Benchmarks scaled fresh intraday high in morning trade supported by positive global cues. The Nifty crossed 11,200 mark amid broad based buying.
At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 372.25 points or 0.99% at 38,060.16. The Nifty 50 index was up 106.70 points or 0.96% at 11,201.40.
In the broader market, the S&P BSE Mid-Cap index was up 0.85% while the S&P BSE Small-Cap index was up 1.06%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1498 shares rose and 582 shares fell. A total of 141 shares were unchanged.
Total COVID-19 confirmed cases worldwide stood at 18,480,000 with 700,647 deaths. India reported 5,86,244 active cases of COVID-19 infection and 39,795 deaths while 12,82,215 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
The Nifty Metal index jumped 2.11% to 2,223.35, rising for fourth consecutive trading session. The index has gained 4% in four trading days.
Steel Authority of India (up 4.05%), Hindalco Industries (up 3.91%), Hindustan Zinc (up 3.37%), NMDC (up 3.18%), National Aluminium Company (up 2.89%), Tata Steel (up 2.08%), Jindal Steel & Power (up 1.98%), JSW Steel (up 1.32%), Coal India (up 0.85%) and Vedanta (up 0.67%) were top gainers in metal space.
Stocks in Spotlight:
Yes Bank jumped 4.91% to Rs 12.82 after Life Insurance Corporation of India (LIC) increased its stake in the bank to 4.989% from 0.759% earlier. In a regulatory filing made after trading hours on Tuesday, Yes Bank said that LIC acquired 105.98 crore shares of the bank (equivalent to 4.23% stake) via open market purchase.
Shares of Axis Bank were trading 2.47% after the private lender on Tuesday launched its qualified institutional placement with a floor price of Rs 442.19 per share. The bank is reportedly targeting a base deal size of Rs 8,000 crore, with an option to up size the deal by Rs 2,000 crore. A committee of board will consider the issue price at its meeting on Monday, 10 August 2020.
Steel Authority of India (SAIL) rose 3.62% to Rs 35.80 after the steel major's sales volume grew about 50% to 15.83 lakh tonnes in July 2020 over July 2019. The company sold 12.73 lakh tonnes in the domestic market while exporting 3.10 lakh tonnes of steel during July 2020, attaining a growth of 29% and 349%, respectively over the corresponding period last year (CPLY). "During these challenging times of Coronavirus pandemic, the company has reoriented its efforts towards strategic marketing and customer-centric operations leading to improvement in its performance. The July showing comes immediately after the record June sales achieved during the last month. The consequent improvement in cash collections despite lower prices compared to CPLY coupled with stringent financial measures, the company has been able to bring down its borrowings below psychological level of Rs 50000 crore," the company said in a statement.