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Sensex, Nifty advance in early trade

Capital Market 

Domestic stocks are trading firm in early trade tracking positive global cues. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 272.56 points or 0.77% at 35,687.01. The Nifty 50 index was up 75.75 points or 0.73% at 10,505.80.

The S&P BSE Mid-Cap index was up 0.77%. The S&P BSE Small-Cap index was up 0.96%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1237 shares rose and 514 shares fell. A total of 84 shares were unchanged.

Stocks in news:

Tata Motors rose 1.29%. Tata Motors announced its sales in the domestic & international market, for Q1 FY21, which stood at 25,047 vehicles, compared to 1,37,545 units during Q1 FY20.

Ashok Leyland gained 2.07%. The company reported a 82% decline in total sales at 2,132 units for June 2020, as against 12,085 units in the same month last year. Total sales of medium and heavy commercial vehicles (M&HCV) dropped by 91% to 755 units in June as against 8427 units in the year-ago period. Light commercial vehicles (LCV) sales declined by 63% to 1639 units in June 2020 as against 4383 units in June 2019.

TVS Motor Company advanced 1.29%. The company registered sales of 198,387 units in June 2020 as against 297,102 units registered in the month of June 2019.

Coal India rose 0.75%. Coal India's coal output fell to 39.20 million tonnes in June, compared with 44.95 million tonnes in the same period the previous year. Offtake fell to 41.61 million tonnes in June 2020 from 48.98 million tonnes in June 2019.

NMDC rose 1.54%. NMDC said its iron ore production stood at 2.52 MT in June, same as it was in June 2019. Its sales were at 2.48 MT in June 2020, slightly lower from 2.66 MT in June 2019.

Eveready Industries India jumped 4.2% after the company reported 1,289.21% surge in consolidated net profit to Rs 63.07 crore on 13.64% drop in total income to Rs 298.26 crore in Q4 March 2020 over Q4 March 2019.

Global Markets:

Overseas, Asian stocks are trading higher on Thursday following positive news overnight around the development of a potential coronavirus vaccine.

Tensions will be watched, as Hong Kong police announced Wednesday they had made their first arrests after China's national security law went into effect.

In US, the Dow finished lower Wednesday, but the tech-heavy Nasdaq was vaulted to a fresh record close, giving the year's second half a mixed start as investors focused on signs of economic recovery from the coronavirus crisis and a new Fed promise for clarity on the path of rates.

Pfizer Inc said a COVID-19 vaccine being developed with German biotech firm BioNTech showed promise and was found to be well-tolerated in early-stage human trials.

Minutes from the Federal Reserve's June policy meeting showed policymakers broadly agreed to make full use of the tools at the central bank's disposal to support a recovery from the recession triggered by the coronavirus pandemic.

The U.S. House of Representatives passed legislation on Wednesday that would penalize banks doing business with Chinese officials who implement a national security law.

The Institute of Supply Management said its manufacturing purchasing managers index climbed to 52.6% from 43.1% in May and from an 11-year low of 41.5% in April. Any reading above 50 represents an expansion in economic activity.

Back home, domestic benchmarks ended with strong gains on Wednesday. Positive Asian cues and recovering domestic macro data cheered investors. Banks stocks rallied while pharma stocks extended losses. The barometer S&P BSE Sensex rallied 498.65 points or 1.43% at 35,414.45. The Nifty 50 index jumped 127.95 points or 1.24% at 10,430.05.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,696.45 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,377.13 crore in the Indian equity market on 1 July, 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.)

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First Published: Thu, July 02 2020. 09:32 IST