Key benchmark indices are trading higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 113.10 points or 0.21% at 53,017.15. The Nifty 50 index was up 30.05 points or 0.19% at 15,884.00. The Sensex regained the psychological 53,000 mark in early trade. Asian stocks are trading mixed.
The S&P BSE Mid-Cap index was up 0.25%. The S&P BSE Small-Cap index was up 0.52%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1740 shares rose and 824 shares fell. A total of 91 shares were unchanged.
Stocks in news:
Infosys slipped 0.16%. Infosys' consolidated net profit grew 2.3% to Rs 5,195 crore on 6% increase in revenue to Rs 27,896 crore in Q1 June 2021 over Q4 March 2021. On a year-on-year basis, net profit rose 22.7% and revenue increased 17.9% in Q1 June 2021. The Q1 result was declared after trading hours yesterday, 14 July 2021.
The IT major's operating profit stood at Rs 6,603 crore in Q1 June 2021, rising 2.5% quarter-on-quarter (Q-o-Q) and increasing 23.1% year-on-year (Y-o-Y). Operating margin for the quarter was robust at 23.7%, an increase of 1% YoY and decline of 0.8% QoQ.
TCS rose 0.22%. TCS on Wednesday announced plans to expand its operations in Arizona, investing more than $300 million by 2026 and hiring more than 220 employees by 2023. TCS will also continue to expand the reach of its STEM and Computer Science education programs in Arizona by increasing teacher training and online content for students over the next two years. The IT major said the investment plan is to meet the digital transformation needs of its customers.
L&T Technology Services surged 13.73%. L&T Technology Services' net income rose 11.1% to Rs 216.20 crore on 5.4% rise in revenue to Rs 1518.40 crore in Q1 June 2021 over Q4 March 2021.
Marico rose 1.1%. Marico has entered into Share Subscription Agreement and Shareholders agreement with Apcos Naturals Private Limited, the company that owns the brand 'Just Herbs'('Apcos Naturals') and a Share Purchase Agreement with its existing promoters and shareholders, to make a strategic investment in Apcos Naturals by acquiring / subscribing 60 % of the total paid-up share capital in the form of equity shares and compulsorily convertible preference shares (CCPS) of Apcos Naturals.
SeQuent Scientific jumped 6.18% after the company announced the EUGMP approval of its tablets dosage manufacturing line in Turkey.
Avantel gained 9.36%. Avantel informed that the company has received an order for an amount $19,80,000 (USD. Nineteen Lakh Eighty Thousand only) from Lockheed Martin Corporation for supply of Satcom Equipment.
Global Markets:
Overseas, Asian stocks are trading mixed on Thursday as China reported its second-quarter gross domestic product (GDP) jumped.
China's GDP rose 7.9% year-on-year in the second quarter, official data showed Thursday. Meanwhile, retail sales in June jumped 12.1% from a year earlier, data from the National Bureau of Statistics showed. Chinese industrial output rose 8.3% year-on-year in June.
China's central bank partially rolled over maturing medium-term loans on Thursday, the same day when a cut in the banks' reserve requirements takes effect.
The People's Bank of China (PBOC) said in a statement it was keeping the rate on 100 billion yuan ($15.46 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions steady at 2.95% from previous operations.
US stocks closed flat on Wednesday after U.S. Federal Reserve Chair Jerome Powell soothed investor angst by saying a recent inflation spike will fade, helping lift the S&P 500 to a fresh intraday record.
Federal Reserve Chairman Jerome Powell said the central bank will maintain its easy monetary policies. Powell said in his semiannual testimony before the House Committee on Financial Services Wednesday that the central bank can wait before it starts to ease its bond purchases despite surging inflation readings. The Fed chair said he still expects inflation to moderate.
At our June meeting, the Committee discussed the economy's progress toward our goals since we adopted our asset purchase guidance last December. While reaching the standard of 'substantial further progress' is still a ways off, participants expect that progress will continue, Powell said.
Back home, the benchmark indices ended with decent gains on Wednesday, led by strength in IT shares. The barometer index, the S&P BSE Sensex, rose 134.32 points or 0.25% to 52,904.05. The Nifty 50 index added 41.60 points or 0.26% to 15,853.95.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,303.95 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,335.91 crore in the Indian equity market on 14 July, provisional data showed.
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