Key indices are trading higher in early trade on buying demand in index pivotals. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 337.61 points or 1.06% at 32,080.69. The Nifty 50 index was up 86.65 points or 0.93% at 9,368.95.
In the near term all eyes will be on earnings announcements and news related to the coronavirus pandemic. On the global front, the outcome of the US Federal Reserve meeting which concludes today would be on investors' radar.
Market regulator Sebi on Monday decided to reduce broker turnover fees and filing charges on offer documents for public offering, rights issue and buyback of shares. The broker turnover fee will be reduced to 50% of the existing fee structure for the period June 2020 to March 2021, the Securities and Exchange Board of India (Sebi) said in a circular.
The S&P BSE Mid-Cap index was up 0.93%. The S&P BSE Small-Cap index was up 1.07%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 727 shares rose and 207 shares fell. A total of 54 shares were unchanged.
Stocks in news:
Reliance Industries (RIL) rose 0.17%. RIL said that the meeting of the board of directors of the company is scheduled on 30 April 2020 to consider a proposal to issue equity shares to existing shareholders on rights basis, as may be permitted under applicable law, subject to such regulatory/statutory approvals, as may be required.
IndusInd Bank gained 7.56%. IndusInd Bank's net profit fell 16.17% to Rs 301.84 crore on 21.29% rise in total income to Rs 9158.57 crore in Q4 March 2020 over Q4 March 2019. The private lender's profit before tax (PBT) contracted 21.92% to Rs 395.85 crore in Q4 March 2020 from Rs 507 crore in Q4 March 2019. The result was announced after market hours yesterday, 27 April 2020.
Ambuja Cements advanced 2.67%. Ambuja Cements' consolidated net profit after tax and minority interest rose 11.9% to Rs 554 crore on 8.44% fall in sales to Rs 6129 crore in Q1 March 2020 over Q1 March 2019.
HDFC Life Insurance Company fell 1.13%. HDFC Life Insurance Company's consolidated net profit dropped 14.54% to Rs 311.65 crore in Q4 March 2020 as compared to Rs 364.68 crore in Q4 March 2019. Consolidated net premium income rose 2.19% to Rs 10,475.95 crore in Q4 March 2020 from Rs 10,251.26 crore in Q4 March 2019. Profit before tax (PBT) slumped 17.78% to Rs 284.41 crore in Q4 March 2020 from Rs 345.95 in Q4 March 2019.
UPL rose 4.29%. UPL confirmed the completion of acquisition of Yoloo (Laoting) Bio-technology Co., that was announced on 14 November 2019, post all customary and regulatory approvals and the transaction is closed.
Just Dial jumped 10%. A meeting of the Board of Directors of Just Dial will be held on 30 April 2020 to consider and approve the proposal for buy-back of fully paid-up equity shares of the company.
Global Markets:
Overseas, Asian markets were little changed as oil prices continued to slip following an overnight plunge.
In US, stocks rose on Monday as investors cheered news that more countries and US states were looking to ease lockdowns and the Bank of Japan expanded its stimulus program, while the price of oil continued to crumble as storage runs out.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
