The benchmark indices traded in a narrow range in mid-morning trade. The Nifty continued to trade above the 15,750 mark. Asian markets edged higher.
At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 244.7 points or 0.47% to 52,617.39. The Nifty 50 index added 72 points or 0.46% to 15,764.60.
In the broader market, the S&P BSE Mid-Cap index shed 0.16% while the S&P BSE Small-Cap index rose 0.35%.
The market breadth was strong. On the BSE, 1853 shares rose and 1166 shares fell. A total of 132 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 187,243,513 with 4,038,932 global deaths.
India reported 432,778 active cases of COVID-19 infection and 410,784 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Pharma index rose 0.91% to 14,502.70, rising for third day in a row. The index has added 1.64% in three sessions.
Sun Pharma (up 2.52%), Aurobindo Pharma (up 1.36%), Lupin (up 1.25%), Cipla (up 0.77%), Divi's Labs (up 0.55%), Cadila Healthcare (up 0.17%) and Biocon (up 0.09%) advanced.
Stocks in Spotlight:
ISGEC Heavy Engineering gained 3.52% to Rs 815.95. The company has bagged an order for two waste to energy boilers (pressure & non-pressure parts) from Hitachi Zosen Inova, Switzerland for the Slough Multifuel Project in Slough, Berkshire, UK. Each of these boilers will have a capacity of 660 TPD. The company said that this is the second order that it has received from Hitachi Zosen Inova. Waste to Energy is a sustainable technology with huge potential and the EPC company is actively playing a constructive role in not just promoting it but actually executing it on the ground.
Sunteck Realty advanced 3.73% to Rs 361.60 after the company's pre-sales jumped 74% Y-o-Y (year-on-year) while collections grew 165% Y-o-Y in Q1 June 2021. Pre-sales grew 74% to Rs 176 crore in Q1 June 2021 as against Rs 101 crore in Q1 June 2020. Collections soared 165% to Rs 172 crore in Q1 FY22 as against Rs 65 crore in Q1 FY21. Collection efficiency stood at 98% of pre-sales in Q1 FY22 as against 64% in Q1 FY21.
Xelpmoc Design and Tech slumped 5.02% to Rs 458.75. The company said that its board will meet on 15 July to consider raising funds.
Global Markets:
Asian stocks are trading higher on Tuesday as investors awaited the release of China's trade data for June.
Wall Street's main indexes rose on Monday, with the Nasdaq and the S&P 500 hitting record highs as investors awaited the start of the second-quarter earnings season and a batch of economic data to gauge the next leg of the equity market.
Investors appeared cautiously optimistic ahead of the start of second-quarter earnings reports. Investors also anticipate important data to be released this week, including key readings on inflation on Tuesday and Wednesday, and June retail sales on Friday.
Federal Reserve chair Jerome Powell is set to testify before Congress on Wednesday and Thursday, and investors will be looking for any signals of fiscal policy updates.
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