At 13:22 IST, the barometer index, the S&P BSE Sensex, was up 648.38 points or 1.8% at 36,681.44. The Nifty 50 index added 184 points or 1.74% at 10,791.45.
In the broader market, the S&P BSE Mid-Cap index rose 0.54% while the S&P BSE Small-Cap index gained 1.06%.
The market breadth was strong. On the BSE, 1405 shares rose and 1067 shares fell. A total of 147 shares were unchanged. In Nifty 50 index, 36 stocks advanced while 14 stocks declined.
Index major Reliance Industries was up 2.19% to Rs 1958.55. It jumped as much as 3.2% to hit record high of Rs 1978.50 ahead of its annual general meeting (AGM) today.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,565.62 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 649.70 crore in the Indian equity market on 14 July, provisional data showed.
COVID-19 Update:
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India reported 3,19,840 active cases of COVID-19 infection and 24,309 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India. Total coronavirus cases worldwide stood at 13,323,530 with 578,628 deaths so far, according to data from Johns Hopkins University.
Gainers & Losers:
HCL Technologies (up 4.86%), Axis Bank (up 4.38%) and Tech Mahindra (up 2.96%) were top gainers in Nifty 50 index.
Zee Entertainment (down 2.62%), Bharti Airtel (down 1.98%), Eicher Motors (down 1.16%) and GAIL (down 0.96%) were top losers in Nifty 50 index.
Stocks in Spotlight:
Infosys jumped 6.56% ahead of its Q1 result today, 15 July 2020. US-based investment company Vanguard on Tuesday (14 July) announced it will partner with Infosys as part of its ongoing strategy to enhance and evolve its full-service defined contribution (DC) business. This strategic partnership will deliver a technology-driven approach to plan administration and fundamentally reshape the corporate retirement plan experience for its sponsors and participants.
Wipro jumped 15.44%. The company reported a 2.76% rise in consolidated net profit to Rs 2390.40 crore on a 5% decline in revenue from operations to Rs 14913.10 crore in Q1 June 2020 over Q4 March 2020. Consolidated profit before tax (PBT) stood at Rs 3095 crore in Q1 June 2020, rising 4.3% from Rs 2965.8 crore in Q4 March 2020. The company signed an agreement to acquire Brazil based IVIA Servis de Informica. IVIA's local talent and long-standing relationships combined with Wipro's global expertise will help expand the geographical footprint in Brazil. The acquisition will also help Wipro set up delivery centres in the North East of Brazil leveraging IVIA's workforce. The acquisition is subject to customary closing conditions and is likely to be completed in the quarter ending September 30.
Bharti Airtel down 1.67%. The telecom operator announced a strategic alliance with Verizon to bring video conferencing solutions to businesses in India. As part of this partnership, Bharti Airtel will offer secure enterprise-grade video conferencing solutions under the brand name - Airtel BlueJeans - to enterprise customers in India, Bharti Airtel and Verizon said in a joint press release issued after market hours on Tuesday. Verizon is one of the largest communication technology companies in the world.
Bharat Electronics fell 0.72%. The company said it collaborated with the Airports Authority of India for tapping emerging global opportunities in the airport business. AAl, playing the role of a development partner, will assist BEL in its domain of expertise to enable execution of the prestigious MEA projects outside India by BEL. Both the organisations will work in close co-operation with each other in the field of civil aviation, in both present and future projects handled by BEL.
Maruti Suzuki gained 1.07%. The automobile manufacturer proactively announced to voluntarily recall WagonR (1 Litre) manufactured between 15 November 2018 and 15 October 2019 and Baleno (petrol) manufactured between 8 January 2019 and 4 November 2019. The recall will cover 134,885 vehicles of both Baleno and WagonR models, Maruti Suzuki announced during trading hours today, 15 July.
Global Markets:
The US Dow index futures were up 224 points, indicating a strong opening in the US stocks later today.
European markets opened with decent gains while Asian markets traded higher after Biotech firm Moderna's potential vaccine to prevent Covid-19 produced a "robust" immune response, or neutralizing antibodies, in all 45 patients in its early stage human trial, according to newly released data in the peer-reviewed New England Journal of Medicine.
Meanwhile, the Bank of Japan said in its outlook report on Wednesday that the country's economy is "likely to improve gradually" from the second of this year, though the pace is "expected to be only moderate" as the impact of the coronavirus pandemic remains globally.
For the time being, the Bank will closely monitor the impact of COVID-19 and will not hesitate to take additional easing measures if necessary, and also it expects short- and long-term policy interest rates to remain at their present or lower levels, the BoJ reported added.
US stock indexes closed near session highs Tuesday, after Federal Reserve Gov. Lael Brainard called for sustained large-scale asset purchases by the US central bank to help the economy rebound amid a "thick fog of uncertainty" brought on by COVID-19.
Investors continued to monitor the corporate earnings, efforts by some US states to close down businesses again coupled with rising coronavirus cases and deteriorating US-China relations.
Simmering tensions between the United States and China loom large, as US President Donald Trump on Tuesday said he signed legislation to impose sanctions on China in response to its interference with Hong Kong's autonomy. Trump also said he signed an executive order ending Hong Kong's special status with the U.S.
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