The benchmark stock indices opened the day on a positive note with gains of over 1% as coronavirus cases in the country continue to drop.
Join us as we follow the top business news through the day.
Shares jump as financials extend gains
A good start to the day for stocks after yesterday's gains.
Reuters reports: "Indian shares extended gains on Tuesday, powered by financials, as investor sentiment remained upbeat after the daily rise in domestic coronavirus cases stayed below the 300,000 mark.
The NSE Nifty 50 index rose 1.12% to 15,093.50 by 0350 GMT, while the benchmark S&P BSE Sensex advanced 1.13% to 50,141.21. On Monday, they had added 1.67% and 1.74%, respectively.
India's total coronavirus cases surged past the 25 million mark on Tuesday. Daily cases rose by 263,533, remaining below the 300,000 mark for a second day, a level last seen on April 21, while deaths increased by a record 4,329.
All major sub-indexes were trading higher, with financials leading the pack.
Private sector lenders HDFC Bank and ICICI Bank advanced for a second session and were the top boosts to the Nifty. They have added roughly 5% each in the last two sessions.
Auto stocks rose 1.03%, with Tata Motors climbing nearly 2% ahead of its quarterly results.
Forty-eight stocks of the Nifty 50 were trading in positive territory. Among losers, Bharti Airtel inched 0.56% lower a day after the telecom operator posted quarterly results.
Meanwhile, Asian shares also rose, shrugging off worries about an increase in regional coronavirus infections and a subdued overnight session on Wall Street."
AT&T spins off media via $43-bn Discovery deal
AT&T Inc, the owner of HBO and Warner Bros studios, and cable and streaming network Discovery Inc., the owner of lifestyle TV networks such as HGTV and TLC, will combine their media assets, the U.S. telecom giant said on Monday.
The proposed deal would put together one of Hollywood’s most powerful studios, home to the Harry Potter and Batman franchises, with Discovery’s stable of unscripted home, cooking and nature and science shows.
The deal also marks the unwinding of AT&T’s $108.7 billion acquisition of U.S. media conglomerate Time Warner in 2018, and underscores its recognition that TV viewership has moved to streaming, where scale is required to take on the likes of Netflix Inc and Walt Disney.
