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 213.20 points or 0.41% at 52,585.89. The Nifty 50 index was up 68 points or 0.43% at 15,760.60. Positive Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 0.12%. The S&P BSE Small-Cap index was up 0.46%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1890 shares rose and 685 shares fell. A total of 97 shares were unchanged.
On the macro front, the country's retail inflation, measured by the Consumer Price Index (CPI), eased marginally to 6.26% in the month of June. Separately, India's factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a year-on-year growth of 29.3% in May, two separate data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed on Monday.
The retail inflation during the month of May was at 6.30%. The IIP had crashed (-)33.4% on-year to 90.2 in May 2020, the data showed. This was mainly due to the nationwide lockdown which was imposed last year to curb the first wave of coronavirus (Covid-19) pandemic.
Stocks in news:
Reliance Industries (RIL) rose 0.64%. RIL informed that the company has invested Rs. 1,00,000 in cash in 10,000 equity shares of Rs. 10 each of 'Reliance New Energy Solar Limited' (RNESL), a newly incorporated wholly owned subsidiary. RNESL is incorporated to undertake activities relating to solar energy. RNESL is yet to commence its business operations.
FDC gained 2.36%. FDC announced the launch of India's first oral suspension of Favipiravir - Favenza Oral Suspension, used to treat mild to moderate cases of COVID-19. This prescription-only solution is currently available at all retail medical outlets and hospital pharmacies across the country.
Sunteck Realty jumped 6.65%. Sunteck Realty in its Q1 FY22 operational updates said the company's pre-sales grew by 74% YoY in Q1FY22 to Rs 176 crore, and collections grew by 165% YoY in Q1FY22 to Rs 172 crore.
Ashoka Buildcon advanced 2.82%. Ashoka Buildcon has received Letter of Acceptance from National Highways Authority of India ('NHAI') for development of Memmadpur (Ambala) - Banur (IT City Chowk) - Kharar (Chandigarh) Corridor for a bid price of Rs 726 crore.
Shilpa Medicare rose 1.8%. Shilpa Medicare said that the board of directors, approved the transfer of API Business of the company consisting of Unit-1 and Unit-2 situated at Raichur, Karnataka by way of slump sale to a wholly owned subsidiary of the company (to be incorporated).
Xelpmoc Design and Tech rose 2.69%. Xelpmoc Design and Tech said its board of directors would meet on July 15 to consider a proposal of fund raising by issuance of equity shares or any other securities.
Global Markets:
Asian stocks are trading higher on Tuesday as investors awaited the release of China's trade data for June.
Wall Street's main indexes rose on Monday, with the Nasdaq and the S&P 500 hitting record highs as investors awaited the start of the second-quarter earnings season and a batch of economic data to gauge the next leg of the equity market.
Investors appeared cautiously optimistic ahead of the start of second-quarter earnings reports. Investors also anticipate important data to be released this week, including key readings on inflation on Tuesday and Wednesday, and June retail sales on Friday.
Federal Reserve chair Jerome Powell is set to testify before Congress on Wednesday and Thursday, and investors will be looking for any signals of fiscal policy updates.
Back home, the benchmark indices ended near flat line after a volatile session on Monday. The barometer index, the S&P BSE Sensex, fell 13.50 points or 0.03% to 52,372.69. The Nifty 50 index rose 2.80 points or 0.02% to 15,692.60.
Foreign portfolio investors (FPIs) sold shares worth Rs 745.97 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 447.42 crore in the Indian equity market on 12 July, provisional data showed.
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