Key benchmark indices are trading lower in early trade on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 62.13 points or 0.12% at 52,256.47. The Nifty 50 index was down 13.10 points or 0.08% at 15,666.90. Asian stocks are trading mixed.
The S&P BSE Mid-Cap index was up 0.23%. The S&P BSE Small-Cap index was down 0.04%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1670 shares rose and 860 shares fell. A total of 90 shares were unchanged.
Stocks in news:
Hero MotoCorp rose 0.6%. Hero MotoCorp said that with the gradual easing of the COVID-19 related restrictions and lockdowns across key markets in the country, the company witnessed a strong rebound in the month of June to sell 469,160 units of motorcycles and scooters.
In compliance with the guidelines as prescribed by state and local authorities, almost all of the customer touchpoints of Hero MotoCorp are now operational, with strict safety measures and protocols in place.
Heading into the upcoming festive season, the company remains cautiously optimistic about the customer demand in the coming months. The expected surge in personal mobility, forecast of a normal monsoon in several parts of the country and the improving rural sentiment are expected to lead to a swift revival in sales.
Tata Consultancy Services (TCS) fell 1.31%. TCS partnered with John Wiley & Sons, an American multinational publishing company, to modernize its ecommerce platform with SAP Commerce, creating a unified, seamless customer experience.
Coal India gained 1.41%. Coal India and its subsidiaries on a provisional basis achieved coal production of 40 million tonnes in June 2021 compared to 39.2 million tonnes in June 2020, recording a growth of 2%. Coal offtake stood at 51.3 million tonnes in June 2021 compared to 41.7 million tonnes in June 2020, recording a growth of 23%.
Lupin rose 1.36%. Lupin Pharmaceuticals, Inc., the U.S. based wholly-owned subsidiary of Lupin announced that the U.S. Food and Drug Administration (FDA) has approved the company's supplemental New Drug Application (sNDA) to expand the use of SOLOSEC (secnidazole) to include the treatment of trichomoniasis in adults.
NCC gained 1.78%. NCC has received five new orders totaling to Rs 2,149 crore (exclusive of GST) in the month of June 2021. These orders are received from PSU/ Central/ State Government agencies and do not include any internal orders.
Global Markets:
Asia-Pacific stocks are trading mixed on Friday as investors look ahead to a closely-watched U.S. jobs report set to be released later.
The S&P 500 reached its sixth consecutive all-time closing high on Thursday, as a new quarter and the second half of the year began with upbeat economic data and a broad-based rally.
The number of Americans applying for unemployment aid fell again last week. The Labor Department reported Thursday that jobless claims dropped by 51,000 to 364,000.
The International Monetary Fund raised its 2021 U.S. growth projection sharply to 7% due to a strong recovery from the COVID-19 pandemic and an assumption that much of President Joe Biden's infrastructure and social spending plans will be enacted.
The IMF's latest forecast, marking the fastest U.S. growth pace since 1984, compares with an April projection of 4.6% growth in 2021. The Fund raised its 2022 U.S. GDP growth forecast to 4.9%, up from its previous 3.5% April forecast.
Back home, the key equity indices ended with modest losses on Thursday. The barometer index, the S&P BSE Sensex, fell 164.11 points or 0.31% to 52,318.60. The Nifty 50 index lost 41.50 points or 0.26% to 15,680.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,245.29 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 880.60 crore in the Indian equity market on 1 July, provisional data showed.
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