Key indices trimmed initial gains and were currently trading with small gains in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 75.71 points or 0.2% at 37,015.31. The Nifty 50 index was up 21 points or 0.19% at 10,912.60.
The S&P BSE Mid-Cap index was up 0.37%. The S&P BSE Small-Cap index was up 0.48%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1059 shares rose and 563 shares fell. A total of 75 shares were unchanged.
Stocks in news:
Infosys rose 0.41%. National Bank of Bahrain (NBB), the Kingdom's leading provider of retail and commercial banking services, and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys announced the bank's decision to adopt the Finacle Cash Management Suite to digitally transform its transaction banking business.
Bandhan Bank fell 0.37% to Rs 307.50. Bandhan Bank disclosed after market hours yesterday, 3 August 2020 that its holding company, Bandhan Financial Holdings (BFHL), sold 20.95% stake through secondary market sale to comply with RBI guidelines. Shares of the private lender slumped 10.6% to Rs 308.65. In order to be fully compliant with the licensing guidelines, BFHL diluted its excess shareholding of 20.95%, or 33,73,67,189 equity shares of Bandhan Bank through secondary market sale. Consequently, the shareholding of BFHL in the bank has reduced to 40% of the total paid-up voting equity capital of the bank.
Bank of India rose 1.66%. Bank of India said that the capital raising plan was defferred to the next board meeting.
Yes Bank advanced 2.25%. Moody's Investors Service has upgraded Yes Bank's long-term foreign currency issuer rating to B3 from Caa1. Moody's has also upgraded the bank's long-term foreign and local currency bank deposit ratings to B3 from Caa1, and its foreign currency senior unsecured MTN program rating to (P)B3 from (P)Caa1. In addition, Moody's has upgraded the bank's long-term local and foreign currency Counterparty Risk Ratings (CRR) and long-term Counterparty Risk (CR) Assessment to B3 from Caa1 and B3(cr) from Caa1(cr) respectively. At the same time, Moody's has upgraded Yes Bank's Baseline Credit Assessment (BCA) and Adjusted BCA to caa2 from ca. The outlook on Yes Bank's ratings where applicable is changed to stable from positive
Exide Industries surged 4.02%. The company reported consolidated net loss of Rs 10.68 crore in Q1 June 2020 as compared to net profit of Rs 161.87 crore in Q1 June 2019. Total income fell 31.26% to Rs 2,537.55 crore in Q1 June 2020 over Q1 June 2019.
KEC International rose 1.96%. The company has secured new orders of Rs 1,192 crore across its various businesses.
Global Markets:
Overseas, Asian stocks are trading higher on Tuesday, after strong manufacturing data and gains in tech stocks boosted global equities.
In US, Nasdaq surged to a record high close on Monday as a rebound in multibillion-dollar deals, including Microsoft's pursuit of TikTok's U.S. operations, lifted sentiment, and efforts to hammer out a coronavirus relief bill resumed.
U.S. stocks received an additional lift from Microsoft, which jumped 5.6% after it formally declared interest in TikTok's U.S. operations on Sunday. President Donald Trump reversed course earlier on a planned ban of the short-video app. Apple Inc climbed 2.5%, expanding its rally following stunning quarterly results and announcing a four-for-one stock split.
After wrapping up talks on Monday over another round of coronavirus economic stimulus, U.S. House Speaker Nancy Pelosi said she will meet with Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows the following day to continue the discussion.
The U.S. economy, battered by a resurgence in the spread of COVID-19, needs increased government spending to tide over households and businesses and broader use of masks to better control the virus, U.S. central bankers said on Monday.
U.S. manufacturing activity accelerated to its highest level in nearly 1-1/2 years in July as orders increased despite a resurgence in new COVID-19 infections, which is raising fears about the sustainability of a budding economic recovery.
The ISM said its index of national factory activity raced to a reading of 54.2 last month from 52.6 in June. That was the strongest since March 2019 and marked two straight months of expansion.
Meanwhile, U.S. President Donald Trump reportedly said after the market close that a permanent lockdown policy is not a viable path forward to combating the coronavirus pandemic.
Back home, key domestic benchmarks ended with steep losses on Monday, extending their losing streak to fourth consecutive trading session. Weak domestic economic data weighed on the sentiment. A surge in fresh coronavirus cases and intensifying US-China tensions also put pressure on stocks. The barometer index, the S&P BSE Sensex slumped 667.29 points or 1.77% at 36,939.60. The Nifty 50 index lost 173.60 points or 1.57% at 10,899.85. The Nifty declined 3.55% in four sessions.
Foreign portfolio investors (FPIs) bought shares worth Rs 7,818.49 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 135.55 crore in the Indian equity market on 3 August, provisional data showed.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
