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 167.60 points or 0.44% at 38,478.09. The Nifty 50 index was up 46.85 points or 0.41% at 11,347.30.
The S&P BSE Mid-Cap index was up 0.26%. The S&P BSE Small-Cap index was up 0.64%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1170 shares rose and 662 shares fell. A total of 89 shares were unchanged.
Inflation data:
India's retail inflation stood at 6.93% for the month of July as against 6.23% in the month-ago period, data released yesterday showed. The consumer price index (CPI)-based inflation rate for June has been revised from 6.09% to 6.23%.
Results today:
Hindalco Industries, NTPC, Glenmark Pharmaceuticals and Berger Paints will announce their April-June quarterly results today, 14 August 2020.
Stocks in news:
Bharat Petroleum Corporation (BPCL) fell 0.21%. BPCL reported 25.35% rise in consolidated net profit to Rs 2,035.39 crore on 50.06% fall in total income to Rs 38,584.03 crore in Q1 June 2020 over Q1 June 2019.
Tata Steel rose 0.51%. Tata Steel reported consolidated net loss of Rs 4,416.56 crore in Q1 June 2020 as compared to net profit of Rs 717.07 crore in Q1 June 2019. Total income fell 32.39% to Rs 24,554.45 crore in Q1 June 2020 over Q1 June 2019.
Hero MotoCorp fell 1.16% after the company reported 95.28% slump in consolidated net profit to Rs 59.14 crore on 65.92% fall in total income to Rs 3,120.62 crore in Q1 June 2020 over Q1 June 2019.
Eicher Motors lost 2.17% after the company reported consolidated net loss of Rs 55.18 crore in Q1 June 2020 as compared to net profit of Rs 451.77 crore in Q1 June 2019. Total income fell 63.05% to Rs 932.39 crore in Q1 June 2020 over Q1 June 2019.
Praj Industries fell 1.74% after the company reported consolidated net loss of Rs 10.50 crore in Q1 June 2020 as compared to net profit of Rs 8.77 crore in Q1 June 2019. Total income fell 38.83% to Rs 134.51 crore in Q1 June 2020 over Q1 June 2019.
Redington India jumped 17.64%. The company reported 19.31% fall in consolidated net profit to Rs 88.78 crore on 8.25% fall in total income to Rs 10,721.92 crore in Q1 June 2020 over Q1 June 2019.
City Union Bank gained 4.67%. The bank reported 17.03% fall in net profit to Rs 154.04 crore on 1.46% rise in total income to Rs 1,209.95 crore in Q1 June 2020 over Q1 June 2019.
Global Markets:
Overseas, Asian stocks are trading mixed on Friday as investors remained cautious after U.S. lawmakers seemed unable to move forward with a coronavirus stimulus bill.
In US, stocks closed on mixed note on Thursday as traders digested better-than-expected unemployment data and monitored the stalemate in stimulus negotiations.
Lawmakers in the United States appear to be at an impasse over the next round of coronavirus aid and an agreement on legislation and passage of a bill looks to be weeks away.
U.S. House Speaker Nancy Pelosi has said she will not restart talks with Republicans on the matter until they increase their aid offer by $1 trillion. White House economic advisor Larry Kudlow reportedly said that the administration and Democrats were at a stalemate.
On the macro front, the number of Americans seeking unemployment benefits dropped below one million last week for the first time since the start of the COVID-19 pandemic in the United States. Initial claims for state unemployment benefits totalled a seasonally adjusted 963,000 for the week ended August 8, compared to 1.191 million in the prior week, the Labor Department said on August 13. That was the lowest level since mid-March when authorities started shutting down the non-essential businesses to slow the spread of coronavirus.
Back home, the domestic equity benchmarks ended with small losses on Thursday. Trading was volatile due to weekly expiry of index options. The S&P BSE Sensex, fell 59.14 points or 0.15% at 38,310.49. The Nifty 50 index lost 7.95 points or 0.07% at 11,300.45.
Foreign portfolio investors (FPIs) bought shares worth Rs 416.28 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 763.54 crore in the Indian equity market on 13 August, provisional data showed.
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