Local stocks are trading on a firm note in early trade on buying demand in index pivotals. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 383.39 points or 1.1% at 35,225.49. The Nifty 50 index was up 112.20 points or 1.09% at 10,401.10. The Sensex regained the psychological 35,000 level. Positive Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 1.23%. The S&P BSE Small-Cap index was up 0.91%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1392 shares rose and 336 shares fell. A total of 63 shares were unchanged.
Stocks in news:
Container Corporation of India (Concor) gained 1.76%. Concor reported 12.82% fall in consolidated net profit to Rs 311.52 crore on 15.63% fall in total income to Rs 1,668.51 crore in Q4 March 2020 over Q4 March 2019.
Ashok Leyland rose 2.15%. Ashok Leyland reported 97.46% fall in consolidated net profit to Rs 18.07 crore on 48.23% fall in total income to Rs 5,128.20 crore in Q4 March 2020 over Q4 March 2019.
Apollo Tyres rose 1.25%. The company commissioned its 7th manufacturing unit globally, and the fifth one in India, with the first tyre rolling out on Thursday from the Andhra Pradesh greenfield facility in the southern part of the country.
Endurance Technologies rose 1.9%. The company reported 28.13% fall in consolidated net profit to Rs 106.83 crore on 15.31% fall in total income to Rs 1,614.20 crore in Q4 March 2020 over Q4 March 2019.
Engineers India advanced 3.56% after the company reported 34.56% rise in consolidated net profit to Rs 119.69 crore on 37.75% rise in total income to Rs 930.74 crore in Q4 March 2020 over Q4 March 2019.
Galaxy Surfactants surged 4.26% after the company reported 9.98% rise in consolidated net profit to Rs 62.80 crore on 4.2% fall in total income to Rs 656.66 crore in Q4 March 2020 over Q4 March 2019.
Global Markets:
Overseas, Asian stocks are trading higher on Friday despite increased volatility and rising new coronavirus infections.
In US, Wall Street's main indices closed higher in choppy trading on Thursday, with bank stocks soaring ahead of annual stress test results and helping to offset investor jitters over alarming increases in new coronavirus cases.
Apple Inc said it would close 14 stores in Florida again due to rising COVID-19 cases after other re-closures in Houston, Arizona, South Carolina, and North Carolina. Texas Governor Greg Abbott said he was halting his state's phased economic reopening in response to a jump in COVID-19 infections and hospitalizations.
The Fed on Thursday said it will cap big bank dividend payments and halt share repurchases until at least the fourth quarter. It found lenders faced significant capital losses when tested against an economic downturn caused by the coronavirus pandemic.
The US economy shrank at a 5% rate in the first quarter with a much worse decline expected in the current three-month economic period because of the coronavirus pandemic. The Commerce Department reported on Thursday that the decline in the gross domestic product, the total output of goods and services, in the January-March quarter was unchanged from the estimate made a month ago.
Back home, the Sensex and the Nifty ended with small losses on Thursday. Trading was volatile as the June 2020 F&O contracts expired on Thursday, 25 June 2020. IT shares declined while FMCG shares climbed. The barometer S&P BSE Sensex declined 26.88 points or 0.08% at 34,842.10. The Nifty 50 index fell 16.4 points or 0.16% at 10,288.90.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,050.61 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 255.59 crore in the Indian equity market on 25 June, provisional data showed.
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