Market opens on firm note

Trading for the week began on a firm note on positive Asian stocks. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 173.27 points or 0.49% at 35,831.13. The Nifty 50 index was up 52.20 points or 0.48% at 10,824.85.

The S&P BSE Mid-Cap index was up 0.73%. The S&P BSE Small-Cap index was up 0.85%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1117 shares rose and 316 shares fell. A total of 59 shares were unchanged.

Overseas, Asian stocks gained as investors set aside concerns about escalating trade tensions to prepare for the latest earnings season after signs of continued economic strength. US stocks rose in light trading on Friday, 6 July 2018 as biotech shares drove gains following a report that Biogen Inc's Alzheimer's drug showed positive results in a large clinical trial.

Back home, Tata Steel gained 1.6% after the company posted an 8% growth in Q1 June 2018 sales led by its highest ever quarterly sales of automotive steels in India. Sales touched 2.97 million tonnes (mt) in Q1 June 2018 against 2.75 mt in same period last year. The announcement was made after market hours on Friday, 6 July 2018.

Automotive and Special steels sales jumped to 557 KT in Q1 June 2018 due to stronger demand and new product approvals. The company said branded products and retail business achieved highest ever Q1 sales of 975 KT, registering a growth of 12% compared to 873 KT in Q1 June 2017. Additionally, overall engineering segments registered 70% growth year on year with 97 KT sales in Q1 June 2018 against sales of 57 KT sales in Q1 June 2017.

In Europe, Tata Steel sales grew marginally to 2.43 mt in Q1 June 2018 against 2.40 mt in Q1 June 2017 while production went up to 2.81 mt in Q1 June 2018 against 2.79 mt in the previous corresponding period on improved plant availability, Tata Steel said in a statement.

Maruti Suzuki India rose 0.59% after the company said its total production rose 11.75% to 1.32 lakh units in June 2018 over June 2017. The announcement was made after market hours on Friday, 6 July 2018.

NMDC rose 0.78%. NMDC said that on a provisional basis its total iron ore production up to 30 June 2018 was at 6.87 million tonnes (mt). Total iron sales up to June was at 6.84 mt. The announcement was made on Saturday, 7 July 2018.

Powered by Capital Market - Live News