Local stocks 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 225.27 points or 0.59% at 38,276.05. The Nifty 50 index was up 69 points or 0.61% at 11,316.10.
The S&P BSE Mid-Cap index was up 0.66%. The S&P BSE Small-Cap index was up 0.8%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1307 shares rose and 552 shares fell. A total of 91 shares were unchanged.
Stocks in news:
Bharti Airtel rose 0.55% after the company said that commercial papers bearing ISIN no. INE397D14241 issued on 18 May 2020 have been paid by the company on 17 August 2020 (on the maturity date).
RBL Bank fell 0.79%. RBL Bank said the meeting of the board of directors of the bank is scheduled on 20 August 2020, to consider and approve raising of funds by way of issue of equity shares of the bank on a preferential basis.
TVS Motor Company rose 0.11%. The company yesterday introduced the technologically advanced, feature packed 2020 version of TVS Apache RTR 200 4V in Nepal. All TVS Motor company products in Nepal are brought by Jagdamba Motors Private Ltd. (JMPL), the exclusive importers of the brand.
Petronet LNG gained 2.67%. The company reported 11.06% fall in consolidated net profit to Rs 499.79 crore on 43.21% fall in total income to Rs 4,951.95 crore in Q1 June 2020 over Q1 June 2019.
HFCL fell 0.73% after the company reported 80.9% slump in consolidated net profit to Rs 21.09 crore on 47.77% fall in total income to Rs 703.70 crore in Q1 June 2020 over Q1 June 2019.
Quess Corp rose 0.74%. The company said its board of directors considered and approved disinvestment of 100% of equity investment held by the company in its wholly owned subsidiary i.e. Dependo Logistics Solutions (not a material subsidiary).
Global Markets:
Overseas, Asian stocks were little changed on Tuesday as investors continued to watch developments in U.S.-China tensions. U.S. President Donald Trump's administration announced Monday a further tightening of restrictions on Huawei, aimed at limiting the Chinese telecommunications giant's access to commercially available chips.
In US, the S&P 500 rose slightly on Monday to start the week, but fell short of a record closing high once again amid declining trading volumes and lingering concerns over a U.S. coronavirus stimulus bill and simmering U.S.-China tensions. The Nasdaq Composite hit an all-time high. The Dow Jones index, however, was weighed down by losses to financial and industrial stocks.
Both Democrats and Republicans have indicated they are at a stalemate over a new stimulus package. Democrats have proposed to send more than $900 billion to states and municipalities in one bill. A counteroffer from the GOP did not include any additional aid for states and local governments.
The National Associated of Home Builders noted that its housing market index climbed to 78 in August, up from 72 in July. The New York Federal Reserve Bank's Empire State Manufacturing index fell to 3.7 in August, down from 17.2 in the previous month.
Back home, key domestic benchmarks snapped their three-day losing streak and ended with modest gains on Monday. Positive global cues cheered investors. Auto and metal shares advanced. The barometer index, the S&P BSE Sensex gained 173.44 points or 0.46% at 38,050.78. The Nifty 50 index added 68.70 points or 0.61% at 11,247.10.
Foreign portfolio investors (FPIs) bought shares worth Rs 332.90 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 717.62 crore in the Indian equity market on 17 August, provisional data showed.
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