Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 354.44 points or 0.64% at 55,683.76. The Nifty 50 index was up 97.50 points or 0.59% at 16,548. The Sensex moved above the 55,600 mark in opening trade. Upbeat Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 0.54%. The S&P BSE Small-Cap index was up 0.61%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1614 shares rose and 992 shares fell. A total of 106 shares were unchanged.
Stocks in news:
Aurobindo Pharma gained 3.98%. Aurobindo Pharma said that its board of directors approved the termination of binding agreements with Cronus Pharma Specialities India for acquisition of 51% ownership in Cronus Pharma, for Rs 420 crore.
Cadila Healthcare jumped 4.23%. Cadila Healthcare said that the company has received the Emergency Use Authorization (EUA) from the Drug Controller General of India (DCGI) for ZyCoV-D the world's first Plasmid DNA Vaccine for COVID-19. ZyCoV-D is a three dose vaccine which will be administered first on day zero, day 28th and then on the 56th day.
Arvind Fashions surged 7.16%. The board of directors of Arvind Fashions approved the preferential allotment of equity shares aggregating to Rs. 439 crore to various investors including promoters at the price of Rs. 218.50.
Adani Total Gas rose 5%. Adani Total Gas has executed a Share Subscription and Shareholders' Agreement on 20th August 2021 with GSEC and Smartmeters Technologies to acquire 50% stake in Smartmeters Technologies.
SRF rose 1.1%. SRF said its board will meet on August 31 to consider issuance of bonus shares.
TTK Prestige rose 1.03%. TTK Prestige said that a long-term settlement has been reached with the permanent workmen at manufacturing unit at Khardi, Maharashtra.
Global Markets:
Overseas, Asian stocks are trading higher on Monday as traders sought to take advantage of last week's selloff while weighing risks from the delta virus strain and China's regulatory curbs.
Major U.S. stock averages rebounded Friday. Technology stocks traded in the green Friday, providing the market with support.
Fed officials are set to gather for their annual meeting in Jackson Hole, Wyo., from Thursday. Market participants will be awaiting insights into the Fed's taper talks as many central bankers aim to move away from easy policy.
Back home, benchmark indices settled with steep losses on Friday amid weak global cues. The barometer index, the S&P BSE Sensex, declined 300.17 points or 0.54% at 55,329.32. The Nifty 50 index declined 118.35 points or 0.71% at 16,450.50.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,287.03 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 119.30 crore in the Indian equity market on 20 August, provisional data showed.
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