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Indian equity markets gave up early session gains to end little changed as Tuesday's outperformers - Reliance Industries and HDFC Bank dragged benchmarks lower.
The S&P BSE Sensex ended little changed at 37,663 while the NSE Nifty 50 index ended 0.2% higher at 11,117.
Metals and Auto stocks were the outperformers in today's session. Four out of the top five Nifty gainers belonged to these two sectors.
The Metal index ended with gains of 4.2%, led by Hindalco and Tata Steel which rose 8.7% and 6.7% respectively.
The Auto index saw gains of over 2% led by Eicher Motors (up 4.4%) and Tata Motors (up 3.7%).
Reliance Industries and HDFC Bank, which contributed 80% to Nifty's 200 point surge yesterday, contributed 35 points to the downside in today's session, keeping the gains in check.
Pharma and PSU banks underperformed in today's trade with the respective indices ending with modest losses.
Broader markets outperformed in today's session. The midcap index gained 0.6% while the smallcap index gained 1.2%.
The India Volatility Index ended 1.3% lower at 23.5.
Market breadth remained in favour of the gainers. 1,156 stocks on the NSE ended with gains while 664 declined.
Shares gained as much as 10.33% to Rs 209.9. The stock is up for the second straight day.
Madhusudan Kela of MK Ventures purchased 0.63% stake or 1.52 lakh shares in the company at Rs 585 per share, according to data on the exchanges.
Westbridge Crossover Fund sold 19 lakh shares or close to 8% stake in the company on Tuesday.
Among other buyers were Blue Diamond Properties - which purchased a 7% stake and Winro Commercial, which purchased a 1.1% stake.
Shares gained as much as 6.6% to Rs 786. The stock is up for the second straight day.
Shares fell to the day's low, declining as much as 2.9% to a three-month low of Rs 2,150.
Shares ended with gains of 14% - the most in nearly four months at Rs 547. This is the highest level for the stock since January 2019. The stock rose for the fourth straight day.
Shares ended 7% higher at Rs 140.4 - the highest level in six months. The stock rose for the fourth straight day.
The company on Tuesday said that its total sales in the month of July grew 50% compared to last year to 15.83 lakh tonnes, PTI reports.
The state-run company's domestic sales grew 29% from last year to 12.73 lakh tonnes while exports grew more than three times to 3.1 lakh tonnes compared to last year.
The consequent improvement in cash collection despite lower prices compared to last year, coupled with stringent financial measures allowed the company to reduce its cumulative borrowings to below Rs 50,000 crore.
Shares gained as much as 8.1% to Rs 37.40. The stock is up for the third straight day and is the top performer on the Nifty Midcap index.
Shares fell as much as 3.8% to Rs 297.7, snapping a four-day gaining streak.
Let's take a look at how European benchmarks have opened:
Shares ended 3% lower at Rs 903, post the announcement.
Shares give up all the gains to trade little changed at Rs 403.9, post the announcement.
Shares gained as much as 1.6% to Rs 959 and are up for the second straight day.
CLSA has increased its price target on the stock to Rs 870 from the earlier Rs 745.
Shares trade near the day's high, gaining as much as 4.2% to Rs 746.2. The stock trades at a five-month high and is up for the second straight day.
The drugmaker announced the launch of its Favipiravir in India under the brand name 'Covihalt.'
The drug will be used in the treatment of patients with mild to moderate Covid-19.
Favipiravir has received authorisation from the Drug Controller General of India for emergency use.
The drug is available as 200 mg tablets in a 10-tablet strip and is priced at Rs 49 per tablet, as per the exchange filing.
“We believe that we can leverage our expertise in managing widespread community diseases like TB to proactively reach patients across India and ensure access to Covihalt through our strong distribution network and field force,” the company said in a statement.
Shares gained as much as 1.5% to Rs 954.6. The stock is trading at the highest level since September 2018. It is also up for the sixth straight day, which is the longest gaining streak since October 2019.
As on June 30, the company’s current liabilities exceed current assets and it is in the process of raising funds for its operations.
The company also received a financial support letter from its parent Sun Pharma which is valid till the time the company is able to raise funds from external sources.
Shares gained as much as 14.4% to Rs 200. The stock is trading at the highest level in six months.
The drugmaker has reported that the doses of the vaccine administered to healthy volunteers in the first phase of clinical trial has been well tolerated.
The company said that Zydus will commence Phase-II of the clinical trial on August, the exchange filing said.
The vaccine was able to elicit high level of neutralising antibodies in animal studies, the company said.
The company also said that the DNA vaccine platform can be rapidly used to modify the vaccine in a couple of weeks in case the virus mutates, to ensure that the vaccine still elicits protection.
Shares surged to the day's high, gaining as much as 1.9% to Rs 411.3. The stock is up for the seventh straight day.
India's composite Purchasing Managers' Index for the services sector fell to 37.2 in the month of July as compared to 37.8 in June.
The figure during the corresponding period last year stood at 53.9. This is the fourth straight month of contraction for the Index.
New Orders remained unchanged at 37.8 while employment showed the lowest reading since the series began.
Markit India Services Business Activity index stood at 34.2 in July as compared to 33.7 in June.
The company launched its QIP issue on Tuesday, at a floor price of Rs 3,177.18 per share. The floor price is a 0.3% discount to Tuesday's closing price.
As per the termsheet accessed by Bloomberg, the company is offering 6.2 million shares in the QIP.
The company at its discretion may offer a 55 discount on the floor price, as per SEBI regulations.
The proceeds will be used to augment long-term cash resources, meet funding requirements of business activities and for general corporate purposes, as per the termsheet.
JPMorgan, Goldman Sachs, Credit Suisse and IIFL are arranging the deal.
Shares rose as much as 7.3% - the most in four months, to Rs 3,420. The stock is up for the second straight day and is trading at an all-time high.
Shares gained as much as 7.1% to Rs 1,966. This was the biggest single-day gain for the stock in four months. The stock now trades at an all-time high.
The company has informed the exchanges that the promoters have released a further 27 lakh pledged shares after repaying debt.
Promoters have repaid Rs 58.09 crore of debt so far, the company said in an exchange filing.
The company's current outstanding debt is now Rs 5.91 crore, the statement said.
Shares gained as much as 2.4% to Rs 90.30, post the announcement. The stock is up for the third straight day.
The rupee has opened with gains after ending lower for the second straight day on Tuesday. little changed in today's session
The currency opened at 74.93 against the U.S. Dollar as compared to Tuesday's close of 75.04.
Within the bond markets today, traders will be watching out for the sale of treasury bills worth Rs 35,000 crore.
Focus is now on the RBI Monetary Policy. JPMorgan's Jahangir Aziz said that the RBI needs to do a lot more in times of the pandemic.
The Mumbai-based private lender launched a QIP issue on Tuesday to raise funds. The floor price for the same is set at Rs 442.19 per share, a 3% premium to Tuesday's closing price.
The deal size is $1.33 billion, including a base size of $1.06 billion and an additional option to upsize by an additional $267 million, the termsheet accessed by Bloomberg News indicated.
The lender plans to use the proceeds to enhance its capital adequacy for it growth strategy, to address risks from Covid-19 and for general corporate purposes.
The lender may offer a discount of as much as 5% as per SEBI regulations. The indicative price to Qualified Institutional Buyers is Rs 420.1 per share.
Shares rose as much as 3.5% to Rs 444. The stock has gained in three out of the last four sessions.
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Shares gained as much as 4.9% to Rs 471.8, before cooling off. The stock is up for the fourth straight day and is trading at an all-time high.
Indian equity markets opened higher, extending Tuesday's gains after snapping a four-day losing streak.
The S&P BSE Sensex opened 0.54% higher at 37,892 while the NSE Nifty 50 index opened at 11,155 - higher by 0.55%.
All sectoral indices have opened with gains. The Nifty Bank has opened 1% higher while the Media, Metal and Pharma index are up over three-quarters of a percent each.
Broader markets have opened higher as well. The Midcap index has gained 0.8% at the start of trade while the smallcap index trades 0.7% higher.
Market breadth is in favour of the gainers. 1,220 stocks on the NSE opened with gains while 643 opened lower.
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