Key indices are trading higher in early trade on buying demand in index pivotals. At 9:23 IST, the barometer index, the S&P BSE Sensex, was up 55.93 points or 0.14% at 39,895.18. The Nifty 50 index was up 16.65 points or 0.14% at 11,933.40.
Finance Minister Nirmala Sitharaman will table the Economic Survey in Parliament today, 4 July 2019. Investors are awaiting the Union Budget, which will be presented by Finance Minister Nirmala Sitharaman tomorrow, 5 July 2019. After presenting the interim budget in February 2019, the Modi government will present its full-year budget 2019-20. The government is likely to amend several policies and schemes for delivering growth to the biggest drivers of the economy, including farmers, middle class, and the corporate sector.
The S&P BSE Mid-Cap index was up 0.22%. The S&P BSE Small-Cap index was up 0.3%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 647 shares rose and 329 shares fell. A total of 36 shares were unchanged.
Vedanta rose 0.26%. Vedanta was awarded 10 exploration blocks in sedimentary basins throughout India pursuant to the Indian Open Acreage Licensing Policy (OALP) at a total bid cost of US$245 million. The announcement was made after market hours yesterday, 3 July 2019.
Jindal Steel & Power (JSPL) shed 0.21%. JSPL said that blast furnace at JSPL Angul Odisha has produced its highest ever hot metal production of 10845 MT for a single day on 2 July 2019. It is also reported that this is the ever highest production produced by any of the blast furnace in India. The announcement was made after market hours yesterday, 3 July 2019.
Uniply Industries gained 4.89% to Rs 66.50. Markab made an open offer for acquisition of up to 4.94 crore shares, or 26% of the capital at Rs 82 per share, aggregating to Rs 405.62 crore.
Steel Strips Wheels (SSWL) rose 0.42%. SSWL achieved June 2019 total wheel rim sales of 11.28 lakh over 12.66 lakh in June 2018 representing a de-growth of 10% YoY. The June month had a shutdown coupled with major inventory reduction exercise going on at all car manufacturer's end. The announcement was made after market hours yesterday, 3 July 2019.
Overseas, Asian stocks were trading higher on Thursday as shares on Wall Street saw a record close overnight.
US stocks rose on Wednesday, with each of the major indexes closing at a record high, as expectations grew that the Federal Reserve would take a more dovish turn as a raft of data provided more evidence of a slowing economy. U.S. equity markets will be closed on Thursday for Independence Day.
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