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 106.44 points or 0.28% at 37,983.78. The Nifty 50 index was up 43.50 points or 0.39% at 11,221.90.
The S&P BSE Mid-Cap index was up 0.47%. The S&P BSE Small-Cap index was up 0.59%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1290 shares rose and 527 shares fell. A total of 77 shares were unchanged.
Sector to watch:
Telecom stocks will be in focus as the next hearing on adjusted gross revenue (AGR) case will be held today, 17 August 2020 after the no verdict was passed on the time frame for a staggered repayment of telecom companies' AGR dues. In the last hearing on August 14, the Supreme Court directed telecom companies under insolvency to submit details of spectrum sharing agreements that they have entered into.
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The Reserve Bank of India (RBI)'s central board has approved the transfer of Rs 57,128 crore in surplus as dividend to the government for the accounting year 2019-20. The Board reviewed the current economic situation, continued global and domestic challenges and the monetary, regulatory and other measures taken by RBI to mitigate the economic impact of COVID-19 pandemic.
Stocks in news:
ICICI Bank rose 0.5%. ICICI Bank has completed the allotment of equity shares under its Qualified Institutions Placement (QIP) and raised approximately Rs 15,000 crore (approximately US$ 2 billion) through the issuance of 418,994,413 equity shares at an issue price of Rs 358 per equity share. The equity issuance witnessed healthy participation from the global and domestic investor community, including foreign portfolio investors, domestic mutual funds and insurance companies.
Lupin fell 1.06%. Lupin said that its U.S. based wholly owned subsidiary Lupin Pharmaceuticals Inc. announced results from its pivotal Phase 3 clinical trial to assess efficacy and safety of single-dose Solosec (secnidazole) 2g oral granules in female patients with trichomoniasis, the most common non-viral, curable sexually transmitted infection (STI) in the U.S. The trial results showed a clinically and statistically significant response rate, or microbiological cure, in patients treated with Solosec as compared to placebo (p<0.001).
Berger Paints India dropped 2.19% after the company reported 91.28% slump in consolidated net profit to Rs 15.42 crore on 46.01% fall in total income to Rs 938.59 crore in Q1 June 2020 over Q1 June 2019.
Glenmark Pharmaceuticals gained 3.2% after the company reported 132.47% surge in consolidated net profit to Rs 254.04 crore on 4.59% rise in total income to Rs 2,431.29 crore in Q1 June 2020 over Q1 June 2019.
Sun TV Network jumped 8.76%. The company reported 33.44% slump in consolidated net profit to Rs 257.41 crore on 38.15% fall in total income to Rs 723.10 crore in Q1 June 2020 over Q1 June 2019.
Fortis Healthcare fell 0.76%. The company reported consolidated net loss of Rs 178.92 crore in Q1 June 2020 as against net profit of Rs 67.81 crore in Q1 June 2019. Total income dropped 47.55% to Rs 613.71 crore.
NLC India rose 1.99%. The company said it has issued and allotted 20,000 units of commercial paper of a face value of Rs 5,00,000 each aggregating to Rs 1000 crore in favour of SBI Mutual Fund - SBI Liquid Fund on 14 August 2020.
Global Markets:
Overseas, Asian stocks were trading mixed on Monday as tensions between the U.S. and China continue to weigh on investor sentiment. Markets in South Korea are closed on Monday for a holiday.
China's central bank on Monday rolled over maturing medium-term loans while keeping borrowing costs unchanged for the fourth straight month. The People's Bank of China (PBOC) said in a statement it was keeping the rate on 700 billion yuan ($100.74 billion) worth of one-year medium-term lending facility (MLF) loans to financial institutions steady at 2.95% from previous operations.
Japan was hit by its biggest economic contraction on record in the second quarter as the coronavirus pandemic crushed business and consumer spending. Gross domestic product (GDP) shrank an annualised 27.8% in April-June, government data showed on Monday.
In US, stocks ended on a mixed note on Friday as data on the U.S. economy added to uncertainty over the recovery.
U.S. President Donald Trump issued an executive order Friday forcing China's ByteDance to sell or spin off its U.S. TikTok business within 90 days. In his order, Trump cited credible evidence that ByteDance might take action that threatens to impair the national security of the United States.
Meanwhile, a planned U.S.-China trade deal review initially set for Saturday was reportedly delayed with no new date agreed upon. The delay was due to scheduling conflicts as well as to give time for more Chinese purchases of U.S. exports.
Back home, domestic equity barometers ended with significant losses on Friday, tracking weak global cues. Banks and auto shares corrected while metal and pharma shares bucked trend. The barometer index, the S&P BSE Sensex slumped 433.15 points or 1.13% at 37,877.34. The Nifty 50 index lost 122.05 points or 1.08% at 11,178.40.
Foreign portfolio investors (FPIs) bought shares worth Rs 46.39 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 797.08 crore in the Indian equity market on 14 August, provisional data showed.
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