Local stocks are trading higher in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 31.24 points or 0.09% at 34,401.82. The Nifty 50 index was up 5.80 points or 0.06% at 10,173.25. Asian stocks are mixed.
The S&P BSE Mid-Cap index was up 0.21%. The S&P BSE Small-Cap index was up 0.07%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 897 shares rose and 570 shares fell. A total of 75 shares were unchanged.
World Bank projection:
India's economy will shrink by 3.2% in the current fiscal, the World Bank said on Monday. The COVID-19 pandemic and the multi-phased lockdown imposed to curb its spread has resulted in a devastating blow to the Indian economy. However, the Indian economy is expected to bounce back in 2021, the World Bank said.
The global economy, which has plunged into a severe contraction, will shrink by 5.2% this year due to the massive shock of the coronavirus pandemic and the shutdown measures to contain it, the World Bank said on Monday. The speed and depth with which it has struck, suggests the possibility of a sluggish recovery that may require policymakers to consider additional interventions, it said.
Stocks in news:
Titan Company fell 0.43% after consolidated net profit fell 2.08% to Rs 346.25 crore on 3.88% increase in total income to Rs 4,753.21 crore in Q4 March 2020 over Q4 March 2019.
PVR lost 1.88%. PVR reported consolidated net loss of Rs 74.49 crore in Q4 March 2020 as compared to a net profit of Rs 46.94 crore in Q4 March 2019. Total income during the period fell 21.79% to Rs 661.78 crore. The board of directors of PVR approved the fund raising of up to Rs 300 crore through issuance of equity shares of face value of Rs. 10 each on rights issue basis.
Inox Leisure lost 6.01% after the company reported consolidated net loss of Rs 82.15 crore in Q4 March 2020 as compared to a net profit of Rs 48.08 crore in Q4 March 2019. Total income during the period fell 22.25% to Rs 376.37 crore.
Chalet Hotels rose 0.68% after consolidated net profit rose 221.41% to Rs 42.78 crore on 14.23% fall in total income to Rs 237.63 crore in Q4 March 2020 over Q4 March 2019.
RITES rose 0.87% after the company received an order for consultancy services for preparation of detailed project report and providing pre-construction activities for construction of highway tunnels across certain sections on Darcha-Padam road (NH-301) including approaches in Himachal Pradesh & Ladhak from National Highways & Infrastructure Development Corporation Limited. RITES is a joint venture partner in the project and its fee is Rs 55 crore (approx.).
Global Markets:
Overseas, Asian stocks were trading mixed on Tuesday, with investors weighing whether the global rally may be excessive given still-poor economic conditions.
In US, the Nasdaq posted a record closing high on Monday, while the Dow and S&P 500 ended higher as lockdown measures eased in New York City and elsewhere, sparking optimism about the potential for economy recovery.
The Dow Jones Industrial Average climbed 461.46 points, or 1.7%, to end at 27,572.44, its sixth straight gain. The S&P 500 rose 38.46 points, or 1.2%, finishing at 3,232.39. The tech-heavy Nasdaq Composite Index gained 110.66 points, or 1.1%, ending at 9,924.74, a new all-time closing record.
Investors were heartened by efforts to reopen the U.S. economy in the aftermath of pandemic-related closures. Reopening plans are in various stages in all 50 U.S. states. New York City, one of the regions hardest hit by coronavirus, launched the first phase of its reopening on Monday, including the restart of construction and limited retail operations.
Investors also will keep an eye on what the central bank does next, with the Fed set to release its updated policy statement on Wednesday and its first set of economic projections since December.
Back home, the Sensex and the Nifty ended with small gains after a volatile session on Monday. Profit selling emerged at higher levels after recent run up in share prices. The barometer S&P BSE Sensex rose 83.34 points or 0.24% at 34,370.58. The Nifty 50 index added 25.30 points or 0.25% at 10,167.45.
Foreign portfolio investors (FPIs) bought shares worth Rs 813.27 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,238.23 crore in the Indian equity market on 8 June, provisional data showed.
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