Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 404.27 points or 0.75% at 54,227.63. The Sensex scaled record high of 54,262.70 in early trade. The Nifty 50 index was up 113.65 points or 0.7% at 16,244.40. The Nifty hit record high of 16,253.95 in early trade. Asian stocks are trading mixed.
The S&P BSE Mid-Cap index was up 0.38%. The S&P BSE Small-Cap index was up 0.57%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1847 shares rose and 765 shares fell. A total of 93 shares were unchanged.
Stocks in news:
Bharti Airtel fell 1.15%. Bharti Airtel reported a consolidated net profit of Rs 284 crore in Q1 FY22 as against a net loss of Rs 15,933 crore in Q1 FY21. Total revenues increased by 15.3% YoY to Rs 26,854 in the first quarter. EBITDA improved by 30.3% to Rs 13,189 crore in Q1 FY22 from Rs 10,119 crore in Q1 FY21. EBITDA margin was at 49.1% as on 30 June 2021 as compared with 43.4% as on 30 June 2020.
Tata Steel gained 2.37%. Tata Steel said that rating agency S&P has upgraded the company's long-term rating to BB from BB-; outlook remains stable. S&P expects Tata Steel's debt levels to decline materially over the next two years on the company's commitment to deleverage, supported by strong operating cash flows.
Dr. Reddy's Laboratories rose 1.68%. Dr. Reddy's Laboratories, along with its subsidiaries announced the re-launch of over-the-counter (OTC) Naproxen Sodium Tablets USP, 220 mg, the store-brand equivalent of Aleve, in the U.S. market, as approved by the U.S. Food and Drug Administration (USFDA).
Natco Pharma rose 0.32%. Natco Pharma announced that it has transferred the Lenalidomide Capsules ANDA to Arrow International as per an earlier agreement between the parties.
G R Infraprojects rose 0.45%. G R Infraprojects has received Letter of Acceptance (LoA) for 'Construction of Elevated Structures (Viaduct & stations) from Gottigere to Swagath Road Cross of Bangalore Metro Rail Project, Phase- 2 worth Rs 364.87 crore.
Linde India rose 2.34%. Linde India has signed a business transfer agreement with HPS Gases, Vadodara to acquire its entire packaged gases business along with certain distribution assets for an aggregate cash consideration of Rs 27.5 crore.
Global Markets:
Asian stocks are trading mixed on Wednesday, a private survey showed accelerating Chinese services activity growth in July.
The Caixin/Markit services Purchasing Managers' Index for July came in at 54.9 on Wednesday, up from June's reading of 50.3.
U.S. stocks moved higher on Tuesday and the S&P 500 set a new record high as broad market strength outweighed the travel names held back by Covid fears.
Back home, the benchmark indices closed at all-time high level on Tuesday amid broad based buying. The barometer index, the S&P BSE Sensex, surged 872.73 points or 1.65% at 53,823.36. The Nifty 50 index jumped 245.6 points or 1.55% to 16,130.75.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,116.60 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 298.54 crore in the Indian equity market on 3 August, 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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