Key benchmark indices are trading with modest gains in early trade amid mild volatility. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 75.95 points or 0.15% at 52,351.52. The Nifty 50 index was up 27.75 points or 0.18% at 15,767.85. Sentiment was positive as fresh covid cases continue to decline and vaccination pace picks up.
The S&P BSE Mid-Cap index was up 0.46%. The S&P BSE Small-Cap index was up 0.76%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1825 shares rose and 673 shares fell. A total of 84 shares were unchanged.
Stocks in news:
Tata Motors rose 0.89%. Tata Motors said that a new wholly owned subsidiary named 'TML CV Mobility Solutions Limited' has been incorporated as a wholly owned subsidiary of Tata Motors. TML CV Mobility Solutions was incorporated to provide end to end services of operating, repair and maintenance including annual maintenance contracts (AMC) and Fleet Management Services (FMS) for the automotive including electric mobility/electric vehicles, electric buses, Fuel Cell buses, all types of commercial vehicles etc.
Adani Enterprises slipped 0.38%. Adani Enterprises has incorporated a wholly-owned subsidiary namely, Mundra Windtech on 7th June, 2021 to carry on business as manufacturers of Wind Turbine Generators and other auxiliaries.
INOX Leisure declined 1.14%. INOX Leisure said announced opening of QIP on June 8. The floor price is Rs 315.25 per equity share. The board will meet on June 11 to determine the QIP issue price.
Galaxy Surfactants gained 1.52% after the company posted a 25.3% rise in consolidated net profit to Rs 78.68 crore on 19.3% rise in net sales to Rs 783.52 crore in Q4 FY21 over Q4 FY20.
Religare Enterprises lost 4.37%. Religare Enterprises said the board of directors of the company has considered and approved raising upto Rs 570 crore by preferential issue.
Welspun Corp gained 4.67%. Welspun Corp said the company has received multiple orders of approximately 164 KMT valuing close to INR 1,725 crore.
Thangamayil Jewellery fell 1.02%. Thangamayil Jewellery informed that the Tamilnadu Government has extended the total lockdown till 14 June 2021. Hence all showrooms and offices will remain closed till such date.
World Bank projection:
World Bank on June 8 projected India's economy to grow at 8.3 per cent in 2021. Earlier, the World Bank had estimated Indian economy to grow at a pace of 10.1 percent in FY 2021-22. Citing the reason to slash the FY22 growth of Indian economy, the global lending and monitoring body said that India has been hampered by the largest outbreak of coronavirus cases that any country has seen since the beginning of the pandemic.
In India, an enormous second covid-19 wave is undermining the sharper-than-expected rebound in activity seen during the second half of FY2020/21, especially in services. With surging covid-19 cases, foot traffic around work and retail spaces has again slowed to more than one-third below pre-pandemic levels since March, in part due to greater restrictions on mobility," World Bank said in its latest Global Economic Prospects report.
The World Bank on Tuesday upgraded its growth forecast, with the global economy now expected to grow 5.6% in 2021. That compared against an earlier forecast in January for a 4% global economic expansion in 2021.
Still, the organization warned in a Tuesday press release that global output will be about 2% below pre-pandemic projections by the end of this year in spite of the recovery.
Global Markets:
Overseas, Asian stocks are trading mostly lower on Wednesday, as investors reacted to the release of Chinese inflation data.
China's factory gate prices increased at the fastest pace since September 2008, official data showed on Wednesday, while consumer inflation also accelerated but at a slower-than-expected rate.
The producer price index (PPI) rose 9.0% from a year earlier in May, according to a statement from the National Bureau of Statistics.
Wall Street stocks finished a choppy session little changed Tuesday as markets digested data showing a lower US trade deficit.
The US trade deficit dipped by $6.1 billion to $68.9 billion in April, slightly larger than expected, as exports rose and imports fell, according to Commerce Department data.
Back home, the main equity indices ended with tiny losses on Tuesday. The barometer index, the S&P BSE Sensex, slipped 52.94 points or 0.10% at 52,275.57. The Nifty 50 index lost 11.55 points or 0.07% to 15,740.10.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,422.71 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,626.98 crore in the Indian equity market on 8 June, provisional data showed.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
