Indices nudge higher in early trade; breadth strong

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 66.46 points or 0.13% at 52,765.46. The Nifty 50 index was up 39.30 points or 0.25% at 15,829.75. Asian stocks are trading higher.

The S&P BSE Mid-Cap index was up 0.48%. The S&P BSE Small-Cap index was up 0.37%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1560 shares rose and 845 shares fell. A total of 86 shares were unchanged.

Stocks in news:

ONGC gained 1.52%. ONGC reported a consolidated net profit of Rs 9,404.16 crore in Q4 FY21 as against a net loss of Rs 6,338.12 crore in Q4 FY20. Total income during the quarter increased by 11.79% year-on-year (YoY) to Rs 121,042.09 crore.

Ashok Leyland jumped 4.27%. Ashok Leyland reported 1,851.08% surge in consolidated net profit to Rs 352.56 crore on 61.94% rise in total income to Rs 8,304.68 crore in Q4 FY21 over Q4 FY20.

LIC Housing Finance advanced 2.16% to Rs 467.65. LIC Housing Finance announced issue of 4.54 crore shares at Rs 514.25 per share to Life Insurance Corporation of India (LIC) on a private placement basis. LIC's shareholding in the company after the proposed preferential allotment of shares will increase to 45.24% from 40.313%.

PTC India rose 0.96%. PTC India reported 50.71% surge in consolidated net profit to Rs 68.56 crore on 7.9% rise in total income to Rs 3,926.10 crore in Q4 FY21 over Q4 FY20.

Indian Bank rose 0.51%. Indian Bank said that the bank has raised Rs 1,650 crore through qualified institutional placement (QIP) and set issue price for QIP at Rs 142.15 per share.

Asian Granito India gained 4.64%. Crystal Ceramics Industries, a material subsidiary of Asian Granito India, where Asian Granito is holding 70% of equity, has completed 12000 SQMTS/days of Glazed Vitrified Tiles brown field capacity expansion at its Meshana Plant. This capacity addition will increase total capacity of Crystal Ceramics to 36000 SQMTS/day.

Global Markets:

Asian stocks are trading higher after U.S. shares hit a record on a bipartisan $579 billion U.S. infrastructure deal that stoked economic optimism.

U.S. stocks jumped to session highs, with the S&P 500 and Nasdaq reaching a record, Thursday after President Joe Biden declared that the White House struck an infrastructure deal with a bipartisan group of senators.

The infrastructure deal will include $579 billion in new spending, the White House said. Republicans have fought the president's proposal to hike the corporate tax rate to 28% from 21%.

Back home, benchmark indices ended a volatile session with decent gains on Thursday. The barometer index, the S&P BSE Sensex, rose 392.92 points or 0.75% at 52,699. The Nifty 50 index gained 103.50 points or 0.66% at 15,790.45.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,890.94 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,138.76 crore in the Indian equity market on 24 June, provisional data showed.

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