The domestic equity barometers further pared gains in mid-morning trade. The Nifty, however, failed to hold above the 15,800 mark. Media stocks gained for second day in a row.
At 11:31 IST, the barometer index, the S&P BSE Sensex, was up 38.99 points or 0.07% to 52,692.06. The Nifty 50 index added 20.85 points or 0.13% to 15,799.30.
In the broader market, the S&P BSE Mid-Cap index rose 0.71% while the S&P BSE Small-Cap index gained 0.78%.
The market breadth was strong. On the BSE, 1895 shares rose and 1134 shares fell. A total of 129 shares were unchanged.
Buzzing Index:
The Nifty Media index rose 2.01% to 1,797.10, extending gains for second day. The index has added 3% in two sessions.
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Sun TV Network (up 5.24%), Jagran Prakashan (up 2.85%), D.B.Corp (up 2.78%), PVR (up 2.03%), Zee Entertainment (up 1.81%), TV18 Broadcast (up 1.80%) and T.V. Today Network (up 1.02%) and Inox Leisure (up 0.99%) advanced.
Stocks in Spotlight:
KEC International rose 1.36% to Rs 435.05. The EPC company secured new orders of Rs 1,503 crore across its various businesses. The business secured orders of Rs 866 crore for T&D projects in India, SAARC, Africa, and the Americas.
Sterling and Wilson Solar fell 1.94% to Rs 287.70. The company announced plans to expand its renewable energy offerings to include EPC solutions for Hybrid Energy power plant, Energy Storage and Waste to Energy.
R Systems International jumped 11.70% to Rs 205.30. The company said that a meeting of the board of directors is scheduled to be held on 06 August 2021 to consider the proposal for buyback of equity shares of the company. On the same day, the board will also consider and approve the audited standalone financial results and the unaudited consolidated financial results of the company for the quarter and half year ended June 30, 2021.
Global Markets:
Asian stocks were trading mostly lower on Friday amid escalating coronavirus concerns. Chinese stocks continued to witness significant volatility, as losses were seen again - a day after they clawed back some gains following a dive early this week.
The surge in the COVID infections worldwide has been relentless, with spiking cases in the US and Japan so much so that the world's third-largest economy is set to expand the state of emergency on Friday to Tokyo's three neighboring prefectures of Osaka, Saitama, Chiba and Kanagawa.
The COVID-19 outbreak in Malaysia has become one of the worst globally. On a seven-day moving average basis, Malaysia reportedly recorded 483.72 confirmed Covid infections per million people on Wednesday the eighth highest globally and top in Asia. The country's daily reported deaths relating to COVID were around 4.90 per million people on Tuesday on a seven-day moving average basis. That is reportedly the 19th highest globally and third highest in Asia.
Japan's industrial output jumped 6.2% in June, sharply rising from a 6.5% drop in May. June retail sales rose 0.1% from a year earlier.
U.S. stocks rose to record levels on Thursday as investors shrugged off economic data pointing slower-than-expected growth.
The US economy expanded 6.5% annualized in the second quarter, according to government data released Thursday. The number of Americans collecting unemployment benefits slid last week. Jobless claims dropped by 24,000 to 400,000 last week, the Labor Department reported Thursday.
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