At 11:23 IST, the barometer index, the S&P BSE Sensex, was up 253.07 points or 0.48% at 52,553.87. The Nifty 50 index was up 66.55 points or 0.42% at 15,804.20.
The Sensex hit a record high of 52,626.64 and the Nifty hit a record high of 15,835.55 early trade today.
In broader market, the S&P BSE Mid-Cap index was up 0.09% while the S&P BSE Small-Cap index was gained 0.43%.
The market breadth was strong. On the BSE, 1803 shares rose and 1,158 shares fell. A total of 134 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 174,771,133 with 3,769,494 global deaths.
India's active Covid-19 caseload further declined to 11,21,671 yesterday. A net decrease of 46,281 in active cases was noted in last 24 hours, according to the data from the Ministry of Health and Family Welfare, Government of India. Less than 1 lakh cases were reported for the fourth day. In last 24 hours, India reported 91,702 new cases while 1,34,580 patients recovered. Recoveries continue to outnumber the daily new cases for the twenty ninth consecutive day. Recovery rate increased further to 94.93%.
Buzzing Index:
The Nifty IT index gained 1.28% to 28,154.05, rising for second trading session. The IT index added 2.23% in two days.
Mphasis (up 3.7%), Oracle Financial Services (up 3.35%), Larsen & Toubro Infotech (up 2.43%), Coforge (up 2.34%), Mindtree (up 1.47%), HCL Tech (up 1.4%) and Infosys (up 1.15%) advanced.
Earnings Impact:
eClerx Services hit an upper circuit of 20% at Rs 1617.35 after the company reported 78.2% jump in consolidated net profit to Rs 98.75 crore in Q4 FY21 from Rs 55.40 crore in Q4 FY20. Net sales during the quarter increased by 34.7% year-on-year (YoY) to Rs 472.82 crore. Sequentially, the company's net profit and net sales have risen by 39% and 19.9%, respectively. Profit before tax in Q4 FY21 stood at Rs 128.90 crore, up 81.4% from Rs 71.07 crore in Q4 FY20.
Tide Water Oil (India) hit an upper circuit of 5% at Rs 11,457.95 after the company's consolidated net profit jumped 58% to Rs 36.66 crore on 19.6% rise in net sales to Rs 364.68 crore in Q4 FY21 over Q4 FY20. Profit before tax in Q4 FY21 stood at Rs 48.84 crore, up 50% from Rs 32.56 crore in Q4 FY20. Current tax outgo during the quarter increased by 23.7% year-on-year (YoY) to Rs 12.32 crore. The board of Tide Water Oil at its meeting held on 10 June 2021 has approved sub-division of 34,84,800 ordinary shares of the company having face value of Rs 5 each into 87,12,000 ordinary shares of face value of Rs 2 each, subject to approval of the shareholders. It has also declared issue of bonus shares post sub-division of shares to the shareholders in the ratio of 1:1, subject to approval of the shareholders. Further, the board has recommended final dividend of Rs 200 per share on the ordinary shares of the company of face value of Rs 5 per share.
Global Markets:
Asian stocks were trading higher on Friday, following overnight gains on the Wall Street.
Wall Street stocks ended higher on Thursday, with the S&P 500 closing above its prior record high set on May 7, as economic data appeared to support the Federal Reserve's assertion that the current wave of heightened inflation will be temporary.
At the close of trade, the Dow Jones Industrial Average index advanced 19.10 points, or 0.06%, to 34,466. The S&P 500 index added 19.63 points, or 0.47%, at 4,239. The tech-heavy Nasdaq Composite Index rose 108.58 points, or 0.78%, to 14,020.
Consumer prices for May accelerated at their fastest pace since the summer of 2008 amid the economic recovery from the pandemic-triggered recession, the Labor Department reported Thursday. The US consumer price index rose 5% from a year ago.
The number of Americans applying for unemployment benefits fell for the sixth straight week as the U.S. economy reopens rapidly after being held back for months by the coronavirus pandemic. Jobless claims fell by 9,000 to 376,000 from 385,000 the week before, the Labor Department reported Thursday.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
