Key indices 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 176.62 points or 0.46% at 38,611.34. The Nifty 50 index was up 66.65 points or 0.59% at 11,438.25. Positive global cues boosted sentiment.
The S&P BSE Mid-Cap index was up 0.67%. The S&P BSE Small-Cap index was up 1.13%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1381 shares rose and 476 shares fell. A total of 97 shares were unchanged.
Stocks in news:
Indiabulls Housing Finance gained 2.31%. The company reported 65.96% fall in consolidated net profit to Rs 272.84 crore on 33.66% fall in total income to Rs 2,578.23 crore in Q1 June 2020 over Q1 June 2019.
ICICI Lombard General Insurance Company (ICICI Lombard) rose 0.62%. The Board of Directors of ICICI Lombard and Bharti AXA General Insurance Company Ltd. (Bharti AXA) at their respective meetings, approved entering into definitive agreements for demerger of Bharti AXA's nonlife insurance business into ICICI Lombard through a Scheme of Arrangement. Based on the share exchange ratio recommended by independent valuers, the shareholders of Bharti AXA shall receive 2 shares of ICICI Lombard for every 115 shares of Bharti AXA held by them.
Oil India dropped 2.41% after the company reported 96.9% fall in consolidated net profit to Rs 26.29 crore on 40.66% fall in total income to Rs 2,249.43 crore in Q1 June 2020 over Q1 June 2019.
Union Bank of India advanced 3.61% after the bank reported 48.26% rise in net profit to Rs 332.74 crore on 101.18% rise in total income to Rs 19,891.26 crore in Q1 June 2020 over Q1 June 2019.
Punjab National Bank rose 0.56%. The bank reported 69.72% fall in net profit to Rs 308.45 crore on 60.22% rise in total income to Rs 24,292.80 crore in Q1 June 2020 over Q1 June 2019.
Rossari Biotech rose 0.9% after the company reported 9.39% rise in consolidated net profit to Rs 15.49 crore on 13.33% fall in total income to Rs 111.45 crore in Q1 June 2020 over Q1 June 2019.
AGC Networks lost 9.73% after the company reported 68.07% fall in consolidated net profit to Rs 4.33 crore on 19.19% fall in total income to Rs 994.80 crore in Q1 June 2020 over Q1 June 2019.
Global Markets:
Overseas, Asian stocks are trading higher on Monday as developments on the coronavirus pandemic continue to be watched by investors.
On Sunday, the U.S. Food and Drug Administration issued an emergency use authorization of convalescent plasma for hospitalized Covid-19 patients, a treatment that uses blood plasma donated by people who've recovered from the virus. President Donald Trump said that the plasma treatment cuts mortality rate by 35%.
Meanwhile, U.S. President Donald Trump's administration is reportedly considering fast tracking an experimental coronavirus vaccine developed in the U.K. for use stateside ahead of the nation's upcoming presidential election.
In US, the S&P 500 and Nasdaq closed at record highs on Friday, as data pointed to some pockets of strength in the U.S. economy. U.S. business activity snapped back to the highest since early 2019 in August, according to IHS Markit surveys, as companies in both manufacturing and services sectors saw a resurgence in new orders.
Back home, key benchmarks ended with decent gains on Friday, mirroring positive cues from other Asian markets. The barometer index, the S&P BSE Sensex rose 214.33 points or 0.56% at 38,434.72. The Nifty 50 index gained 59.40 points or 0.53% at 11,371.60.
Foreign portfolio investors (FPIs) bought shares worth Rs 410.16 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 250.65 crore in the Indian equity market on 21 August, provisional data showed.
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