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Indian equity markets shrugged off a ratings downgrade, a volatile first hour and an impending cyclonic storm to end higher for the fifth consecutive day.
European markets have extended opening gains while futures on the Dow Jones too are trading higher by 180 points after reversing initial losses.
The S&P BSE Sensex ended 1.57% higher at 33,825 while the NSE Nifty 50 index ended at 9,979, with gains of 1.56%. Both Sensex and Nifty ended at their highest level in nearly three months.
Both the benchmark indices have also closed above their bear market levels of 33,000 and 9,944 respectively. The indices are now less than 20% away from their all-time high made earlier this year.
Among sectoral indices, the realty index outperformed for the second straight day, ending 5% higher while the Nifty Bank and Nifty Media indices gained 3% each. The Nifty FMCG index was the only sectoral laggard, ending 0.7% lower.
Market breadth remained in favour of the advances. 1,380 stocks on the NSE ended with gains while 428 declined.
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Shares gained as much as 3.4% to Rs 340.5 and are up for the second straight day.
Shares gained as much as 1.64% to Rs 2,698 and are trading higher for the sixth straight day - its longest winning streak since September 2019.
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Shares are up for the fourth straight day, trading 2% higher at Rs 234.95.
Shares reversed losses to gain as much as 5.4% to Rs 101.80, post the announcement. The stock is up for the sixth straight day.
Shares are trading near the day's high, trading 3.1% higher at Rs 92.35 per share.
Here's a look at how benchmarks across Europe have opened:
Shares are off the day's high after gaining as much as 5.1% to Rs 243. The stock is up for the fourth straight day.
Average yields on the rupee-denominated corporate bonds rose after Moody's Investor Services downgraded India's sovereign rating to Baa3 - one level above junk.
Yields on the top-rated 10-year corporate bond rose as much as 7 basis points, Bloomberg reports quoting traders. This will be the biggest jump in nearly two weeks, according to Bloomberg data.
Yields on the top-rated three-year note also rose 7 basis points, according to traders, snapping a five-session losing streak.
Shares are off the day's high, trading little changed at Rs 150.30.
Shares are locked in an upper circuit of 10% at Rs 26.30 and are up for the third straight day. The stock has gained 33% in the last six trading sessions.
The solar EPC solutions provider informed the exchanges regarding the commissioning of its maiden solar PV project in Oman.
It has become the first Indian company to commission a solar PV project in the region.
The company had received the order from Amin Renewable Energy Company, which supported by the Japanese-Omani consortium, the exchange filing said.
The project has an installed capacity of 125 MW (DC), according to the press statement.
Shares rose after the announcement and are now locked in an upper circuit of 5% at Rs 152.60.
The company reported a 35.1% decline in its revenue for the quarter, attributing the same to delay in certain regulatory approvals, unseasonal rains and the nationwide lockdown on account of Covid-19.
The net profit tripled compared to last year on account of a gain of Rs 22.2 crore realised from associates and JV companies and an other income component of Rs 30.9 crore.
Ebitda fell 27.5% while margins expanded to 13.9% from 12.4%. The company's board has also approved raising Rs 300 crore through equity.
Shares are locked in an upper circuit of 5% post the results at Rs 62.40 and are up for the third straight day.
The construction company informed the exchanges about the orders it received in the month of May on Monday evening.
The company won four orders worth Rs 1,136 crore during the month, exclusive of GST, the exchange filing said.
Out of these four orders, two orders, totaling to Rs 993 crore pertain to the water division and two worth Rs 143 crore are for the building division.
The orders were received from the state government agencies, the statement said.
Shares gained as much as 7.8% to Rs 27.60 and are up for the second straight day.
The company shared its Covid-19 update with the exchanges where it mentioned that all its solar and wind plants have been operating at full capacity through the lockdown.
The offtake too has been normal, except for a few issues in Tamil Nadu and Andhra Pradesh, the company said in its statement.
While it anticipated an increase in project costs, it mentioned that it has been receiving regular payments from discoms and counterparties and that no major overdues in receivables are pending.
Shares are locked in a 5% upper circuit at Rs 273.75 and are up for the 10th straight day. This is the longest winning streak for the stock since October 2019.
The company's step-down, wholly-owned subsidiary - Strides Pharma Global Pte. Ltd., Singapore, received the U.S. FDA approval for the Triamcinolone Acetonide Ointment from the U.S. FDA.
The said ointment is part of the niche and small volume product portfolio with limited competition in the U.S. Market, as per its exchange filing.
The ointment has a market of $15 million in the U.S., according to IQVIA data and will be manufactured at the company's Bengaluru facility.
Shares trade at the day's high, gaining as much as 5.3% to Rs 421 and are up for the third straight day.
Banking software company Temenos and HCL Technologies signed an exclusive strategic agreement for non-banking services, according to a statement from Temenos.
As per the agreement, HCL Tech will get a license to develop, market and support Temenos' multi-experience development platforms for non-banking services.
The agreement is exclusive for a period of seven years, the statement said.
Shares are recovering from the day's low to trade little changed at Rs 558.20, post the announcement.
The power distribution company acquired 51% equity stake in TP Central Odisha Distribution for a consideration of Rs 178.5 crore.
The other 49% stake in the company will be held by the government of Odisha. The company will now manage power distribution in Central Odisha.
With this acquisition, Tata Power now takes over the management of Central Electricity Supply Utility of Odisha (CESU). It has mentioned in its press release that all the employees of CESU will be retained and governed under the current structure.
Shares gained as much as 7.1% to Rs 42.25 before cooling off. The stock currently trades 3.4% higher at Rs 40.8.
The state-run miner reported its production and offtake figures for the month of May on Monday.
Production for the company declined 11.3% compared to last year to 41.43 Million Tonnes.
Offtake on the other hand declined 23.3% to 39.95 million tonnes as compared to 52.1 million tonnes during the same period last year.
Shares fell as much as 2.6% to Rs 144.75. The stock is the top laggard on the Nifty 50 index.
Shares of the Murugappa Group company, manufacturing fertilisers and pesticides fell after 58.6 lakh shares, exchanged hands in a large trade, according to Bloomberg data.
Buyers and sellers of the trade remain unknown.
Shares fell as much as 5.3% to Rs 616 before a marginal recovery. The stock remains 3% lower.
Shares are trading at the lowest point of the day, down 1% at Rs 2,759. The stock has snapped a five-day gaining streak.
5.6 crore shares of the Mumbai-based private lender exchanged hands in a single large deal on the Bombay Stock Exchange. The deal took place at Rs 1,240 per share, as per the term sheet accessed by Bloomberg.
Founder & CEO Uday Kotak had planned to sell 2.9% of his stake in order to comply with RBI's norms of bringing his shareholding down to 26% by August 2020.
The share sale was planned between Rs 1,215 - Rs 1,240 per share, implying a 0.7-2.7% discount to Monday's closing price.
Shares gained as much as 10.1% to Rs 1,374 before cooling off. The stock is the top performer on the Nifty 50 index.
Indian equity markets opened higher for the fifth straight day despite a sovereign ratings downgrade by Moody's Investors Services and mixed cues from across the globe.
The S&P BSE Sensex opened 0.44% higher at 33,450 while the NSE Nifty 50 opened with gains of 0.6% at 9,880. The five-day winning streak was the longest for both benchmarks since November 2019.
All sectoral indices opened with gains which are modest. The Nifty Bank, Media and Metal indices opened 0.8% higher while the others saw marginal gains.
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To know more about companies sharing their Covid-19 updates and for earnings reported after market hours on Monday, click here.
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