Market drifts higher in early trade
Jul 23, 2020 09:29 AM | Source: bjlbjtgl.com
Local stocks are trading higher in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 66.51 points or 0.18% at 37,938.03. The Nifty 50 index was up 32.95 points or 0.3% at 11,165.55. Asian stocks are trading mixed.
The S&P BSE Mid-Cap index was up 0.69%. The S&P BSE Small-Cap index was up 0.61%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1016 shares rose and 489 shares fell. A total of 66 shares were unchanged.
Rossari Biotech listing:
Shares of speciality chemical maker Rossari Biotech will debut on bourses today, 23 July 2020. Shares were issed at Rs 425 per share in public issue which was subscribed over 79 times.
Stocks in news:
Larsen & Toubro (L&T) rose 1.48%. L&T reported a 68.37% decline in consolidated net profit to Rs 536.88 crore in Q1 June 2020 from Rs 1697.62 crore in the same period last year. Profit was impacted mainly due to lower revenue, credit provisions in financial services business and under recovery of overheads. The company reported exceptional gain of Rs 224.72 crore in Q1 June 2020 on divestment of wealth management business.
Rallis India gained 5.68% after the company reported 35.58% rise in consolidated net profit to Rs 91.87 crore on 6.85% rise in total income to Rs 674.45 crore in Q1 June 2020 over Q1 June 2019.
Bajaj Holdings & Investment rose 0.43%. The company reported 1.47% rise in consolidated net profit to Rs 679.13 crore on 0.79% rise in total income to Rs 740.26 crore in Q1 June 2020 over Q1 June 2019.
HeidelbergCement India fell 1.65% after the company reported 38.07% fall in net profit to Rs 48.94 crore on 30.54% fall in total income to Rs 417.48 crore in Q1 June 2020 over Q1 June 2019.
ICICI Securities gained 3.01% after the company reported 69.71% rise in consolidated net profit to Rs 193.08 crore on 35.88% rise in total income to Rs 546.40 crore in Q1 June 2020 over Q1 June 2019.
Satin Creditcare Network fell 1.61%. Satin Creditcare Network said that meeting of Working Committee of the Board of Directors of the company is scheduled on 25 July 2020 for the issuance of Non-Convertible Debentures up to the amount of Rs 25 crore through private placement.
Overseas, Asian stocks are trading mixed on Thursday as fresh diplomatic tensions between Washington and Beijing heightened investor jitters. Markets in Japan are closed for a public holiday.
In the latest deterioration in Sino-U.S. ties, the United States ordered China to close its consulate in Houston, saying it was “to protect American intellectual property and Americans' private information.” China strongly condemned the move, and it was considering shutting the U.S. consulate in Wuhan in retaliation.
South Korea's central bank released advanced estimates of the country's gross domestic product for the three months that ended in June. Growth declined 3.3% for the quarter compared with the prior three months that ended in March and was down 2.9% from last year, Bank of Korea said. While private consumption rose 1.4% as people spent more on durable goods, exports dropped 16.6% due to declines in motor vehicles as well as coal and petroleum products.
In US, stocks closed higher Wednesday ahead of corporate results from Tesla and Microsoft, but with buying seen in utilities and other sectors viewed as defensive as Sino-American tensions rise. Dow ended above 27,000 for first time in six weeks as defensive stocks rose amid latest China-U.S. tussle.
Congressional Democrats and Republicans remained divided on the details of a new stimulus package expected to cost $1 trillion or more, less than two weeks before extended benefits are due to expire for millions of unemployed Americans.
On the economic front, sales of existing 凯发App平台homes jumped by a record 20.7% in June, according to the National Association of Realtors.
Back 凯发App平台home, domestic equity benchmarks ended with minor cuts after a volatile session. The barometer S&P BSE Sensex lost 58.81 points or 0.16% at 37,871.52. The Nifty 50 index shed 29.65 points or 0.27% at 11,132.60.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,665.57 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,138.83 crore in the Indian equity market on 22 July, provisional data showed.