The Sensex and the Nifty firmed up once again in mid-morning trade. At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 131.38 points or 0.39% at 34,112.08. The Nifty 50 index added 62.05 points or 0.62% at 10,091.15.
In the broader market, the S&P BSE Mid-Cap index gained 0.85% while the S&P BSE Small-Cap index rose 1.63%. Both these indices outperformed the Sensex.
The market breadth was strong. On the BSE, 1698 shares rose and 499 shares fell. A total of 114 shares were unchanged. In the Nifty 50 index, 36 shares advanced while 14 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,905.04 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 847.31 crore in the Indian equity market on 4 June, provisional data showed.
Stocks in Spotlight:
Index heavyweight Reliance Industries (RIL) rose 1.33% to Rs 1601 after the company on Friday announced that Abu Dhabi-based Mubadala Investment Company, will invest Rs 9,093.60 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Mubadala's investment will translate into a 1.85% equity stake in Jio Platforms on a fully diluted basis. With this investment, Jio Platforms has raised Rs 87,655.35 crore from growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks.
Larsen & Toubro (L&T) gained 2.13% to Rs 950.85 after L&T Construction secured a 'large' contract for its heavy civil infrastructure business from the civic body of Telangana. As per the L&T's classification, the valuation of the 'large' order stands between Rs 2,500 crore and 5,000 crore.
Hexaware Technologies was locked in an upper circuit of 20% at Rs 311.30 after the company said its board will meet on on 12 June 2020 to consider a proposal to voluntarily delist equity shares of the company. As on 31 March 2020, the promoter HT Global IT Solutions Holding held 62.4% stake in the company while the public shareholders held 37.6% stake. As a part of the delisting offer, HT Global IT Solutions Company, the promoter has given an indicative offer of Rs 285 per share, which is a 9.8% premium on the closing price of the shares on 4 June. The floor price will be separately informed to the company in due course.
Global Markets:
Most Asian stocks advanced on Friday as investors await the U.S. nonfarm payrolls report expected later in the day. The investors remained cautious as they watched developments arising out of US-China tensions and the possibility of second waves of coronavirus infections.
In Europe, the European Central Bank has boosted its pandemic emergency support program by an unexpectedly large 600 billion euros to 1.35 trillion euros ($1.5 trillion) in an effort to keep affordable credit flowing to the economy during the steep downturn caused by the virus outbreak. The central bank also said it would extend the program until June 2021, and reinvest maturing PEPP securities until at least the end of 2022.
The US equity market finished session lower on Thursday, 04 June 2020, as investors hit the pause button on caution as Wall Street grappled with disappointing jobs data and a late-day sell-off in tech shares.
The Labor Department released a report on Thursday showed initial jobless claims tumbled to 1.877 million in the week ended May 30th, a decrease of 249,000 from the previous week's revised level of 2.126 million. Further, report also showed continuing claims - which reflect the aggregate number of Americans receiving unemployment benefits- jumped by 649,000 from the previous week to 21.487 million.
The US trade deficit widened to $49.4 billion in April from a revised $42.3 billion in March after a nosedive in the value of exports outpaced a slump in the value of imports.
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