Trading for the week began on upbeat note as the key benchmark indices surged in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 416.27 points or 1.14% at 37,010.60. The Nifty 50 index was up 123.35 points or 1.15% at 10,891.40. The Sensex moved above the 37,000 mark in early trade. Positive Asian stocks also boosted sentiment.
The S&P BSE Mid-Cap index was up 0.73%. The S&P BSE Small-Cap index was up 0.57%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1114 shares rose and 576 shares fell. A total of 111 shares were unchanged.
Stocks in news:
Reliance Industries (RIL) gained 2.34%. RIL and Jio Platforms announced that Qualcomm Ventures, the investment arm of Qualcomm Incorporated, an industry leader in wireless technologies, has committed to invest upto Rs 730 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Qualcomm Ventures' investment will translate into 0.15% equity stake in Jio Platforms on a fully diluted basis. The investment will deepen the ties between Qualcomm and Jio Platforms, to support Jio Platforms on its journey to rollout advanced 5G infrastructure and services for Indian customers.
Separately, Reliance Industries' subsidiary Jio Platforms received subscription amounts from Interstellar Platform Holdings Pte (Rs 1,894.50 crore for 0.39% stake), The Public Investment Fund (Rs 11,367 crore for 2.32% stake), SLP Redwood Holdings and SLP Redwood Co-Invest (DE), L.P. (Silver Lake) (Rs 10,202.55 crore for 2.08% stake) and General Atlantic Singapore JP Pte (Rs 6,598.38 crore for 1.34% stake).
Infosys rose 1.93%. Infosys and Old National Bancorp, the largest financial services bank holding company headquartered in Indiana, announced a strategic partnership that will enable faster adoption of digital solutions, modernize ONB's existing technology infrastructure, and enhance both the client and employee experience.
Biocon gained 2.93%. Biocon announced that it has received the Drugs Controller General of India's (DCGI) approval to market Itolizumab (ALZUMAb) Injection 25mg/5mL solution for emergency use in India for the treatment of cytokine release syndrome (CRS) in moderate to severe ARDS (acute respiratory distress syndrome) patients due to COVID-19.
Avenue Supermarts fell 1.6%. The company's consolidated net profit fell 87.59% to Rs 40.09 crore on a 32.47% decline in total income to Rs 3,933.78 crore in Q1 June 2020 over Q1 June 2019.
Galaxy Surfactants rose 2.15%. The company has restarted operations at its units in Tarapur Location in a phased manner after receiving necessary permissions from the statutory authorities.
Clariant Chemicals (India) jumped 13.51%. The board of directors of the company has approved payment of special interim dividend on equity shares at Rs 140 per share for the financial year 2020-21. The company has fixed 18 July 2020 as the record date for the purpose of payment of special interim dividend.
Indian Railway Catering & Tourism Corporation rose 1.21%. The company's net profit surged 79.36% to Rs 150.61 crore on 5.14% rise in total income to Rs 607.24 crore in Q4 March 2020 over Q4 March 2019.
Steel Authority of India rose 0.81%. The company's consolidated net profit surged 382.95% to Rs 2,647.52 crore on 11.92% decline in total income to Rs 16,574.71 crore in Q4 March 2020 over Q4 March 2019.
Global Markets:
Overseas, Asian stocks are trading higher on Monday as investors shrugged off concerns over the rising number of coronavirus cases worldwide.
In US, stocks ended higher Friday, with support attributed in part to optimism over a coronavirus treatment as investors attempt to gauge the threat to the economic outlook from a rise in COVID-19 cases. The Nasdaq Composite Index sets another record closing high.
Stocks shook off premarket weakness after Gilead said a new analysis of previously disclosed clinical trial data found its experimental therapy remdesivir can reduce the risk of mortality in COVID-19 patients.
Back home, domestic shares ended with modest losses on Friday, dragged by banks and financials stocks. Strength in index pivotals Reliance Industries and TCS supported the indices. The barometer S&P BSE Sensex lost 143.36 points or 0.39% at 36,594.33. The Nifty 50 index fell 45.40 points or 0.42% at 10,768.05.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,031 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 431.21 crore in the Indian equity market on 10 July 2020, provisional data showed.
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