Key indices are trading with modest gains in early trade on upbeat Asian stocks. At 9:26 IST, the barometer index, the S&P BSE Sensex, was up 257.07 points or 0.71% at 36,278.49. The Nifty 50 index was up 106.05 points or 1% at 10,713.40.
The S&P BSE Mid-Cap index was up 0.76%. The S&P BSE Small-Cap index was up 0.78%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1113 shares rose and 564 shares fell. A total of 93 shares were unchanged.
Stocks in news:
ICICI Bank rose 1.5%. ICICI Bank said that the meeting of the board of directors of the bank is scheduled on 8 July 2020 to consider and approve the proposal of raising funds by issue of equity shares and/or other equity linked securities, through permissible mode(s) including but not limited to a private placement, preferential issue, qualified institutions placement, further public offer, etc., or any combination thereof.
HDFC Bank gained 2.85%. The bank's advances aggregated to approximately Rs 10,045 billion as of June 30, 2020, a growth of around 21% as compared to Rs 8,297 billion as of June 30, 2019 (Rs 9,937 billion as of March 31, 2020). The bank's deposits aggregated to approximately Rs 11,895 billion as of June 30, 2020, a growth of around 25% as compared to Rs 9,546 billion as of June 30, 2019 (Rs 11,475 billion as of March 31, 2020).
Adani Ports and Special Economic Zone (APSEZ) rose 1%. APSEZ on Friday (3 July) said it achieved a throughput of 41.5 MMT across its nine operating ports in India during Q1 June 2020. During the quarter, Mundra Port surpassed Jawaharlal Nehru Port Trust (JNPT) volume to become the largest container port in India.
Marico dropped 2.75%. Marico on Friday issued an overall summary of the operating performance and demand trends witnessed in Q1 June 2020. Marico witnessed significant disruptions during the first fortnight of April, but since then has been able to steadily scale up operations to near-normal levels in June. The company said it remains cautiously optimistic about the future as it unfolds, however much will depend on the extent of the spread of COVID-19 in India and overseas and how the on-ground environment evolves in conjunction with the response of respective governments.
Sobha surged 4.51%. Sobha announced sales volume of 650,400 square feet valued at Rs 488 crore, with a total average realization of Rs 7,498 per square feet in Q1 June 2020. Sobha said the price realization remained stable in Q1 June 2020. The company achieved new sales volume of 650,400 square feet in Q1 June 2020 from 1,063,632 square feet in Q1 June 2019. Total sales value dropped to Rs 487.70 crore from Rs 777.70 crore. Sobha's share of sales value declined to Rs 393.10 crore from Rs 660.60 crore. Total average realisation was Rs 7,498 per square feet over Rs 7,312 per square feet.
Indiabulls Housing Finance lost 2.65% after the company reported 86.4% drop in consolidated net profit to Rs 137.06 crore on 32% fall in total income to Rs 2954.20 crore in Q4 March 2020 over Q4 March 2019.
Meanwhile, the company's board approved issuing unsecured and/or secured, listed and/or unlisted, redeemable non-convertible debentures, with or without warrants, or any other similar security denominated in Indian rupee, or combination thereof, in one or more tranches for an aggregate amount up to Rs 5,000 crore (equivalent currency) on private placement basis or otherwise. Further, to augment the long term resources of the company, the board also approved raising rupee equivalent of up to $300 million, through one or more qualified institutions placement (QIPs).
Overseas, Asian stocks are trading near four-month highs on Monday as investors counted on super-cheap liquidity and fiscal stimulus to sustain the global economic recovery even as surging coronavirus cases delayed reopenings across the United States.
Stocks in China led gains among the major markets, with the Shanghai composite soaring nearly 4%.
In US, financial markets were closed Friday for the observance of Independence Day.
Back home, domestic shares ended with modest gains after a volatile session on Friday. IT shares were in demand while banks corrected. Shares across Asia advanced on robust US payrolls data and a brisk pickup in Chinese service sector activity. However, a surge in coronavirus cases capped strong gains. The barometer S&P BSE Sensex rose 177.72 points or 0.5% at 36,021.42. The Nifty 50 index jumped 55.65 points or 0.53% at 10,607.35.
Foreign portfolio investors (FPIs) bought shares worth Rs 857.29 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 331.96 crore in the Indian equity market on 3 July, provisional data showed.