Key indices are trading lower in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 80.21 points or 0.23% at 34,166.84. The Nifty 50 index was down 33.90 points or 0.34% at 10,082.25.
The S&P BSE Mid-Cap index was up 0.56%. The S&P BSE Small-Cap index was up 0.5%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 968 shares rose and 548 shares fell. A total of 75 shares were unchanged.
Stocks in news:
Shree Cement rose 0.38%. CARE Ratings has reaffirmed rating for the company's commercial paper worth Rs 600 crore at A1+.
ONGC rose 0.62%. ONGC said that Moody's Investors Service has downgraded long term issuer ratings of the company from Baa2 to Baa3.
More From This Section
Shriram Transport Finance Company advanced 2.16%. The company's consolidated net profit fell 70.05% to Rs 224.35 crore on 7.46% rise in total income to Rs 4,173.04 crore in Q4 March 2020 over Q4 March 2019.
HSIL fell 3.72% after net profit fell 89.92% to Rs 3.38 crore on 3% fall in total income to Rs 482.13 crore in Q4 March 2020 over Q4 March 2019.
Shankara Building Products jumped 13.3% after consolidated net profit surged 597.53% to Rs 11.30 crore on 11.72% rise in total income to Rs 670.52 crore in Q4 March 2020 over Q4 March 2019.
Voltamp Transformers lost 7.26% after net profit dropped 64.13% to Rs 11.54 crore on 22.71% fall in total income to Rs 210.44 crore in Q4 March 2020 over Q4 March 2019.
Global Markets:
Overseas, Asian stocks are trading lower Thursday after the U.S. Federal Reserve indicated on Wednesday that it would keep interest rates near zero through 2022.
In US, stocks finished mostly lower Wednesday even though the Federal Reserve pledged to hold interest rates unchanged at near zero through 2022, while keeping up at least its current pace of bond buying to support credit markets through the pandemic.
The Dow and S&P 500 closed lower for a second day, while the Nasdaq Composite booked its first finish above the 10,000 level and set a new intra-day record, led by gains in Amazon, Apple, Alphabet and Netflix.
Investor reaction to the Fed's recent economic forecast was watched on Thursday. The U.S. central bank kept interest rates unchanged on Wednesday and indicated it does not expect to raise them through 2022. The Fed also expects the U.S. economy to contract by 6.5% in 2020 before expanding by 5% in 2021. Meanwhile, Fed's balance sheet has ballooned from about $4 trillion in March to $7.21 trillion as of last week, while its policy interest held steady at a range of 0% and 0.25%.
The central bank noted in the statement after its policy meeting ended that the viral outbreak has caused a sharp fall in economic activity and surge in job losses. Fed officials estimate that the economy will shrink 6.5% this year, in line with other forecasts, before expanding 5% in 2021. They foresee the unemployment rate at 9.3%, near the peak of the last recession, by the end of this year. The rate is now 13.3%.
The Fed also specified that it will buy $80 billion of Treasury securities a month and $40 billion in mortgage-backed securities. The central bank has been slowing its purchases from as high as $375 billion a month in March. But this is the first time that the Fed has indicated the size of the purchases it will pursue in the coming months.
Back home, key barometers ended with modest gains on Wednesday. The barometer S&P BSE Sensex rose 290.36 points or 0.86% at 34,247.05. The Nifty 50 index climbed 69.50 points or 0.69% at 10,116.15.
Foreign portfolio investors (FPIs) sold shares worth Rs 919.26 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 500.70 crore in the Indian equity market on 10 June, provisional data showed.
Powered by Capital Market - Live News