File Photo

The stock markets opened on a positive note on Wednesday (June 30). The Sensex was up 212.52 points or 0.40 percent at 52762.18. The Nifty was up 61.90 points or 0.39 percent at 15810.40. About 1,553 shares have advanced, 554 shares declined, and 64 shares are unchanged.

Maruti, Infosys were top gainers in opening trade. Maruti was up 1.53 percent at 7,599.30, Infosys was up 1.10 percent at 1579.85. PowerGrid, NTPC, ICICI Bank, IndusInd Bank and HUL were among the laggards.

In the previous session, the 30-share index Sensex ended 185.93 points or 0.35 percent lower at 52,549.66, and Nifty tumbled 66.25 points or 0.42 percent to 15,748.45.

Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 116.63 crore on Tuesday, as per provisional exchange data.

"Market mood is changing fast. The major positives for the market now are the steadily declining fresh COVID cases (around 37,000 on Tuesday) and fast-rising vaccinations, which will facilitate further easing of restrictions and rebound in economic activity," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, according to PTI.

The fact that FIIs have ceased selling and the DIIs have turned aggressive buyers is a strong positive. Therefore, it is quite possible that the market may again favour the bulls and the ''buy on dips strategy'' may resume, he stated.

Global shares edged lower on Tuesday, as new coronavirus cases in Asia vied with stronger US and European consumer confidence, and investors speculated about whether the Federal Reserve would accelerate its timetable to end easy monetary policy.

The Dow Jones Industrial Average rose 20.24 points or 0.06 percent to 34,303.51, the S&P 500 gained 2.05 points or 0.05 percent to 4,292.66.

Asian markets positive

Asian markets wer in the positive territory in early trade on Wednesday. Japan's Nikkei 225 rose 0.55 percent in early trade, and the Topix edged up 0.45 percent. South Korea's Kospi was 0.31 percent.

Japan's industrial output posted the biggest monthly drop in a year in May, as a sharp fall in car production threatened to undermine the country's economic recovery just weeks before Tokyo is set to host the Olympic games.

Factory output slumped 5.9 percent in May from the previous month, official data showed on Wednesday, hit by declines in the manufacturing of cars and production machinery to post its largest monthly drop since May last year.

Quarterly results today

More than 900 companies will release their quarterly earnings on June 30 including SpiceJet, Vodafone Idea, Alankit, Anant Raj, Archies, BF Utilities, BGR Energy Systems, Binani Industries, Dish TV India, Emami Realty, Fiem Industries, GM Polyplast, Indowind Energy, IRCON International, IVRCL, Liberty Shoes, McNally Bharat Engineering, MEP Infrastructure Developers, Ortel Communications, Sadbhav Engineering, Sanwaria Consumer, Sequent Scientific, Simbhaoli Sugars, Simplex Infrastructures, SREI Infrastructure Finance, Ucal Fuel Systems, Vikas EcoTech, VIP Clothing, Zenith Exports, and Zodiac Clothing.

Fuel prices unchanged

On Wednesday, oil marketing companies (OMCs) kept petrol and diesel prices unchanged across the country. In the national capital, the price of petrol continues to remain at Tuesday's level of Rs 98.81 a litre and diesel Rs 89.18 per litre in Delhi.

In Mumbai, the price of petrol was held unchanged at an all-time high of Rs 104.90 per litre. Diesel price retails at Rs 96.72 a litre, the highest among metros. In Chennai, petrol is priced at Rs 99.80 per litre while the price of diesel is Rs 93.72 per litre. The price of petrol in Kolkata is Rs 98.64 per litre while diesel is sold at Rs 92.03 per litre.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal