Benchmarks bounced back from day's low and traded with gains in morning trade, supported by positive global cues. The Nifty ascended towards the crucial 11,000 mark. At 10:26 IST, the barometer index, the S&P BSE Sensex, rallied 381.17 points or 1.03% at 37,320.31. The Nifty 50 index added 101.10 points or 0.93% at 10,992.60.
In broader market, the S&P BSE Mid-Cap index was up 0.49% while the S&P BSE Small-Cap index was added 0.86%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1330 shares rose and 676 shares fell. A total of 148 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 7,818.49 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 135.55 crore in the Indian equity market on 3 August, provisional data showed.
Total COVID-19 confirmed cases worldwide stood at 18,224,253 with 692,679 deaths. India reported 5,86,298 active cases of COVID-19 infection and 38,938 deaths while 12,30,509 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
RBI's Monetary Policy Meet:
The three-day monetary policy meet headed by the Governor, Shaktikanta Das will commence today, 4 August 2020. The MPC will announce its policy stance on Thursday, 6 August 2020. Investors and traders will also keep an eye on whether RBI extends moratorium beyond August 2020.
Dixon Technologies (up 2.41%), Grindwell Norton (up 0.96%), Godrej Consumer Products (down 0.31%), Hikal (up 1.89%), Gujarat Gas (down 1.9%), Marksans Pharma (up 3.13%), Narayana Hrudayalaya (up 0.27%), PI Industries (down 0.07%), Tata Consumer Products (up 1.97%) and Varun Beverages (up 1.75%) are some of the companies that will announce their quarterly results today.
Stocks in Spotlight:
HDFC Bank jumped 4.66% after the media reported that Sashidhar Jagdishan will be the new CEO of HDFC Bank. Jagdishan will replace outgoing CEO Aditya Puri whose term ends on 26 October 2020.
Yes Bank rose 2.42% to Rs 12.27 after the global credit ratings agency Moody's Investors Service upgraded the bank's long-term foreign currency issuer rating to B3 from Caa1. It has changed the outlook on Yes Bank's ratings to stable from positive.
KEC International gained 4.32% to Rs 279.10 after the company bagged new orders worth Rs 1,192 crore across its various businesses.