Volatility struck bourses in early trade as the key benchmark indices regained positive zone after opening lower. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 29.96 points or 0.05% at 55,467.25. The Nifty 50 index was up 9.05 points or 0.05% at 16,538.15. The Sensex hit record high of 55,514 in early trade. The Nifty scaled record high of 16,550.75 in early trade. Asian stocks are trading lower.
The S&P BSE Mid-Cap index was off 0.01%. The S&P BSE Small-Cap index was down 0.11%.
The market breadth, indicating the overall health of the market, is slightly negative. On the BSE, 1203 shares rose and 1260 shares fell. A total of 104 shares were unchanged.
Stocks in news:
Oil and Natural Gas Corporation (ONGC) rose 1.46%. On a consolidated basis, Oil and Natural Gas Corporation (ONGC) reported a net profit of Rs 5,985.16 crore in Q1 FY22, steeply higher than net profit of Rs 115.89 crore in Q1 FY21. Net sales during the quarter rose 73% YoY to Rs 108135.63 crore.
Mahindra & Mahindra (M&M) rose 1.77%. M&M announced launch of the all-new XUV700. Bookings will begin before the festive season. The XUV700 will come in variants that include diesel and gasoline, manual and automatic options and with 5 and 7-Seater capacity. It will also be available in an optional All-Wheel-Drive (AWD) spec.
HCL Technologies fell 0.09%. HCL Technologies announced Rogers Communications, a leading Canadian telecom service provider and media company, has selected HCL to expand support of operational stability excellence in business and operational support systems and corporate IT systems. This new multi-year agreement strengthens HCL's managed services partnership with Rogers that began in 2016.
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Reliance Industries (RIL) fell 0.26%. RIL's subsidiary Reliance Jio Infocomm (RJIL) announced that it has concluded the definitive Agreement entered with Bharti Airtel for acquisition of right to use spectrum in the 800MHz band in Andhra Pradesh (2 x 3.75 MHz), Delhi (2 x 1.25 MHz) and Mumbai (2 x 2.5 MHz) circles through spectrum trading, which has been taken on record by DOT.
Glenmark Pharmaceuticals rose 1.39% after the company posted a 20.7% rise in consolidated net profit to Rs 306.53 crore on 27.6% increase in net sales to Rs 2,946 crore in Q1 FY22 over Q1 FY21.
Burger King India rose 0.82%. Burger King India reported net loss of Rs 44.35 crore in Q1 FY22, lower than net loss of Rs 80.45 crore in Q1 FY21. Net sales surged 288.9% to Rs 149.73 crore in the first quarter as against Rs 38.50 crore reported in the same period year.
Global Markets:
Overseas, Asian stocks are trading lower on Monday as the delta virus strain hampers economic reopening and as investors reacted to the release of economic data. South Korea's markets are closed on Monday for a holiday.
Retail sales in China rose 8.5% in July as compared with a year ago, according to official data released Monday. Meanwhile, industrial production grew 6.4% in July.
Japan's GDP rose 0.3% in the second quarter as compared with the previous three months, when it contracted 0.9%, according to official preliminary estimates released Monday.
In US, the Dow Industrial and S&P 500 edged up to closing records on Friday, buoyed by a climb in Walt Disney shares, but a sharp drop in consumer sentiment kept gains in check.
The University of Michigan's sentiment read for August printed at just 70.2, the weakest since December 2011.
Back home, the domestic equity barometers ended with solid gains on Friday. The barometer index, the S&P BSE Sensex, advanced 593.31 points or 1.08% to 55,437.29. The Nifty 50 index added 164.70 points or 1.01% to 16,529.10.
Foreign portfolio investors (FPIs) bought shares worth Rs 819.77 crore, while domestic institutional investors (DIIs), were also net buyers to the tune of Rs 149.50 crore in the Indian equity market on 13 August, provisional data showed.
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