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Indian equity markets gave up gains to end lower, after a sell-off in banking stocks offset the gains made by technology majors through the session.
The S&P BSE Sensex ended 0.25% lower at 38,756 while the NSE Nifty 50 index fell 0.2% to 11,440, at the close of trade.
Banking stocks were the top laggards in today's session. The Nifty Bank ended 1.8% or 400 points lower, dragged mainly by State Bank of India, HDFC Bank, Kotak Mahindra Bank and Axis Bank.
I.T. stocks outperformed in today's session. The I.T. index ended with gains of 4.4% - the most in two months. The index also ended at a record high. Four out of the top five gainers on the Nifty 50 index were I.T. stocks.
The other major sectoral gainer in today's trade was the realty index, which ended with gains of 3.7%.
Sectoral laggards included Pharma, PSU Banks and FMCG stocks that fell between 0.5%-1%.
Broader markets outperformed by a distance in today's session. The Nifty midcap index ended 2.6% higher while the smallcap index gained 5.6% - the most since May 2014.
India Volatility index staged a comeback from the day's low towards the final minutes of trade, ending 3.4% higher at 21.42.
1,276 stocks on the NSE ended with gains while 543 stocks declined.
Investor demand for Reliance's retail business is so strong that the company has put Carlyle Group and Softbank group into a waiting list, people familiar with the matter told Bloomberg.
Carlyle and Softbank have expressed interest in investing in Reliance Retail Ventures, sources said asking not to be identified. The company is said to have asked both of them to wait on the sidelines as they are already in advanced talks with other financial investors.
Among those considering investments in the retail venture include private equity funds like KKR and L Catterton. Abu Dhabi's Mubadala Investment company - which has also invested in Jio Platforms, is weighing an investment of about $750 million in the retail unit.
The Abu Dhabi Investment Authority and Saudi Arabia's Public Investment Fund are also mulling investments.
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It is not an opportune moment to recommend a comprehensive regulatory framework for various aspects of the OTT services, beyond the extant laws and regulations prescribed presently, the Telecom Regulatory Authority of India (TRAI) said on its website.
Market forces may be allowed to respond to the situation without prescribing any regulatory intervention, according to TRAI.
"However, developments shall be monitored and intervention as felt necessary shall be done at an appropriate time," TRAI said.
The matter may be looked into afresh when more clarity emerges in international jurisdictions, particularly the study undertaken by the International Telecommunication Union, TRAI said.
The company has received a Letter of Award for a new HAM project for a bid project cost of Rs 1,140.5 crore.
The order involves four laning of NH-363 from Repallewada to the Telangana-maharashtra border in the state of Telangana.
The 52.6 kilometer project has to be completed within a period of 24 months and has the operational period for the same is 15 years.
Shares gained as much as 4.6% to Rs 385, post the announcement.
Let's take a look at how benchmark indices across Europe have opened:
Shares fell as much as 1.5% to Rs 1,350 and are down for the second straight day.
Wholesale prices in India rose 0.16% year-on-year for the month of August, according to the Press Information Bureau. Analysts surveyed by Bloomberg had expected a contraction between 0.5%-0.1%.
Primary article prices rose 1.6% as compared to last year while fuel, power and lighting prices declined 9.7% year-on-year.
Wholesale food prices rose 4.07% while Manufactured product prices saw a rise of 1.27% compared to the previous year.
Orexo has announced that it has filed a patent infringement action in the U.S. District Court of New Jersey against Sun Pharma.
The lawsuit was filed in response to an Abbreviated New Drug Application (ANDA) filed by Sun Pharma with the U.S. FDA, in which Sun Pharma seeks to market and sell generic versions of Orexo's Zubsolv products, sublingual tablets in the U.S.
Since Orexo filed a lawsuit, the U.S. FDA is statutorily precluded from approving Sun Pharma's ANDA for 30 months, or until a district court decision finds the patents to be invalid or not infringed, whichever occurs first.
Shares fell as much as 1.5% to Rs 498, post the announcement. The stock trades at the lowest in over a month.
Source: Bloomberg
The company informed the exchanges that it won an order for a semi-dry FGD scrubbers system from Hindalco for one of their 150 MW units at Singrauli in Madhya Pradesh.
The company said that the contract was signed after the lockdown was lifted, even though the Letter of Intent from Hindalco was received in February 2020 itself.
The company will use the advanced technology from Sumitomo SHI FW with which it has a licensing agreement and will be the first use of such technology for the Indian Market.
The order is valued at Rs 126.5 crore rupees and the schedule for completion of the project is 22 months.
Shares gained as much as 6.8% to Rs 282.
The company has informed the exchanges that it has won a domestic order worth Rs 90 crore in the carbon steel division.
The order pertains to the supply of coated CS pipes for the Oil & Gas sector, the exchange filing said.
The order is to be completed between December 2020 and April 2021, the company said.
Shares gained as much as 7.5% to Rs 1,219.3 - the highest level in six months. The stock is the second best performer on the Nifty Metal index.
The software solutions and offshore I.T. outsourcing services company has informed the exchanges that its subsidiary in Singaproe, has won an order from one of the largest banks based in Singapore.
The company's subsidiary - Integro Technologies has been awarded the project to implement the Smart Lender product version 4, by the concerned bank to be executed across the branches of the bank and its subsidiaries.
The project will be implemented by February 2022 and is valued at over 5.5 million Singapore Dollars.
Shares are trading at the day's high, gaining as much as 6.8% to Rs 62.4, post the announcement.
The company has announced that it has signed a definitive agreement to acquire GuideVision, one of the largest ServiceNow Elite partners in Europe.
The cost of the acquiring 100% of the equity share capital of GuideVision is 30 million Euros, including earn-outs and bonuses, the company said in a statement.
The acquisition is expected to be completed during the third quarter of FY21, subject to customary closing conditions, the statement said.
Czech Republic-based GuideVision provides end-to-end ServiceNow Services including consulting, implementation, support and training services.
"Our Infosys Cobalt Portfolio has a large repository of ServiceNow industry cloud solutions like ESM Cafe, which will now be bolstered by GuideVision's SnowMirror suite of industry templetes," Narsimha Rao Mannepalli, EVP & Head of Cloud & Infrastructure of Infosys said.
Shares gained as much as 3.1% to an all-time high of Rs 975. The stock is up for the third straight day.
The company has informed the exchanges that it has bagged a 116 BS-VI compliant AC Low Floor CNG Bus Order from the Delhi Integrated Multi-Modal Transit System (DIMTS).
It will be supplying 116 CITYLIFE BS-VI buses to the operator, which will run under the DIMTS cluster in New Delhi.
The deliveries of the first batch of these buses will begin from the end of this month, the company said in the statement.
This will be the first-ever BS-VI compliant buses for public transport to be rolled out in India.
Shares gained as much as 9.8% to Rs 255 - the highest level in nearly eight months. The stock is up for the third straight day.
The drugmaker informed the exchanges that it has received an approval from the U.S. FDA for its ANDA for Apixaban Tablets 2.5 mg and 5 mg.
The products are therapeutically equivalent to the Reference Listed Drug 'Eliquis' of Bristol-Myers Squibb (BMS), the company has said in an exchange filing.
The drug is used as an anticoagulant or a blood thinner. It is used in patients with health problems caused by a blood clot, the company said.
The U.S. market size for Apixaban Tablets is $11,037 million, as per IMS MAT data for June 2020.
Shares gained as much as 6% to Rs 234, post the announcement. The stock is up for the fifth straight day, the longest winning streak in nearly two months.
The currency has opened with gains in today's session after ending a topsy-turvy week on Friday with losses.
The rupee opened at 73.39 against the U.S. Dollar as compared to Friday's close of 73.54. For the week, the rupee was the second worst performing currency in Asia, with only the Indonesian Rupiah faring worse.
Yield on the 10-year government bond opened at 6.054% as compared to Friday's close of 6.053%.
The general insurance player has announced a Bancassurance tie-up with Yes Bank. The partnership will provide the bank's customer base to the insurer's portfolio, it said in an exchange filing.
ICICI Lombard intends to offer innovative insurance solutions to Yes Bank's customers across the country, the statement said.
"Given the progressive and technology-oriented approach of both partners, this collaboration is an ideal synergy between the two brands and value adding to YES BANK customers," Sanjeev Mantri, Executive Director of ICICI Lombard was quoted as saying.
Brokerage firm Jefferies assumed coverage on the stock with a buy rating and a price target of Rs 1,570. Jefferies sees the stock as a key beneficiary of the rising insurance penetration in the country.
Shares gained as much as 1.6% to Rs 1,318.9, post the announcement. The stock is up for the third straight day and is trading at the highest level in nearly a month.
The company announced deetails of its rights issue, through which it intends to raise Rs 180 crore.
The company set the rights issue price at Rs 133 per share, which is a 17.6% discount to Friday's closing price.
The rights entitlement ratio has been set at 3 shares for every 20 held. The record date for the rights issue has been set at September 17.
The company's rights issue opens on September 28 and closes on October 12.
Shares gained as much as 2.4% to Rs 165.3, post the announcement.
The I.T. major provided a mid-quarter business update to the exchanges this morning.
The company expects the revenue and operating margin for Q2FY21 to be 'meaningfully better' than the top-end of the guidance provided during the April-June quarter, it said in a statement.
"We have seen strong execution during the quarter-to-date, and continue to execute to the plan this month," the statement said.
The company expects revenue growth to exceed 3.5% sequentially on a constant currency basis in the July-September period, led by broad-based momentum across all service lines, verticals and geographies.
HCL Technologies epects Ebit margins to range between 20.5%-21%.
The company has seen good booking momentum this quarter, led by the Life Sciences & Healthcare, Telecom & Media and Financial Services vertical.
The statement went on to say that the pipeline continues to look healthy across service lines, verticals and geographies.
Shares gained as much as 5% to a record high of Rs 755.95.
Indian equity markets have opened with gains at the start of the new trading week, in-line with the largely positive sentiment across global markets.
The S&P BSE Sensex opened 0.56% higher at 39,073 while the NSE Nifty 50 index opened above the mark of 11,500 - gaining 0.66% to 11,540. Both benchmarks ended with gains of 1% last week, courtesy Reliance Industries Ltd.
All sectoral indices opened with gains. The Nifty Bank index opened with gains of close to 1% while the Media index gained 1.4% at the start of trade.
The Nifty I.T., Nifty Realty index too gained 1% in the early minutes of trade. Nifty Auto and Nifty Pharma gained 0.5% each.
Broader markets too have opened with gains. The midcap index opened 1.2% higher while the smallcap index has gained 1.4%.
Market breadth is in favour of the gainers. 1,227 stocks on the NSE opened with gains while 228 stocks were declining.
Source: ICICI Securities
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