Nifty Trades Higher As Markets Shrug Off Rising Covid Cases

Benchmark indices opened the day higher in line with global markets, which were trading with good gains, despite record Covod-19 infections in the US and India.

Asian markets were higher, after Dow Futures showed decent gains with the Japanese Nikkei leading gainers in Asia.

The Nifty was trading with gains of 88 points, while the Sensex was trading with gains of 300 points.

Avenue Supermarts saw its share price fall after the company reported a 88 per cent decline in consolidated net profit at Rs 40.08 crore for the June quarter. The stock was last seen trading down 5 per cent at Rs 2199.

Reliance Industries saw its share price gain after the company said it has secured Rs 730 crore from wireless technology leader Qualcomm in Jio Platforms. The stock was up another 1.5 per cent in trade.

Biocon too saw saw its share price gain after the company said it has received approval from the Drugs Controller General of India (DCGI) for use of its biologic drug Itolizumab for the treatment of moderate to severe COVID-19 patients.

Banking stocks, which had seen selling pressure on Friday, were seeing buying interest today. ICICI Bank, Axis Bank and State Bank of India were among the early gainers in trade,