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Indian equity markets ended the May series on a strong note, logging in its second straight day of gains. Positive cues from the U.S. and European markets aided sentiment, as did the IMD forecast that the Monsoon will hit the Kerala coast by June 1-2.
The S&P BSE Sensex ended 1.9% higher at 32,200 while the NSE Nifty 50 index ended just below the 9,500 mark at 9,490, up by 1.9%.
Both the benchmarks managed to trim the losses for the series, courtesy the gains from the last two days. The Sensex ended the May series down 4.5% while the Nifty ended 3.75% lower on a Series-to-Date basis.
Among sectoral indices, the Media and Auto indices outperformed, ending with gains of over 3 percent while the Nifty Bank, Nifty Metal and Nifty Realty gained over 2 percent each.
Market breadth remained in favour of the advances. 1,245 stocks on the NSE ended with gains while 531 posted losses in today's session.
Sun Pharma's subsidiary announced a worldwide licensing agreement with its parent company for the development and commercialisation of SCD-044, a drug evaluated as a potential oral treatment for atopic dermatitis.
Sun Pharma will pay the company an upfront payment of $20 million, the exchange filing said.
The company will also be eligible to receive up to $125 million as milestone payments contingent upon the achievement of clinical, regulatory and sales milestones.
Shares are locked in an upper circuit of 10% at Rs 139.35. Shares of Sun Pharma too gained 2.1% to Rs 460.1, post the announcement.
Shares are at the day's high, gaining as much as 5.74% to Rs 43.30, post the announcement.
Shares trade 1% lower at Rs 98.65, snapping a five-day gaining streak.
Global funds have reduced their ownership in India's top 500 companies to a five-year low in the March quarter, according to Motilal Oswal Financial Services.
The holdings of foreign funds in the Nifty 500 index fell 140 basis points to an average of 21%, Bloomberg reports citing the Motilal Oswal Note.
Company founders have used the plunge in share prices to boost their holdings by 130 basis points during the March quarter to 50.5%.
Overseas investors have their highest holdings in private banks followed by NBFCs and telecom.
Local funds have their highest holding in capital goods, metals followed by private banks.
The company plans to spend Rs 400 as capex in order to boost its capacity, an amount which will be roughly unchanged for the next two years.
Shares currently trade little changed, down 0.4% at Rs 658.20.
Shares are trading at the highest point of the day, up 4.6% to Rs 824.2.
The company has informed the exchanges of securing export orders for over 25,000 wheels for EU Caravan Trailer and U.S. Mobile Home Market.
The orders have to be executed within July and will be done so from its Chennai plant.
Additional orders are expected in the coming weeks from several other regular customers, the company said in a press release.
The company has guided for its Chennai plant to register a 5% year-on-year growth in exports for the quarter ending June.
Shares gained as much as 4.76% to Rs 348, post the announcement.
The Hyderabad-based drugmaker has informed the exchanges that its Integrated Product Development Organisation (IPDO) in Telangana has received the Establishment Inspection Report (EIR) from the U.S. FDA.
The inspection classification for the facility is determined as 'No Action Initiated' (NAI). The audit now stands closed, the company said in its exchange filing.
Shares trade little changed, down 0.55% at Rs 3,861, on the National Stock Exchange.
Lets take a look at how benchmark indices across Europe have opened:
Shares are locked in an upper circuit of 5% at Rs 46.95 and are rising for the fourth straight day.
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Shares gained as much as 1.7% to Rs 4,532 and are up for the third straight day.
Shares are up for the seventh straight day, up 1.3% at Rs 1,099. This is the longest winning streak for the stock since October 2019.
The company has informed the exchanges regarding the launch of its third anti-cancer drug named IBRUSHIL.
The said drug is the branded generic of the anti-cancer drug Ibrutinib. The said drug is used in the treatment of Leukemia.
The drugmaker had earlier launched LENSHIL and DASASHIL in the Indian market, both of which were anti-cancer drugs.
Shares gained as much as 5.36% to Rs 388.5. The stock is up for six out of the last seven trading sessions.
The company has responded to the Ministry of Agriculture's draft notification proposing to ban 27 pesticides. The company says that the said molecules have global competitiveness in most of these chemistries.
The proposed ban will affect products 2, 4-D and Chlorpyriphos, according to the company. The revenue contribution from these products in FY20 was 12-15%.
The company has planned an expansion in this production category, post which, the revenue may rise 20% in the coming years, the statement said.
Shares gained as much as 7.1% to Rs 52.70, adding to Wednesday's gain of 9.4%. The stock is up for the third straight day.
15.57 lakh shares of the auto component manufacturer exchanged hands in a single large trade on the National Stock Exchange.
The trade took place at Rs 91.85 per share, Bloomberg data suggests. Buyers and sellers in the trade remain unknown.
Shares gained as much as 9.1% to Rs 94.50 and are up for the third straight day. The stock has gained close to 15% in the last three trading sessions.
The company has informed the exchanges regarding a release of U.S. FDA findings which observed the presence of N-Nitrosodimethylamine or NDMA in certain products.
The company has clarified that the U.S. FDA did test samples from a few lots of its API and finished dosage tablets, the results did not detect the presence of NDMA.
Shares surged to the day's high, gaining as much as 3.1% to Rs 179.35, post the announcement.
The stock is up for the third straight day and trades at its highest level in three months.
The company reported a 13.5% contraction in volumes for the fourth quarter, led by a sharp decline in its prestige and above portfolio.
Higher taxes due to disputed litigations led to an 81% drop in net profit as compared to last year. Net profit was also impacted by a one-time net tax charge of Rs 103 crore.
However, lower employee and advertising expenses aided the 100 basis points expansion in Ebitda margins to 13.6% from 12.6%.
Shares fell as much as 3.4% to Rs 558.4 and are down for the fourth straight day, its longest losing streak in a month.
Nifty Bank: Today's Expiry
Shares gained as much as 16% - the biggest one-day surge since May 2014 to Rs 47.4, the highest level in over a month. The stock is up for the third straight day.
The company's revenue declined 23% compared to last year, as all three segments - engineering, cycle & accessories and metal formed products witnessed a de-growth.
Lower raw material costs helped margins expand to 12.4% from 9.1% in the same quarter last year.
The company will also raise fresh long-term borrowing to the tune of Rs 200 crore for meeting funding requirements during the year.
Shares gained as much as 9.2% - the biggest single-day jump since April 2018. It is among the best performers on the Nifty 500 index.
The stock has snapped a three-day losing streak. This is also only the third instance in the last 14 trading session where the stock has gained.
The non-bank lender saw its Net Interest Income rising 40.7% from the previous year to Rs 496.2 crore. Net profit too saw a 48.5% jump to Rs 64 crore.
The company also made a provision of Rs 70 crore for Covid-19 related purposes. The board has recommended a dividend of 80 paisa per share.
Shares gained as much as 7.2% to Rs 167.75 and are up for the third straight day. This is the longest gaining streak for the stock in a month.
The company in its fourth quarter earnings informed that the sales loss due to Covid-19 stood at Rs 339 crore while gross margins had an impact of Rs 200 crore.
Operating numbers of the company were strong due to IND-AS 116. The fashion retailer reported a net loss of Rs 140.3 crore from a net profit of Rs 202.6 crore in the same quarter last year.
Brokerage firm Emkay believes that a sales decline of 5% implies strong growth in the pre-Covid period. It has maintained its buy rating on the stock but cut its price target to Rs 150 from Rs 220.
Shares fell as much as 6% to Rs 101.55 and are down for the fourth straight day, its longest losing streak in a month.
Indian equity markets opened higher for the second day, tracking positive cues from Asia as well as from Wall Street.
Most Asian markets are trading with gains while futures on the Dow Jones were trading higher by 160 points.
The S&P BSE Sensex opened 0.7% higher at 31,827 while the NSE Nifty 50 index opened at 9,364, higher by 0.54%. Both benchmarks ended with gains of over 3% on Wednesday.
For the May series, the Sensex is down 6.2% while the Nifty has declined 5.5%.
Most sectoral indices opened flat, except the Nifty Bank index, which gained 1.1% on open.
Market breadth was in favour of the gainers in the early minutes of trade. 938 stocks on the NSE opened with gains while 361 opened in the red.
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Source: Bloomberg quoting people familiar with the matter.
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