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 97.56 points or 0.29% at 34,054.25. The Nifty 50 index was up 25.05 points or 0.25% at 10,071.70.
The S&P BSE Mid-Cap index was up 0.11%. The S&P BSE Small-Cap index was up 0.23%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 937 shares rose and 517 shares fell. A total of 58 shares were unchanged.
Cues to watch:
Investors attention turns to the U.S. Federal Reserve, which wraps up its two-day meeting later on Wednesday. No major policy announcements are expected from the Fed, but the U.S. central bank will issue its first economic projections since December. Investors will be watching as the Fed attempts to gauge the economic cost of widespread pandemic-related lockdowns, as well as any hints of future stimulus.
Stocks in news:
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Wipro rose 0.3%. Wipro yesterday announced an expansion of its global strategic relationship with Amazon Web Services(AWS) in the area of DevOps. As a part of this alliance, both companies will collaborate to help global organizations leverage the benefits of automation, effective monitoring and rapid deployment leveraging DevOps.
Maruti Suzuki India rose 0.18%. Maruti Suzuki India said production in May 2020 stood at 3,714 vehicles as against 1,51,188 vehicles in May 2019.
Hero MotoCorp fell 1.62% after consolidated net profit dropped 21.62% to Rs 604.63 crore on 20.33% fall in total income to Rs 6,490.54 crore in Q4 March 2020 over Q4 March 2019.
Team Lease Services dropped 4.96% after the company reported consolidated net loss of Rs 29.43 crore in Q4 March 2020 as compared to a net profit of Rs 26.02 crore in Q4 March 2019. Total income during the period rose 15.1% to Rs 1,345 crore.
Gujarat Pipavav Port rose 2.57%. The company's consolidated net profit fell 9.12% to Rs 54.14 crore on 9.97% fall in total income to Rs 179.95 crore in Q4 March 2020 over Q4 March 2019.
Bombay Dyeing & Manufacturing Company lost 6.71% after consolidated net profit dropped 95.56% to Rs 48.57 crore on 88.67% fall in total income to Rs 318.15 crore in Q4 March 2020 over Q4 March 2019.
KRBL declined 5.42%. The company's consolidated net profit rose 8.05% to Rs 149.68 crore on 10.66% fall in total income to Rs 1,071.91 crore in Q4 March 2020 over Q4 March 2019.
Global Markets:
Overseas, Asian stocks were trading mixed on Wednesday as investors adopted a more cautious stance as attention turned to the U.S. Federal Reserve, which wraps up its two-day meeting later on Wednesday.
In economic data, China's inflation data for May missed street expectations. Its producer price index for May fell 3.7% from a year earlier, according to China's National Bureau of Statistics. Meanwhile, its consumer price index rose 2.4% year-on-year in May.
In US, the S&P 500 and Dow fell on Tuesday, pausing after recent strong gains as focus shifted to the Federal Reserve, while the Nasdaq ended at an all-time high for a second straight day after briefly rising above the 10,000 mark for the first time. Shares of online used-car seller Vroom Inc. soared 117.7% Tuesday, the first trading day after the company's initial public offering, ending at $47.90.
The Dow Jones Industrial Average fell 300.14 points, or 1.09%, to 27,272.3, the S&P 500 lost 25.21 points, or 0.78%, to 3,207.18 and the Nasdaq Composite added 29.01 points, or 0.29%, to 9,953.75 after briefly touching an all-time intraday high of 10,002.50.
Back home, the market ended with steep losses on Tuesday, due to profit selling after recent run up in share prices. Correction in index pivotals Reliance Industries, HDFC bank and ICICI Bank put pressure on bourses. The barometer S&P BSE Sensex fell 413.89 points or 1.20% at 33,956.69. The Nifty 50 index fell 120.80 points or 1.19% at 10,046.65.
Foreign portfolio investors (FPIs) bought shares worth Rs 490.81 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 733.33 crore in the Indian equity market on 9 June, provisional data showed.
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