The Nifty opened higher at 10,378.90 but succumbed to selling pressure in morning trade. The barometer displayed volatile moves for most part of the day. After hitting an intraday low of 10,311.25 in mid-afternoon trade, the index firmed up once again and touched 10,400 in late trade.

The broader market underperformed the benchmarks. The S&P BSE Mid-Cap index gained 0.3% while the S&P BSE Small-Cap index rose 0.17%.

The market breadth was positive. On the BSE, shares 1,657 rose and 1,062 shares fell. A total of 146 shares were unchanged. In Nifty 50 index, the breadth was negative with 28 stocks advancing and 22 stocks declining.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,050.61 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 255.59 crore in the Indian equity market on 25 June, provisional data showed.

RBI Board Meeting:

The central board of the Reserve Bank of India (RBI) met today through video conference. The governor and deputy governors briefed the board about the overall macroeconomic conditions – both domestic and global; financial sector situation; and the impact of various monetary, regulatory and other measures taken by the RBI in the context of the COVID-19 pandemic. The board deliberated on the current economic situation and the evolving challenges posed by the pandemic. The board also discussed RBI's activities during the period (July 2019-June 2020), the budget for the next accounting year July 2020 to March 2021 (aligned with the Government's financial year), other policy and operational matters.

Sebi Regulation:

The board of the Securities and Exchange Board of India (Sebi) on Thursday eased pricing framework for preferential allotment of shares, making it easier for listed companies to raise money. It has decided to allow companies to consider two-week average price for pricing preferential share issue. In addition, the regulator has also streamlined settlement regulations to make procedures faster and more effective. Besides, it has decided to amend insider trading norms. It also tweaked its takeover regulations to ensure that shareholders receive interest if open offers are delayed.

Buzzing Index:

The Nifty IT index jumped 4.06% to 14,996, snapping its two-day losing streak.

IT majors viz. Infosys (up 6.7%) and TCS (up 4.77%) were the top index movers. IT shares firmed up after the global IT giant Accenture reported steady performance for the third quarter ended May 2020.

Accenture's revenues for the third quarter of fiscal 2020 were $11.0 billion, compared with $11.1 billion for the third quarter of fiscal 2019. The revenue came in at the top end of the company's guided range for quarterly revenues, which was approximately $10.65 billion to $11.05 billion. Outsourcing revenues grew by 5% YoY $5.0 billion during the quarter and outsourcing new bookings represented 44% of Accenture's total new bookings. It is outsourcing business where Indian IT sector reportedly has a greater presence. "For fiscal 2020, the company now expects revenue growth to be in the range of 3.5% to 4.5% in local currency, compared with 3% to 6% previously”, the global IT services firm said. A domestic brokerage reportedly stated that Accenture did not face significant cancellations or pricing pressure. It added that work from Home (WFH) transition was smooth and had a very little revenue impact.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 96,11,062 far with 4,89,343 deaths. India reported 1,89,463 active cases of COVID-19 infection and 15,301 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Q4 Results Today:

ITC (down 3.29%), Coal India (up 1.14%), Glenmark Pharmaceuticals (up 2.17%), NALCO (down 1.7%), Sun TV Network (up 1.89%), APL Apollo Tubes (down 1.7%), EIH (down 1.05%), Gujarat Narmada Valley Fertilizers & Chemicals (down 0.56%), Housing and Urban Development Corporation (up 0.72%), Sheela Foam (down 1.93%), Apex Frozen Foods (down 0.92%), Indian Railway Catering and Tourism Corporation (down 2.94%) and West Coast Paper Mills (up 0.6%) are some of the companies that will announce their quarterly earnings today.

Earnings Impact:

Ashok Leyland fell 1.21% after the commercial vehicle manufacturer reported 97.46% decline in consolidated net profit to Rs 18.07 crore on a 48.23% slide in total income to Rs 5,128.20 crore in Q4 March 2020 over Q4 March 2019.

UCO Bank advanced 15% at Rs 16.76 after the bank reported net profit of Rs 16.78 crore in Q4 March 2020 as against net loss of Rs 1552.03 crore in Q4 March 2019. Total income rose 8.74% to Rs 4511.21 crore in Q4 FY20 from Rs 4148.52 crore in Q4 FY19. The result was announced during market hours today, 26 June 2020. Provisions and contingencies fell 46.5% to Rs 1199.82 crore in Q4 March 2020 from Rs 2242.58 crore in Q4 March 2019. Provisions for non-performing assets fell 58.13% to Rs 1089.26 crore during the period under review. The non-performing loan provisioning coverage ratio is 85.46% as on 31 March 2020 as against 74.93% as on 31 March 2019. On the asset quality front, gross non-performing assets stood at Rs 19281.95 crore as on 31 March 2020 as against Rs 22139.65 crore as on 31 December 2019 and Rs 29888.33 crore as on 31 March 2019.

Apollo Hospitals Enterprise declined 3%. The healthcare company's consolidated net profit surged 169% to Rs 219.36 crore on 17% increase in net sales to Rs 2,922.43 crore in Q4 March 2020 over Q4 March 2019. The company recorded sale of Apollo Munich Health Insurance Company to HDFC as an exceptional gain of Rs 198.30 crore in Q4 FY20 which aided net profit. Consolidated EBITDA (post Ind AS116) grew 36% to Rs 380.10 crore in Q4 FY20 from Rs 279.60 crore in Q4 FY19.

Container Corporation of India (CONCOR) gained 2%. The company's consolidated net profit slipped 9.4% to Rs 313.47 crore on 14.3% decline in net sales to Rs 1,584.31 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) dropped 14% to Rs 410.88 crore in Q4 March 2020 as against Rs 477.94 crore in Q4 March 2019. Current tax expense skid 25.31% to Rs 67.60 crore in Q4 March 2020 as against Rs 90.51 crore in Q4 March 2019. The board has proposed final dividend of Rs 2.85 per equity share.

JB Chemicals & Pharmaceuticals dropped 2% after consolidated net profit rose 7% to Rs 50.07 crore on 5.9% rise in net sales to Rs 443.57 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) slipped 1.8% to Rs 67.02 crore in Q4 March 2020 as against Rs 68.28 crore in Q4 March 2019. Current tax expenses skid 21.1% to Rs 16.95 crore in Q4 March 2020 as against Rs 21.49 crore in Q4 March 2019. Consolidated EBITDA jumped 40% to Rs 91.70 crore in Q4 FY20 as against Rs 65.50 crore in Q4 FY19. Consolidated EBITDA margin improved to 20.67% in Q4 FY20 from 15.64% in Q4 FY19. The board has recommended a final dividend of Re 1 per equity share for FY20.

Galaxy Surfactants surged 1.5% after the company reported 9.98% rise in consolidated net profit to Rs 62.80 crore on 4.2% fall in total income to Rs 656.66 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax for Q4 March 2020 stood at Rs 81.58 crore, rising 4.6% from the year ago period. Total tax expenses stood at Rs 18.78 crore in Q4 March 2020 as against Rs 20.9 crore in Q4 March 2019.

Engineers India jumped 8% after the company's consolidated net profit jumped 34.6% to Rs 119.69 crore on 39.8% increase in net sales to Rs 864.38 crore in Q4 FY20 over Q4 FY19. Profit before tax (PBT) in Q4 March 2020 stood at Rs 172.24 crore, up by 19.8% from Rs 143.75 crore in Q4 March 2019. Current tax expense jumped 35.2% to Rs 56.71 crore in the fourth quarter from Rs 41.95 crore incurred in the corresponding period last year.

Endurance Technologies rose 0.72%. The consolidated net profit dropped 28.1% to Rs 106.83 crore on 16% fall in net sales to Rs 1,596.75 crore in Q4 March 2020 over Q4 March 2019. Consolidated profit before tax (PBT) fell 39.6% to Rs 129.76 crore in Q4 March 2020 as against Rs 214.86 crore in Q4 March 2019. Current tax expenses slumped 56% to Rs 27.42 crore in Q4 March 2020 as against Rs 62.25 crore in Q4 March 2019. Consolidated EBITDA dropped 22.7% to Rs 255.30 crore in Q4 FY20 as against Rs 330.20 crore in Q4 FY19. Consolidated EBITDA margin improved to 15.8% in Q4 FY20 from 17.3% in Q4 FY19. Aftermarket sales from Indian operations grew by 10% to Rs 297.70 crore in FY20 compared with Rs 270.70 crore in FY19.

Global Markets:

The US Dow index futures were down 92 points, indicating a weak opening in the US stock market today.

European markets were trading with gains while Asian stocks closed higher on Friday despite rising new coronavirus infections. US equity indices closed higher in choppy trading on Thursday, with bank stocks soaring ahead of annual stress test results and helping to offset investor jitters over alarming increases in new coronavirus cases.

Apple Inc said it would close 14 stores in Florida again due to rising COVID-19 cases after other re-closures in Houston, Arizona, South Carolina, and North Carolina. Texas Governor Greg Abbott said he was halting his state's phased economic reopening in response to a jump in COVID-19 infections and hospitalizations.

The US Fed on Thursday said it will cap big bank dividend payments and halt share repurchases until at least the fourth quarter. It found lenders faced significant capital losses when tested against an economic downturn caused by the coronavirus pandemic.

The US economy shrank at a 5% rate in the first quarter with a much worse decline expected in the current three-month economic period because of the coronavirus pandemic. The Commerce Department reported on Thursday that the decline in the gross domestic product, the total output of goods and services, in the January-March quarter was unchanged from the estimate made a month ago.