Key indices are trading higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 294.86 points or 0.87% at 34,275.56. The Nifty 50 index was up 93.60 points or 0.93% at 10,122.70. Asian stocks are trading mixed.
The S&P BSE Mid-Cap index was up 0.99%. The S&P BSE Small-Cap index was up 1.32%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1152 shares rose and 228 shares fell. A total of 45 shares were unchanged.
Stocks in news:
Reliance Industries (RIL) rose 1.55%. RIL and Jio Platforms announced today that Mubadala Investment Company (Mubadala), the Abu Dhabi-based sovereign investor, will invest Rs 9,093.60 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Mubadala's investment will translate into a 1.85% equity stake in Jio Platforms on a fully diluted basis.
HCL Technologies (HCL) slipped 0.06%. HCL and Google Cloud yesterday announced the expansion of their strategic partnership to bring HCL's software offerings, starting with HCL Commerce, to Google Cloud. Google Cloud will be the preferred cloud platform for HCL Commerce, providing global, secure and elastic infrastructure to power businesses' eCommerce strategies. Under this partnership, HCL also intends to leverage Anthos to enable multi-cloud and hybrid-cloud deployments of HCL Commerce.
DLF lost 2.28%. DLF reported consolidated net loss of Rs 1,857.76 crore in Q4 March 2020 as compared to net profit of Rs 436.56 crore in Q4 March 2019. Total income fell 32.8% to Rs 1,873.80 crore in Q4 March 2020 over Q4 March 2019.
SRF declined 2.33%. SRF reported 2.69% fall in consolidated net profit to Rs 185.75 crore on 5.12% fall in total income to Rs 1,864.15 crore in Q4 March 2020 over Q4 March 2019.
RITES advanced 2.64%. RITES said its subsidiary Railway Energy Management Company (REMCL) has secured its largest mandate from Indian Railways for handling tendering, installation supervision and managing power supply from 3 GW solar power plants to be set-up on vacant Indian Railway Land.
Global Markets:
Overseas, Asian stocks were trading mixed as investors awaited key U.S. jobs data.
In US, the S&P 500 lost ground on Thursday as investors took profits in advance of Friday's jobs report, ending a four-day rally driven by rising economic sentiment. The Nasdaq joined the S&P 500 in negative territory, while the blue-chip Dow posted a nominal gain.
The Dow Jones Industrial Average rose 11.93 points, or 0.05%, to 26,281.82, the S&P 500 lost 10.52 points, or 0.34%, to 3,112.35 and the Nasdaq Composite dropped 67.10 points, or 0.69%, to 9,615.81. Shares of Boeing Co. closed 6.4% higher as more airlines resumed flying. Shares of American Airlines Group Inc. soared more than 41%, notching a record gain Thursday, to lead a broad rally in the airline sector, after the carrier said it was boosting capacity amid increasing signs that the worst of the COVID-19-related crisis was over.
The US trade deficit surged in April as the COVID-19 pandemic upended the global flow of goods and services, pushing exports to a 10-year low. The Commerce Department said on Thursday the trade deficit jumped 16.7 percent to $49.4 billion.
In April, exports dropped a record 20.5 percent to $151.3 billion, the lowest since April 2010. Goods exports plunged 25.2 percent to $95.5 billion, the lowest since September 2009. Exports of motor vehicles and parts fell to $3.8 billion, the lowest since March 1992. Shipments of consumer goods dropped to $10.4 billion, the lowest since April 2006.
In Europe, the European Central Bank has boosted its pandemic emergency support program by an unexpectedly large 600 billion euros to 1.35 trillion euros ($1.5 trillion) in an effort to keep affordable credit flowing to the economy during the steep downturn caused by the virus outbreak. The central bank also said it would extend the program until June 2021, and reinvest maturing PEPP securities until at least the end of 2022.
Back home, barometers ended with small losses on Thursday, snapping a six-day rising streak. Selling in banks stocks put pressure on bourses. Banks corrected after the Supreme Court (SC) raised concerns over levying of interests on loans during the six-month moratorium period. The barometer S&P BSE Sensex lost 128.84 points or 0.38% at 33,980.70. The Nifty 50 index fell 32.45 points or 0.32% at 10,029.10. Both these indices rallied over 11% in previous six trading sessions.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,905.04 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 847.31 crore in the Indian equity market on 4 June, provisional data showed.
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