Key indices are trading with modest gains in early trade on positive Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 117.26 points or 0.31% at 38,486.89. The Nifty 50 index was up 48.65 points or 0.43% at 11,357.05. The market breadth, indicating the overall health of the market, is strong.
The S&P BSE Mid-Cap index was up 0.91%. The S&P BSE Small-Cap index was up 0.87%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1277 shares rose and 95 shares fell. A total of 87 shares were unchanged.
Results to watch:
Bharat Petroleum Corporation, Eicher Motors, GAIL (India), Godrej Industries, Grasim Industries, Hero MotoCorp and Power Finance Corporation will announce their April-June quarterly results today, 13 August 2020.
Stocks in news:
Aurobindo Pharma lost 2.83%. Aurobindo Pharma reported 22.77% rise in consolidated net profit to Rs 780.58 crore on 10.53% rise in total income to Rs 6,040.37 crore in Q1 June 2020 over Q1 June 2019.
Tata Power Company gained 2.17% after the company reported 26.33% rise in consolidated net profit to Rs 206.62 crore on 17.06% fall in total income to Rs 6,935.79 crore in Q1 June 2020 over Q1 June 2019.
Britannia Industries rose 0.75%. The company said that a board meeting is scheduled to be held on Monday, 17 August 2020, to consider the proposal of borrowing of funds through issuance of Commercial Paper.
Thermax rose 0.05%. The company reported consolidated net loss of Rs 15.27 crore in Q1 June 2020 as compared to net profit of Rs 62.76 crore in Q1 June 2019. Total income fell 51.5% to Rs 685.86 crore in Q1 June 2020 over Q1 June 2019.
Ashok Leyland rose 0.46%. The company reported consolidated net loss of Rs 409.08 crore in Q1 June 2020 as compared to net profit of Rs 247.21 crore in Q1 June 2019. Total income fell 77.14% to Rs 1,511.69 crore in Q1 June 2020 over Q1 June 2019.
Aster DM Healthcare dropped 4.03% after the company reported consolidated net loss of Rs 82.93 crore in Q1 June 2020 as compared to net profit of Rs 3.26 crore in Q1 June 2019. Total income fell 12.98% to Rs 1,768.17 crore in Q1 June 2020 over Q1 June 2019.
Gujarat State Fertilizers & Chemicals fell 1.13%. The company reported 27.62% fall in consolidated net profit to Rs 30.27 crore on 4.83% fall in total income to Rs 1,647.84 crore in Q1 June 2020 over Q1 June 2019.
Aarti Industries shed 0.71% after the company reported 40.74% fall in consolidated net profit to Rs 81.86 crore on 17.61% fall in total income to Rs 937.55 crore in Q1 June 2020 over Q1 June 2019.
Cummins India rose 0.98%. The company reported 65.25% fall in consolidated net profit to Rs 53.02 crore on 58% fall in total income to Rs 607.17 crore in Q1 June 2020 over Q1 June 2019.
Global Markets:
Overseas, Asian stocks are mostly trading higher following a surge in the U.S. markets overnight as tech stocks rallied.
Japan's wholesale prices fell at a smaller annual pace in July. The corporate goods price index (CGPI), which measures the price companies charge each other for their goods, fell 0.9% in July from a year earlier, Bank of Japan data showed on Thursday.
In US, stocks rose sharply on Wednesday, putting the S&P 500 just below its all-time high set in February, as shares of the major tech companies recovered some of their steep losses from the previous session.
Sentiment was also lifted in part by President Donald Trump saying late Tuesday that the U.S. government will purchase 100 million doses of Moderna's experimental coronavirus vaccine, which is currently in late-stage human trials.
Traders seemed to shrug off uncertainty over a second coronavirus stimulus bill. On Wednesday, House Speaker Nancy Pelosi said both sides were still miles apart on relief negotiations.
Treasury Secretary Steven Mnuchin said Monday the White House is open to resuming coronavirus aid talks with Democrats and putting more relief money on the table to reach a compromise.
The US economic recovery will be slow until the coronavirus is under control, and Americans will have to manage life with the virus for at least the next several months, three Federal Reserve policymakers said on Wednesday. Consumer spending will probably remain weak as people avoid activities that require high levels of social interaction for health reasons.
Back home, domestic equity benchmarks corrected on Wednesday, snapping their recent rising streak. The profit selling was triggered following weak macroeconomic data and concerns over rising coronavirus cases. The barometer index, the S&P BSE Sensex fell 37.38 points or 0.10% at 38,369.63. The Nifty 50 index declined 14.10 points or 0.12% at 11,308.40.
Foreign portfolio investors (FPIs) bought shares worth Rs 351.15 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 939.67 crore in the Indian equity market on 12 August 2020, provisional data showed.
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