Market advances in early trade

Key indices are trading on firm note in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 341.44 points or 0.89% at 38,523.52. The Nifty 50 index was up 93.70 points or 0.83% at 11,363.85.

The S&P BSE Mid-Cap index was up 0.6%. The S&P BSE Small-Cap index was up 0.79%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1342 shares rose and 448 shares fell. A total of 83 shares were unchanged.

Stocks in news:

Power Grid Corporation of India rose 2.48%. The company's consolidated net profit fell 18.15% to Rs 2,048.42 crore on 9.24% rise in total income to Rs 10,258.67 crore in Q1 June 2020 over Q1 June 2019. The company has given a consolidated one-time rebate of Rs 1,075 crore to DISCOMs and Power Departments of States / Union Territories for passing on to end consumers on account of COVID-19 pandemic against the billing of April 2020 and May 2020. Due to this consolidated one-time rebate, there is a reduction in the profit for the current quarter.

Shree Cement lost 4.21% after consolidated net profit fell 13.19% to Rs 329.60 crore on 22.3% fall in total income to Rs 2,606.58 crore in Q1 June 2020 over Q1 June 2019.

Titan Company fell 2.68% after the company reported consolidated net loss of Rs 291 crore in Q1 June 2020 as compared to net profit of Rs 363.74 crore in Q1 June 2019. Total income fell 61.21% to Rs 2,020 crore in Q1 June 2020 over Q1 June 2019.

ICICI Bank advanced 2.59% to Rs 373. ICICI Bank has set the floor price at Rs 351.36 per equity share for its Qualified institutions placement issue which opened on August 10. The issuance committee of Board of Directors of the bank is scheduled to be held on August 14, 2020 to, consider and determine the issue price for the equity shares to be allotted to qualified institutional buyers, pursuant to the issue.

Bank of Baroda declined 1.34% after the bank reported net loss of Rs 678.71 crore in Q1 June 2020 as compared to net profit of Rs 833.96 crore in Q1 June 2019. Total income fell 1.69% to Rs 21,684.71 crore in Q1 June 2020 over Q1 June 2019.

InterGlobe Aviation rose 0.78%. The company's board of directors has considered and approved the raising of funds for an aggregate amount not exceeding Rs 4,000 crore through an issue of equity shares by way of a qualified institutions placement.

Global Markets:

Overseas, Asian stocks are trading higher on Tuesday, following a mixed Wall Street session and as investors eyed stalled US stimulus efforts.

In US, the S&P 500 ended up slightly and the Nasdaq fell on Monday as investors extended a rotation into value stocks from heavyweight tech-related names while awaiting news on progress in a US fiscal support bill.

On Monday, China imposed sanctions on 11 U.S. citizens including lawmakers from Trump's Republican Party in response to Washington's imposition of sanctions on Hong Kong and Chinese officials accused of curtailing political freedoms there.

US President Donald Trump said that the Phase 1 trade deal with China means very little, which could set the stage for further tension when officials from both countries meet on Saturday to review progress over the first six months of the agreement.

U.S. congressional leaders and Trump administration officials said on Monday they were ready to resume negotiations on a coronavirus aid deal but talks remained deadlocked as Democrats said Republicans needed to meet them in the middle.

Back home, key domestic equity benchmarks ended with decent gains after a volatile session on Monday. The Sensex and the Nifty sharply came off the day's high as profit booking emerged at higher levels. Global stock markets were upbeat as an improvement in Chinese factory data calmed nerves. The barometer index, the S&P BSE Sensex, was rose 141.51 points or 0.37% at 38,182.08. The Nifty 50 index added 56.10 points or 0.5% at 11,270.15.

Foreign portfolio investors (FPIs) bought shares worth Rs 302.88 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 504.92 crore in the Indian equity market on 10 August, provisional data showed.

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