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 80.14 points or 0.21% at 38,924.02. The Nifty 50 index was up 30.80 points or 0.27% at 11,503.05. The Nifty moved above the 11,500 mark.
The S&P BSE Mid-Cap index was up 0.52%. The S&P BSE Small-Cap index was up 0.55%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1191 shares rose and 526 shares fell. A total of 71 shares were unchanged.
Stocks in news:
Va Tech Wabag lost 5.1% to Rs 215.70. The company's board has approved issuance of up to 75 lakh shares on a preferential basis at Rs 160 per share aggregating to Rs 120 crore.
Indiabulls Ventures rose 3.07%. Indiabulls Ventures said that the meeting of the board of directors of the company is scheduled on 28 August 2020, to consider and approve preferential issue of its equity shares, including its pricing, to certain foreign investor(s).
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FDC gained 5.5% after the company announced its foray in the fight against COVID-19 by launching two variants of the COVID-19 drug, Favipiravir - PiFLU and Favenza - which will be used to treat mild to moderate cases of COVID-19 in India. FDC's PiFLU and Favenza is currently available across the country.
Ircon International fell 1.76% after the company reported 76.18% fall in consolidated net profit to Rs 34.46 crore on 51.71% fall in total income to Rs 549.29 crore in Q1 June 2020 over Q1 June 2019.
Can Fin Homes advanced 4.72% after the company reported 15.04% rise in net profit to Rs 93.16 crore on 7.92% rise in total income to Rs 522.50 crore in Q1 June 2020 over Q1 June 2019.
Acrysil rose 3.48%. Acrysil said that the company is expanding its production capacity of its Quartz Kitchen sinks by 20% through brownfield expansion at its Bhavnagar plant in Gujarat. The total capital expenditure envisaged is approximately Rs 15 crore.
JMC Projects (India) jumped 13.17% after the company secured new orders of Rs 554 crore including Building Project in South India totalling Rs 315 crore and Factory Project in Maharashtra of Rs 239 crore.
Global Markets:
Overseas, Asian stocks are trading mixed on Wednesday, following a mixed Wall Street lead as markets cheered signs of progress in US-Sino trade negotiations but remained cautious about the broader economic outlook.
Top U.S. and Chinese officials reportedly reaffirmed their commitment to a trade deal that had appeared on shaky ground because of worsening bilateral ties following weeks of escalating tensions between the world's two largest economies.
China's central bank said it has injected 200 billion yuan ($28.94 billion) through 14-day reverse repo operations into the banking system on Wednesday.
In US, the S&P 500 and the Nasdaq hit all-time closing highs on Tuesday, but a drop in Apple stock capped gains from positive developments in U.S.-China trade and fresh progress in the medical battle against the coronavirus pandemic. The Dow ended the session lower.
British drugmaker AstraZeneca has begun trials of its antibody-based drug for the treatment and prevention of COVID-19, the latest development in a global race to combat the pandemic.
On the economics front, the Conference Board's Consumer Confidence index plunged to a 6-year low this month, while a report from the Commerce Department showed sales of new homes in July surged to a more than 13-1/2-year high.
Back home, domestic equity barometers endured significant volatility and ended with minor gains on Tuesday. Positive global cues boosted sentiment. However, gains were capped due to profit selling after recent steep rise. The barometer index, the S&P BSE Sensex, advanced 44.80 points or 0.12% at 38,843.88. The Nifty 50 index added 5.80 points or 0.05% at 11,472.25. The Nifty has risen 1.41% in three straight sessions.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,481.20 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 172.97 crore in the Indian equity market on 25 August, provisional data showed.
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