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 223.40 points or 0.43% at 52,523.87. The Nifty 50 index was up 94.45 points or 0.6% at 15,832.20. The Sensex scaled record high of 52,578.07 in early trade. The Nifty hit record high of 15,835.55 in early trade. Sentiment was positive as fresh covid cases continue to decline and vaccination pace picks up.
The S&P BSE Mid-Cap index was up 0.45%. The S&P BSE Small-Cap index was up 0.7%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1884 shares rose and 596 shares fell. A total of 83 shares were unchanged.
Stocks in news:
Power Grid Corporation of India rose 1.96%. Power Grid Corporation of India said that the meeting of the board of directors of the company is scheduled on 17 June 2021 to consider declaration of bonus shares.
Godrej Properties fell 0.19%. Godrej Projects Development, a wholly-owned subsidiary of the Godrej Properties has acquired 20% issued and paid-up share capital of Vagishwari Land Developers (VLDPL). Pursuant to the acquisition, VLDPL has become an associate company of Godrej Projects Development and consequently of Godrej Properties.
Yes Bank rose 1.02%. Yes Bank said the board of directors of the bank considered and approved seeking shareholders' approval for borrowing/raising funds in Indian/foreign currency up to an amount of Rs. 10,000 crore by issue of debt securities including but not limited to non-convertible debentures, bonds, Medium Term Note (MTN) etc.
Indian Bank fell 0.14%. Indian Bank said that the bank has declared the non-performing accounts of Emmsons International, Runit Fabrics and KR Corporation as fraud and reported them to the RBI.
Cosmo Films rose 2.79%. Cosmo Specialty Chemicals, a 100% subsidiary of Cosmo Films, a global leader in packaging films and synthetic paper, forays into the Fast Moving Consumer Goods industry with the launch of Fabritizer, an after-wash laundry sanitizer for germ-free clothing.
GOCL Corporation jumped 7.4%. GOCL Corporation said that the company along with its wholly-owned subsidiary IDL Explosives bagged orders worth an aggregate amount of Rs 286.63 crore to supply Raydets, Electronic and other Detonators and Cartridge Explosives over a period of two years.
Global Markets:
Asian stocks are trading mixed on Friday, following gains overnight on Wall Street that saw the S&P 500 sailing to a record closing high.
Wall Street stocks ended higher on Thursday, with the S&P 500 closing above its prior record high set on May 7, as economic data appeared to support the Federal Reserve's assertion that the current wave of heightened inflation will be temporary.
Consumer prices for May accelerated at their fastest pace since the summer of 2008 amid the economic recovery from the pandemic-triggered recession, the Labor Department reported Thursday.
The consumer price index, which represents a basket including food, energy, groceries and prices across a spectrum of goods, rose 5% from a year ago.
The number of Americans applying for unemployment benefits fell for the sixth straight week as the U.S. economy reopens rapidly after being held back for months by the coronavirus pandemic. Jobless claims fell by 9,000 to 376,000 from 385,000 the week before, the Labor Department reported Thursday.
Back home, the main equity indices ended with strong gains on Thursday amid positive global cues. The barometer index, the S&P BSE Sensex, rose 358.83 points or 0.69% at 52,300.47. The Nifty 50 index gained 102.40 points or 0.65% at 15,737.75.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,329.70 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 575.19 crore in the Indian equity market on 10 June, provisional data showed.
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