Barometers hit day's high; realty stocks in demand
Jul 23, 2020 11:28 AM | Source: bjlbjtgl.com
The equity barometers extended gains and hit fresh intraday high in mid-morning trade. At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 146.21 points or 0.39% at 38,017.73. The Nifty 50 index added 50.60 points or 0.45% at 11,183.20.
In the broader market, the S&P BSE Mid-Cap index rose 1.01% while the S&P BSE Small-Cap index gained 0.77%.
The market breadth was strong. On the BSE, 1338 shares rose and 927 shares fell. A total of 143 shares were unchanged.
The Nifty Realty index rose 1.16% to 201.35. The index had fallen 1.02% yesterday.
Oberoi Realty (up 4.11%), Sobha (up 3.04%), Prestige Estates (up 2.43%), Sunteck Realty (up 1.99%) and Godrej Properties (up 1.71%) advanced.
Stocks in Spotlight:
SpiceJet gained 1.79% to Rs 48.30 on NSE after the budget air carrier said it was designated as Indian scheduled carrier to operate on agreed services between India and the USA.
ICICI Securities rose 2.24% to Rs 541.35 after consolidated net profit surged 69.7% to Rs 193.08 crore on 35.9% jump in total income to Rs 546.40 crore in Q1 June 2020 over Q1 June 2019.
The revenue was aided by strong growth in equities & allied business. The profit was boosted by growth in revenue, improvement in margins and changes in statutory tax rates.
Glenmark Pharmaceuticals added 2.28% to Rs 423.15 after the company announced top-line results from phase 3 clinical trial of favipiravir in patients with mild to moderate COVID-19. Favipiravir is a broad spectrum oral antiviral drug that selectively inhibits RNA-dependent RNA polymerase (RdRp) and the viral replication phase of SARS-CoV-2, and is being studied in multiple ongoing international clinical trials.
On 20 June 2020, Glenmark had informed about the receipt of manufacturing and marketing approval from India's drug regulator for FabiFlu, making it the first oral approved medication in India for the treatment of mild to moderate COVID-19.
Asian markets were mixed on Thursday as concerns over rising US-Sino tensions continued to mount. Markets in Japan were shut on account of Marine Day.
South Korea's central bank released advanced estimates of the country's gross domestic product for the three months that ended in June. Growth declined 3.3% for the quarter compared with the prior three months that ended in March and was down 2.9% from last year, Bank of Korea said. While private consumption rose 1.4% as people spent more on durable goods, exports dropped 16.6% due to declines in motor vehicles as well as coal and petroleum products.
The US stock market finished session higher on Wednesday, 22 July 2020, as investors took heart from better than expected second-quarter earnings reports and news of coronavirus vaccine deal between the US government and Pfizer and BioNTech. However, market gains capped amid simmering US-China tension after the U.S. State Department abruptly ordered China to close its consulate in Houston.
Shares of Pfizer rose more than 5%. BioNTech's U.S.-listed shares gained 13.7% after the US government agreed to pay the drugmaker Pfizer and partner BioNTech $1.95 billion to secure produce 100 million doses of their experimental Covid-19 vaccine if it proves to be safe and effective. The Department of Health and Human Services added the U.S. can acquire an additional 500 million doses of the drug under the agreement.
In the latest deterioration in Sino-U.S. ties, the United States ordered China to close its consulate in Houston, saying it was “to protect American intellectual property and Americans' private information.” China strongly condemned the move, and it was reportedly considering shutting the U.S. consulate in Wuhan in retaliation.
Meanwhile, the discord between Republicans and Democrats over more financial aid to Americans and U.S. businesses is adding to uncertainties over the economic outlook, as states grapple with rebounds in coronavirus cases that have some local governments ordering some businesses shuttered to help snuff out outbreaks.