Key indices surged in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 343.48 points or 0.91% at 38,031.39. The Nifty 50 index was up 91.15 points or 0.82% at 11,186.40. The Sensex regained 38,000 level.
The S&P BSE Mid-Cap index was up 1.16%. The S&P BSE Small-Cap index was up 1.01%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1225 shares rose and 410 shares fell. A total of 85 shares were unchanged.
Cues to watch:
The Reserve Bank of India's three-day monetary policy meet headed by the Governor, Shaktikanta Das commenced yesterday, 4 August 2020. The MPC will announce its policy stance tomorrow, 6 August 2020. Investors and traders will also keep an eye on whether RBI extends moratorium beyond August 2020.
Stocks in news:
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Axis Bank rose 2.74% to Rs 440.65. Axis Bank set a floor price of Rs 442.19 per equity share for its proposed Rs 15,000 crore qualified institutional placement (QIP). The board of the bank had last month approved the Rs 15,000 crore fund raise plan.
Unichem Laboratories lost 2.53%. Unichem Laboratories reported consolidated net profit of Rs 2.43 crore in Q1 June 2020 as compared to net loss of Rs 6.19 crore in Q1 June 2019. Total income rose 11.54% to Rs 334.02 crore in Q1 June 2020 over Q1 June 2019.
Tata Consumer Products gained 2.16% after reporting 88.53% surge in consolidated net profit to Rs 327.56 crore on 15.85% rise in total income to Rs 2,809.93 crore in Q1 June 2020 over Q1 June 2019.
P I Industries surged 4.73% after the company reported 43.21% rise in consolidated net profit to Rs 145.50 crore on 40.05% rise in total income to Rs 1,073.10 crore in Q1 June 2020 over Q1 June 2019.
Jindal Saw lost 3.29% after the company reported consolidated net loss of Rs 9.24 crore in Q1 June 2020 as compared to net profit of Rs 131.37 crore in Q1 June 2019. Total income fell 45.42% to Rs 1,682.03 crore in Q1 June 2020 over Q1 June 2019.
Astral Poly Technik rose 0.5%. Astral Poly Technik reported 57.75% fall in consolidated net profit to Rs 19.90 crore on 33.52% fall in total income to Rs 407.80 crore in Q1 June 2020 over Q1 June 2019.
Geojit Financial Services jumped 4.48% after the company reported 659.55% surge in consolidated net profit to Rs 23.85 crore on 23% rise in total income to Rs 91.07 crore in Q1 June 2020 over Q1 June 2019.
Global Markets:
Overseas, Asian stocks were trading mixed Wednesday as uncertainty remains over the state of coronavirus relief stateside.
Growth in China's services sector slowed in July from a decade high the previous month. The Caixin/Markit services Purchasing Managers' Index (PMI) fell to 54.1 from June's 58.4, which was the highest reading since April 2010. The 50-mark separates growth from contraction on a monthly basis.
In US, Wall Street ended higher after a choppy session on Tuesday, lifted by Apple and energy stocks but limited by declines in AIG and Microsoft.
White House negotiators late Tuesday vowed to work around the clock to reach a spending deal by the end of the week, but the Treasury Secretary warned they were not going anywhere close to the $3.4 trillion Democratic leaders sought.
Meanwhile, senior U.S. and Chinese officials will reportedly review the implementation of their Phase 1 trade deal and likely air mutual grievances in an increasingly tense relationship during an August 15 videoconference. U.S. Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He, the principal negotiators for the two countries, will participate in the meeting, an initial six-month review of the pact activated on February 15.
Back home, key domestic benchmarks surged on Tuesday, snapping their four-day losing streak. Rally in Reliance Industries and private banks pushed the indices higher. Firmness in other Asian indices boosted sentiment. The barometer index, the S&P BSE Sensex jumped 748.31 points or 2.03% at 37,687.91. The Nifty 50 index rallied 203.65 points or 1.87% at 11,095.25.
Foreign portfolio investors (FPIs) bought shares worth Rs 703.74 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 665.69 crore in the Indian equity market on 4 August, provisional data showed.
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