Local stocks are trading higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 161.76 points or 0.46% at 35,592.19. The Nifty 50 index was up 55.50 points or 0.53% at 10,526.50.
The S&P BSE Mid-Cap index was up 0.66%. The S&P BSE Small-Cap index was up 0.59%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1268 shares rose and 469 shares fell. A total of 73 shares were unchanged.
Stocks in news:
Wipro rose 0.16%. Wipro announced that it has been awarded a strategic, multi-year infrastructure modernization and digital transformation services engagement by Germany-based energy company E.ON.
Asian Paints advanced 4.18%. Asian Paints reported 2.07% fall in consolidated net profit to Rs 461.89 crore on 7.11% fall in total income to Rs 4,695.35 crore in Q4 March 2020 over Q4 March 2019.
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Berger Paints India rose 1.35%. The company reported 6.37% fall in consolidated net profit to Rs 103.72 crore on 7.86% fall in total income to Rs 1,371.49 crore in Q4 March 2020 over Q4 March 2019.
EIH Associated Hotels lost 3.81% after the company reported 40.96% fall in consolidated net profit to Rs 10.74 crore on 17.58% fall in total income to Rs 72.86 crore in Q4 March 2020 over Q4 March 2019.
Balrampur Chini Mills rose 2.3% to Rs 137.80. The company reported 17.84% fall in consolidated net profit to Rs 234.84 crore on 31.93% rise in total income to Rs 1,761.29 crore in Q4 March 2020 over Q4 March 2019.
Separately, Balrampur Chini Mills' board of directors approved buyback of equity shares not exceeding one crore shares at Rs 180 per share through stock exchange and fixed July 3 as record date for determining the eligible shareholders to participate in the buyback offer.
Finolex Industries surged 5.22%. The company reported 39.04% fall in consolidated net profit to Rs 55.71 crore on 21.44% fall in total income to Rs 767.09 crore in Q4 March 2020 over Q4 March 2019.
JMC Projects (India) jumped 17.18% after the company secured new orders of Rs 938 crore. This include water supply projects in Uttar Pradesh totaling Rs 841 crore and building project in South India totaling Rs 97 crore.
Global Markets:
Overseas, Asian stocks rose to a four-month high on Wednesday as investors remained stubbornly upbeat on the outlook for a re-opening of the global economy even as cases of the coronavirus looked to be accelerating to new peaks.
In US, stock indexes closed higher Tuesday, with the Nasdaq Composite booking another record close, helped by improving economic data and optimism on Wall Street about the ability of the U.S. to respond to rising COVID-19 cases.
Technology and consumer-oriented stocks led the rally, with Apple posting an all-time record close, as investors responded to announcements from the tech giant's Worldwide Developers Conference. Apple Inc. announced new operating systems for its iPhones and computers and said it would use its own chips when building new Mac computers, ditching Intel's in the process.
Dr. Anthony Fauci, the nation's top infectious disease expert, warned Tuesday that the next couple of weeks are going to be critical in terms of the addressing a disturbing surge in COVID-19 cases across the United States, while also vowing to ramp up, not slow down, testing for the virus, in testimony before Congress on the federal response to the pandemic. He also reiterated a cautious optimism about the prospects for the development of a vaccine by year's end or early 2021.
In U.S. economic data, IHS Markit's preliminary, composite purchasing manager's index rose to 46.8 in June from 37 in May, highlighting a nascent economic recovery. The data showed the services sector index rose to 46.7 in June from 36.9 in May, and the manufacturing index recovered to 49.6, compared with 39.8 previously.
Back home, domestic shares ended sharply higher on Tuesday amid positive global cues. The barometer S&P BSE Sensex jumped 519.11 points or 1.49% at 35,430.43. The Nifty 50 index rallied 159.80 points or 1.55% at 10,471.
Foreign portfolio investors (FPIs) bought shares worth Rs 168.96 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 454.48 crore in the Indian equity market on 23 June, provisional data showed.
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