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Mid Session
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Sensex regains 35,000 level
(09:30, 30 Jun 2020)

Key indices are trading higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 223.78 points or 0.64% at 35,185.30. The Nifty 50 index was up 84.85 points or 0.82% at 10,397.25. The Sensex regained the 35,000 level. Positive Asian stocks boosted sentiment.

The S&P BSE Mid-Cap index was up 0.84%. 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, 1218 shares rose and 495 shares fell. A total of 59 shares were unchanged.

Cues to watch:

Prime Minister Narendra Modi will address the nation at 16:00 IST today, 30 June 2020. This would be the prime minister's sixth address to the nation since the outbreak of the pandemic.

Unlock 2 guidelines:

The Union government on Monday night issued guidelines for the month-long 'Unlock 2' -- the phased re-opening of activities that were barred to contain the coronavirus spread in the country. Under the Unlock 2 guidelines, Social/ political/ sports/ entertainment/ academic/ cultural/ religious functions and other large congregations remain prohibited. Metro Rail services shall remain shut and cinema halls, gymnasiums, swimming pools, entertainment parks, theatres, bars, auditoriums, assembly halls and similar places will also not be allowed to open. All activities apart from those prohibited will be allowed outside containment zones.

Lockdown will remain in force in COVID-19 containment zones till July 31 and district authorities to demarcate zones, according to the guidelines. Night curfew will remain in force between 10 pm and 5 am throughout country, except for essential activities. Unlock 1 ends on June 30 and Unlock 2 will be in force from 1 to 31 July.

Stocks in news:

Tata Steel advanced 3.7%. The company reported consolidated net loss of Rs 1,481.34 crore in Q4 March 2020 as against net profit of Rs 2,382.55 crore in Q4 March 2019. Total income fell 18.1% to Rs 35,233.45 crore in Q4 March 2020 over Q4 March 2019.

Infosys shed 0.33%. Infosys announced the launch of an all-new, Personalized Medicine solution for the pharmaceutical industry. The Infosys Personalized Medicine Solution enables pharma companies to digitally transform their processes and drive stronger business outcomes.

Tata Power Company rose 1.9%. The board of directors of the company will meet on 2 July 2020 to consider and approve the proposal for raising funds by way of issue of one or more instruments including equity shares, convertible securities of any description or warrants or debt securities, through preferential issue, private placements, rights issue or any other methods or combination thereof.

Minda Industries lost 3.08% after the company reported 90.07% fall in consolidated net profit to Rs 7.30 crore on 9.64% fall in total income to Rs 1,354.93 crore in Q4 March 2020 over Q4 March 2019.

Bharat Dynamics jumped 13.41% after the company reported 149.51% surge in net profit to Rs 309.72 crore on 57.17% rise in total income to Rs 1,467.75 crore in Q4 March 2020 over Q4 March 2019.

Force Motors gained 5.36%. The company reported 83.47% fall in consolidated net profit to Rs 6.06 crore on 39.11% fall in total income to Rs 663.52 crore in Q4 March 2020 over Q4 March 2019.

Global Markets:

Overseas, Asian stocks are trading higher on Tuesday as the sentiment was boosted from upbeat US data.

China's factory activity expanded at a faster pace in June as the economy continues to recover after the government lifted strict lockdowns and ramped up investment. The official manufacturing Purchasing Manager's Index (PMI) rose to a three-month high of 50.9 in June from 50.6 in May, above the 50-point mark that separates growth from contraction on a monthly basis.

Japan's industrial output fell for a fourth straight month in May, highlighting the widespread impact of the coronavirus on factory and overall business and consumer activity. Ministry of Economy, Trade and Industry data out on Tuesday showed that factory output fell 8.4% month-on-month in May to 79.1. The slump followed a 9.8% decline in the previous month.

In US, Wall Street stocks closed higher on Monday as investors hoped for a stimulus-backed economic rebound.

A dozen states, including Florida, Texas, California and Arizona — now hot spots in the U.S. — reversed reopening plans and implemented tighter restrictions to prevent a further spread of the viral epidemic, as per reports.

Data showed that pending home sales in May spiked 44.3% compared with April, according to the National Association of Realtors. Sales were still 5.1% lower compared against the same time last year.

Back home, domestic shares ended with modest losses on Monday on the back of mixed global cues amid rising coronavirus cases. Weakness in banks and IT shares put pressure on bourses. The barometer S&P BSE Sensex declined 209.75 points or 0.6% at 34,961.52. The Nifty 50 index fell 70.60 points or 0.68% at 10,312.40.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,937.06 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,036.13 crore in the Indian equity market on 29 June, provisional data showed.

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