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 316.28 points or 0.83% at 38,536.67. The Nifty 50 index was up 97.20 points or 0.86% at 11,409.40. Positive global cues boosted sentiment.
The S&P BSE Mid-Cap index was up 1.17%. The S&P BSE Small-Cap index was up 1.13%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1436 shares rose and 347 shares fell. A total of 77 shares were unchanged.
Stocks in news:
SBI Life Insurance Company gained 3.56%. Divi's Laboratories advanced 4.09%. SBI Life Insurance Company and Divi's Laboratories will be included in the Nifty 50 index. Bharti Infratel fell 0.33%. Zee Entertainment Enterprises rose 0.28%. Bharti Infratel and Zee Entertainment Enterprises will be removed from the benchmark index. These changes will be effective from 25 September 2020.
Wipro gained 0.73%. Wipro announced the successful implementation of a blockchain-based small-scale liquefied natural gas (ssLNG) trading/fulfillment platform for Uniper Global Commodities SE and its 100% LNG-for-trucks subsidiary Liqvis GmbH. Uniper SE is a leading international energy company headquartered in Germany.
Hindalco Industries rose 1.43%. Hindalco Industries has entered into a Memorandum of Understanding (MoU) with UltraTech Cement to deliver 1.2 million metric tonnes of red mud (also known as bauxite residue) annually to UltraTech's 14 plants located across 7 states.
Indian Overseas Bank gained 1.84%. The bank reported net profit of Rs 120.69 crore in Q1 June 2020 as against net loss of Rs 342.08 crore in Q1 June 2019. Total income rose 4.54% to Rs 5,233.63 crore.
Healthcare Global Enterprises fell 0.35%. The company consolidated reported net loss of Rs 39.75 crore in Q1 June 2020 as against net loss of Rs 18.02 crore in Q1 June 2019. Total income fell 27.39% to Rs 196.18 crore.
MOIL rose 0.85%. The company reported 97.93% fall in consolidated net profit to Rs 1.88 crore on 45.86% fall in total income to Rs 178.05 crore in Q1 June 2020 over Q1 June 2019.
GMM Pfaudler surged 5.96%. The company announced the signing of definitive agreements to acquire a majority stake in the global business of its parent, the Pfaudler Group (Pfaudler) from the private equity firm Deutsche Beteiligungs AG Fund VI (DBAG). As per the agreements, GMM (directly and through its subsidiary Mavag AG) and the Patel family will acquire, a 54% and 26% equity stake respectively in the Pfaudler Group.
Global Markets:
Overseas, Asian stocks are trading higher on Friday after a tech-driven rally on Wall Street.
In US, Nasdaq ended at a record high on Thursday, with the S&P 500 and Dow also rising, as gains in heavyweight tech stocks outweighed downbeat data that affirmed the Federal Reserve's view of a difficult road to economic recovery. Gains in Apple Inc, Amazon.com Inc and Microsoft Corp underpinned a rally in Wall Street's three main indexes as investors bet the tech giants would ride out the economic crisis.
The Trump administration on Thursday reportedly declined to acknowledge any plans to meet with China over the Phase 1 trade deal after the commerce ministry in Beijing said bilateral talks would be held in the coming days to evaluate the agreement's progress.
The latest figures, released Thursday by the Labor Department, showed the number of laid-off workers seeking U.S. unemployment benefits rose to 1.1 million last week after two weeks of declines. Jobless claims had fallen last week below 1 million for the first time since March, to 971,000.
Back home, key domestic indices corrected on Thursday, snapping a three-day rising streak as weak global cues triggered profit booking. Selling was prominent in banks and financial shares. The barometer index, the S&P BSE Sensex declined 394.40 points or 1.02% at 38,220.39. The Nifty 50 index lost 96.20 points or 0.84% at 11,312.20.
Foreign portfolio investors (FPIs) sold shares worth Rs 268.46 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 672.23 crore in the Indian equity market on 20 August, provisional data showed.
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