The domestic equity barometers traded in a narrow range with decent gains in mid morning trade. The Nifty continued to trade above the 15,750 mark. Realty shares advanced for the second day.
At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 261.7 points or 0.50% to 52,647.89. The Nifty 50 index added 81.95 points or 0.52% to 15,771.75.
The broader market traded higher. The S&P BSE Mid-Cap index gained 0.71% while the S&P BSE Small-Cap index rose 1.06%.
The market breadth was strong. On the BSE, 2238 shares rose and 878 shares fell. A total of 171 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 186,800,826 with 4,031,654 global deaths.
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India reported 450,899 active cases of COVID-19 infection and 408,764 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Realty index rose 3.66% to 379.55. The index has added 6.12% in two sessions.
Indiabulls Real Estate (up 12.19%), Hemisphere Properties India (up 5.60%), Sunteck Realty (up 4.26%), Godrej Properties (up 3.89%), Oberoi Realty (up 3.87%), Prestige Estates (up 3.02%), DLF (up 2.96%), Sobha Developers (up 2.84%), Brigade Enterprises (up 2.05%) and The Phoenix Mills (up 0.84%) advanced.
Stocks in Spotlight:
Bajaj Healthcare fell 1.26% to Rs 985 after the company reported a fire accident at one of its unit situated at Bharuch, Gujarat on Sunday, 11 July 2021. The company said it is taking steps to ensure normal operation at the plant at the earliest.
Tanla Platforms hit an upper circuit of 5% at Rs 886.25 after the company said its board will consider a share buyback on Thursday, 22 July 2021. On the same day, the company will consider and approve the unaudited financial results for the quarter ended 30 June 2021
Hatsun Agro Product rose 3.14% to Rs 967.65. The company said its newly commissioned milk manufacturing plant in Tamil Nadu started commercial production on 12 July 2021. The plant has a milk handling capacity of 3.5 lakh litres per day (LLPD).
Global Markets:
Asian markets rose across the board on Monday after their U.S. peers chalked fresh records Friday in a broad-based rebound.
In economic news, China's central bank on Friday announced a 50 basis points cut in its reserve requirement ratio for all banks, effective from July. The RRR represents the amount of money that banks must hold in their coffers as a proportion of their total deposits. A lowering of that required amount will increase the supply of money that banks can lend to businesses and individuals.
The three major US stock indexes rallied to record closing highs on Friday as financials and other economically focused sectors rebounded after a selloff sparked by growth worries earlier in the week.
Meanwhile, the G20 Finance Ministers on July 10 approved a global corporate tax of at least 15% to be imposed on multinational companies (MNCs) with an aim to end tax havens. In a two-day virtual meet headquartered from Venice (Italy), the Group also endorsed a broad agreement plan introducing new rules for taxation of cross-border businesses, as per reports. Details and negotiations of the rules are likely to be finalised during the next G20 meet scheduled in October 2021.
Investors continued to watch the coronavirus situation in Asia-Pacific on Monday. Japan's government is set to put Tokyo under a new Covid state of emergency on Monday while stricter social distancing restrictions are set to kick in for the greater Seoul area in South Korea, as per reports. Elsewhere in Southeast Asia, several countries including Indonesia and Malaysia continue to struggle with a recent surge in infections, reports added.
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