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Indian Indices Extend Rally; Infosys & Axis Bank Top Gainers
Wed, 15 Jul 12:30 pm | Monish Vora, TM Team

Share markets in India have extended early gains and are presently trading on a strong note.

Benchmark indices gained in early trade today, in line with Asian peers, on optimism over vaccine trials and more stimulus from the governments.

Risk appetite was boosted after Moderna Inc's experimental vaccine for coronavirus showed it was safe and provoked immune responses in all 45 healthy volunteers in an ongoing early-stage study.

The experimental vaccine, developed by US government's top infectious disease expert Anthony Fauci's colleagues at the National Institutes of Health and Moderna Inc, will start its most important step around July 27, a 30,000-person study to prove if the shots really are strong enough to protect against the coronavirus.

The BSE Sensex is trading up by 771 points, up 2.1%, at 36,800 levels. Meanwhile, the NSE Nifty is trading up by 213 points.

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The BSE Mid Cap index is trading up by 1%. The BSE Small Cap index is trading up by 1.3%.

On the sectoral front, gains are largely seen in the IT sector and banking sector.

The rupee is trading at 75.30 against the US$.

Gold prices are trading down by 0.1% at Rs 49,191 per 10 grams.

Speaking of the current stock market scenario, have a look at the chart below which shows how the BSE Sensex and the smallcap index have moved over the past one year:

The markets are coming out of the deep fall. An important driver of this rally is the increasing inflow from foreign institutional investors now that the global economies have opened the liquidity tap.

A lot of this money is coming to the mid and smallcap space.

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Moving on, market participants are tracking shares of Infosys, L&T and Bandhan Bank as these companies are scheduled to announce their June quarter results later today.

In news from the FMCG sector, the Burman family, the promoters of Dabur, on Tuesday acquired around an 8.48% additional equity stake in battery major Eveready Industries from the open market operations, taking its holding in the company to 19.84%.

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Significantly, the Khaitans, promoters of Eveready, a Williamson Magor group company, held a 22.99% equity stake at the end of the last fiscal, which was down from 30.83% at the end of the second quarter of FY20.

Shares of Eveready Industries had surged 10% yesterday on the back of above news.

Dabur India vice-chairman Mohit Burman said, "this is a portfolio investment by the Burman family. It's a personal investment and is not connected with Dabur India".

Eveready Industries had earlier mandated Kotak Mahindra Bank to scout for potential financial or strategic investors. The strategic sale was reportedly intended to deleverage promoter group holding in the company.

Facing cash flow constraints due to the lockdown, the company last month said it was in discussions with its lenders in relation to infusion of additional funds to bridge the working capital gap to ensure no impact on its operations.

The company also approached all term lenders to extend the moratorium as per RBI's Covid-19 regulatory package in relation to repayment of instalments falling due during the period of March to August.

Moving on, Wipro is among the top buzzing stocks today. Shares of the company surged nearly 18% today, a day after the Bengaluru-based IT major reported a better-than-expected net profit in the April-June period.

This is the biggest intraday jump in the Wipro stock since May 2004.

After market hours on Tuesday, the company reported a net profit of Rs 23.9 billion for the quarter ended June 30, beating analysts' expectations.

The company's revenue came in at Rs 149.1 billion in the first quarter of current financial year, marking a fall of 5.1% compared to the previous quarter.

Wipro's IT services revenue stood at Rs 146 billion in the quarter ended June 30 (Q1FY21), down 4.6% from the previous quarter.

Operating margin improved to 195 in the June quarter, compared to 17.6% in the January-March period.

Wipro said the conditions caused by the coronavirus pandemic could adversely affect its future sales, operating results and overall financial performance.

Wipro share price is presently trading up by 15%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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Read the latest Market Commentary

What else is happening in the markets today? Dig in...

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Stock Market Updates

INDIAN BANK Share Price Up by 5%; BSE BANKEX Index Up 0.9% (Today's Market)

Aug 11, 2020 01:55 PM

INDIAN BANK share price is trading up by 5% and its current market price is Rs 63. The BSE BANKEX is up by 0.9%. The top gainers in the BSE BANKEX Index is INDIAN BANK (up 5.3%). The top losers is CITY UNION BANK (down 0.5%).

SCHNEIDER ELECTRIC INFRA Share Price Up by 5%; BSE CAPITAL GOODS Index Down 0.1% (Today's Market)

Aug 11, 2020 01:47 PM

SCHNEIDER ELECTRIC INFRA share price is trading up by 5% and its current market price is Rs 90. The BSE CAPITAL GOODS is down by 0.1%. The top gainers in the BSE CAPITAL GOODS Index is SCHNEIDER ELECTRIC INFRA (up 5.3%). The top losers are AIA ENGINEERING (down 0.1%) and LAKSHMI MACHINE (down 0.5%).

CARE RATING Share Price Down by 5%; BSE 500 Index Up 0.6% (Today's Market)

Aug 11, 2020 01:21 PM

CARE RATING share price is trading down by 5% and its current market price is Rs 441. The BSE 500 is up by 0.6%. The top gainers in the BSE 500 Index are INDIABULLS REAL EST (up 10.0%) and GE T&D INDIA (up 10.0%). The top losers are CARE RATING (down 5.0%) and LAURUS LABS LTD (down 6.5%).

IDFC FIRST BANK Share Price Up by 5%; BSE BANKEX Index Up 0.9% (Today's Market)

Aug 11, 2020 12:57 PM

IDFC FIRST BANK share price is trading up by 5% and its current market price is Rs 30. The BSE BANKEX is up by 0.9%. The top gainers in the BSE BANKEX Index is IDFC FIRST BANK (up 5.5%). The top losers is CITY UNION BANK (down 0.9%).

INDIABULLS REAL EST Share Price Up by 10%; BSE REALTY Index Down 0.2% (Today's Market)

Aug 11, 2020 12:41 PM

INDIABULLS REAL EST share price is trading up by 10% and its current market price is Rs 63. The BSE REALTY is down by 0.2%. The top gainers in the BSE REALTY Index is INDIABULLS REAL EST (up 10.0%). The top losers are DLF (down 0.8%) and MAHINDRA LIFESPACE (down 0.8%).

Sensex Opens Over 300 Points Up; ICICI Bank and Axis Bank among Top Gainers (Today's Market)

Aug 11, 2020 09:30 am

Indian share markets open higher. The BSE Sensex opened up by 319 points, while the Nifty is trading up by 88 points.

View More Indian Share Market News

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Aug 11, 2020 03:09 PM