Key indices are trading higher in early trade. At 9:23 IST, the barometer index, the S&P BSE Sensex, was up 184.47 points or 0.51% at 36,513.48. The Nifty 50 index was up 45.40 points or 0.42% at 10,751.15.
The S&P BSE Mid-Cap index was up 0.61%. The S&P BSE Small-Cap index was up 0.4%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 961 shares rose and 479 shares fell. A total of 53 shares were unchanged.
Stocks in news:
IT bellwether TCS rose 0.81%. TCS will consider Q1 result today, 9 July 2020.
ICICI Bank rose 1.65%. The bank's board has approved raising of funds for an amount aggregating up to Rs 15000 crore, in one or more tranches by way of issuance of Securities, through one or more permissible mode(s) including but not limited to a private placement, preferential issue, qualified institutions placement, follow-on public offering or a combination thereof.
Also Read
State Bank of India (SBI) gained 1.48%. SBI said the executive committee of central board (ECCB) approved the formation of joint venture entity, SBICAP, its wholly owned subsidiary to invest in Investec Capital Services India to form a joint venture entity, along with transfer of SBICAP Securities institutional equities broking and research business to the JV entity proposed to be created.
Can Fin Homes advanced 2.48%. Can Fin Homes said that the meeting of the board of directors of the company is scheduled on 17 July 2020 to consider and approve the proposal of raising funds by way of issue of equity shares through qualified institutions placement and/or preferential issue to promoters or rights issue and/ or any other permissible securities.
GE T&D India rose 0.85%. GE T&D India said that ICRA has reaffirmed the Long-term and Short-term credit ratings of the company and has downgraded the outlook from stable to negative for long-term ratings.
South Indian Bank gained 4.39% after the bank reported 11.45% rise in net profit to Rs 81.65 crore on 4.58% rise in total income to Rs 2,171.86 crore in Q4 March 2020 over Q4 March 2019.
Global Markets:
Overseas, Asian stocks are trading mixed on Thursday as investors analysed gains in the U.S. amid simmering tensions between U.S. and China.
Producer price index slipped 3% year-on-year in June, according to data from China's National Bureau of Statistics. Meanwhile, the consumer price index rose 2.5% as compared with a year ago.
In US, stocks ended Wednesday higher, with the tech-heavy Nasdaq scoring an all-time record, as investors focused on stocks that can outperform amid an acceleration of coronavirus infections in about 30 American states and longer periods of working from home.
Equity markets booked gains Wednesday, even as investors focused on the question of whether unabated increases in COVID-19 cases in a number of U.S. states would delay economic recovery.
In separate appearances, three U.S. Federal Reserve officials said the pace of the economic recovery may be stalling, though another, St. Louis Fed President James Bullard, reportedly said he felt many lost jobs will be regained by year's end.
U.S. traded shares of Alibaba Group Holding rallied 9%, following a report that the Chinese e-commerce giant plans an initial public offering for Ant Financial Services Group. KKR & Co. stock gained 10% after it announced Wednesday an agreement to buy retirement and life insurance company Global Atlantic Financial Group.
Back home, the market corrected on Wednesday, snapping a five-day rising streak. Mixed global cues triggered profit booking in domestic shares. IT stocks tumbled while metal shares bucked trend. The barometer S&P BSE Sensex tumbled 345.51 points or 0.94% at 36,329.01. The Nifty 50 index lost 93.90 points or 0.87% at 10,705.75. Both these indices jumped about 5% in the past five trading sessions.
Foreign portfolio investors (FPIs) sold shares worth Rs 994.87 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 853.41 crore in the Indian equity market on 8 July, provisional data showed.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content