Key indices are trading with sharp gains in early trade on buying demand in index pivotals. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 315.08 points or 0.83% at 38,355.65. The Nifty 50 index was up 96.55 points or 0.86% at 11,310.60.
The S&P BSE Mid-Cap index was up 1.48%. The S&P BSE Small-Cap index was up 1.06%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1330 shares rose and 520 shares fell. A total of 90 shares were unchanged.
Stocks to watch:
Telecom stocks will be in focus as the hearing in Supreme Court on the adjusted gross revenue (AGR) dues will be held today, 10 August 2020.
Stocks in news:
Cipla jumped 5.15% after consolidated net profit rose 20.85% to Rs 577.91 crore on 8.46% rise in total income to Rs 4,411.61 crore in Q1 June 2020 over Q1 June 2019.
Siemens fell 1.27%. Siemens reported consolidated net loss of Rs 1.90 crore in Q1 June 2020 as compared to net profit of Rs 250.10 crore in Q1 June 2019. Total income fell 57.03% to Rs 1,417.90 crore in Q1 June 2020 over Q1 June 2019.
Container Corporation of India slumped 10.48% after consolidated net profit dropped 75.16% to Rs 60.61 crore on 27.36% fall in total income to Rs 1,251.50 crore in Q1 June 2020 over Q1 June 2019.
REC rose 2.13% after consolidated net profit rose 22.29% to Rs 1,845.30 crore on 20.44% rise in total income to Rs 8,450.36 crore in Q1 June 2020 over Q1 June 2019.
Amber Enterprises India lost 4.43% after the company reported consolidated net loss of Rs 22.45 crore in Q1 June 2020 as compared to net profit of Rs 61.22 crore in Q1 June 2019. Total income fell 78.87% to Rs 262.49 crore in Q1 June 2020 over Q1 June 2019.
Shipping Corporation of India surged 6.58% after the company reported consolidated net profit of Rs 336.87 crore in Q1 June 2020 as compared to net loss of Rs 28.90 crore in Q1 June 2019. Total income rose 22.39% to Rs 1,197.82 crore in Q1 June 2020 over Q1 June 2019.
Bata India fell 0.95%. Bata India reported consolidated net loss of Rs 100.89 crore in Q1 June 2020 as compared to net profit of Rs 100.97 crore in Q1 June 2019. Total income dropped 79.2% to Rs 187.12 crore in Q1 June 2020 over Q1 June 2019.
Global Markets:
Overseas, Asian stocks were trading lower on Monday as investors kept one eye on flaring tensions between the United States and China and another eye on US fiscal stimulus after talks between the White House and Democrat lawmakers broke down. Japanese and Singaporean markets are closed for public holidays.
In US, the S&P 500 retreated from a near six-month high in choppy trading on Friday with data showing a sharp slowdown in US employment growth, while US-China tensions escalated with President Donald Trump's move to ban WeChat and TikTok.
U.S. President Donald Trump signed two executive orders banning WeChat, owned by Chinese tech giant Tencent, and TikTok in 45 days' time while announcing sanctions on 11 Chinese and Hong Kong officials.
Trump signed a series of executive orders to extend unemployment benefits after talks with Congress broke down. The orders would provide an extra $400 per week in unemployment payments, less than the $600 per week passed earlier in the crisis.
In economic data, the US economy added 1.8 million jobs in July, far fewer than in May and June, according to government data released Friday. The unemployment rate fell to 10.2% from 11.1% in June, still slightly worse than the depth of the global financial crisis in October 2009. However, the Labor Department said some workers continue to be misclassified, and the jobless rate would have been a full point higher than reported.
Back home, domestic equity benchmarks ended a lackluster session with tiny gains on Friday. Gains were capped due to weakness in IT shares. Rising coronavirus cases also dented sentiment. The barometer index, the S&P BSE Sensex gained 15.12 points or 0.04% at 38,040.57. The Nifty 50 index rose 13.90 points or 0.12% at 11,214.05.
Foreign portfolio investors (FPIs) bought shares worth Rs 397.32 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 438.62 crore in the Indian equity market on 7 August, provisional data showed.
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