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 97.94 points or 0.19% at 53,022.98. The Nifty 50 index was up 26.75 points or 0.17% at 15,887.10. The Sensex regained the psychological 53,000 mark in opening trade. Asian stocks are trading mixed.
The S&P BSE Mid-Cap index was up 0.3%. The S&P BSE Small-Cap index was up 0.6%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1774 shares rose and 856 shares fell. A total of 115 shares were unchanged.
Stocks in news:
Reliance Industries (RIL) rose 0.41%. RIL said that the Fluidized Catalytic Cracker Unit (FCCU) in SEZ refinery at Jamnagar which was taken for an emergency shutdown on June 6, 2021 has been restarted after carrying out necessary repairs. The Unit has since been stablized and normal throughput has been reached.
Lupin rose 0.49%. Lupin announced the launch of Emtricitabine and Tenofovir Disoproxil Fumarate Tablets 200 mg/300 mg, having received an approval from the United States Food and Drug Administration (FDA).
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Thyrocare Technologies dropped 4.42% to Rs 1,384. Thyrocare Technologies said that Docon Technologies (Acquirer) along with API Holdings (PAC ), in its capacity as the person acting in concert with the Acquirer, have announced an open offer for acquisition of up to 1,37,55,077 equity shares from the Public Shareholders of the company, representing 26% of the Expanded Voting Share Capital, at Rs 1,300 per share aggregating to total consideration of Rs 17,88,16,00,100 payable in cash.
Barbeque-Nation Hospitality rose 0.74% to Rs 900.25. The company's board of directors approved raising up to Rs 99.99 crore via share issue. The company will issue 11.77 lakh shares at Rs 849 per share to Massachusetts Institute of Technology, 238 Plan Associates LLC and Motilal Oswal Equity Opportunities Fund Series - II.
Zuari Agro Chemicals gained 4.95%. Zuari Agro Chemicals said that the Competition Commission of India (CCI) has approved the acquisition of the Goa plant of the company by Paradeep Phosphates.
SpiceJet rose 0.06%. SpiceJet informed that that the board of directors of the company in its meeting scheduled on 30th June 2021 will discuss and consider, interalia, options for raising fresh capital through issue of equity shares/debt instrument on preferential/qualified institutions placement basis.
Global Markets:
Asian stocks are trading mixed on Monday as a spike in coronavirus cases across Asia over the weekend hurt investor sentiment while oil hovered around 2-1/2 year highs.
Meanwhile, official data showed that China's industrial profits for May slowed. Data released Sunday by China's National Bureau of Statistics showed profits at China's industrial firms rose 36.4% in May as compared with a year earlier. That was a slowdown from the 57% year-on-year growth posted in April.
U.S. stocks rose on Friday with the S&P 500 building on its rally to records, as investors bet that higher inflation will be temporary as the economy continues to recover from the pandemic.
Bank shares jumped after the Federal Reserve announced the banking industry could easily withstand a severe recession. The Fed, in releasing the results of its annual stress test, said the 23 institutions in the 2021 exam remained well above minimum required capital levels during a hypothetical economic downturn. The decision cleared the way for the banks to raise dividends and buy back more stock, which was suspended during the pandemic.
A key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 1990s, the Commerce Department reported Friday.
Investors are concerned about a spike in coronavirus infections in Asia with Australia's most populous city of Sydney plunging into a lockdown after a cluster of cases involving the highly contagious Delta strain ballooned. Indonesia is battling record high cases while a lockdown in Malaysia is set to be extended. Thailand too announced new restrictions in Bangkok and other provinces.
Meanwhile, the World Health Organization on Friday urged fully vaccinated people to continue to wear masks, social distance and practice other Covid-19 pandemic safety measures as the highly contagious delta variant spreads rapidly across the globe. WHO officials have said the variant, first found in India but now in at least 92 countries, is the fastest and fittest coronavirus strain yet, and it will pick off the most vulnerable people, especially in places with low Covid vaccination rates.
Back home, key equity indices ended a lacklustre trading session with modest gains on Friday. The S&P BSE Sensex, rose 226.04 points or 0.43% to 52,925.04. The Nifty 50 index added 69.90 points or 0.44% to 15,860.35.
Foreign portfolio investors (FPIs) sold shares worth Rs 678.84 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,832.76 crore in the Indian equity market on 25 June, provisional data showed.
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