Sensex, Nifty near the day's high

The benchmark indices were trading near the day's high in mid-morning trade, tracking positive global cues. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 246.65 points or 0.68% at 36,575.66. The Nifty 50 index rose 68.05 points or 0.64% at 10,773.80.

In the broader market, the S&P BSE Mid-Cap index gained 0.15% while the S&P BSE Small-Cap index rose 0.47%. Both these indices lagged the Sensex.

The market breadth was positive. On the BSE, 1312 shares rose and 1004 shares fell. A total of 148 shares were unchanged.

BHEL (up 0.61)%, Equitas Holdings (down 0.7%), Glenmark Pharmaceuticals (up 2.64%), Indiabulls Housing Finance (up 0.42%) and SAIL (up 4.1%) are banned from trading in NSE's F&O segment after the securities crossed 95% of market wide position limit.

Stocks in Spotlight :

GAIL (India) rose 3.41% to Rs 106.20. LIC's stake in GAIL (India) has increased to 7.019% from 5.004% earlier, after it bought 20.37 crore shares of the state-run company between 13 February 2019 and 7 July 2020.

Sterling and Wilson Solar (SWSL) hit a lower circuit limit of 5% at Rs 244.80. The company informed stock exchanges that Rs 500 crore payment due from its promoters, the Shapoorji Pallonji group and Khurshed Daruvala, on 30 June has been delayed as the promoters cited difficulty in availing financing due to the Covid-19 pandemic.

The stock had listed on the BSE on 20 August 2019 as it debuted at a price of Rs 700 per share. Since the, the stock has lost 65.2% of its value to currently trade at Rs 244.80 a piece.

Global Markets :

Asian shares rose across the board on Thursday as investors monitored upcoming company earnings, with hopes that global stimulus efforts will result in upbeat business outlooks.

In the Malaysian market, shares of AirAsia Group, the budget airline operator, gained over 6% on Thursday after the company reportedly said that it was in talks to raise more than 1 billion ringgit ($234.52 million) in funds, be it debt or equity, as it looked to at least halve cash expenses this year.

This comes a day after the airline's auditor cast doubt on its ability to continue as a going concern after the group had liabilities that exceeded its current assets by more than $400 million at the end of 2019, media reports said. Consequently, AirAsia's shares fell as much as 17.54% in the previous session.

Meanwhile, the US stock market settled session higher after fluctuating in and out of the boundary line over the course of the trading day on Wednesday, 08 July 2020, as investors assessed economic-reopening efforts in the face of climbing coronavirus cases, causing many regions to pause or reverse their reopening plans.

Stock investors took sidelines due to nagging unease over the outlook for the global economy in the midst of rising U.S. coronavirus infections. Investor concerns that a resurgence of coronavirus cases, specifically across the Southeast and Southwest of the U.S.known as the Sun Beltwill make a quick global recovery more difficult. Several states have had to pull back or postpone reopening efforts to control surging COVID-19 cases, threatening the speed of the economic recovery in the US. A lockdown in Australia's city of Melbourne has also raised concerns.

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