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Indian equity markets ended higher for the fourth straight day, led by a rally in the final hour.
The S&P BSE Sensex ended 0.6% higher at 39,073 while the NSE Nifty 50 index ended 0.66% higher at 11,548.
Tomorrow will be the F&O expiry session of the August series.
Banks and Autos were the outperformers in today's session. The Nifty Auto ended 1.5% higher led by Tata Motors and two-wheeler stocks while the Nifty Bank ended 1.4% higher. The Nifty Bank is now up 1,400 points in the last four trading sessions.
The Media index was the top sectoral gainer, ending 2.5% higher. Nifty FMCG and Nifty Pharma ended flat but with a negative bias.
The midcap and smallcap indices ended higher for the eighth straight session - the longest winning streak since January this year. The midcap index gained 0.5% while the smallcap index ended 1% higher.
India Volatility Index ended 0.4% higher at 19.39.
Market breadth was in favour of the gainers. 1,076 stocks on the NSE ended with gains while 752 posted losses.
The drugmaker along with Mylan have announced the launch of Nepexto's biosimilar etanercept in the German market.
Nepexto is used in the treatment of moderate to severe active rheumatoid arthritis, moderate to severe plaque psoriasis and chronic severe plaque psoriasis.
Nepexto is available as an injectable in an easy-to-use pre-filled pen and a pre-filled syringe, as per its exchange filing.
Shares gained as much as 1.5% to Rs 986.2, before cooling off.
The company has informed the exchanges that it has won an order worth Rs 1,157 crore from the Tamil Nadu Government.
The order involves the construction of an elevated highway along Avinashi road in Coimbatore city from Goldwins to Upplipalayam, the company said in an exchange filing.
The project is scheduled to be completed within a period of 48 months from the appointed date.
Shares recovered from the day's low to gain as much as 2.4% to Rs 272.5, post the announcement. The stock is up for the fourth straight day.
Let's take a look at how benchmark indices across Europe have opened:
India's largest seller of Plyboards - Century Plyboards Ltd. is witnessing sales rise towards levels seen in the pre-pandemic era, with demand from villages, Bloomberg News reports.
The Kolkata-based company estimates revenue in the second quarter to be as much as 75% of the same period during 2019 and may recover completely by March, Executive Director Keshav Bhajanka told Bloomberg News over phone.
Bhajanka, however declined to predict when will growth resume.
"The company was able to do well in June and July because the upcountry markets have done better probably since the infection is lower there," he said.
Bhajanka also believes that overseas sales will be back on track this quarter.
The company holds 25% of India's organised plywood market and exports mainly to South-east Asian countries.
The drugmaker announced on Tuesday that it has launched two variants of the Covid-19 drug Favipiravir - PiFLU and Favenza which will be used in the treatment of mild to moderate cases of Covid-19 in India.
Both drugs are currently available across the country, the company said in a filing.
The DGCI had approved the use of Favipiravir - an oral anti-viral drug to treat patients in India with mild to moderate symptoms.
“This will be a very positive development for FDC,” Yash Gupta of Angel Broking wrote in a note.
Shares gained as much as 6.4% to Rs 337.8 and have snapped a four-day losing streak.
The company has informed the exchanges that it has won a contract from the Singapore Government to build a digital and cloud-based commuter survey platform for its Land Transport Authority (LTA).
The total value of the contract is over $1 million, as per the company's exchange filing. The company is engaged on six projects across multiple Singapore government agencies as on date.
“These wins are significant validation of our Affle2.0 verticalization strategy and strengthen our long-term growth trend,” Chairman, MD & CEO Anuj Khanna Sohum was quoted as saying.
The stock is locked in a 5% upper circuit at Rs 2,943. This is the fourth straight day of upper circuits for the stock.
The last three sessions had seen upper circuits of 10%, post which the price band was revised to 5%. The stock is trading at an all-time high.
The largest manufacturer of Quartz Kitchen Sinks in India, announced that it will be expanding its production capacity of Quartz Kitchen sinks by 20%.
The brownfield expansion will take place at the company's Bhavnagar plant, the exchange filing said.
The expansion will lead to an increase in capacity to 6 lakh units per annum from the current 1 lakh units per annum.
The company attributed the need for expansion to meet the increasing demand from the export market.
The company's export business contributed to 73% of the total revenue as of March 31, 2020.
It intends to finance the envisaged capex of Rs 15 crore through internal accruals. The expansion project is likely to be commissioned by March 2021, the exchange filing said.
Shares of the Rs 342 crore market-cap company rose as much as 5% to Rs 128.3 and are trading at the highest level in six months.
Shares fell as much as 3.2% to Rs 93.75, snapping a three-day gaining streak.
2.29 crore shares of the company exchanged hands in nine large trades, as per Bloomberg data.
The amount of shares that exchanged hands amount to 3.65% of the total equity.
Buyers and sellers of the trade remain unknown.
The stock gained as much as 6% to Rs 19.6 and is trading at the highest level since July 2019. The stock is up for the 14th straight day - the most on record.
Stock Reaction
The rupee opened flat in today's session after recovering from the day's low on Tuesday to end little changed.
The currency opened at 74.30 against the U.S. Dollar as compared to Monday's close of 74.33.
The rupee was the third worst performing currency in Asia on Tuesday.
Within the bond market today, traders are watching for the treasury bill auction worth Rs 35,000 crore.
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Shares gained as much as 16.7% - the most since September 2014 to Rs 62.35. The stock has snapped a three-day losing streak and is trading at a five-month high.
The housing finance division of Canara Bank reported a 24% year-on-year growth in its Net Interest Income to Rs 191.7 crore for the quarter ended June.
The company's net profit rose 15% to Rs 93.2 crore.
The non-bank lender also mentioned that it has made provisions worth Rs 72.9 crore for Covid-19 so far in the two quarters.
Shares rose as much as 8.7% to Rs 419.9. This was the biggest single-day gain for the stock in seven months. The stock is rising for the fourth straight day and is trading at the highest level in five months.
Indian equity markets opened with a positive bias for the fourth straight day, with cues from the global markets being mixed.
The S&P BSE Sensex opened 0.22% higher at 38,930 while the NSE Nifty 50 opened above the mark of 11,500 - up 0.35% at 11,512.
Among the sectoral indices - the Nifty Auto index has opened 1.2% higher after Finance Minister Nirmala Sitharaman indicated that the GST council may mull a rate cut on two-wheelers in the next GST council meeting.
Most other sectoral indices remained flat with the media index opening 0.7% higher and the realty index gaining 0.6% at the start of trade.
The Nifty Midcap index gained 0.44% while the Smallcap index is outperforming, trading with gains of 0.75%. Both midcap and smallcap index have opened higher for the seventh straight day.
1,098 stocks on the National Stock Exchange opened with gains while 354 opened with losses.
To know more about earnings reported after market hours, key brokerage updates and F&O cues, click here.
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