expense during the quarter declined 28.9% year-on-year (YoY) to Rs 15.71 crore. Milind Thatte, managing director, Procter & Gamble Health, said, “Despite initial impact on account of disruption in business operations, the company continues to demonstrate a resilient performance ensuring minimal impact and arresting decline, delivering sales of Rs 200.3 crore in the last quarter and Rs 1,329.2 crore in the eighteen months period amidst very challenging circumstances.”

Va Tech Wabag rose 1.85% to Rs 212.10 after the company's consolidated net profit surged 687.5% to Rs 5.04 crore on 5.6% decline in net sales to Rs 430.87 crore in Q1 June 2020 over Q1 June 2019. Consolidated profit before tax (PBT) dropped 20% to Rs 7.34 crore in Q1 June 2020 as against Rs 9.18 crore in Q1 June 2019. Current tax expense for the quarter slumped 79.9% at Rs 1.66 crore from Rs 8.27 crore in Q1 June 2019. The order book during Q1 FY20-21 stood at Rs 11,117 crore including framework contracts. The order intake was at Rs 442 crore during the quarter. Consolidated EBITDA during Q1 FY21 stood at Rs 29 crore while EBITDA margin was at 6.7%.

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