Sensex Opens Higher; HCL Tech and Infosys among Top Gainers

Thu, 30 Jul 09:30 am

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Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.1% while the Hang Seng is up 0.5%. The Nikkei 225 is trading up by 0.1%.

US stocks closed higher on Wednesday, adding to gains after the Federal Reserve repeated a pledge to use its full range of tools to support the economy but cautioned that the outlook will depend significantly on the course of the virus.

Back home, Indian share markets opened higher.

The BSE Sensex is trading up by 256 points. The NSE Nifty is trading up by 68 points.

Meanwhile, the BSE Mid Cap index has opened up by 0.4%.

BSE Small Cap index is also trading higher by 0.5%. For more detailed updates, check the latest small cap stocks details here.

Sectoral indices are trading mixed. BSE Oil & Gas Index is witnessing selling pressure.

BSE IT Index is witnessing buying interest, with Majesco and 8K Miles Software among the top gainers.

Moving on, the rupee is currently trading at 74.92 against the US$.

Gold prices are currently trading up by 1.1% at Rs 53,187.

If you want to know, when and how to buy gold, just visit our Youtube Playlist on gold investing. Get trading ideas on gold by India's #1 trader Vijay Bhambwani. Find out the right way to profitably trade gold now.

Moving on to the stock specific news...

Deepak Nitrite is among the top buzzing stocks today.

Among the key bulk deals yesterday, State Street Global Advisors bought shares of chemical manufacturer Deepak Nitrite.

State Street Global Advisors bought 9,25,451 shares of Deepak Nitrite at Rs 632.4 per share.

Mutual funds held 12.7% stake in the chemical manufacturing company. Nippon India Small Cap Fund and Franklin India Smaller Companies Fund held 5.1% and 3.9% as of June 30, respectively.

Foreign portfolio investors (FPIs) owned 11.5% stake in the company.

While Deepak Nitrite shares fell marginally yesterday, it has rallied as much as 92% from its March 23 low.

Deepak Nitrite share price opened the day up by 2.1%.

In another news, Bharti Airtel posted a consolidated net loss of Rs 159.3 billion in the April-June quarter as the company undertook a massive Rs 117.5 billion charge, primarily for incremental provision and interest related to Supreme Court's order on adjusted gross revenue definition last year.

In the corresponding quarter last year, the company had posted a consolidated loss of Rs 28.7 billion.

Consequently, without prejudice and on prudence, during the quarter ended June 2020 the company has further recorded an incremental provision of Rs 107,444 million, including net interest on total provision created considering interest rate as per the affidavit filed by DoT on 16 March 2020 with effect from the date of Court Judgement.

Operationally, the company had a strong quarter despite the covid-19 pandemic causing an unprecedented disruption.

Consolidated revenue from operations grew 15.4% year-on-year.

More importantly, Bharti Airtel reported a second straight quarter of positive operating income for its core business of mobile services in India at Rs 1.7 billion.

The business clocked revenue of Rs 128.8 billion for the quarter, up 18.5% yoy.

Bharti Airtel share price opened the day up by 1.3%.

The shares have gained about 25% on a year-to-date (YTD) basis. Here's a look at its YTD trend...

To know more about the company, you can read our latest annual report analysis and latest quarter analysis here.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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