Thank you readers! Here are the key highlights from today's session
- Sensex & Nifty Close At 4-month Highs; Nifty Bank Underperforms
- HDFC, RIL & IT Stocks Help Nifty Close Above 10,500, Sensex Above 35,800
- Nifty Gains 122 Points To 10,552 & Sensex 429 Points To 35,844
- Nifty Bank Slips 24 Points To 21,953 & Midcap Gains 167 Points To 14,945
- Except Financials, All Sectoral Indices Close Higher; IT Top Gaining Index
- Axis Bank Top Nifty Loser After Board Approves `15,000 Cr Fund Raising
- Axis, ICICI & Kotak Bk Drag Nifty Bank By 74 Pts While HDFC Bk Lifts By 37 Pts
- Auto Cos Gain After Reporting A Major Improvement In Auto Sales MoM
- Amongst OMCs, BPCL & IOC Gain 1-3% While HPCL Slips Over 3%
- Market Breadth Favours Advances; Advance-Decline Ratio At 3:2
Closing Bell: Sensex, Nifty end higher led by IT, auto stocks
Indian shares tracked Asian peers higher on Thursday, led by gains in IT and automaker stocks. The Sensex ended 429 points higher at 35,844, while the Nifty rose 122 points to settle at 10,552. Broader Asian shares also followed a strong close on the Wall Street after a COVID-19 vaccine from Pfizer and Germany’s BioNTech was found to be well tolerated in early-stage human trials. Back home, M&M, Hero Moto, Cipla, Titan, and HCL Tech were the top gainers while Axis Bank, UPL, Vedanta, HUL, and Eicher Motors led the losses.
India's June gold imports plunge 86% year-on-year to 11 tonnes: Government source
India’s gold imports plunged 86% year-on-year in June due to record high prices and as international air travel was banned and many jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus, a government source said. The world’s second-biggest consumer of the precious metal imported around 11 tonnes of gold in June, down from 77.73 tonnes a year ago, the source said on Thursday. The source asked to remain anonymous since he is not authorised to speak to the media. In value terms, June imports dropped to $608.76 million from to $2.7 billion a year ago, he added.
Goldman Sachs sees oil demand returning to pre-coronavirus levels by 2022
Goldman Sachs said on Thursday a pick-up in commuting, a shift to private transportation and government efforts to improve economies with higher infrastructure spending should help global oil demand return to pre-coronavirus levels by 2022. Demand is expected to fall by 8 percent this year, before rebounding 6 percent in 2021 and fully recovering to pre-pandemic levels by 2022, the U.S. bank said in a note.
IndiGo offers 25% discount for doctors, nurses under Tough Cookie campaign
India's largest airline IndiGo has offered a 25 percent discount on airfares for doctors, nurses serving during the COVID-19 pandemic. The airline has also planned a complimentary cookie tin at check-in, welcome announcement at the boarding gate, special Tough Cookie sticker on the PPE, and in-flight welcome announcement for the COVID-19 warriors. The nurses and doctors will be required to provide valid hospital IDs at the time of check-in as proof of their identity. The discount will be offered while booking through IndiGo’s website for travel between July 1 and December 31. Read more.
Sebi finds Divis Lab CFO, son, 6 others guilty of insider trading; fines them Rs 97 lakh
Capital and commodities market regulator Securities & Exchange Board of India (SEBI) has found the Chief Financial Officer of Divis Laboratories L Kishore Babu and seven others guilty of insider trading charges. The eight persons had in July 2017, dealt in shares of the company based on unpublished information about the USFDA import alert on the company’s Unit-II at Vishakhapatnam being lifted. All eight persons have been collectively asked to pay Rs 97 lakh as penalty; this includes around Rs 74 lakh of illegal gains and the rest as interest from July 2017 till date. Read more.
ONGC share price jumps 4%
After three consecutive days of losses, shares of Oil & Natural Gas Corporation (ONGC) jumped over 4 percent in intraday trade on July 2. As per a PTI report, India's latest oil and gas block bid round attracted only 12 bids for the 11 areas on offer, with 10 of them getting single bids from state-owned ONGC and Oil India Ltd, upstream regulator DGH said.
Dilip Buildcon share price jumps 4% after emerging as L-1 bidder for EPC project
Dilip Buildcon share price jumped over 4 percent intraday on July 2 after the company emerged as L-1 bidder through JV for EPC project. The company through JV - Dilip Buildcon Limlted - HCC has been declared as L'1 bidder for the tender floated by the Narmada Water Resources, Water Supply and Kalpsar Departnent (Water Resources) on EPC basis in the state of Gujarat.
RBI issues guidelines on special liquidity scheme for NBFCs & HFCs: All you need to know
Sebi puts in place revised framework for preferential issue pricing methodology
Market regulator Sebi has put in place a revised framework that provides for a relaxed pricing methodology for preferential issuance of shares, in a bid to make fund raising easier for corporates amid the coronavirus pandemic. Besides, the regulator has allowed acquisition of shares through stock exchange settlement process by way of bulk or block deals during an open offer subject to certain conditions. The new frameworks come after the Sebi board approved the proposals in this regard last week.