The benchmark indices were trading near the day's high in early afternoon trade. Global stock markets were upbeat after US President Donald Trump signed executive actions extending financial relief to Americans hit by the coronavirus pandemic.
At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 302.20 points or 0.79% at 38,342.77. The Nifty 50 index added 99.45 points or 0.89% at 11,313.50.
In the broader market, the S&P BSE Mid-Cap index gained 1.50% while the S&P BSE Small-Cap index rose 1.55%. Both these indices outperformed the benchmark Sensex.
Buyers outnumbered sellers. On the BSE, 1709 shares rose and 809 shares fell. A total of 166 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 397.32 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 438.62 crore in the Indian equity market on 7 August, provisional data showed.
Prime Minister Narendra Modi on Sunday launched a Rs 1 lakh crore Agriculture Infrastructure Fund to support community farming assets across the country and said this would enhance India's ability to compete globally in the agriculture sector. The farm infrastructure will enable farmers get higher value for their produce as they will be able to store and sell at better prices as per market conditions, reduce wastage and increase processing and value addition.
PM also released Rs 17,000 crore to nearly 8.5 crore farmers under the sixth installment of the PM-Kisan scheme.
Total COVID-19 confirmed cases worldwide stood at 19,862,599 with 731,349 deaths. India reported 6,34,945 active cases of COVID-19 infection and 44,386 deaths while 15,35,743 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 0.35% to 22.4975. The Nifty August 2020 futures were trading at 11,312.90, at a discount of 0.6 points compared with the spot at 11,313.50.
The Nifty weekly option chain for 13 August 2020 expiry showed maximum Call OI 26.34 lakh contracts at the 11,300 strike price. Maximum Put OI of 31.39 lakh contracts was seen at 11,000 strike price.
The Nifty option chain for 27 August 2020 expiry showed maximum Call OI of 21.85 lakh contracts at the 11,500 strike price. Maximum Put OI of 31.31 lakh contracts was seen at 11,000 strike price.
Container Corporation of India (CONCOR) slumped 14.50% to Rs 389.55 after the company's consolidated net profit dropped 78% to Rs 49.29 crore in Q1 June 2020 over Q1 June 2019. Net sales for Q1 June 2020 stood at Rs 1194.20 crore, fall 28% compared with Rs 1654.76 crore in Q1 June 2019.
Birla Corporation tumbled 7.08% to Rs 606.80 after consolidated net profit tanked 53.2% to Rs 65.77 crore on 35.1% decline in net sales to Rs 1,221.97 crore in Q1 June 2020 over Q1 June 2019.
Revenue for the quarter declined as sales by volume dropped 33.9% to 2.4 million tons (mt). EBITDA slumped 37% to Rs 252 crore in June 2020 as against Rs 402 crore in June 2019 amid severe disruptions in key markets and manufacturing centres due to the Covid-19 pandemic.
"With the arrival of monsoons, cement prices have started to weaken in key markets from the end of June. Timely arrival of monsoons, however, augurs well for recovery of India's economy. While demand during rest of the year will be a function of how the lockdowns in various regions of the country pan out from time to time, expectations of gradual easing of lockdown in urban areas and resurgence in infrastructure activities with migrant workers returning to construction sites are indicative that the worst may be over for the industry. The company remains cautiously optimistic about a gradual return to normalcy over the next few months", the company said in a statement.
Affle India hit an upper circuit of 10% at Rs 2025.95 after the company's consolidated net profit jumped 42.3% to Rs 18.77 crore on 20% increase in net sales to Rs 89.77 crore in Q1 June 2020 over Q1 June 2019. EBITDA margin remained unchanged at 25% in Q1 June 2020.
The firm said that the growth has been broad-based coming from both cost per converted user (CPCU) business and non-CPCU business. The CPCU business continued its positive momentum delivering a total of 1.7 crore of converted users in Q1 FY21.