Market edges higher in early trade

Local stocks 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 164.82 points or 0.42% at 38,963.90. The Nifty 50 index was up 47.35 points or 0.41% at 11,513.80. The market breadth, indicating the overall health of the market, is strong.

The S&P BSE Mid-Cap index was up 0.72%. The S&P BSE Small-Cap index was up 0.87%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1311 shares rose and 468 shares fell. A total of 79 shares were unchanged.

Stocks in news:

Wipro rose 0.33% after the company announced a partnership with industry-leading Standard Initial Margin Model (SIMM) vendor, Quaternion Risk Management. As part of the collaboration, Wipro will offer SIMM-in-a-box to financial institutions covered under Uncleared Margin Rules (UMR).

Axis Bank gained 1.46%. Axis Bank now proposes to acquire 17.002% of the equity share capital of Max Life Insurance Company, resulting in total ownership of 18% post the transaction. The parties have executed the definitive agreements.

ONGC fell 0.92%. ONGC said its board will meet on September 1 to mull raising Rs 45,000 crore through issue of debt instruments and loans.

IRB Infrastructure Developers advanced 2.73%. The company reported consolidated net loss of Rs 30.14 crore in Q1 June 2020 as against net profit of Rs 206.62 crore in Q1 June 2019. Total income fell 41.06% to Rs 1,073.46 crore.

NOCIL rose 1.63%. NOCIL reported 63.96% fall in consolidated net profit to Rs 11.95 crore on 49.5% fall in total income to Rs 117.25 crore in Q1 June 2020 over Q1 June 2019.

LIC Housing Finance jumped 8.2%. The company reported 35.34% rise in consolidated net profit to Rs 824 crore on 3.52% rise in total income to Rs 4,986.01 crore in Q1 June 2020 over Q1 June 2019.

Global Markets:

Overseas, Asian stocks are trading higher on Tuesday following a Wall Street rally driven by vaccine hopes.

China said on Tuesday it agreed with the United States to continue pushing forward the implementation of the bilateral Phase 1 trade deal reached earlier this year during a call between the two countries' top trade negotiators. Vice Premier Liu He spoke with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, China's commerce ministry reportedly said in a statement. The two sides had constructive talks on the trade deal and strengthening macroeconomic policy coordination, the ministry said.

In US, the S&P 500 and the Nasdaq reached new record closing highs on Monday as optimism over potential medical advances in the war against the coronavirus pandemic pushed all three major U.S. stock indexes higher.

On Capitol Hill, partisan wrangling over stalled coronavirus aid talks continued, and congressional Democrats and Republicans remain at loggerheads over funding levels and unemployment benefits.

Back home, key domestic equity barometers ended with strong gains on Monday, buoyed by firmness in private banks stocks. Upbeat global cues boosted investors sentiment. The barometer index, the S&P BSE Sensex, advanced 364.36 points or 0.95% at 38,799.08. The Nifty 50 index climbed 94.85 points or 0.83% at 11,466.45.

Foreign portfolio investors (FPIs) bought shares worth Rs 219.07 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 335.64 crore in the Indian equity market on 24 August, provisional data showed.

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