Key benchmark indices are trading near flat line in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 18.23 points or 0.03% at 53,072.99. The Nifty 50 index was down 3.90 points or 0.02% at 15,875.75. Asian stocks are trading mixed.
The S&P BSE Mid-Cap index was up 0.48%. The S&P BSE Small-Cap index was up 0.53%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1728 shares rose and 795 shares fell. A total of 85 shares were unchanged.
Stocks in news:
Software services heavyweight Tata Consultancy Services (TCS) rose 0.25%. TCS will announce Q1 result today, 8 July 2021.
REC gained 2.19%. REC has priced US$ 400,000,000, 2.75% Reg. S Notes due 2027 on 6th July, 2021 under its USD 7 Billion Global Medium Term Note Programme (the 'Notes'). The Notes will mature on 13th January, 2027 and all principal and interest payments will be made in U.S. Dollars. The settlement date for the Notes is expected to be 13th July, 2021.
RailTel Corporation of India rose 1.51%. The company has received a work order amounting to Rs. 23.43 crore (Excluding GST) from M/s. Sagar Cable Network towards providing of Multicast drop and carry with 1.5G capacity at 66 locations for a period of 5 years.
Bajaj Healthcare jumped 7.45%. Bajaj Healthcare has received a licence from DRDO to Manufacture and Market of 2-Deoxy-D-Glucose (2-DG) as approved medication for the treatment of COVID-19 patients.
Zuari Global advanced 2.39%. Zuari Global said that the company has acquired 13.19% shares of Forte Furniture Products India from Indian Furniture Products (IFPL) subsidiary of the company.
KPR Mill gained 5.86%. KPR Mill will consider the proposal for sub-division of the face value of the equity shares on July 27.
Modi Cabinet Reshuffle:
The Centre allocated portfolios to the newly inducted ministers. While Home Minister Amit Shah will be in charge of the newly created Ministry of Cooperation, Ashwini Vasihnaw has been given ministries of Railways, Communications and Electronics and Information Technology. Kiren Rijiju will be the new Minister of Law and Justice. Rajnath Singh continues to be in charge of the Defence, Finance Minister Nirmala Sitharaman will also be the Minister of Corporate Affairs.
As many as 43 leaders including Jyotiraditya Scindia, Narayan Rane and Sarbananda Sonowal Wednesday took oath as part of the Cabinet expansion of the Prime Minister Narendra Modi-led government. Fifteen Cabinet ministers, including some new faces, were sworn in at the swearing-in ceremony held in the Darbar Hall of the Rashtrapati Bhawan.
Global markets:
Asian stocks are trading mixed on Thursday, as Chinese tech stocks in Hong Kong came under pressure after regulatory fears resurfaced.
Beijing recently announced a stepping up in oversight on Chinese listings in the U.S., many of whom are tech companies. That came after a recent crackdown on ride-hailing giant Didi and other tech firms, which once again raised concerns over the regulatory outlook.
The S&P 500 rose to a fresh record on Wednesday as investors poured back into trusty mega-cap technology stocks.
The Federal Reserve's minutes from its June 15-16 meeting, during which it held short-term interest rates near zero but also indicated that it might be adjusting policy otherwise in the months ahead, revealed the central bank discussed tapering but was in no rush to start the process.
Investors also likely continued to monitor the Covid situation regionally. The Japanese government is set to declare another Covid-19 state of emergency in Tokyo until August 22, as per reports. Meanwhile, Australia's New South Wales state announced Wednesday a week-long extension of Sydney's lockdown.
Back home, the main indices end at the day's high with decent gains on Wednesday. The S&P BSE Sensex, added 193.58 points or 0.37% to close at 53,054.76. The Nifty 50 index gained 61.40 points or 0.39% and traded at 15,879.65.
Foreign portfolio investors (FPIs) bought shares worth Rs 532.94 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 231.80 crore in the Indian equity market on 7 July, provisional data showed.
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