Benchmarks hit the day's high

Equity benchmarks extended early gains and hit fresh intraday high in morning trade. At 10:22 IST, the barometer index, the S&P BSE Sensex, was up 274.10 points or 0.75% at 36,603.11. The Nifty 50 index was up 81.10 points or 0.76% at 10,786.85.

In the broader market, the S&P BSE Mid-Cap index gained 0.66% while the S&P BSE Small-Cap index rose 0.60%. Both these indices lagged the Sensex.

The market breadth was strong. On the BSE, 1256 shares rose and 837 shares fell. A total of 120 shares were unchanged.

Buzzing Index:

The Nifty IT index gained 0.29% to 15,558.15. The index lost 1.72% on Wednesday.

Among the index constituents, NIIT Technologies (up 2.79%), Info Edge India (up 2.01%), Larsen & Toubro Infotech (up 0.91%), Infosys (up 0.79%), MindTree (up 0.73%), HCL Tech (up 0.56%) and Wipro (up 0.09%) advanced.

Meanwhile, Mphasis (down 1.89%) and Tech Mahindra (down 0.86%) declined.

Tata Consultancy shed 0.44% to currently trade at Rs 2208, ahead of the release of its June quarter results today.

According to a report from Information Services Group (ISG), a global technology research and advisory firm, global sourcing slowed dramatically in the second quarter, as enterprises sharply reduced managed services spending to contend with the impacts of the COVID-19 pandemic, while still investing in ongoing digital transformation efforts.

Data from the ISG Index, which measures commercial outsourcing contracts with annual contract value (ACV) of $5 million or more, show second-quarter ACV for the combined global market (both as-a-service and managed services) declined 5%, to $13.2 billion, a figure that was down almost $2 billion, or 12%, from a record high in the first quarter.

Stocks in Spotlight :

Strides Pharma Science rose 1.28% to Rs 416.60 after its Singapore-based subsidiary, Strides Pharma Global, received US FDA approval for butalbital, acetaminophen, caffeine, and codeine phosphate capsules. According to IQVIA MAT May 2020 data, the drug has a US market of approximately US$ 10 million.

State Bank of India rose 1.51% to Rs 194.85. The country's largest lender said that its executive committee of central board (ECCB) has approved a maximum investment of up to Rs 1,760 crore in Yes Bank's upcoming follow-on public offer (FPO).

Meanwhile, Yes Bank (up 2.68%) today informed about the filing of the red herring prospectus in connection with the FPO. The bank will raise upto Rs 15000 crore, by way of a fresh issue of equity shares, including an employee reservation portion of up to Rs 200 crore. The FPO will open on 15 July and close on 17 July 2020. Anchor investor bidding date is fixed on 14 July 2020.

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