Key indices are trading higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 136.88 points or 0.39% at 35,048.20. The Nifty 50 index was up 54.60 points or 0.53% at 10,365.80. The Sensex moved above the 35,000 level.
The S&P BSE Mid-Cap index was up 1.13%. The S&P BSE Small-Cap index was up 0.86%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1288 shares rose and 362 shares fell. A total of 50 shares were unchanged.
Stocks in news:
Reliance Industries (RIL) rose 0.37%. RIL said that the Forty-third Annual General Meeting (Post-IPO) (AGM) of the members of the company will be held on 15 July 2020 at 02:00 p.m. IST through Video Conferencing (VC) / Other Audio-Visual Means (OAVM).
Info Edge (India) gained 2.38%. The company reported 63.68% fall in consolidated net profit to Rs 119.10 crore on 9.04% fall in total income to Rs 533.21 crore in Q4 March 2020 over Q4 March 2019.
Info Edge (India) said that its board of directors approved raising of funds through issue of equity shares by way of Qualified Institutions Placement to eligible qualified institutional buyers for an aggregate amount not exceeding Rs 1875 crore.
Sudarshan Chemical Industries rose 0.08%. The company reported 5.77% rise in consolidated net profit to Rs 27.31 crore on 3.77% rise in total income to Rs 450.11 crore in Q4 March 2020 over Q4 March 2019.
Karnataka Bank rose 1.59%. The bank launched a new product viz. KBL Micro Mitra, wherein financial assistance up to Rs 10 lakh can be provided to the Micro manufacturing and service enterprises either for working capital or for investment purposes. The facility comes with a simplified procedure and competitive rate of interest.
Balaji Amines advanced 5.43% after the company reported 16.52% rise in consolidated net profit to Rs 30.82 crore on 14.16% rise in total income to Rs 259.58 crore in Q4 March 2020 over Q4 March 2019.
Meanwhile, Fitch Ratings has revised the outlook to negative from stable on the long-term issuer default ratings (IDR) of select banks, while affirming their IDRs, Support Ratings (SR) and Support Rating Floors (SRF). The banks include State Bank of India (SBI), Bank of Baroda (BOB), Bank of India (BOI), Canara Bank, Punjab National Bank (PNB), ICICI Bank and Axis Bank. At the same time Fitch has affirmed IDBI Bank's IDR while maintaining the outlook at negative.
Ratings agency Moody's on 22 June 2020 said that it sees India's GDP contracting to 3.1% in 2020 and growing 6.9% in 2021. It also said that the second quarter of the current fiscal will go down as the worst quarter for global economy since World War 2, although it will start improving from the beginning of the second half of 2020.
Global Markets:
Overseas, Asian stocks are trading higher on Tuesday after a positive close on Wall Street.
Japan's factory activity remained stuck at an 11-year low in June, in a sign the coronavirus pandemic is taking a toll on manufacturers even as services-sector sentiment picks up. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) edged down to a seasonally adjusted 37.8 from a final 38.4 in May. The index recorded its lowest since March 2009 for a second straight month, staying below the 50 threshold that separates contraction from expansion for a 14th month.
In US, Wall Street's three major indexes closed higher on Monday with the biggest gains in technology stocks as investors focused on the potential for more government stimulus measures even as they worried about an increase in coronavirus cases in the United States and other countries.
Dow ended above 26,000 while rally in tech-related stocks propelled Nasdaq to fresh record close.
Meanwhile, New York City started allowing companies to reopen their offices Monday after a three-month lockdown because of the pandemic. White House trade adviser Peter Navarro said the Trump administration is preparing for a second wave, but isn't anticipating one.
Steve Schwarzman, CEO of Blackstone said that the economy may benefit from a V-type recovery but getting back to levels of 2019 will take 'quite a while.'
Back home, the market ended a volatile session with decent gains on Monday, shrugging negative global cues. The firmness in domestic shares was led by strength in financial stocks. The barometer S&P BSE Sensex climbed 179.59 points or 0.52% at 34,911.32. The Nifty 50 index rose 66.80 points or 0.65% at 10,311.20.
Foreign portfolio investors (FPIs) bought shares worth Rs 424.21 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,287.69 crore in the Indian equity market on 22 June, provisional data showed.
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