Local stocks are trading firm in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 359.65 points or 1% at 36,392.71. The Nifty 50 index was up 100.40 points or 0.95% at 10,707.75. Positive Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 0.76%. The S&P BSE Small-Cap index was up 0.74%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1045 shares rose and 468 shares fell. A total of 66 shares were unchanged.
Stocks in news:
Reliance Industries (RIL) rose 1.24%. RIL will hold its 43rd annual general meeting (AGM) today, 15 July 2020.
Wipro jumped 10%. The company reported a 2.76% rise in consolidated net profit to Rs 2390.40 crore on a 5% decline in revenue from operations to Rs 14913.10 crore in Q1 June 2020 over Q4 March 2020. Consolidated profit before tax (PBT) stood at Rs 3095 crore in Q1 June 2020, rising 4.3% from Rs 2965.8 crore in Q4 March 2020.
Also Read
Wipro signed an agreement to acquire Brazil based IVIA Servis de Informica. IVIA's local talent and long-standing relationships combined with Wipro's global expertise will help expand the geographical footprint in Brazil. The acquisition will also help Wipro set up delivery centres in the North East of Brazil leveraging IVIA's workforce. The acquisition is subject to customary closing conditions and is likely to be completed in the quarter ending September 30.
Infosys gained 2.93% ahead of its Q1 result today, 15 July 2020.
Bharti Airtel fell 1.08%. Bharti Airtel and Verizon, one of the largest communication technology companies in the world, announced a strategic alliance to bring secure, world-class video conferencing solutions to businesses in India. As part of this partnership, Airtel will offer secure enterprise-grade video conferencing solutions under the brand name - Airtel BlueJeans - to enterprise customers in India.
Emami shed 0.35%. Emami said that the group has completed sale of Emami Cement to Nuvoco Corporation for an enterprise value of Rs 5,500 crore. The deal was completed with the transfer of 100% of Emami Cement shares to Nuvoco Corporation (NVCL) by Emami Group on 14th July 2020.
Yes Bank rose 2.63% to Rs 21.50. Yes Bank said that the Capital Raising Committee of the Board of Directors of the Bank (CRC) , approved the allocation of 3,415,384,614 equity shares at Rs 12 per share to 12 anchor investors. Yes Bank's further public offer (FPO) of around Rs 15,000 crore will open on July 15, 2020, and close on July 17, 2020. The bank has fixed a price band of Rs 12 to 13 per equity share.
Oberoi Realty dropped 2.1% after the company reported 81.54% fall in consolidated net profit to Rs 28.07 crore on 79.28% fall in total income to Rs 128.34 crore in Q1 June 2020 over Q1 June 2019.
Global Markets:
Overseas, Asian stocks are trading higher as hopes for a coronavirus vaccine rise. Biotech firm Moderna's potential vaccine to prevent Covid-19 produced a robust immune response, or neutralizing antibodies, in all 45 patients in its early stage human trial, as per reports.
The Bank of Japan is expected to hold steady on policy after today's meeting. Investors will be gauging officials' economic projections and any reassurances of additional stimulus if needed.
In US, Wall Street surged on Tuesday, with the Dow Jones Industrial Average ending more than 2% higher as investors bought energy and materials stocks and looked beyond a recent rise in coronavirus cases.
Simmering tensions between the United States and China loom large, as U.S. President Donald Trump on Tuesday said he signed legislation to impose sanctions on China in response to its interference with Hong Kong's autonomy. Trump also said he signed an executive order ending Hong Kong's special status with the U.S.
Fed officials warned the U.S. economy faces a longer recovery from the pandemic, and economic pain could still worsen as cases mount.
Back home, domestic equity benchmarks slumped on Tuesday, dragged by bank shares. The barometer S&P BSE Sensex tumbled 660.63 points or 1.80% at 36,033.06. The Nifty 50 index slumped 195.35 points or 1.81% at 10,607.35.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,565.62 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 649.70 crore in the Indian equity market on 14 July, provisional data showed.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content