Key indices 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 89.26 points or 0.24% at 36,576.54. The Nifty 50 index was up 12.85 points or 0.12% at 10,776.50.
The S&P BSE Mid-Cap index was up 0.03%. The S&P BSE Small-Cap index was up 0.53%.
The market breadth, indicating the overall health of the market, is positive. On the BSE, 885 shares rose and 734 shares fell. A total of 82 shares were unchanged.
Stocks in news:
Bajaj Finance gained 2.81%. Bajaj Finance said that customer franchise as of 30 June 2020 stood at 43 million as compared to 36.9 million as of 30 June 2019. During the quarter, the company acquired 0.5 million new customers. Assets under management (AUM) stood at approximately Rs 138,000 crore as of 30 June 2020 as compared to Rs 128,898 crore as of 30 June 2019. The company continues to remain well capitalized with capital adequacy ratio (CRAR) of approximately 26.4% as of 30 June 2020. Deposit book stood at approximately Rs 20,000 crore as of 30 June 2020 compared to Rs 15,084 crore as of 30 June 2019.
Godrej Consumer Products fell 0.11%. Godrej Consumer Products in its quarterly update for Q1 June 2020 said that while the company did see impact of lockdown in the early part of the quarter, it displayed strong agility in ramping up the production and resolving logistics challenges. The demand trends were mixed for the categories and geographies of operations.
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Shriram Transport Finance Company fell 0.29% to Rs 695.45. The Securities Issuance Committee of Shriram Transport Finance Company approved rights issue of equity shares for an amount not exceeding Rs 1,500 crore. Issue price is Rs 570 per share. Rights entitlement ratio is 3 rights equity shares for every 26 equity shares held. The Securities Issuance Committee has fixed 10 July 2020 as the record date for the purpose of determining the equity shareholders entitled to receive the rights entitlement in the rights issue of equity shares.
PVR shed 0.33% to Rs 1,040. PVR said its board of directors has fixed rights issue price of Rs 784 per equity share and rights entitlement ratio of 7 fully paid-up equity shares for every 94 equity share held. The record date for the purpose of determining the shareholders eligible to apply for the equity shares in the rights issue is 10 July 2020.
Punjab National Bank fell 0.94%. A meeting of the board of directors of the bank is scheduled on 9 July 2020 to consider and approve considering the raising of capital and opening balance sheet of the amalgamated bank as at 1 April 2020.
Canara Bank declined 1.24%. A meeting of the board of directors of the bank is scheduled on 10 July 2020 to consider the capital raising plan of the bank for the year 2020-21.
Global Markets:
Overseas, Asian stocks are trading higher on Tuesday as investors weighed growing expectations of an economic rebound in China and a resurgent US services industry.
In US, stocks finished sharply higher Monday, with the Nasdaq scoring a record close, as a rebound in U.S. services industry activity in June and expectations of a revival in China's economy boosted optimism, helping investors look past a surge in new coronavirus cases in the United States.
The gains came despite a record surge in new COVID-19 cases in 16 states in the United States this month that could further hamper reopening plans and create a risk to the economic recovery.
Amazon.com, Inc.'s stock rose 5.8% to close at $3,057 a share, topping the $3,000 level for the first time in its history and clinching a $1.5 trillion valuation.
The Institute for Supply Management's (ISM) non-manufacturing activity index almost returned to its pre-COVID-19 pandemic levels last month, jumping to a reading of 57.1, the highest since February, from 45.4 in May, a report showed.
Back home, domestic shares advanced for the fourth straight session on Monday, tracking positive global cues. The barometer S&P BSE Sensex rallied 465.86 points or 1.29% at 36,487.28. The Nifty 50 index surged 156.30 points or 1.47% at 10,763.65.
Foreign portfolio investors (FPIs) bought shares worth Rs 348.35 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 263.47 crore in the Indian equity market on 6 July, provisional data showed.
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