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Indian equity markets ended higher for the second straight day, with gains led by Auto, Pharma and real estate stocks.
The S&P BSE Sensex ended 0.66% higher at 39,302 while the NSE Nifty 50 gained 0.7% to end at 11,604. Both Sensex and Nifty ended at the highest level in nearly three weeks.
Among the sectoral indices, the Nifty Bank recovered 350 points from the day's low to end with gains of 0.5%.
The Nifty Realty index was the top sectoral gainer, ending with gains of 2.3% while a late surge in Dr Reddy's Laboratories, led the Nifty Pharma index to end with gains of 2%. Dr Reddy's was also the top gainer on the Nifty 50 index.
Among other sectors that did well was auto. The Auto index, though off the day's high, ended with gains of 1.5%.
Media and PSU Banking stocks were the only laggards in today's session with their respective indices ending 1.6% and 0.5% lower respectively.
Broader markets were subdued in today's session after two days of outperformance. The midcap index ended 0.3% higher while the Smallcap index was flat.
India Volatility Index ended 4.7% lower, below the mark of 20, at 19.62.
Market breadth remained in favour of the gainers. 957 stocks on the NSE ended with gains while 838 declined.
The drugmaker informed the exchanges that it will co-operate with the Russian Direct Investment Fund (RDIF), Russia's sovereign wealth fund on clinical trials and distribution of the Sputnik V vaccine in India.
RDIF will supply 100 million doses of the vaccine to the company, the exchange filing said.
Deliveries of the vaccine can potentially begin in late 2020, subject to completion of successful trials and registration of the vaccine by regulatory authorities in India.
"We will be conducting Phase-III trials in India, to ensure safety and efficacy for the Indian population and to meet the demand of the regulators," GV Prasad, Co-Chairman and Managing Director of Dr Reddy's was quoted as saying.
Shares gained as much as 4.5% to Rs 4,640. The stock is up for the second straight day and is trading at the highest level in a month.
The chemicals company based in Vadodara in Gujarat plans to raise Rs 320 crore through its IPO, Bloomberg reports citing an advertisement in a newspaper.
The company has set the price band for its IPO at Rs 338-340 per share. The founders of the company will sell as many as 45 lakh shares in an Offer for Sale as part of the IPO.
Investors can bid for a minimum of 44 shares of face value of Rs 10 in the IPO. The issue opens on September 21 and closes on September 23.
Intensive Fiscal Services and Ambit Capital are managing the sale.
Shares gained as much as 3.9% to Rs 244.65, post the announcement.
The technology solutions provider has announced that it has won a strategic order from one of the largest state-run company, the company said.
The order is for the installation, implementation and maintenance of the smart surveillance system for the government agencies.
The order is valued at more than Rs 25 crore, includes implementation of the system within 10 months, followed by maintenance and support of up to five years.
Shares gained as much as 6.7% to Rs 68.75, post the announcement. The stock is up for the third straight day.
The health of India's shadow banks remained resilient in August, suggesting that the record stimulus steps by the nation's authorities are helping the crisis-hit sector during the pandemic, Bloomberg News reports.
Premiums on the bonds of non-bank lenders narrowed to a two-year low, according to an index of AAA rated five-year notes.
Three other indicators compiled by Bloomberg, covering areas such as liquidity and share performance was steady as compared to the previous month.
The Reserve Bank of India is monitoring the country's 100 Non-bank lenders 'rigorously' to avoid another crisis, Governor Shaktikanta Das said on Wednesday, adding that the regulator will ensure no major shadow lender will fail.
Shares fell as much as 5.8% to Rs 52.2, snapping a four-day gaining streak.
Let's take a look at how benchmark indices across Europe have opened:
Buyers and sellers in all the trades remain unknown as per Bloomberg data.
A three-judge Superme Court Panel headed by Justice S Abdul Nazeer, rejected the government's petition challenging enforcement of the award in Vedanta's favour.
The government had claimed that Vedanta cannot recover more than $198.5 million, for the development of oil and gas fields in Rajasthan.
The court said that enforcement of the award in favour of Vedanta will not be contrary to India's public policy, as claimed by the government. It also said that an Indian court cannot re-examine evidence recorded by a foreign arbitration tribunal.
Shares fell from the day's high, after gaining as much as 2.2% to Rs 134.5, post the announcement.
Source: Bloomberg
The lender informed the exchanges on Tuesday that the mutual due diligence between the bank and Clix group is substantially complete and that the parties are in discussion on the next steps.
The bank in June had signed a preliminary, non-binding Letter of Intent (LoI) with Clix Capital and Clix Finance with respect to the proposed amalgamation of the Clix Group with the bank.
The exclusivity period between both the parties was extended to September 15, due to the prevailing pandemic situation.
Shares are locked in an upper circuit of 10% at Rs 22.4. The stock has snapped a two-day losing streak, and is trading at the highest level in two months.
The company has issued a clarification over various media reports doing the rounds that it intends to acquire stake in SMS Pharmaceuticals.
The drugmaker has denied the news, stating that neither the company, nor its promoters have any intentions, plans, or held any discussions to acquire any stake in SMS Pharma or any of its group companies.
"The company has always been relying on organic growth," it said in an exchange filing.
Shares of Divi's Labs trade little changed, up 0.3% at Rs 3,195 post the announcement. The stock is up for the third straight day.
On the other hand, shares of SMS Pharma have halved from the day's high gains of 12.3%. The stock now trades 6% higher at Rs 94.4, and is up for the fourth straight day.
The currency opened little changed today after ending as the worst performer in Asia on Tuesday.
The rupee opened at 73.68 against the U.S. Dollar as compared to Tuesday's close of 73.64.
India's trade deficit widened to $6.8 billion in August, led by higher imports of Gold.
Yield on the 10-year government bond opened at 6.027% as compared to Tuesday's close of 6.032%.
Bond market traders will watch out for the sale of treasury bills worth Rs 35,000 crore.
Reserve Bank of India governor Shaktikanta Das will also be addressing the FICCI National Executive Committee Meeting at 11 a.m. today.
Shares fell as much as 4.2% to Rs 5,410, snapping a two-day gaining streak. The stock had gained 7% each during Monday and Tuesday's trading sessions.
Shares gained as much as 3.2% to Rs 214. The stock is up for the third straight day.
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The company on Tuesday announced a partnership with Bharti Airtel, to build a modern optical fibre network for the telecom operator across 10 telecom circles.
The densly fiberised, future-ready network will also form the foundation for many next-generation services like 5G, IoT and Industry 4.0, the company said in an exchange filing.
"Sterlite Tech, with its diverse capabilities across all network layers, is uniquely positioned to deliver significant value for digital service providers," KS Rao, CEO of Network Services and Software at Sterlite Technologies was quoted as saying.
Shares gained as much as 5.5% to Rs 165.95 and are up for the third straight day.
Indian equity markets opened flat, in-line with the sentiment across global markets as investors look forward to commentary from the U.S. Federal Reserve.
The S&P BSE Sensex opened 0.3% higher at 39,161 while the NSE Nifty 50 gained 0.1% at the start of trade to 11,538.
All sectoral indices have opened flat. The Nifty Media and Nifty Pharma index have opened with gains of 0.5% while the Realty and Auto indices are up 0.3% in the early minutes of trade.
Broader markets have opened in-line with the benchmarks. The midcap index has gained 0.3% while the smallcap index opened 0.5% higher.
Market breadth is in favour of the gainers. 1,065 stocks on the NSE have opened with gains while 370 are declining.
Source: ICICI Securities
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