At 13:27 IST, the barometer index, the S&P BSE Sensex, was up 494.42 points or 1.4% at 35,908. The Nifty 50 index added 132.95 points or 1.27% at 10,563.
In the broader market, the S&P BSE Mid-Cap index gained 0.92% while the S&P BSE Small-Cap index rose 1.09%.
The market breadth favored the buyers. On the BSE, 1649 shares rose and 957 shares fell. A total of 130 shares were unchanged. In Nifty 50 index, 36 stocks advanced while 14 stocks declined.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 1,06,95,608 far with 5,16,255 deaths. India reported 2,26,947 active cases of COVID-19 infection and 17,834 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Gainers & Losers:
Mahindra & Mahindra (up 5.24%), Hero MotoCorp (up 4.64%), Infosys (up 4.17%), ONGC (up 3.67%) and Indian Oil Corporation (up 3.09%) were top gainers in Nifty 50 index.
Axis Bank (down 1.59%), Eicher Motors (down 1.21%), Vedanta (down 1.11%) and UPL (down 0.83%) were top losers in Nifty 50 index.
Stocks in Spotlight:
Tata Motors was up 0.30% to Rs 101. The company's total domestic automobile sales slumped 82% to 23,845 units in Q1 June 2020 as against 1.31 lakh units in Q1 June 2019.Sales were impacted by a sharp decline in the production of commercial as well as passenger vehicles owing to the lockdown and subdued market demand. Total commercial vehicles (CV) sales were down 90% to 10,476 units while the total passenger vehicles (PV) sales slumped 61% to 14,571 units in Q1 FY21 over Q1 FY20.
Bajaj Auto was up 1.47% to Rs 2884.30. The auto major reported 31% decline in total vehicles sales to 2.78 lakh units in June 2020 as against 4.04 lakh units in June 2019. The company's total vehicle sales surged 119% in June from 1.27 lakh units registered in May 2020. Due to nationwide lockdown, the company's sales were disrupted in April and May this year. In April, there were no sales in the domestic market, but the company exported 37,878 units.
TVS Motor Company was up 0.21% to Rs 384.60. The company recorded over three-fold increase in June 2020 sales to 198,387 units from 58,906 units sold in the month of May 2020. Its June sales, however, are lower by 33.22% as compared to 297,102 units sold in the same period last year. Total exports were 53,123 units in the month of June 2020, down by 24% from 69,900 units in June 2019. TVS Motor said it is witnessing a positive uptake in both domestic retail as well as exports. The company faced supply chain constraints in June; however, it has undertaken various countermeasures, some of which have started yielding results in June itself. The company is expecting to overcome these in the month of July.
NMDC rose 0.99% to Rs 81.85. The state-owned miner said its iron ore production was flat at 2.52 million tonnes (MT) in June 2020 compared with June 2019. Iron ore sales declined 6.77% to 2.48 MT in June 2020 as against 2.66 MT in June 2019.
Coal India shed 0.15% to Rs 133.70 after provisional coal production dropped 12.8% to 39.20 million tonnes (MT) while provisional coal offtake shrunk by 15% to 41.61 MT in June 2020 over June 2019.
Jindal Steel & Power (JSPL) gained 0.33% to Rs 154.20 after the company recorded a 12% growth in sales volumes to 1.56 million tonnes (MT) and 8% rise in standalone steel (including pig iron) production to 1.67 MT in Q1 June 2020 over Q4 March 2020 (Q-o-Q). The export sales contributed to 58% of total sales volumes in Q1 FY21. The company's consolidated sales rose by 7% to 2.07 MT (Q-o-Q) during Q1 FY21. Consolidated production fell 4% (Q-o-Q) to 2.03 MT in Q1 FY21.
Dilip Buildcon jumped 4.03% to Rs 282.05. The company, through joint venture i.e Dilip Buildcon-HCC (JV), has been declared as L-1 bidder for the tender floated by a civic body in Gujarat. The engineering, procurement, construction (EPC) project is for construction of Bhadbhut Barrage, flood protection embankments and associated works across River Narmada near Bharuch district in Gujarat. The bid project cost is Rs 4167.70 crore. The contract completion period is 48 months and maintenance period is 10 years.
Global Markets:
European markets opened higher while Asian stocks traded with gains on Thursday, taking cues from the overnight rally on Wall Street as hopes for development of a coronavirus vaccine offset some of the concerns about rising coronavirus cases in the United States.
Investors continued to monitor the escalating tension between American and Beijing, over the Hong Kong issue.
As per media reports, China said it will announce reciprocal curbs on U.S. media outlets in the country. The comment reportedly comes after the United States said in June it would start treating another four major Chinese media outlets as foreign embassies, following similar moves on other outlets earlier in the year, in a move likely to further sour fraught ties between the world's top two economies, media reports said.
The US stock market finished session mostly higher on Wednesday, 01 July 2020, with the Nasdaq close at a record high, as bullish investors took heart from cheering economic data and news of a potential coronavirus vaccine.
The ADP National Employment Report showed the nonfarm private sector created 2.4 million jobs in June, with 70% of new jobs in the leisure, hospitality, trade and construction industries. Meanwhile, data from the Institute for Supply Management (ISM) showed index of US factory activity jumped to a reading of 52.6 last month from 43.1 in May, ending three straight months of contraction, or readings below 50.
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