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Equities have been higher boosted by strong manufacturing data from world over.
Equities have been higher boosted by strong manufacturing data from world over.

Sensex tests 36,000; Nifty ends above 10,550

  • Infosys, M&M, Titan among top gainers on Sensex
  • On Nifty, 35 stocks advance, 15 decline

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02 Jul 2020, 03:46:03 PM IST

Benchmark indices end higher amid gains in broader market

Indian equities ended higher for the second straight day on Thursday amid buying in IT, auto, infra and energy stocks.

At close, the Sensex was up 429.25 points or 1.21% at 35843.70, and the Nifty was up 121.70 points or 1.17% at 10551.70. About 1683 shares have advanced, 1039 shares declined, and 125 shares are unchanged.

M&M, Hero MotoCorp, Titan Company, Tata Steel and Infosys were top gainers on the Nifty, whileAxis Bank, Vedanta, HUL, Zee Entertainment and UPL dragged.

Except marginal losses in Nifty Bank all other sectoral indices ended in the green, while BSE Midcap and Smallcap indices rose 1% each.

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02 Jul 2020, 03:32:11 PM IST

Nifty sectoral indices at the end of trade

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02 Jul 2020, 03:31:27 PM IST

Nifty broad market indices at the end of trade

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02 Jul 2020, 03:09:17 PM IST

India needs ₹50-60 trln to revive economy, says Gadkari: PTI

India needs FDI worth 50-60 lakh crore and the money can be tapped through infrastructure projects and the MSME sector to accelerate the wheels of coronavirus-hit economy, said Union minister Nitin Gadkari.

02 Jul 2020, 03:04:49 PM IST

Centre to sell 10% in Mishra Dhatu Nigam via OFS

The Centre plans to sell 10% stake in Mishra Dhatu Nigam.

The department of investment and public asset management (Dipam) has invited applications from merchant bankers and selling brokers to manage the proposed issue. The stake sale, via the offer-for-sale (OFS) route, could fetch around 400 crore at current market prices.

The defence PSU produces superalloys, titanium and titanium alloys, special steels, electrical and electronic alloys, and special products for aeronautics, space, nuclear, chemical, petro-chemical, power generation and furnace applications.

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02 Jul 2020, 02:54:30 PM IST

NPPA uses emergency powers to raise prices of blood thinning drug by 50%

The National Pharmaceutical Pricing Authority (NPPA) has used its emergency powers to allow companies to raise the price of heparin, a critical blood thinning drug, by 50% until December end.

The NPPA has now set the ceiling for 1,000 International Units Per Millilitre (IU/ml) of heparin injection at 24.39 per mL and 5,000 IU/ml of injection at 60.54 per mL.

The pricing regulator cited shortages of the drug in India and rising costs of raw materials imported from China as a reason for raising the ceiling, using emergency powers under Paragraph 19 of the Drug (Price Control) Order.

02 Jul 2020, 02:49:32 PM IST

U.S. House passes bill to sanction Chinese banks over Hong Kong: Reuters

The U.S. House of Representatives has passed legislation that would penalise banks doing business with Chinese officials who implement a national security law that House Speaker Nancy Pelosi called a “brutal, sweeping crackdown" on Hong Kong.

The measure passed by unanimous consent, reflecting concern in Washington over China’s enactment of a security law seen as ending the autonomy that allowed the former British colony to thrive as an international financial centre.

02 Jul 2020, 02:40:39 PM IST

4.5 magnitude earthquake jolts Ladakh's Kargil: ANI

02 Jul 2020, 02:31:12 PM IST

JSW Group pledges to cut Chinese imports to zero

JSW Cement managing director Parth Jindal on Thursday said the JSW Group plans to bring down $400 million import bill from China to zero in two years.

"The unprovoked attack by the Chinese on Indian soil on our brave jawaans has been a huge wake up call and a clarion call for action - we JSW Group have a net import of $400mn from China annually and we pledge to bring this down to zero in the next 24 months #BoycottChina," Jindal said in a post on Twitter.

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02 Jul 2020, 02:25:33 PM IST

Sebi probing recent rally in Ruchi Soya, Alok Industries: Report

The Securities and Exchange Board of India (Sebi) is probing the recent jump in share prices of Ruchi Soya Industries and Alok Industries. The regulator has sought details of unusual trade from stock exchanges, the Economic Times reported.

02 Jul 2020, 02:19:59 PM IST

Accenture cuts up to 900 jobs as pandemic hits demand: Bloomberg

Consulting firm Accenture is cutting up to 900 jobs, or 8% of its UK workforce, as the coronavirus pandemic prompted a sharp slump in demand for its advisory work, Bloomberg reported.

Between 700 and 900 jobs will be affected by the planned cuts, an Accenture spokesman said Thursday in an email. The company has notified staff and plans “collective consultation" for a program of redundancy.

02 Jul 2020, 02:17:06 PM IST

Sensex above 36,000 for the first time since 11 March

02 Jul 2020, 02:15:55 PM IST

Rupee ends higher at 75.01/dollar

The Indian rupee on Thursday ended at 75.01 to a dollar, its highest close since 27 March. The unit had opened at 75.50 compared with previous close of 75.59 per dollar.

02 Jul 2020, 02:11:49 PM IST

Future Group partners US-based o9 Solutions to improve supply chain

Kishore Biyani-led Future Group has partnered o9 Solutions, a digital solutions start-up, to improve its supply chain through the US-based unicorn’s Artificial Intelligence (AI)-powered platform.

o9’s AI-powered platform will drive forecasting and replenishment activities for Future Group’s different retail format stores in India and will support the retailer’s 1,500 stores across 450 cities.

02 Jul 2020, 02:08:07 PM IST

European equities higher, S&P futures also rise

European stocks rose on Thursday as investors rejoiced positive vaccine developments. The dollar slipped.

The Stoxx Europe 600 Index extended its initial gains on advances in banks and travel companies. Contracts on the S&P 500 Index also picked up.

London's benchmark FTSE 100 index rose 0.7%. Germany's DAX 30 index jumped 1% and Paris's CAC 40 added 0.8%.

02 Jul 2020, 01:56:03 PM IST

Nifty top gainers

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02 Jul 2020, 01:53:33 PM IST

Sensex surges, near day's high

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02 Jul 2020, 01:48:18 PM IST

Jeff Bezos's wealth soars to $171.6 billion: Bloomberg

Jeff Bezos’s net worth has smashed through its previous peak, even after he relinquished a quarter of his stake in Amazon.com Inc. as part of a divorce settlement last year.

Shares of the Seattle-based retailer surged 4.4% to a record $2,878.70 Wednesday, boosting the founder’s world-leading fortune to $171.6 billion. That tops his previous high of $167.7 billion, set on 4 September, 2018, according to the Bloomberg Billionaires Index.

02 Jul 2020, 01:34:14 PM IST

Coal India workers start strike against privatisation in Ranchi: ANI

Workers of Coal India Limited (CIL) started a three-day strike against the privatisation of the company on Thursday. The workers raised slogans against the e-auction of coal blocks to private parties, news agency ANI reported.

Five labour unions are leading the strike and have halted mining and production activities across CIL's subsidiaries in Jharkhand and seven other states.

02 Jul 2020, 01:20:41 PM IST

GVK Power down 5%

GVK Power fell on Thursday after reports said the CBI has booked Venkata Krishna Reddy Gunupati, chairman of the GVK Group of Companies, and his son G V Sanjay Reddy, managing director of Mumbai International Airport Ltd, among others, for alleged irregularities to the tune of 705 crore in running of the airport.

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02 Jul 2020, 01:12:34 PM IST

Dilip Buildcon gains 9%, company lowest bidder for ₹4,168 crore project

Shares of Dilip Buildcon jumped 9% on Thursday after the company said it has emerged as the lowest bidder for an EPC project worth 4,168 crore in Gujarat.

At 0110 pm, the stock was at 283.80 up 4.5% from its previous close.

The project entails construction of Bhadbhut Barrage, flood protection embankments and associated works across River Narmada near Bharuch district in Gujarat.

The contract completion period is 48 months and maintenance period is 10 years.

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02 Jul 2020, 01:05:16 PM IST

Tata Power to set up InvIT for its renewables business

The board of Tata Power on Thursday gave an in-principle approval for setting up of an Infrastructure Investment Trust (InvIT) for the company’s renewables business

Tata Power will issue up to 49.05 crore equity shares to promoter Tata Sons on a preferential basis at 53 apiece, aggregating to 2,600 crore, the company said in a filing to the stock exchanges.

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02 Jul 2020, 12:54:21 PM IST

Shares of RITES soar

Indian Railways on Wednesday invited proposals to shortlist bidders and allow private companies to run 151 modern passenger trains over 109 Origin Destination (OD) pairs of routes. The project would entail private sector investment of about 30,000 crore, an official statement said.

The move to allow private players to operate passengers will not only end the longstanding monopoly of the national transporter in running trains but will also spark a rush of private investment into Indian Railways.

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02 Jul 2020, 12:49:41 PM IST

Volume topper on Sensex

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02 Jul 2020, 12:35:40 PM IST

Stocks fuelling Sensex rally

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02 Jul 2020, 12:14:33 PM IST

Google starts blocking banned Chinese apps that remained on Play Store

Google has started temporarily blocking access to banned Chinese apps that remained on the Play Store, the company said in a statement.

"While we continue to review the interim orders from the Government of India, we have notified the affected developers and have temporarily blocked access to the apps that remained available on the Play Store in India," a Google spokesperson said.

Following the government’s order, some of the apps had voluntarily delisted from the Google and Apple app stores. TikTok was the first to delist, alongside other Bytedance-owned apps on the list — Helo and Vigo Video. In a statement to the media today, Bigo Technology owned Bigo Live also said it will be delisting from the two app stores voluntarily.

02 Jul 2020, 12:08:45 PM IST

NBFCs will continue to face liquidity, asset quality risks: Fitch

India's non-bank finance companies (NBFCs) will continue to face liquidity and asset quality risks even as economic activity picks up with the easing of lockdown curbs, according to Fitch Ratings.

These risks reflect the impact of the coronavirus pandemic on borrowers' repayment capabilities and the effect of moratorium on collections.

According to the rating agency, the cash flow implications of the moratorium, which regulators have extended to end-August, have not been uniform across the industry, affecting some NBFC liquidity profiles more materially and placing pressure on their ability to repay or refinance upcoming obligations. “We expect near-term inflows to remain below pre-pandemic levels and to improve only gradually as economic activity gathers pace," it said.

02 Jul 2020, 11:57:40 AM IST

Nifty Auto index up, among top sectoral gainers

India’s top automakers posted sharply higher sequential increases in wholesales, or factory dispatches, in June as they ramped up production though it remained a far cry from the pre-covid-19 levels.

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02 Jul 2020, 11:53:29 AM IST

Nifty Technicals: Angel Broking

"Technically speaking, index managed to come out of its recent congestion zone after surpassing the sturdy wall of 10350-10360. We witnessed a series of higher highs higher lows on hourly chart and hence, the chart structure looks a bit encouraging. Looking at the overall set up, ideally we should make a move towards 10450-10500 in coming trading session. Any decline towards 10360-10320 should be interpreted as a buying opportunity.

Yesterday, although it was a broad based rally, the banking and NBFC spaces were the major drivers and hence, the possibility of this upward rally getting extended is pretty high," said Sameet Chavan, chief analyst-technical and derivatives, Angel Broking.

02 Jul 2020, 11:42:43 AM IST

Sensex rose over 1% to 35,776.79

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02 Jul 2020, 11:41:00 AM IST

Amit Shah to review covid-19 situation in Delhi-NCR: ANI

Union home minister Amit Shah will chair a meeting today via video conference with Uttar Pradesh chief minister Yogi Adityanath, Haryana CM Manohar Lal Khattar and Delhi CM Arvind Kejriwal, to review the covid-19 situation in Delhi-NCR.

02 Jul 2020, 11:31:18 AM IST

Nifty IT index top gainer among sectoral indices

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02 Jul 2020, 11:19:39 AM IST

BSE SmallCap up 0.7% in line with gains in broader market

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02 Jul 2020, 11:16:28 AM IST

BSE MidCap up 0.3% amid gains in broader market

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02 Jul 2020, 11:10:00 AM IST

Goldman Sachs sees oil demand returning to pre-covid levels by 2022

Goldman Sachs on Thursday said a pick-up in commuting, shift to private transportation and government efforts to boost economies with higher infrastructure spending should help global oil demand return to pre-coronavirus levels by 2022, Reuters reported.

Demand is expected to fall by 8% this year, before rebounding 6% in 2021 and fully recovering to pre-pandemic levels by 2022, the U.S. bank said in a note.

"Oil demand has already started to recover with the initial pace of recovery surprising to the upside in economies like China and India. Demand is still below normalised level with June demand estimated to be 12% below last year levels," Goldman said.

02 Jul 2020, 11:06:36 AM IST

CBI books GVK Group promoters for siphoning off funds at Mumbai airport

The Central Bureau of Investigation (CBI) has booked Venkata Krishna Reddy Gunupati, the chairman of the GVK Group of Companies and his son G V Sanjay Reddy, managing director of Mumbai International Airport Ltd (MIAL), and several others for siphoning off funds to the tune of 705 crore, according to a first information report filed by the Mumbai police last week.

MIAL is a joint venture between the GVK Group, state-owned Airports Authority of India (AAI), and foreign partners Bidvest and ACSA, which operates the country's second busiest airport at Mumbai.

02 Jul 2020, 11:02:22 AM IST

IDBI Bank jumps 5%, market-cap crosses ₹50,000 crore

IDBI Bank's market capitalisation on Thursday crossed 50,000 crore, with shares up 5%. The stock has surged 51% in two weeks.

IDBI Bank has said it will sell part of its stake in IDBI Federal Life Insurance to Belgian multinational insurance company Ageas Insurance and Federal Bank. Ageas will acquire 23% stake, while Federal Bank will buy 4%.

The entire stake sale is valued at 595 crore. The sale will be completed post all regulatory clearances.

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02 Jul 2020, 10:58:33 AM IST

Pfizer's jumps on positive results of parent's covid vaccine

Shares of Pfizer surged on Thursday on reports that parent's covid-19 vaccine has shown positive results.

On Weddensday, Pfizer's US parent said that a covid-19 vaccine developed jointly with Germany's BioNTech was found to be well tolerated, and is the fourth early-stage drug to show promise in human testing.

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02 Jul 2020, 10:52:00 AM IST

Axis Bank to raise up ₹15,000 crore

India's third largest private lender Axis Bank Ltd., on Thursday, said it will raise up to 15,000 crore.

The money will be raised through issuance of equity shares or depository receipts or any other convertible securities linked to equity shares, Axis Bank said in an exchange filing.

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02 Jul 2020, 10:43:18 AM IST

M&M among top gainers on Sensex

Shares of Mahindra & Mahindra (M&M) rose nearly 3% on Thursday after the company reported an uptick in its tractor sales. It sold 36,544 units in June, up from 33,094 tractors in the year-ago period. Domestic tractor sales grew 12% to 35,844 units last month.

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02 Jul 2020, 10:10:54 AM IST

Rupee opens higher against US dollar

The rupee opened higher against the US dollar on Thursday at 75.50 compared with previous close of 75.59 per dollar.

02 Jul 2020, 10:09:56 AM IST

Coronavirus update: Total cases in India cross 6 lakh mark, death toll at 17,834

According to health ministry figures, there are 2,26,947 active cases in India, while recoveries number 3,59,859. The case count stands at 6,04,641.

India's recovery rate currently stands at 59.51% and the gap between recovered patients to actives cases is 1.32 lakh.

02 Jul 2020, 10:04:01 AM IST

India's June unemployment falls to 11% vs 23.5% in May

India's unemployment rate June fell to 11% in June from 23.5% in May, according to data released by the Centre for Monitoring Indian Economy (CMIE), as economic activities resumed after government eased lockdown curbs.

02 Jul 2020, 09:54:14 AM IST

Bajaj Auto June sales down 31% on year at 2,78,097 units

Bajaj Auto’s June total sales fell 31% year-on-year to 2,78,097 units, while domestic sales declined 34% to 1,51,189 units.

Month-on-month, however, sales rose 119%.

Two-wheeler sales slipped 27% year-on-year and three-wheeler dispatches fell 57%.

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02 Jul 2020, 09:48:38 AM IST

Financial stocks rally as Special liquidity scheme comes into effect

The Special Liquidity Scheme (SLS) Trust to rescue non-bank lenders announced under the Atmanirbhar Bharat Abhiyan relief package came into effect on 1 July. The trust will be managed by State Bank of India's subsidiary SBI Capital Markets which will purchase short-term papers from eligible NBFCs and HFCs and provide them liquidity.

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02 Jul 2020, 09:44:22 AM IST

Nifty sectoral indices

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02 Jul 2020, 09:41:19 AM IST

Nifty broad market indices

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02 Jul 2020, 09:39:33 AM IST

Petrol, diesel prices unchanged for third day

State-run oil marketing companies kept unchanged petrol, diesel prices for third straight day.

Over the last three weeks, petrol prices have risen 9.17 a litre, while those of diesel have gone up by 11.14.

02 Jul 2020, 09:31:49 AM IST

Gold prices ease in India

Gold prices in India edged lower today for the second day after hitting a record high in the previous session. On MCX, gold futures were were down 0.16% to 48,188 per 10 gram after sliding 500 in the previous session. Gold had hit a record high of 48,982 in the previous session.

In global markets also, gold prices came off recent highs after positive positive developments for the coronavirus vaccine and strong manufacturing data improved risk sentiment. Focus now shifts to monthly US jobs report, due later today.

02 Jul 2020, 09:21:33 AM IST

Sensex, Nifty higher in opening deals

Indian indices opened higher on Thursday, fuelled by positive cues from global peers.

At 0916am, the Sensex was up 289.72 points or 0.82% at 35704.17, and the Nifty was up 84.20 points or 0.81% at 10514.20.

About 796 shares advanced, 274 shares declined, and 34 shares were unchanged.

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02 Jul 2020, 09:08:55 AM IST

Indian equities higher in pre-open trade

Indian benchmark indices rose at pre-open.

At 0903am, the Sensex was up 169.06 points or 0.48% at 35583.51, and the Nifty was up 55.70 points or 0.53% at 10485.70.

02 Jul 2020, 09:00:29 AM IST

TVS June sales at 1,98,387 units vs 2,97,102 a year ago

TVS Motor Company reported sales of 1,98,387 units in June, down from 2,97,102 sold a year ago. The company sold 1,91,076 units of two-wheelers last month as against 2,83,461 units in June 2019.

02 Jul 2020, 08:42:41 AM IST

Stocks to Watch

In Indian markets today, shares of Maruti Suzuki, Tata Motors, JSPL, ABB Power Grids, Indian Oil will be in focus.

02 Jul 2020, 08:40:55 AM IST

Oil prices, gold ease in Asian deals

Oil prices eased and gold slipped as investors exercised caution despite encouraging economic data.

Brent crude slipped 6 cents to $41.97 a barrel. US crude was off 12 cents at $39.70 a barrel. U.S. gold futures were 0.12% lower at $1,777.70.

02 Jul 2020, 08:37:20 AM IST

SGX Nifty futures higher

SGX Nifty futures were up 0.7% on Thursday, indicating a higher start to Indian markets. On Wednesday, the BSE Sensex had ended at 35,414.45, up 498.65 points or 1.43% and the Nifty closed at 10,430.05, up 127.95 points or 1.24%.

02 Jul 2020, 08:34:10 AM IST

Asia grinds higher in line with US peers

Asian stocks tracked overnight gains on Wall Street to tick higher on Thursday although sentiment was cautious ahead of U.S. employment data.

MSCI's broadest index of Asia Pacific shares outside of Japan rose 0.9% with all major indexes trading higher on hopes of a vaccine for covid-19, which has killed more than half a million people globally and shut down the world economy.

Japan's Nikkei rose 0.4%, China's blue-chip index added 0.6% while Hong Kong's Hang Seng index climbed 1.7%.

E-mini futures for the S&P 500 were flat.

02 Jul 2020, 08:32:32 AM IST

Wall Street stocks mostly higher on hopes of covid-19 vaccine

US equities were largely higher on Wednesday on hopes of a breakthrough in vaccine for coronavirus infection and series of positive manufacturing data.

The Dow Jones Industrial Average fell 77.91 points, or 0.3%, to close at 25,734.97, the S&P 500 gained 15.57 points, or 0.50%, to 3,115.86 and the Nasdaq Composite added 95.86 points, or 0.95%, to 10,154.63.

Pfizer shares jumped 3% after a covid-19 vaccine developed jointly with Germany's BioNTech was found to be well tolerated, the fourth early-stage drug to show promise in human testing.

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