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 163 points or 0.45% at 36,634.68. The Nifty 50 index was up 61.80 points or 0.58% at 10,801.75.
The S&P BSE Mid-Cap index was up 0.65%. The S&P BSE Small-Cap index was up 0.61%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 949 shares rose and 500 shares fell. A total of 67 shares were unchanged.
On the macro front, India's services exports declined 10.2% to US$ 16.77 billion in May 2020 over May 2019. Meanwhile, India's services imports dipped 20.4% to US$ 9.94 billion in May 2020. India's services trade surplus improved 10.4% to US$ 6.83 billion in May 2020 from US$ 6.19 billion in May 2019.
Oil prices fell on Thursday after OPEC+ agreed to ease record supply curbs and as new infections of the novel coronavirus continue to surge in the United States.
Stocks in news:
HCL Technologies rose 0.79% ahead of its quarterly result today, 17 July 2020.
Bharti Airtel rose 0.52%. Bharti Airtel said that commercial papers bearing ISIN no. INE397D14233 issued on April 20, 2020 have been paid by the company on July 15, 2020 (on the maturity date).
L&T Technology Services dropped 5.69%. The company has signed a Share Purchase Agreement (SPA) to acquire Orchestra Technology, Inc for $25 million to be paid in tranches. Orchestra Technology is a specialist technology partner for the wireless and mobile eco-systems.
L&T Finance Holdings rose 1.76%. The company's consolidated net profit dropped 72.98% to Rs 148.31 crore on 1.8% fall in total income to Rs 3,623.14 crore in Q1 June 2020 over Q1 June 2019.
Endurance Technologies rose 1.18%. Endurance Technologies said that Endurance SpA, one of the step-down and the major operating subsidiary in Italy has decided to undertake consolidation of its foundry activities whereby the plant operations, including workmen and necessary plant and machinery, from Grugliasco are shifted to the Chivasso plant. This aims to improve the operating & cost efficiencies and achieve economies of scale which is expected to result in annual savings of around Euro 600,000.
PTC India gained 3.43%. PTC India Financial Services jumped 10%. The Board of Directors of PTC India had recommended a proposal to the shareholders regarding dilution of the company's holding in its subsidiary PTC India Financial Services (PFS) in a form and manner which is determined to be in the interest of the Company and its shareholders.
Global Markets:
Overseas, Asian stocks are trading higher on Friday, shrugging off an overnight fall in US stocks as the United States prepares to debate fresh economic stimulus to see the country through its coronavirus outbreak.
In US, stocks dropped on Thursday, as elevated levels of unemployment claims heightened concerns about the economic toll from rising coronavirus cases.
Congress is reportedly set to begin debating such a package next week, as several states in the South and West implement fresh lockdown measures to curb cases. Meanwhile, the Trump administration is reportedly considering banning travel to the United States by all members of the Chinese Communist Party.
New data from the U.S. Labor Department found 1.3 million people filed for jobless benefits, largely unchanged from the prior week. U.S. retail sales jumped 7.5%.
Back home, amid bouts of volatility, the main equity benchmarks ended near the day's high on Thursday. The barometer S&P BSE Sensex surged 419.87 points or 1.16% at 36,471.68. The Nifty 50 index jumped 121.75 points or 1.15% at 10,739.95.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,091.08 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,659.91 crore in the Indian equity market on 16 July, provisional data showed.
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