Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 128.55 points or 0.24% at 52,965.76. The Nifty 50 index was up 36.40 points or 0.23% at 15,860.45. Asian stocks are trading mixed.
The S&P BSE Mid-Cap index was up 0.59%. The S&P BSE Small-Cap index was up 0.64%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1738 shares rose and 504 shares fell. A total of 70 shares were unchanged.
Stocks in news:
Wipro rose 0.74%. Wipro launched FieldX, a cloud-based end-to-end digital service lifecycle automation solution built on ServiceNow's Now Platform. Using FieldX, manufacturing organizations can enhance and scale-up their after-sales customer service operations while reducing costs.
Hero MotoCorp rose 0.27%. Hero MotoCorp on Thursday launched an advanced, 'connected', and feature-rich new Maestro Edge 125. The new scooter offers a connected and distinctive experience with its enhanced aesthetics, modern technology, and edgy design.
Tata Power Company rose 0.65%. Tata Power Company signed Share Purchase Agreement (SPA) on 22nd July 2021 with Tata Power International Pte. (TPIPL), a wholly owned subsidiary of the company, for sale of 100% equity shares held in Trust Energy Resources Pte (TERPL), another wholly owned subsidiary of the company for a consideration of $285.64 million.
IndiaMART InterMESH gained 3.7%. IndiaMART InterMESH reported consolidated total income to Rs 211 crore in Q1 FY22, up 13% y-o-y. Consolidated net profit rose 19% to Rs 88 crore as compared to Rs. 74 crore in Q1 FY21.
Mahindra Lifespace Developers jumped 14.65%. Mahindra Lifespace Developers informed that the board of directors of the company at its meeting scheduled on Wednesday, 28th July, 2021, shall, inter-alia, also consider, the proposal for issuance of bonus equity shares.
Allcargo Logistics rose 0.98%. Allcargo Logistics said that the meeting of the board of directors of the company is scheduled on 6 August 2021 to consider the proposal for voluntary delisting of the equity shares of the company.
PSP Projects advanced 1.94%. PSP Projects secured new work orders worth Rs 82.79 crore till date in the financial year 2021-22 for institutional and industrial projects from various clients.
Global Markets:
Overseas, Asian stocks are trading mixed on Friday as investors monitored Chinese tech stocks in Hong Kong after regulatory concerns resurfaced. Markets in Japan are closed on Friday for a holiday.
As per reports, Beijing is considering harsh penalties on ride-hailing giant Didi. The penalties being planned range from a fine likely bigger than the record $2.8 billion Alibaba paid earlier this year to even a forced delisting after Didi's IPO last month.
Tech shares led U.S. stocks higher Thursday, despite an unexpected jump in jobless claims that resurfaced some concerns about the economy and sent bond yields lower. Investors jumped back into their favorite tech stocks as optimism about the sector grows ahead of big earnings reports next week for some of the largest names in the space.
Stocks were under pressure earlier in the day after jobless claims unexpectedly rose to 419,000, more than the upwardly revised 368,000 from the previous period.
Meanwhile, the European Central Bank on Thursday said interest rates would stay at their current record low levels until it sees inflation "durably" reaching the bank's new target of 2%. The 25-member governing council "expects the key ECB interest rates to remain at their present or lower levels until it sees inflation reaching 2% well ahead of the end of its projection horizon and durably for the rest of the projection horizon," the bank said in a statement, adding that "this may also imply a transitory period in which inflation is moderately above target".
Back home, the equity benchmark indices ended with robust gains on Thursday. The barometer index, the S&P BSE Sensex, soared 638.70 points or 1.22% at 52,837.21. The Nifty 50 index added 191.95 points or 1.23% at 15,824.05.
Foreign portfolio investors (FPIs) sold shares worth Rs 247.59 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 942.55 crore in the Indian equity market on 22 July, provisional data showed.
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