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Market drifts higher in early trade

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Local stocks 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 110.82 points or 0.36% at 30,929.43. The Nifty 50 index was up 32.35 points or 0.36% at 9,098.90.

The S&P BSE Mid-Cap index was up 0.78%. The S&P BSE Small-Cap index was up 0.62%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 747 shares rose and 287 shares fell. A total of 40 shares were unchanged.

Stocks in news:

Bajaj Auto gained 3.23%. The company's consolidated net profit declined 3.87% to Rs 1,353.99 crore on 10.22% fall in total income to Rs 7,392.38 crore in Q4 March 2020 over Q4 March 2019.

Jubilant FoodWorks advanced 4.58%. The company's consolidated net profit dropped 57.89% to Rs 33.13 crore on 4.65% rise in total income to Rs 929.51 crore in Q4 March 2020 over Q4 March 2019.

JK Lakshmi Cement surged 6.85% after consolidated net profit surged 142.54% to Rs 99.15 crore on 10.52% fall in total income to Rs 1,156.76 crore in Q4 March 2020 over Q4 March 2019.

Supreme Petrochem advanced 5.23%. The company's net profit dropped 39.64% to Rs 23.51 crore on 19.28% fall in total income to Rs 665.37 crore in Q4 March 2020 over Q4 March 2019.

Grindwell Norton rose 1.3%. The company's consolidated net profit fell 2.33% to Rs 41.42 crore on 9.7% fall in total income to Rs 375.61 crore in Q4 March 2020 over Q4 March 2019.

Global Markets:

Overseas, Asian stocks are trading higher on Thursday as investors continue to monitor the reopening of economies amid the coronavirus pandemic.

Japan's trade data for April released by the country's Ministry of Finance on Thursday showed exports in April plunging 21.9% as compared to a year earlier.

In US, stocks nudged higher on Wednesday, following upbeat quarterly results from retailers Target and Lowe's that had investors focused on American businesses reopening and the coronavirus pandemic beginning to recede.

Investors focused on the positives and directed their attention to wider reopening plans that are taking place throughout the U.S. Many states have been lifting restrictions on business and personal activity ahead of the Memorial Day holiday next Monday.

The Senate approved the Holding Foreign Companies Accountable Act, which seeks to force Chinese companies to adhere to U.S. securities law, ultimately by barring many from listing shares on U.S. exchanges, or otherwise raising money from American investors. The bill still would need to pass the Democratic-controlled House of Representatives before reaching the president's desk to be signed into law.

Minutes of the Fed's last policy meeting in April published Wednesday showed officials also discussed how to convince markets that interest rates will stay low for a long time.

Back home, key domestic benchmarks rallied on Wednesday, supported by firmness in HDFC twins and Reliance Industries. The barometer S&P BSE Sensex jumped 622.44 points or 2.06% at 30,818.61. The Nifty 50 index gained 187.45 points or 2.11% at 9,066.55.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,466.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,373.19 crore in the Indian equity market on 20 May, provisional data showed.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 21 2020. 09:25 IST