Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 306.38 points or 0.59% at 52,155.86. The Nifty 50 index was up 91.55 points or 0.59% at 15,667.75. The Nifty hit record high of 15,693.15 in early trade. Sentiment was positive as fresh covid cases continue to decline and vaccination pace picks up. Asian stocks are trading mixed.
The S&P BSE Mid-Cap index was up 0.82%. The S&P BSE Small-Cap index was up 0.95%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1831 shares rose and 484 shares fell. A total of 98 shares were unchanged.
Stocks in news:
Reliance Industries (RIL) rose 1.95%. RIL's latest annual report released on Wednesday showed that the company has pre-paid $7.8 billion of long-term foreign currency debt during FY21. Further, it has submitted a proposal for the application of Niclosamide as a potential drug against Covid-19.
RIL now has a strong balance sheet with high liquidity that will support growth plans for its three hyper-growth engines, Jio, Retail and Oil-to-Chemicals. Process of separating oil-to-chemicals businesses into a subsidiary is expected to be completed in 2021, RIL said.
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Wipro rose 0.33%. Wipro and Finastra, the largest pure-play software vendor that serves the entire financial services industry, announced a partnership to help corporate banks across AsiaPacific accelerate their digital transformation.
Tata Power Company rose 1.57%. The company's wholly-owned subsidiary Tata Power Solar has received Letter of Award (LoA) to build 210 MWp of Solar PV projects for NTPC. The total order value of the projects is approximately Rs 686 crore. The commissioning date for NTPC is set for November, 2022.
Persistent Systems rose 0.64%. Persistent Systems announced plans to expand its relationship with IBM to help fuel open hybrid cloud adoption, core IT modernization and digital transformation for customers across the enterprise.
NHPC rose 0.97%. NHPC said that the meeting of the board of directors of the company is scheduled on 10 June 2021, to consider and approve proposal to raise debt up to Rs 4300 crore through issuance of Corporate Bonds and /or raising of Term loans/External Commercial Borrowings.
Rossari Biotech rose 3.01%. Rossari Biotech announced that its Board of Directors has approved the acquisition of Unitop Chemicals. The total consideration for the acquisition of 100% equity stake is Rs 421 crore.
Global Markets:
Overseas, Asian stocks are trading mixed on Thursday, as investors reacted to data releases in Australia and China.
A private survey released Thursday showed slowing Chinese services activity growth in May. The Caixin/Markit services Purchasing Managers' Index for May came in at 55.1 on Thursday, lower than the reading of 56.3 in April. Still, that was well above the 50 level that separates expansion from contraction.
US stocks rose slightly on Wednesday with the S&P 500 hovering near an all-time high.
The U.S. Federal Reserve published its "Beige Book" report, which pointed to labour shortages and inflation pressures.
Philadelphia Fed President Patrick Harker said it's appropriate to slowly, carefully move back on bond purchases at the appropriate time.
Investors are also digesting President Joe Biden's plans to amend a U.S. ban on investments in companies linked to China's military, and looking ahead to Friday's U.S. jobs report for the latest insight into the rebound from the pandemic and inflation risks.
Back home, the key equity indices ended with minor cuts on Wednesday. The barometer index, the S&P BSE Sensex, declined 85.40 points or 0.16% to 51,849.48. The Nifty 50 index gained 1.35 points or 0.01% at 15,576.20.
Foreign portfolio investors (FPIs) bought shares worth Rs 921.10 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 241.76 crore in the Indian equity market on 2 June, provisional data showed.
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