Key benchmark 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 52.99 points or 0.1% at 52,641.70. The Nifty 50 index was up 17.10 points or 0.11% at 15,790.45. Asian stocks are trading mixed.
The S&P BSE Mid-Cap index was up 0.06%. The S&P BSE Small-Cap index was up 0.14%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1583 shares rose and 933 shares fell. A total of 86 shares were unchanged.
Stocks in news:
Hero MotoCorp rose 0.11%. Hero MotoCorp will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from July 1, 2021.
Vedanta gained 1.72%. Vedanta has been awarded the Kuraloi (A) North coal block, located in Jharsuguda district, Odisha. The mine has geological reserves of 1,680 million tonnes and an estimated per annum capacity of 8 million tonnes.
Sobha dropped 2.67%. Sobha reported 64.69% slide in consolidated net profit to Rs 17.90 crore on 36.51% fall in total income to Rs 588.90 crore in Q4 FY21 over Q4 FY20.
The Phoenix Mills rose 0.07%. The Phoenix Mills said that CPP Investment has completed Rs 180 crore investment in Mindstone Mall, a wholly-owned subsidiary company, by subscribing to 11,682 equity shares and 17.65 crore Compulsorily Convertible Debentures.
Century Plyboards (India) rose 1.09%. Century Plyboards (India) said its board of directors has considered a proposal for setting up a new unit in the state of Punjab for manufacturing of veneer and plywood.
Minda Industries advanced 1.17%. Minda Industries has announced that it has won bid to acquire of 51% stake in leading automotive lighting manufacture UZ Chasys LLC (UZ Chasys) in Uzbekistan for a purchase consideration of 83.1 Bn Sams equivalent to about Rs 58 crore.
Global Markets:
Asian stocks are trading mixed on Wednesday, following overnight gains stateside that saw the tech-heavy Nasdaq Composite rising to a record high.
Minutes from the Bank of Japan's April monetary policy meeting released Wednesday showed members agreed that stimulus measures, particularly those in advanced economies, could result in a faster than expected pace of recovery for Japan and other countries.
Japan's factory activity expanded at the slowest pace in four months in June. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) fell to a seasonally adjusted 51.5 in June from a final 53.0 in the previous month, largely due to a sharp decline in output.
Wall Street rebounded Tuesday as Federal Reserve Chairman Jerome Powell vowed not to raise rates too quickly as the dollar and oil gave up earlier gains. The S&P 500 ended Tuesday just short of a new closing record, while the tech-heavy Nasdaq Composite climbed to an all-time high.
Federal Reserve Chair Jerome Powell on Tuesday reaffirmed the U.S. central bank's intent to encourage a broad and inclusive recovery of the job market, and not to raise interest rates too quickly based only on the fear of coming inflation.
We will not raise interest rates pre-emptively because we fear the possible onset of inflation. We will wait for evidence of actual inflation or other imbalances, Powell said in a hearing before a U.S. House of Representatives panel.
Back home, the main equity indices ended a volatile session with minor gains on Tuesday. The barometer index, the S&P BSE Sensex, rose 14.25 points or 0.03% at 52,588.71. The Nifty 50 index gained 26.25 points or 0.17% at 15,772.75.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,027.94 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 302.45 crore in the Indian equity market on 22 June, provisional data showed.
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