Local stocks are trading higher in early trade on positive global stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 222.21 points or 0.62% at 36,065.91. The Nifty 50 index was up 70.80 points or 0.67% at 10,622.50. The Sensex regained the 36,000 level in opening trade.
The S&P BSE Mid-Cap index was up 0.88%. The S&P BSE Small-Cap index was up 0.72%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1088 shares rose and 507 shares fell. A total of 88 shares were unchanged.
Stocks in news:
Reliance Industries (RIL) rose 0.96%. RIL and Jio Platforms announced today that Intel Capital will invest Rs 1,894.50 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Intel Capital's investment will translate into a 0.39% equity stake in Jio Platforms on a fully diluted basis. Intel Capital joins the list of firms who have recently invested in Jio Platforms, taking the total investment amount to Rs 117,588.45 crore.
Vedanta rose 0.8%. HDFC Life Insurance Company advanced 3.42%. Vedanta will be excluded from the Nifty 50 index and it will be replaced by HDFC Life Insurance Company. The change shall become effective from 31 July 2020.
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Hindustan Unilever rose 0.96%. The company yesterday announced the next step in the evolution of its skin care portfolio to a more inclusive vision of Positive Beauty, and introduces Glow & Lovely, the new name for the Fair & Lovely brand. Over the next few months, Glow & Lovely will be on the shelves, and future innovations will deliver on this new proposition. The Men's range of Fair & Lovely will be called 'Glow & Handsome'.
Muthoot Finance advanced 2.16% after the company said that a meeting of the board of directors is scheduled to be held on 18 July 2020 to consider and approve the proposal for sub-division / stock split of equity shares of the company. Besides, approval of shareholders for increase the borrowing powers of the board of directors of the company from existing Rs 50,000 crore to Rs 75,000 crore.
Motherson Sumi Systems (MSSL) dropped 4.88%. The board of directors of Motherson Sumi Systems approved a group reorganization plan. The reorganization realigns interests of all its stakeholders and creates a simplified corporate structure for growth of businesses across product portfolios within auto components space and allied operations. The reorganization plan approved by the respective boards of MSSL and Samvardhana Motherson International (SAMIL) among other things, entails demerger of Domestic Wiring Harness (DWH) business from MSSL into a new company which is in the process of being incorporated as a wholly owned subsidiary of MSSL (New Co.) and subsequent merger of SAMIL into MSSL to consolidate 100% shareholding in Samvardhana Motherson Automotive Systems Group BV (SMRP BV) as well as to bring all auto component and allied businesses in SAMIL under MSSL.
J.B. Chemicals & Pharmaceuticals rose 1.57%. Tau Investment Holdings Pte. (acquirer) announced open offer for acquisition of up to 20,093,346 equity shares of J.B. Chemicals & Pharmaceuticals together with Tau Holdco Pte. and KKR Asia III Fund Investments Pte from the public shareholders. The open offer is being made at a price of Rs 745 per equity share.
VST Tillers Tractors gained 2.18%. The company reported sales of 805 tractors in June 2020 as against 728 units in June 2019. Sales of power tillers stood at 2,675 units against 3,325 units.
Global Markets:
Overseas, Asian stocks rose on Friday as positive economic data raised optimism over the prospects of an economic recovery from the coronavirus pandemic.
China's services sector expanded in June as the easing of coronavirus-related lockdown measures revised consumer demand, a private survey showed on Friday, though companies continued to shed jobs. The Caixin/Markit services Purchasing Managers' Index (PMI) rose to 58.4, the highest reading since April 2010, from May's 55 reading.
In US, Wall Street closed higher and the Nasdaq reached an all-time closing high on Thursday buoyed by a record surge in payrolls, which provided assurance that the U.S. economic recovery was well under way. Tesla Inc jumped 8% after the electric car maker's second-quarter vehicle deliveries beat estimates.
US employers added a substantial 4.8 million jobs in June, and the unemployment rate fell to 11.1%, as the job market improved for a second straight month.
US markets are closed on Friday in observance of Independence Day.
Back home, domestic shares rallied on Thursday, mirroring positive global markets as increasing optimism for a safe and effective COVID-19 vaccine eased concerns about a second wave of infections. The barometer S&P BSE Sensex rallied 429.25 points or 1.21% at 35,843.70. The Nifty 50 index jumped 121.65 points or 1.17% at 10,551.70.
Foreign portfolio investors (FPIs) sold shares worth Rs 556.72 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 908.64 crore in the Indian equity market on 2 July, provisional data showed.
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