The stock market Indices opened mildly higher during opening bell on Tuesday (August 10). The benchmark BSE Sensex was up 150 points at 54,552,t racking gains in index majors Infosys, Reliance Industries and ICICI Bank, despite a largely negative trend in global markets. The Nifty rose to 16,298, gaining 41.50 points.
HDFC was the top gainer in the Sensex pack, rising around 2 per cent, followed by Kotak Bank, IndusInd Bank, Reliance Industries and Axis Bank.
On the other hand, PowerGrid, ITC, Bajaj Auto and Nestle India were among the laggards.
In the previous session, Sensex ended 125.13 points or 0.23 per cent higher at 54,402.85, while Nifty advanced 20.05 points or 0.12 per cent to 16,258.25.
Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 211.91 crore on Monday, as per provisional exchange data.
A likelihood of complete reopening of the economy supported by continued low positivity rates and faster vaccination process augurs well, said Binod Modi Head-Strategy at Reliance Securities, PTI said. Further, the Reserve Bank of India's continued soft monetary policy stance to support ongoing economic recovery indicated a sustained low interest rate scenario in the country, which is important to foster growth, he noted.
Asian stocks start weak
Asian stocks started off on a weak footing on Tuesday after a largely soft performance on Wall Street and persistent concerns over the spread of the Delta variant of the coronavirus dented sentiment and triggered falls in metals and oil prices.
US stocks fell Monday, losing some steam after rising to all-time highs late last week. Commodity prices tumbled as concerns over the coronavirus's spread resurged, with crude oil prices moving sharply to the downside but rising US Treasury yields lifted financial stocks, keeping Wall Street's benchmark index near record levels. The spread of the delta coronavirus variant, profit-taking and a downgrade of China growth by Goldman Sachs dinged bullish sentiment on Wall Street.
China reported more COVID-19 infections, while U.S. cases and hospitalizations were at a six-month high as the Delta variant spread.
Fuel prices unchanged
The petrol and diesel prices remained unchanged across the country for the 24th consecutive day on Tuesday as international crude oil prices have started to recede.
With no price increase by OMCs, in Delhi, petrol continues to be sold for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre.
In Mumbai, where petrol prices crossed Rs 100-mark for the first time ever on May 29, the fuel price is at Rs 107.83 per litre. Diesel price in the city is also at Rs 97.45, the highest among the metros.
Petrol prices in all metros have now crossed the Rs 100 per litre-mark. In Chennai, petrol is priced at Rs 102.49 a litre and in Kolkata Rs 102.08 a litre. Diesel is also priced at Rs 94.39 and Rs 93.02 per litre in both cities respectively.
Since April 2020, petrol prices have increased by Rs 32.25 per litre from Rs 69.59 a litre to Rs 101.84 a litre now in Delhi. Similarly, diesel prices during the period have increased by Rs 27.58 per litre from Rs 62.29 to Rs 89.87 a litre in the national capital.
International oil benchmark Brent crude rose 0.46 per cent to $69.36 per barrel on Tuesday.
Company results today
Zomato, Coal India, Lupin, Power Grid Corporation of India, Aarti Surfactants, Ahluwalia Contracts (India), Aarey Drugs & Pharmaceuticals, Ashoka Buildcon, Balaji Telefilms, Mrs Bectors Food Specialities, Brookfield India Real Estate Trust REIT, Computer Age Management Services, Capacite Infraprojects, Century Plyboards, Chalet Hotels, Cochin Shipyard, Deepak Fertilisers, Eveready Industries, Galaxy Surfactants, Godrej Agrovet, Heranba Industries, Infibeam Avenues, IRB Infrastructure Developers, Jindal Steel & Power, Krishna Institute of Medical Sciences, Linde India, Manappuram Finance, Max Financial Services, Motherson Sumi Systems, Prestige Estates Projects, Pricol, Reliance Infrastructure, Sequent Scientific, Siemens, Spencers Retail, Trent, Tata Teleservices (Maharashtra), Whirlpool of India, and Wonderla Holidays will release quarterly earnings on August 10.
Oil edges higher
Oil edged higher from a three-week low as investors assessed the demand outlook amid the latest COVID-19 resurgence sweeping the globe. Futures in New York climbed toward $67 a barrel after tumbling almost 4 percent over the past two sessions. The fast spreading Delta variant of the virus has led to rising infections and renewed restrictions in some regions, including China where domestic air travel has slumped. Despite the flare-up, expectations are that demand will accelerate and tighten the market through year-end.
Stocks to make debut in F&O
Ten new stocks will make a debut in the Futures and Options (F&O) segment from the August series, National Stock Exchange (NSE) said in a regulatory filing on Monday. Can Fin Homes, Dixon Technologies (India) Ltd., Hindustan Aeronautics, Indian Energy Exchange, Indiamart Intermesh, Ipca Laboratories, Multi Commodity Exchange of India, Oracle Financial Services Software, Polycab India, and Syngene International.
Rakesh Jhunjhunwala to pick up stake in Syska: Report
Billionaire investor Rakesh Jhunjhunwala is set to pick a significant strategic sale in top lighting solutions firm, Syska LED, CNBC TV18 reported on August 9. Jhunjhunwala, as per the report, is likely to have signed a MoU to pick the stake in the company.