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Indian equity markets outperformed their Asian peers in today's session with the benchmark indices ending at the highest point of the day.
The S&P BSE Sensex ended 1.26% higher at 38,528 while the NSE Nifty 50 index ended with gains of nearly 150 points at 11,385, up 1.23%. Both benchmark indices ended higher for the second day in a row.
Banks were the top performers in today's session. The Nifty Bank ended with gains of over 2%, as did the Nifty Media index.
Nifty Realty was the top sectoral gainer, ending the day's trade with gains of 4%.
Nifty Pharma was the only sectoral laggard, ending little changed but with a negative bias.
Broader markets were in-line with the benchmarks. The midcap index ended with gains of 1.2% while the smallcap index ended 1.5% higher.
The India Volatility Index ended lower for the second straight day, down 4.1% at 20.42.
Market breadth remained in favour of the gainers. 1,294 stocks on the NSE ended with gains while 518 declined.
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India is likely to see a surge in populist policies as it battles the world's third-highest Covid-19 cases. This will be a key risk for companies who's fortunes are closely tied to the economy, Bloomberg News reports citing a note from JPMorgan Chase & Co.
"Populism is a justifiable concern for investors," analysts led by James Sullivan wrote in a note.
The S&P BSE Sensex's 12-month price-to-earnings ratio hit a record earlier this month after the gauge rebounded nearly 50% from its March lows.
"We advise minimal or reducing exposure to sectors linked to growth and investment cyclicals like financials, material and energy except Reliance Industries," Sullivan said in the note.
The brokerage has advised focusing on consumer services and healthcare-oriented companies instead.
Shares ended 5.6% higher at Rs 240 - the highest level in five months.
Shares gained as much as 6.6% to Rs 52.45, post the announcement. The stock trades higher for the second straight day.
Let's take a look at how benchmarks across Europe have opened:
Shares are recovering from the day's low, after declining as much as 2.8% to Rs 165.3.
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The company has announced a strategic cloud alliance with microsoft to help its clients accelerate their digital journey.
The collaboration puts Birlasoft in a strategic position to support its enterprise clients with their cloud transformation needs, according to its exchange filing.
The company has plans to scale its current Microsoft cloud business to $100 million. It will focus on delivering end-to-end services on Microsoft Azure, Microsoft 365 and Microsoft Dynamics 365 to its clients.
Shares gained as much as 15.4% - the most since May 2012 to Rs 173.4, post the announcement. The stock trades at the highest level since September 2018.
Vedanta Ltd. will have to keep its plans to resume operations at its Thoothukudi unit on hold for long after the Madras High Court rejected an appeal to restart the plant.
Vedanta can now appeal to the Supreme Court, Bloomberg News reports.
Operations at the plant were stalled for maintenance in March 2018 and later extended due to mounting opposition from villagers against pollution caused by the plant.
The Supreme Court last year stalled the reopening of the plant, overruling an order from the National Green Tribunal, stating that the NGT did not have the jurisdiction to decide on the matter.
Shares fell as much as 6.1% to Rs 120.1, before recovering. The stock currently trades 0.9% lower at Rs 126.85.
The company has informed the exchanges that it has won export orders for over 1.1 lakh wheels for the U.S. Caravan Trailer market.
The order is worth $1.7 million or Rs 13 crore, according to the company's exchange filing.
The order will be executed in the month of September and October from its Chennai plant.
The company also said that production at the Chennai steel wheel plant will be 100% for the passenger car and truck lines from the month of September.
Shares gained as much as 3.8% to Rs 439, post the announcement.
India's output of crude steel fell 20% as compared to the previous year, Bloomberg News reports, citing a statement from India's Steel Ministry.
The Ministry however has not provided the latest output and consumption figures. Consumption of crude steel declined 29% in July as compared to the previous year, according to the statement.
In July 2019, India had produced 9.2 million tonnes of crude steel and consumed 8.4 million tonnes.
Exports of finished steel rose 'significantly' year-on-year to 1.38 million tonnes while imports fell 63% to 0.29 million tonnes.
China and Vietnam combined to contribute 55% of India's total steel exports.
Inventories at the end of July stood at 13 million tonnes, down 3% month-on-month.
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The company informed the exchanges on Monday that it has won an order worth Rs 196.3 crore from the Rail Vikas Nigam.
The order involves construction of Metro Railway viaduct from P276 to P314, including Mominpur and Majerhat stations, in connection with the Joka-Esplande Metro Railway project in Kolkata.
The company has an overall market capitalisation of Rs 88 crore as per data on the exchanges.
Shares rose as much as 12% to Rs 31.1 and are up for the second straight day.
The city gas distributor reported a 43% decline in its net profit for the April-June period.
Net profit for the company rose 46% as compared to the previous quarter to Rs 520.2 crore, mainly on account of lower expenses.
Operational performance of the company was strong with Ebitda rising 30% as compared to the previous quarter while margins improved to 18.6% from 8.1%.
Brokerage firm Morgan Stanley believes that demand recovering to Pre-Covid levels implies that start of an upgrade cycle for the company. It has maintained its overweight rating on the stock with a price target of Rs 321.
Shares rose as much as 5.3% to Rs 267.8 - its highest level in over a month.
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The Kolkata-based private lender informed the exchanges on Monday evening that the Reserve Bank of India has lifted its regulatory restrictions after promoters complied with its shareholding norms.
The promoters of the bank had sold 20% stake earlier this month to bring their overall stake to 40% in order to comply with the central bank norms.
With this, restrictions imposed on the remuneration of the bank's MD & CEO at existing levels is now lifted.
The restriction of seeking prior RBI approval for opening new branches was withdrawn in February this year.
The RBI had imposed both these restrictions on the bank in a letter dated September 19, 2018, the exchange filing said.
Shares gained as much as 2.5% to Rs 294.4. The stock has snapped a six-day losing streak.
Indian equity markets opened flat, in-line with the futures and markets across the Asia Pacific.
The S&P BSE Sensex opened little changed at 38,084, as did the NSE Nifty 50 index which opened 12 points higher at 11,259. Both benchmarks ended near the day's high on Monday.
All sectoral indices have opened flat as well. The Auto and PSU bank index have opened with gains of 0.4% each while the Nifty I.T. index has opened 0.6% higher.
Broader markets are outperforming with the midcap index opening 0.4% higher while the smallcap index gaining 0.6%.
Market breadth was in favour of the gainers. 1,107 stocks on the NSE opened with gains while 387 started the day's trade with losses.
To know more about earnings reported after market hours, key brokerage updates and more, click here.
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