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Indian equity markets consolidated for the second straight day with benchmark indices barely moving from the levels at which they ended on Wednesday.
The S&P BSE Sensex ended 0.15% lower at 38,310 while the NSE Nifty 50 index ended unchanged at 11,300. As of closing today, both Sensex and Nifty are up over 0.7% on a weekly basis.
Among the sectoral indices, Auto, Media and Metal stocks outperformed. The Media index ended 1.5% higher while the Auto and Metal index ended with gains of 1.4% and 1.2% respectively.
Pharma and PSU banks were the laggards in today's session. The Pharma index ended lower for the third straight day, down 1% while the PSU Bank index fell a similar quantum.
Broader markets outperformed in today's trade. The midcap index ended with gains of 1.7% while the smallcap index ended 0.8% higher.
The India Volatility Index ended lower for the eighth straight day, down 2.3% to 20.36. This is the lowest level for the gauge in six months. This is also the longest losing streak for the VIX since March 2015.
Market breadth ended in favour of the gainers. 1,092 stocks on the NSE ended with gains while 745 ended with losses.
Shares are off the day's high, after gaining as much as 1.9% to Rs 638, post the announcement.
Shares ended at the highest level in over a month, up 6.25% at Rs 175. The stock ended higher for the fifth straight day.
Shares ended with gains of 9.5% at Rs 129.8. This was the biggest single-day gain for the stock in over two months.
Shares ended 0.66% lower at Rs 97.4.
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Shares gained as much as 6% to trade at the highest level in five months at Rs 448.7. The stock is up for the second straight day.
The Supreme Court will hear the final arguments in the case of sale of the government's stake in Hindustan Zinc after four weeks, Bloomberg News reports.
The court is hearing a plea by Vedanta that seeks permission to allow further sale of the government's 29.5% stake in Hindustan Zinc.
Chief Justice of India SA Bobde said that a CBI report found no irregularity in Hindustan Zinc's initial divestment in 2002. The court also said that Vedanta's arbitration with the government on this matter will continue.
Vedanta's lawyer Harish Salve said that the company is willing to purchase the government's stake, subject to the court's final order. Vedanta is also ready for sale of the government's stake in the open market, Salve said.
Shares of Hindustan Zinc recovered from the day's low, gaining as much as 4.2% to Rs 241.4.
Let's take a look at how benchmark indices across Europe have opened:
Shares gained as much as 12.7% to Rs 1,290, post the announcement. The stock is up for the fifth straight day.
Shares are locked in a 20% upper circuit - the most since December 2007 to Rs 623.15. The stock is up for the sixth straight day and it trades at the highest level in six months.
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Shares are off the day's high after gaining as much as 7.2% to Rs 698. The stock trades at the highest level since May 2018.
Shares gained as much as 9.9% - the most in four months to Rs 59.3. The stock trades at the highest level in five months and is up for the sixth straight day.
Shares fell as much as 7% - the most in five months to Rs 128.25. The stock has snapped a three-day gaining streak.
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Volvo Eicher Commercial Vehicles has entered into a pact to acquire the bus business of the Volvo Group India for about Rs 100 crore, Eicher Motors said in an exchange filing.
The agreement will cover manufacture and sale of Volvo buses in India and other rights forming parts of the business.
The bus manufacturing facility at Bengaluru and all employees of the Volvo Bus India will be transferred to Volvo Eicher Commercial Vehicles.
The bus business will be consolidated into a newly formed division within Volvo Eicher Commercial Vehicles, the statement said.
Shares are off the day's low, after declining as much as 1.4% to Rs 21,813.
The company has informed the exchanges of winning an export order for close to 8,800 wheels for the EU Caravan and Truck Trailer Market.
The order is worth 1.43 lakh Euros, according to the company's exchange filing.
The order will be executed from the company's Chennai plant within this month and September, the company said.
Shares gained as much as 4% to Rs 447, post the announcement. The stock trades at the highest level in five months.
The company’s board approved merger of wholly-owned arms Coastal Gujarat Power (Mundra UMPP) and Tata Power Solar System (Solar EPC business) and Af-Taab Investment with itself, along with capital reorganization after the merger.
Funds in company’s general reserves are in excess of business needs of the company for the foreseeable future and will be used to reward shareholders, as stated in a press release.
Brokerages like Morgan Stanley and CLSA have maintained their overweight and buy rating on the stock respectively. While Morgan Stanley has a price target of Rs 62, CLSA has a target of Rs 72 on the stock.
Shares are trading at the day's high, gaining as much as 4.7% to Rs 55.45. The stock is up for the sixth straight day and is trading at the highest level in six-months.
The currency has opened flat in today's trading session after snapping a two-day gaining streak on Wednesday.
The rupee opened at 74.82 against the U.S. Dollar which was the same level at which it closed on Wednesday.. Analysts at HSBC expect India's GDP to shrink 7.2% this year and believe that the Reserve Bank of India may cut interest rates again in the December policy.
Focus will be on the July CPI data which is expected to rise 6.27%, according to a Bloomberg survey.
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Shares of the airline carrier is up for the second straight day after a 10% surge on Wednesday.
Jwalamukhi Investment Holdings acquired 54.35 lakh shares of the airline in a large trade on Wednesday, amounting to 1.41% stake. The deal was done at Rs 1,028 per share.
The shares were sold by Kotak Mahindra (International), as per data available on the exchanges.
Shares are trading at the day's high, gaining as much as 8% to Rs 1,117. The stock trades at the highest level in two months.
Shares fell to the day's low, declining as much as 4.7% to Rs 890. The stock is down for the third straight day.
The telecom player is the top laggard on the Nifty 50 index in today's session.
A sales note from Emkay Global Financial Services mentioned that while there have been no additions or deletions from the MSCI Indices, weightage of certain stocks have been raised and cut.
Bharti Airtel's weight was cut by 175 basis points according to the note.
The resultant move will lead to an outflow of $280 million, the note suggested.
Shares fell as much as 4.3% to Rs 523.95 and are down for the fourth straight day. This is the longest losing streak for the stock in four months. It currently is trading at a three-month low.
Indian equity markets have begun the weekly options expiry session on a flat note, after ending little changed on Wednesday.
Both S&P BSE Sensex and the NSE Nifty 50 index opened 0.2% higher at 38,456 and 11,334 respectively.
Among the sectoral indices, the Metal index has opened 1% higher, followed by the PSU bank index which has gained 0.8%. Media, I.T. and the Nifty Bank are up 0.6% each at the start of trade.
The FMCG index is the only sectoral laggard in the early minutes of trade, opening 0.4% lower.
Broader markets have opened with gains in today's session with the midcap and smallcap indices gaining 0.6% each.
Market breadth was in favour of the gainers. 1,128 stocks on the NSE opened with gains while 288 declined.
To know details about the earnings reported after market hours, key brokerage updates and more, click here.
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