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After a subdued start, Indian markets ended with gains, extended its winning streak to the fifth straight day.
The S&P BSE Sensex ended 0.8% higher at 39,878 while the NSE Nifty 50 ended 0.66% higher at 11,738. This is the longest winning streak for both Sensex and Nifty in over a month.
Reliance Industries was the major contributor to the gains on the Nifty, ending 2.2% higher.
Auto stocks were the outperformers in today's session. Three out of the top five Nifty gainers were Auto stocks (Bajaj Auto, Hero MotoCorp and Maruti Suzuki India). The Nifty Auto index ended with gains of 1.4%.
Other gainers included the Nifty Bank which ended 0.5% higher and the Nifty I.T. index which ended with gains of 0.6%.
Media stocks were the top laggards in today's session, led by the declines in Zee Entertainment. The Nifty Media index ended 2.5% lower.
Nifty Realty (down 1.8%), Nifty Metal (down 1.5%) and Nifty PSU Bank (down 1.1%) were the other underperformers in today's session.
While benchmark indices gained, it was a subdued day for the broader markets. The midcap index ended 0.5% lower while the smallcap index declined 0.3%.
India Volatility Index ended 2.2% higher, above the mark of 20 at 20.1.
728 stocks on the NSE ended with gains while 1,131 stocks ended with losses.
The company has informed the exchanges that it has been selected by Mobile Health AG, a Switzerland-based Heath Tech startup, to enhance the go-to-market (GTM) strategy for its electronically patient-reported outcomes platform - Consilium Care.
Through this engagement, Infosys will set up and manage cloud and infrastructure services and support, security and monitoring and platform management services for Mobile Health AG across multiple geographies, the company said in an exchange filing.
"We will continue to leverage our talent pool and global presence to deliver superior experiences for Consilium Care users and patients, to make this platform a value generator in the healthcare space," Infosys President Mohit Joshi was quoted as saying.
Shares recovered from the day's low to gain as much as 0.8% to an all-time high of Rs 1,063, post the announcement. The stock is up for the fourth straight day.
The company has informed the exchanges that it will resume the operations of the Tejas Express Trains starting October 17, 2020, to cater to the growing passenger demand due to the upcoming festive season.
The trains will resume on the Lucknow-New Delhi and Ahmedabad-Mumbai route.
All passengers will be provided with a Covid-19 protection kit which will contain a bottle of hand sanitiser, one face mask, face shield and a pair of gloves, the company said in an exchange filing.
The coaches including the pantry area and lavatories will be disinfected at regular intervals, the company said.
Shares are off the day's low, currently trading little changed at Rs 1,362.5. The stock had a three-day losing streak as on Tuesday.
Shares of the metal company are declining in today's session amidst uncertainty regarding its delisting price.
As per Data available on the Bombay Stock Exchange, only 5.35% of the shares required for delisting have been tendered as of 1:30 P.M.
“One has to finally know what price the company is going to buy back the shares,” Gaurang Shah of Geojit Financial Services told Bloomberg. “That is completely unclear right now,” he said.
Today's trading volume for the stock is 380 times its three-month average.
Shares of the company fell as much as 14.7% - the most in over six months to Rs 117.55. The stock currently trades 9% lower at Rs 125.55 - the lowest in a month.
India's car sales, power consumption and freight movement have revived after lockdown was lifted, Principal Economic Adviser Sanjeev Sanyal said at an event.
Sanyal said that there is no demand-driven inflation in the Indian economy, adding that the rupee is in tremendous appreciation pressure.
India's Debt-to-GDP ratio is much lower than many other countries according to the Principal Economic Adviser. He also said that Infrastructure is the key way for re-inflating demand.
Let's take a look how European markets are trading:
Shares gained as much as 2.3% to Rs 476.9 and are up for the fourth straight day.
The drugmaker has informed the exchanges that it has been granted final approval by the U.S. FDA for its Dimethyl Fumarate Delayed-Release Capsule, 120 mg and 240 mg.
The drug is the generic version of Tecfidera Delayed-Release Capsule of Biogen, Inc., the company said in a statement.
The total sales for Tecfidera Delayed-Release Capsule, 120 mg and 240 mg was approximately $3.8 billion, as per data from the IQVIA for the most recent 12-months, ending August.
Glenmark said that it currently has 46 ANDA's pending approval from the U.S. FDA.
Shares currently trade 0.5% lower at Rs 488.2, down for the second straight day.
Factors At Play For TCS:
Shares are off the day's high, after gaining as much as 4.2% in early trade. The stock currently trades 0.8% higher at Rs 228.6, up for the second straight day.
A relentless increase in bond issuances by Indian states means that the government may have to pay a higher price for its record borrowing plans, Bloomberg News reports.
"Spreads over government bonds will widen," Pankaj Pathak - a fixed income fund manager for Quantum Asset Management was quoted as saying.
Underwriters have rescued four out of the government's last seven debt auctions as investors demanded higher yields.
States have boosted issuance by 55% so far in FY21, as compared to the same period last year, according to CARE Ratings.
The states will seek to raise at Rs 2.02 lakh crore in the current quarter, which means a weekly supply that is almost 60% higher than the levels seen in H1FY21.
Shares fell as much as 5.4% to Rs 3,285 and are the top laggards on the Nifty 50 index. Despite the fall, brokerages have maintained a positive stance on the stock. BofA Securities has reiterated its buy rating on the stock with a price target of Rs 4,505 while Morgan Stanley remains overweight on the stock with a price target of Rs 3,835.
Reliance Retail Ventures has another investor on-board. The Abu Dhabi Investment Authority (ADIA) will be investing Rs 5,512 crore in the unit for a 1.2% stake.
The investment values Reliance Retail at a pre-money equity value of Rs 4.28 lakh crore, which is in-line with most other investments.
Reliance Retail has now raised Rs 37,710 crore from seven investors in less than four weeks, after Silver Lake made the first investment. ADIA had previously invested in Jio Platforms as well.
Shares gained as much as 4% to Rs 2,298 and are the top contributors to the gains on the Nifty 50 index. The stock has snapped a four-day losing streak.
The rupee has opened flat in today's session after declining for the second straight day on Tuesday.
The currency opened at 73.51 against the U.S. Dollar as compared to Tuesday's close of 73.46.
Reliance Securities believes that the rupee depreciated amid intervention from the Reserve Bank of India in anticipation of further flows into the country.
Yield on the 10-year government bond opened at 6.016% as compared to Tuesday's close of 6.025%.
Within the bond markets, the government plans to sell treasury bills worth Rs 16,000 crore. The three-day meeting of India's Monetary Policy Committee with three new external members begins today.
Nomura believes that the pause in policy rates will persist as the inflation remains above the 6% mark.
Shares are trading at the day's high, gaining as much as 3.3% to Rs 1,240, post the announcement. The stock is trading at the highest level in seven months and is up for the second straight day.
Shares surged as much as 19% to an all-time high of Rs 1,248, before cooling off. Macquarie's price target of Rs 1,680 implies a potential upside of over 50% from Tuesday's closing price.
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Shares gained as much as 6.3% to Rs 278, post the announcement. The stock is up for the second straight day.
Indian equity markets have opened little changed after four straight days of gains, in-line with the subdued and volatile sentiment across global markets.
The S&P BSE Sensex opened 0.1% higher at 39,633 while the NSE Nifty 50 index opened little changed at 11,679. Both Sensex and Nifty had gained 8% in the last seven trading sessions.
Sectoral indices too are off to a muted start. The Nifty Media index has opened with gains of 0.5% while the other indices are flat.
Within the broader markets, the Midcap index has opened little changed while the smallcap index is gaining 0.4% at the start of trade.
1,104 stocks on the NSE have opened with gains while 780 stocks are declining.
Source: ICICI Direct
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