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Indian equity markets ended higher for the second straight day, led by a swift recovery in the banking index towards the final minutes of trade.
The S&P BSE Sensex ended 0.5% higher at 39,086 while the NSE Nifty 05 index ended 0.56% higher at 11,535. Both indices traded in a narrow range throughout the session.
Among sectoral indices, the Nifty bank recovered 400 points from the lowest point of the day to end 0.3% higher. The index was trading with losses of over 1% at one point.
Among the gainers, the Media index was the outperformer, ending 3.5% higher, led by gains in Zee Entertainment.
The Nifty I.T. and Nifty Metal indices ended with gains of over 1.5% each, with all constituents of the I.T. index advancing in today's session.
PSU Bank index too recovered from the lowest point of the day to end 0.2% lower. The index was down close to 2% during the day.
Broader markets outperformed in today's session. The midcap and smallcap index ended with gains of over 1.5% each.
The India Volatlity Index ended 3.5% lower at 21.03.
Market breadth remained in favour of the gainers. 1,210 stocks on the NSE ended with gains while 616 declined.
The drugmaker informed the exchanges that it has launched Leflunomide tablets 10 mg and 20 mg, after receiving approval from the U.S. FDA.
The product will be manufactured at the company's Pithampur facility, the exchange filing stated.
The drug is used in the treatment of adults with rheumatoid arthritis.
The Leflunomide tablets had annual sales of nearly $42 million in the U.S. as per IQVIA data for the 12-months ending June 2020.
Shares gained as much as 1.6% to Rs 964.8 and are up for the second straight day.
The construction company informed the exchanges that it won six new orders in the month of August worth Rs 1,548 crore.
Out of the six new orders, one order worth Rs 959 crore pertains to the water division and the second order worth Rs 262 crore pertains to the building division, the company said in an exchange filing.
The four remaining orders pertain to the electrical division and are worth Rs 327 crore.
The orders won are from state government agencies and do not include any internal orders, the company said.
Shares gained as much as 3.6% to Rs 34.9, post the announcement. The stock snapped a two-day losing streak.
Shares recovered from the day's low to gain as much as 3.3% to Rs 2,219 post the announcement. The stock trades at an all-time high.
Gautam Adani on the group's airport infrastructure business plans. pic.twitter.com/zI5T1RkofR
— BloombergQuint (@BloombergQuint) September 2, 2020
Let's take a look at how benchmark indices across Europe have opened:
The company informed the exchanges on Tuesday that the board has approved resuming further investment into the new line for specialised BOPET film.
The line will be commissioned at the company's Aurangabad plant with a capacity of 30,000 MT per annum, the company said in an exchange filing.
The new production line is likely to complement the existing BOPP capacity of 2,00,000 MT per anum.
The cost of the project is estimated to be Rs 300 crore which will be financed through internal accruals and loans.
"The debt-Ebitda and other financial ratios are likely to remain in a comfortable range even post the capex," CEO Pankaj Poddar was quoted as saying.
Shares gained as much as 5.9% to Rs 402, snapping a three-day losing streak.
Shares gained as much as 7.22% to Rs 73.5, snapping a four-day losing streak.
The government is planning an Offer for Sale of IDBI Bank's shares, people with knowledge of the matter told Bloomberg News.
The proposal is to sell shares worth Rs 7,500 crore or $1 billion, sources said.
Other than the government, state-run Life Insurance Corporation, which has a majority stake in the lender will also sell some of its stake in the offering.
The plan will help improve the bank's public shareholding before another attempt to offer a majority stake to a strategic partner, the source said.
A Finance Ministry spokesperson was not available for a comment.
Shares gave up gains of as much as 6% to now trade 1.3% higher at Rs 39.35.
Kotak Institutional Equities has maintained its price target on the stock at Rs 65. Shares gained as much as 6.1% to Rs 40.7 and are up for the second straight day. The stock is among the top performers on the Nifty Smallcap index.
The state-run miner reported its first rise in monthly shipments in six months. Offtake for the month of August rose 9.3% year-on-year to 44.34 MT. This was the first rise in offtake since February.
In other news, Coal Minister Prahlad Joshi said that the company will invest over Rs 1 lakh crore in various projects pertaining to coal evacuation, development, exploration and clean coal technologies by 2023-24.
Shares gained as much as 3% to Rs 137.5. The stock has snapped a four-day losing streak and is among the top performers on the Nifty 50 index.
Shares gained as much as 9.1% to Rs 32.9, snapping a four-day losing streak.
The 50% jump in the Nifty 50 since its March low amid a 22% decline in earnings estimate has resulted in the index's PE ratio for FY21 climbing to nearly 24 times, Deutsche Bank wrote in a note.
"This is a 10-year high and certainly rings a cautiounary bell for investors in the short-term," analysts wrote in a note accessed by Bloomberg News.
The note further stated that liquidity-driven markets seem to be largely ignoring fundamentals. "The market seems to be ignoring the current financial year as a blip in the long-term and are looking at FY22 where the PE looks more reasonable at 17 times," the analysts said.
Deutsche Bank said that valuations are high and not supportive. Any corrections will provide opportunities to enter.
Motilal Oswal has pegged a price target of Rs 1,000 on the stock, implying a 20% upside from Tuesday's closing levels.
Shares fell as much as 2.7% to Rs 2,913 and are down for the fifth straight day. The stock is among the top laggards on the Nifty 50 index.
The company has informed the exchanges that it its wholly-owned subsidiary Jindal Steel & Power (Mauritius) has sold 4.9 lakh shares or 48.99% of the total share capital of JSIS Oman to Vulcan Steel in the first tranche.
Vulcan Steel is a Mauritius-based private limited company and a subsidiary of Templar Investment.
The company on July 1 had informed of accepting a binding offer from Templar Investments to divest its entire stake in JSIS Oman.
The exchange filing said that JSPL intends to complete the entire sale within the specified time and as per shareholder approval.
Shares gained as much as 2.2% to Rs 222.95 and are up for the second straight day.
The company at its board meeting held today has said that it received a letter from Tube Investments indicating their offer to infuse additional capital worth Rs 100 crore in the company.
The capital infusion will be done after Tube Investments subscribs to additional equity shares of the company on a preferential allotment basis, the exchange filing said.
The capital is being infused to meet the company's funding requirements, to meet the liabilities, stabilise operations and improve its liquidity position.
CG Power will now allot 6.87 crore shares of face value of Rs 2 each at a price of Rs 14.55 per equity share to Tube Investments.
Shares recovered from a lower circuit of 5% to gain as much as 5% on an upper circuit to Rs 22.4, post the announcement.
The company informed the exchanges that it has received a new export order from the U.S. Caravan trailer market.
The order of nearly 1.39 lakh wheels is estimated to be worth $1.17 million, according to the company's exchange filing.
The order is to be executed over a period of four months starting November 2020 from the company's Chennai plant.
The company in a statement on Tuesday reiterated its confidence of delivering 25% volume growth for FY21.
Shares gained as much as 7.7% to Rs 499.9, post the announcement and are up for the second straight day.
The currency has opened weaker in today's session after ending at a six-month high on Tuesday.
The rupee opened at 73.05 against the U.S. Dollar as compared to Tuesday's close of 72.87. It was the best performing currency in Asia on Tuesday.
Bond market traders will look forward to the sale of treasury bills worth Rs 35,000 crore in today's session.
Yields fell the most since May on Tuesday after a slew of measures announced by the Reserve Bank of India with regards to repo operations and OMOs.
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The company informed the exchanges that it received an intimation from the founders regarding further release of their pledged shares.
The founders of the company have released another 20 lakh pledged equity shares, the company said in an exchange filing.
Shares gained as much as 5.1% to Rs 109.9, post the announcement.
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Shares fell as much as 1.6% to Rs 2,910, post the announcement. The stock is down for the fifth straight day - its longest losing streak in over two months.
Indian equity markets have opened mid-week trade little changed despite strong global cues.
The S&P BSE Sensex and the NSE Nifty 50 index opened little changed at 38,944 and 11,502 respectively.
Most sectoral indices have opened flat. The Metal index has opened 1% higher while the I.T. index has gained 0.7% at the start of trade. The Nifty Bank, PSU Bank index and the media index have opened with a negative bias.
Broader markets have opened higher with the midcap and smallcap index gaining 0.4% each in the early minutes of trade.
835 stocks on the NSE have opened with gains while 359 are trading with losses.
To know more about Auto sales figures reported after market hours, key brokerage updates and F&O cues, click here.
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