Local stocks are trading with modest gains in early trade, extending six-day gains. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 124.93 points or 0.37% at 34,234.47. The Nifty 50 index was up 46.95 points or 0.47% at 10,108.50. Asian stocks were trading higher.
The S&P BSE Mid-Cap index was up 0.82%. The S&P BSE Small-Cap index was up 0.86%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1005 shares rose and 365 shares fell. A total of 49 shares were unchanged.
Stocks in news:
Reliance Industries (RIL) rose 0.53%. The rights issue of Reliance Industries (RIL) received total bids for 55.08 crore shares, as against 42.26 crore shares on offer, according to BSE data at 5:30 PM IST. The issue was subscribed 1.3 times. The rights issue valued at Rs 53,125 crore, opened for subscription on 20 May 2020 and closed on 3 June 2020.
All eligible shareholders as per record date of 14 May were entitled to subscribe to the fresh issue. The company will offer existing shareholders one new share for 15 held at a Rs 1,257.
GAIL (India) rose 1.61%. GAIL (India) and Energy Efficiency Services (EESL) have signed a Memorandum of Understanding (MoU) yesterday for cooperation in development of Trigeneration projects in India. The MoU aims at building a closer strategic partnership between the two. companies by jointly exploring business opportunities in Trigeneration business segment in India.
Persistent Systems rose 0.99%. Persistent Systems and IBM yesterday announced a new collaboration to help accelerate IBM Cloud Pak deployments to speed clients' enterprise modernization and their move to the cloud. Persistent also announced a new IBM Cloud Pak deployment practice to help organizations migrate and modernize IBM workloads across all cloud environments, including IBM public cloud and IBM Cloud services.
Aurobindo Pharma jumped 4.65% after consolidated net profit surged 45.18% to Rs 849.83 crore on 16.56% rise in net sales to Rs 6,063.40 crore in Q4 March 2020 over Q4 March 2019.
MAS Financial Services fell 2.06% after consolidated net profit dropped 14.21% to Rs 35.68 crore on 10.74% rise in net sales to Rs 182.41 crore in Q4 March 2020 over Q4 March 2019.
V.S.T Tillers Tractors advanced 3.12%. V.S.T Tillers Tractors said power tillers sales rose to 1,750 units in May 2020 from 1,411 units in May 2019. Tractors sales rose to at 633 units from 527 units.
Global Markets:
Overseas, Asian stocks were trading higher on Thursday as optimism over the economic recovery from the coronavirus pandemic continued to keep investor sentiment afloat.
In US, Wall Street rallied broadly on Wednesday with the Nasdaq approaching record highs as signs of an economic recovery from mandated shutdowns helped investors look beyond US social unrest and pandemic worries.
The Dow Jones Industrial Average rose 527.24 points, or 2.05%, to 26,269.89, the S&P 500 gained 42.05 points, or 1.36%, to 3,122.87 and the Nasdaq Composite added 74.54 points, or 0.78%, to 9,682.91. The Nasdaq Composite Index is just 1.4% away from its all-time closing high of 9,817.18 in February.
Back home, domestic shares extended their winning streak to sixth straight session on Wednesday. Global cues were supportive as hopes of more stimulus and further easing in social restrictions around the world surpassed coronavirus fears. The barometer S&P BSE Sensex jumped 284.01 points or 0.84% at 34,109.54. The Nifty 50 index soared 82.45 points or 0.83% at 10,061.55. Both these indices rose over 11% in six trading sessions.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,851.12 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 781.79 crore in the Indian equity market on 3 June 2020, provisional data showed.
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