Stocks nudge higher in early trade

Key indices are trading higher in early trade, extending their five-day gains, on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 98.01 points or 0.27% at 36,772.53. The Nifty 50 index was up 34.60 points or 0.32% at 10,834.25.

The S&P BSE Mid-Cap index was up 0.4%. The S&P BSE Small-Cap index was up 0.58%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1,003 shares rose and 604 shares fell. A total of 82 shares were unchanged.

Stocks in news:

Maruti Suzuki India shed 0.12%. The company manufactured 50,742 vehicles in June 2020, against 1,11,917 vehicles in June 2019.

Adani Ports and Special Economic Zone (APSEZ) rose 0.84%. APSEZ said the board of directors of the company approved the issuance of USD denominated foreign currency bonds which may be issued in one or more tranches overseas to raise upto $1.25 billion on private placement basis.

Titan Company slipped 0.2%. Titan Company said jewellery revenue in May and June months were at slightly below 20% and around 70% compared to the corresponding months of the previous year. The division also sold gold in the bullion market worth Rs 610 crore at market rates to optimize the inventory levels.

Birlasoft gained 2.9%. The company announced its partnership with Innoveo, a leading global technology company, strengthening its domain and digital capabilities to rapidly deliver world class solutions with Innoveo's enterprise-level no-code platform.

Zuari Agro Chemicals rose 0.44%. NPK-A plant of the company has been shut down due to the non-availability of workers owing to COVID-19.

Global Markets:

Overseas, Asian stocks are trading mixed as an increase in new coronavirus cases in some parts of the world cast doubts over the economic recovery. Coronavirus cases are on the rise in the Australian state of Victoria, which led to lockdown measures being reimposed in Melbourne, the country's second-biggest city.

In US, stocks fell on Tuesday as new US coronavirus cases rose further. Large parts of the United States reported tens of thousands of new coronavirus infections. New York expanded its travel quarantine for visitors from three more states, while Florida's greater Miami area rolled back its reopening.

Walmart Inc gained 6.8% after a report that the retailer is close to launching its membership program, a direct competitor for Amazon.com's Prime service. Amazon shares slipped 1.3%.

Novavax Inc jumped 31.6% as the U.S. government awarded $1.6 billion to the drugmaker to cover testing, commercialization and manufacturing of a potential coronavirus vaccine in the country.

Back home, the market extended its winning run for the fifth consecutive session on Tuesday. The barometer S&P BSE Sensex gained 187.24 points or 0.51% at 36,674.52. The Nifty 50 index added 36 points or 0.33% at 10,799.65.

Foreign portfolio investors (FPIs) bought shares worth Rs 829.90 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 784.47 crore in the Indian equity market on 7 July 2020, provisional data showed.

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