Sensex moves above 52,000; 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 114.52 points or 0.22% at 52,056.16. The Nifty 50 index was up 49.75 points or 0.32% at 15,685.10. The Sensex regained the 52,000 mark in opening trade. Upbeat Asian stocks boosted sentiment.

The S&P BSE Mid-Cap index was up 0.69%. The S&P BSE Small-Cap index was up 1.07%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1951 shares rose and 445 shares fell. A total of 80 shares were unchanged.

Stocks in news:

Reliance Industries (RIL) rose 0.65%. RIL said that the Fluidized Catalytic Cracker Unit (FCCU) in SEZ refinery at Jamnagar had to be taken for an emergency shutdown on 6th June 2021. All other units at the Jamnagar Refining complex are operating normally. Consequently, some product shipments may get delayed and the company is working to minimize the impact on our customers.

Adani Enterprises rose 0.66%. Reports indicated that the company is preparing to raise nearly $1 billion in 2021 through an initial public offering (IPO) by Adani Wilmar.

Affle (India) gained 1.65% after the company on Thursday announced that it has approved 100% acquisition of Jampp, a leading programmatic mobile marketing company.

TCI Express rose 0.11%. TCI Express announced that its new sorting centre at Pune has become operational after receiving relevant regulatory approvals.

Bata India surged 5.24%. Bata India's consolidated net profit dropped 23.25% to Rs 29.47 crore on a 4.94% decrease in revenue from operations to Rs 589.90 crore in Q4 March 2021 over Q4 March 2020.

Tube Investments of India gained 1.34%. The Board of Directors of Tube Investments of India at its meeting on 17th June 2021 will also be considering authorizing borrowing through various means including by way of issue of nonconvertible debentures on a private placement basis, during FY 2021-22, in one or more tranches.

Meanwhile, the economic impact of the second wave COVID-19 is likely to be restricted to the first quarter of 2022, the Department of Economic Affairs said in its monthly report.

As per the DEA, rapid vaccination of India's population and the frontloading of the fiscal measures are the key to invigorating investment and consumption.

Global Markets:

Overseas, Asian stocks are trading higher on Thursday, as investors looked ahead to an upcoming release of U.S. inflation data for May.

U.S.-China tensions are in focus, with Joe Biden revoking Trump-era bans on TikTok and WeChat. The president ordered a review of software applications from foreign adversaries and action against those that pose a security risk.

Wall Street stocks ended lower on Wednesday, reversing earlier gains as investors awaited inflation data for clues as to when the U.S. Federal Reserve might tighten its dovish monetary policy.

Focus is locked on Thursday's release of U.S. consumer price data and a European Central Bank meeting for further clues about how soon policymakers may begin to withdraw support for Europe's economy rolled out following the COVID-19 crisis.

Back home, equity indices ended a volatile session with steep losses on Wednesday, led by weakness in banks and auto shares. The barometer index, the S&P BSE Sensex, slipped 333.93 points or 0.64% at 51,941.64. The Nifty 50 index lost 104.75 points or 0.67% at 15,635.35.

Foreign portfolio investors (FPIs) sold shares worth Rs 846.37 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 271.70 crore in the Indian equity market on 9 June, provisional data showed.

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