Key indices are trading higher in early trade on buying demand in index pivotals. At 9:26 IST, the barometer index, the S&P BSE Sensex, was up 199.71 points or 0.58% at 34,407.76. The Nifty 50 index was up 61.25 points or 0.61% at 10,152.90.
The S&P BSE Mid-Cap index was up 0.84%. The S&P BSE Small-Cap index was up 1.04%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1293 shares rose and 334 shares fell. A total of 56 shares were unchanged.
Stocks in news:
Reliance Industries (RIL) rose 1.67%. RIL on Thursday (18 June) said Saudi Arabia's Public Investment Fund (PIF) will buy 2.32% stake in Jio Platforms for Rs 11,367 crore. This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Jio Platforms is a wholly-owned subsidiary of RIL.
Cipla rose 0.68%. Cipla and Roche Products (India) (Roche Pharma) announced that the two companies have entered into an agreement to provide better access to innovative medicines for patients in India. Under this agreement, Cipla will be responsible for marketing and distribution of Roche Pharma's key trademark oncology drugs viz.,Trastuzumab (Herclon), Bevacizumab (Avastin) and Rituximab (Ristova).
Tata Motors rose 0.21%. Tata Motors informed that based on Moody's Investor Service letter dated 18 June 2020, the credit rating of the company and its subsidiary Jaguar Land Rover Automotive Plc has been downgraded due to challenges posed by the coronavirus outbreak.
Thermax fell 1.45% after the company reported 69.24% fall in consolidated net profit to Rs 39.03 crore on 36.32% fall in total income to Rs 1,353.66 crore in Q4 March 2020 over Q4 March 2019.
Gujarat State Fertilizers & Chemicals lost 2.09% after the company reported 36.83% fall in consolidated net profit to Rs 61.85 crore on 6.45% fall in total income to Rs 1,874.73 crore in Q4 March 2020 over Q4 March 2019.
MOIL dropped 4.54% after the company reported 90.35% fall in consolidated net profit to Rs 13.47 crore on 41.95% fall in total income to Rs 282.96 crore in Q4 March 2020 over Q4 March 2019.
Global Markets:
Overseas, Asian stocks were mixed on Friday as investors continued to monitor the situation surrounding a recent uptick in coronavirus cases in some countries.
Meanwhile, a Chinese health expert said Thursday that a recent virus outbreak in Beijing is under control. The Chinese capital saw a jump in infections after more than 50 days without domestically transmitted Covid-19 cases.
In US, stocks ended mixed on Thursday as investors weighed a resurgence in coronavirus infections and the possibility of a new round of shutdowns.
Back home, domestic shares ended with robust gains on Thursday, led by rally in banks and metal shares. Gains in HDFC twins and index heavyweight Reliance Industries (RIL) boosted indices. The barometer S&P BSE Sensex jumped 700.13 points or 2.09% at 34,208.05. The Nifty 50 index rallied 210.50 points or 2.13% at 10,091.65.
Foreign portfolio investors (FPIs) bought shares worth Rs 366.57 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,131.27 crore in the Indian equity market on 18 June, provisional data showed.
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