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The market breadth, however, was tilted in favour of sellers. About 1,092 stocks declined and 688 shares advanced on National Stock Exchange.
Seven out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty IT Index’s 0.58 percent gain. On the flipside, the NSE Nifty Pharma Index was the top sectoral loser, down 0.73 percent.
The shares of the water technology company pared losses to trade at 3 percent lower at Rs 305 per share.
The company secured an order worth Rs 1,477 crore from Uttar Pradesh government as a part of Clean Ganga mission, according to an exchange notification. The contract is for operation and maintenance of sewage treatment plants in Agra and Ghaziabad for 10 years, the filing said.
The stock declined 27 percent in the past 12 months compared with 9.4 percent to Sensex.
The impending U.S.-China trade war and supply-demand pressures are taking a toll on ferrous companies such as Tata Steel and JSW Steel. That’s according to Mayuresh Joshi, Fund Manager (PMS), Angel Broking.
“Looking at the volume growth and demand dynamics, their global operations are currently sticky” said Joshi in an interview with BloombergQuint. “The only silver lining is their abysmally low inventory levels and any resolution or change which comes through in the next few quarters could have a huge impact.”
Budget Airline IndiGo Orders 280 Jet Engines in $20 Billion Deal
The markets are expected to correct 5-10 percent and that cannot be ruled out, due to NBFC crisis.
That's according to Renaissance Investment's Chief Investment Officer Pankaj Murarka. "There is a turbulence being played out in the NBFCs, which is having robust effect in the financial sector and the markets are concerned about the banks that have exposure to the NBFCs," Murarka told BloombergQuint in an interaction.
Shares of the steel pipes maker erased opening losses surged nearly 6 percent to Rs 249.70 apiece.
The New Delhi-based company bagged an order worth Rs 151.8 crore from Bharat Gas Resources Limited to supply pipes, according to its notification to the exchanges.
The shares fell over 29 percent in the past 12 months compared to with a 10 percent gain in the Sensex.
The S&P BSE Sensex advanced nearly 162 points or 0.41 percent to 39,116 and the NSE Nifty 50 traded marginally 11,700, up 0.33 percent.
Shares of Zee Entertainment rose close to 2.6 percent to Rs 346.80 apiece, topping the Nifty Index. HDFC AMC plans to purchase Essel Group companies’ non-convertible debentures of up to Rs 500 crore to rescue the asset management company's fixed maturity plan investors.
Shares of the auto-parts maker ended its seven-day gaining streak and fell 2.9 percent intraday to 4,555 apiece.
Bajaj Holdings paid Rs 222 crore to WMDC to acquire 27 percent stake in Maharashtra Scooters and hiked shareholding to 51 percent, according to an exchange filing.
The trading volume was nearly four times the 20-day average for this time of the day, Bloomberg data showed. Bajaj Holdings and Investment rose 3.3 percent to Rs 3,654 apiece.
Shares of the asset management company fell as much as 6 percent, the most since Dec. 21, 2018, to Rs 1,816.60.
In a move to rescue investors of its fixed maturity plans, the asset management company will purchase Essel Group companies’ non-convertible debentures of up to Rs 500 crore, thereby transferring any loss (or gain) due to the investment from investors to itself. (More details here)
Trading volume was 1,532 times its 20-day average, Bloomberg data showed. Of the shares traded, 46 percent were at the ask price and 37 percent were at the bid.
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