Key indices continued trading with decent gains in afternoon trade. At 13:23 IST, the barometer index, the S&P BSE Sensex, was up 278.22 points or 0.77% at 36,607.23. The Nifty 50 index rose 65.15 points or 0.61% at 10,770.15.
The broader market traded on a mixed feeling. The S&P BSE Mid-Cap index was down 0.07% while the S&P BSE Small-Cap index rose 0.35%.
The market breadth was positive. On the BSE, 1303 shares rose and 1202 shares fell. A total of 157 shares were unchanged. In Nifty 50 index, 30 stocks advanced while 20 stocks declined.
Foreign portfolio investors (FPIs) sold shares worth Rs 994.87 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 853.41 crore in the Indian equity market on 8 July, provisional data showed.
COVID-19 Update:
India reported 2,69,789 active cases of COVID-19 infection and 21,129 deaths while 4,76,377 patients have been cured, according to the data from the Ministry of Health and Family Welfare, Government of India. Total coronavirus cases worldwide stood at 12,043,080 with 549,508 deaths so far, according to data from Johns Hopkins University.
SEBI Regulations:
A formal Memorandum of Understanding (MoU) was signed between the Central Board of Direct Taxes (CBDT) and the Securities and Exchange Board of India (SEBI) for data exchange between the two organizations. The MoU will facilitate the sharing of data and information between SEBI and CBDT on an automatic and regular basis. In addition to regular exchange of data, SEBI and CBDT will also exchange with each other, on request and suo moto basis, any information available in their respective databases, for the purpose of carrying out their functions under various laws.
Gainers & Losers:
Hindalco Industries (up 4.42%), Bajaj Finance (up 3.89%), GAIL (up 3.75%) and HDFC (up 2.64%) were top gainers in Nifty 50 index.
Bharti Infratel (down 2.8%), Hero MotoCorp (down 1.23%), UPL (down 0.83%) and Wipro (down 0.76%) were top losers in Nifty 50 index.
Stocks in Spotlight:
IT major TCS (down 0.6%) will announce Q1 results later today. Infosys (up 0.73%) will announce its Q1 results on 15 July 2020.
ICICI Bank down 0.24%. The bank's board has approved raising of funds for an amount aggregating up to Rs 15000 crore, in one or more tranches by way of issuance of Securities, through one or more permissible mode(s) including but not limited to a private placement, preferential issue, qualified institutions placement, follow-on public offering or a combination thereof.
State Bank of India (SBI) gained 1.59%. SBI said the executive committee of central board (ECCB) approved the formation of joint venture entity, SBICAP, its wholly owned subsidiary to invest in Investec Capital Services India to form a joint venture entity, along with transfer of SBICAP Securities institutional equities broking and research business to the JV entity proposed to be created.
Meanwhile, SBI said that its executive committee of central board (ECCB) has approved a maximum investment of up to Rs 1,760 crore in Yes Bank's upcoming follow-on public offer (FPO). Yes Bank (up 0.96%) today informed about the filing of the red herring prospectus in connection with the FPO. The bank will raise upto Rs 15000 crore, by way of a fresh issue of equity shares, including an employee reservation portion of up to Rs 200 crore.
The FPO will open on 15 July and close on 17 July 2020. Anchor investor bidding date is fixed on 14 July 2020
Tata Steel rose 3.23%. To counter the closure of the Indian markets in April and May, the company ramped up exports significantly by tapping new markets and improving the supply chain capability. The company further added that this will constitute around 50% of total sales volume in Q1FY21. The steel major's production volume in India declined 33.5% to 2.99 million tons (MT) (provisional) in Q1 June 2020 from 4.50 MT in Q1 June 2019. Sales volume in India stood at 2.92 MT (provisional) in Q1FY21, declining 26.2% from 3.96 MT in Q1FY20.
Can Fin Homes advanced 1.72%. Can Fin Homes said that the meeting of the board of directors of the company is scheduled on 17 July 2020 to consider and approve the proposal of raising funds by way of issue of equity shares through qualified institutions placement and/or preferential issue to promoters or rights issue and/ or any other permissible securities.
GAIL (India) rose 3.55%. LIC's stake in GAIL (India) has increased to 7.019% from 5.004% earlier, after it bought 20.37 crore shares of the state-run company between 13 February 2019 and 7 July 2020.
Global Markets:
European markets opened on a mixed note while Asian shares traded with minor gains on Thursday as investors monitored upcoming company earnings, with hopes that global stimulus efforts will result in upbeat business outlooks.
The Dow Jones Futures were down 88 points, indicating a weak opening in US markets today.
In the Malaysian market, shares of AirAsia Group, the budget airline operator, gained over 6% on Thursday after the company reportedly said that it was in talks to raise more than 1 billion ringgit ($234.52 million) in funds, be it debt or equity, as it looked to at least halve cash expenses this year. This comes a day after the airline's auditor cast doubt on its ability to continue as a going concern after the group had liabilities that exceeded its current assets by more than $400 million at the end of 2019, media reports said. Consequently, AirAsia's shares fell as much as 17.54% in the previous session.
Meanwhile, the US stock market settled session higher after fluctuating in and out of the boundary line over the course of the trading day on Wednesday, 08 July 2020, as investors assessed economic-reopening efforts in the face of climbing coronavirus cases, causing many regions to pause or reverse their reopening plans.
Stock investors took sidelines due to nagging unease over the outlook for the global economy in the midst of rising U. S. coronavirus infections. Investor concerns that a resurgence of coronavirus cases, specifically across the Southeast and Southwest of the U. S.known as the Sun Beltwill make a quick global recovery more difficult. Several states have had to pull back or postpone reopening efforts to control surging COVID-19 cases, threatening the speed of the economic recovery in the US. A lockdown in Australia's city of Melbourne has also raised concerns.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)