The benchmark stock indices have rallied this morning on the back of positive global cues.

Join us as we follow the top business news through the day.

Visa application services for select destinations to resume from July 6, says VFS Global

VFS Global, an outsourcing and technology services provider for governments and diplomatic missions worldwide, said on Wednesday that visa application services will resume for specific visa categories for Belarus, Denmark, Dominican Republic, Ireland, Italy, Norway, Portugal, South Korea, Turkey, UAE, and United Kingdom.

VFS said it would re-open Visa Application Centres in limited cities, with the approval of respective Embassies/Consulates in India, and operate under strict health and safety guidelines. Customers will have to schedule appointments online, through the website, prior to visiting the Visa Application Centre.

However, it said outbound international commercial flights have not yet resumed as of this date.

Sensex rallies over 300 points in early trade; Nifty tops 10,500

Stocks off to yet another morning rally.

PTI reports: "Market benchmark Sensex surged over 300 points in early trade on Thursday tracking advances in global equities as positive macroeconomic data flow and hopes of a COVID-19 vaccine boosted investor sentiment.

After touching a high of 35,724.32, the 30-share index was trading 249.01 points, or 0.70 per cent, higher at 35,663.46, while the NSE Nifty rose 76.50 points, or 0.73 per cent, to 10,506.55.

ONGC was the top gainer in the Sensex pack, surging around 4 per cent, followed by M&M, IndusInd Bank, HDFC Bank, SBI and Titan.

On the other hand, Tech Mahindra and HUL were the laggards.

In the previous session, the BSE barometer settled 498.65 points, or 1.43 per cent, higher at 35,414.45, and the broader Nifty surged 127.95 points, or 1.24 per cent, to close at 10,430.05.

Foreign institutional investors were net sellers on Wednesday, offloading equities worth Rs 1,696.45 crore, provisional exchange data showed.

According to traders, domestic indices followed gains in global benchmarks amid positive factory output data across economies.

Further, hopes for a vaccine strengthened after Germany’s BioNTech and US pharmaceutical giant Pfizer reported positive preliminary results from a joint project.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with significant gains.

Stock exchanges on Wall Street too ended on a positive note in overnight session.

International oil benchmark Brent crude futures rose 0.12 per cent to USD 42.08 per barrel."

Gold eases as U.S. data, vaccine hopes dent safe-haven demand

The demand for the yellow metal that hit a 8-year high yesterday eased after some positive economic news.

Reuters reports: "Gold edged lower on Thursday, easing from a near eight-year peak hit in the last session, as solid U.S. manufacturing data and promising results from a COVID-19 vaccine trial revived hopes for a quick economic recovery, denting demand for safe havens.

Spot gold was down 0.1% at $1,767.79 per ounce by 0259 GMT, after touching $1,788.96 on Wednesday, its highest since October 2012. U.S. gold futures fell 0.2% to $1,776.80.

“A general pro-growth stance across markets is why we're seeing a little bit of pressure on gold,” said Michael McCarthy, chief strategist at CMC Markets, adding that market action reflected a tussle between concern over rising COVID-19 cases and hopes for a vaccine and positive U.S. data.

Manufacturing activity in the United States rebounded in June, hitting its highest in more than a year, while similar surveys from China, Germany and France all pointed to a recovery in factory activity. The better-than-expected economic readings and optimism over a potential vaccine lifted equity markets.

However, “The bull case for gold is still intact with real rates low and suppressed and which would be able to sustain the high price of gold,” Phillip Futures said in a note.

Markets now await June U.S. employment data and weekly initial jobless claims report on Thursday for clues about the health of the world's biggest economy as new COVID-19 cases accelerate in several southern states. Offering some respite to gold, the dollar index fell 0.1% against its rivals.

While major market moves are unlikely ahead of the US data, ”any deterioration on the ground in Hong Kong could see further support for safe-haven gold,” CMC's McCarthy said. Protesters in Hong Kong took to the streets on Wednesday in defiance of sweeping security legislation introduced by China to snuff out dissent."

June auto sales flag road to recovery

Automobile makers posted an uptick in wholesale sales in June compared with May and April (when sales were zero), driven by pent-up demand, particularly from consumers in rural and semi-urban markets, as the economy gradually reopened.

Sales were, however, still significantly lower than in the year-earlier period for most companies. Tractors continued to see strong demand with Mahindra & Mahindra and Escorts bettering even the June 2019 sales.

M&M sold 35,844 tractors in the domestic market, a growth of 12% from the 31,879 units sold in June 2019. “This is our second highest June sales ever,” said Hemant Sikka, president, Farm Equipment Sector. “Timely arrival of the monsoon, combined with benefits of a record Rabi crop, government support for agri initiatives and very good progress in the sowing of the Kharif crop led to a positive sentiment among farmers.”