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Indian equity markets ended the weekly options expiry session little changed, having stayed in a narrow range throughout the day.
The S&P BSE Sensex ended 0.2% lower at 38,990 while the NSE Nifty 50 ended almost unchanged at 11,527.
Banks were the major underperformers in today's session. The Nifty Bank index ended 1.2% lower and was the key contributor in keeping the Nifty's move in check.
I.T. and Pharma stocks outperformed. The Nifty I.T. inde ended 1.5% higher while the Nifty Pharma index ended with gains of 1%.
The Nifty FMCG and Nifty Auto index too ended with gains of 0.7% and 0.8% respectively.
Broader markets also outperformed the benchmarks in today's session. The Midcap index ended with gains of 0.9% while the smallcap index gained 0.7%.
The India Volatility Index fell 2.7% to 20.53.
Market breadth stayed in favour of the gainers. 1,023 stocks on the NSE ended with gains while 790 stocks posted losses.
Vodafone Idea is planning to raise about $1.5 billion as it seeks to turn around its fortunes in the telecom market, Bloomberg News report.
The company is discussing a funding plan that can include a share sale, according to sources, who asked not to be identified. It is working with advisers, including New York-based investment bank PJT Partners as it seeks potential strategic partners to buy stakes in the company, sources said.
The sources also added that the telecom operator is working to identify potential investors in the U.S.
Shares gained as much as 30% to Rs 12.85.
The drugmaker has announced that its step-down wholly-owned subsidiary Strides Pharma Global Pte. Ltd., Singapore has received an approval for Prednisone Tablets USP, 1 mg.
The product is a generic version of Meticorten Tablets, 1 mg of Schering Corporation.
As per IQVIA data of July 2020, the U.S. market for Prednisone Tablets USP, 1 mg is nearly $12 million.
The product will be manufactured at the company's flagship facility in Bengaluru.
Shares are recovering from the day's low after falling as much as 1.9% to Rs 600.3, post the announcement.
The Reserve Bank of India bought bonds worth Rs 7,1300 crore as compared to its plan of purchasing bonds worth Rs 10,000 crore, Bloomberg News reports.
The central bank did not buy 2025 and 2027 bonds at the special open-market-bond-purchase operation or OMO, the statement said.
The RBI however managed to sell bonds worth Rs 10,000 crore, as per planned.
The central bank plans to hold another two operation twists totalling to Rs 20,000 crore on September 10 and September 17, as part of the slew of measures it announced on August 25.
The company has informed the exchanges that its Strategic Engineering Division has signed the Pinaka 3 contract with the Ministry of Defence.
The Pinaka Multi-barrel Launcher Rocket System is an all-weather indirect fire artillery rocket system.
The contract, worth Rs 490 crore is for two regiments of the system.
The contract has to be executed within 31 months after bulk production clearance has been accorded, the statement said. The First off Production Model (FOPM) has a timeline of six months from the signing of the contract.
Shares recovered from the day's low to gain as much as 1.1% to Rs 61.6, post the announcement. The stock is up for the third straight day.
The company informed the exchanges that as part of its growth and expansion plan, it is envisaging a capex of about Rs 150 crore.
The capex will be aimed at manufacturing four new speciality chemicals and for expanding the present capacity of the PTBBA.
The new products will be used in sectors like agrochemicals, dyes and plastic additives, the company said in the exchange filing.
The capex is expected to derive additional revenue of close to Rs 240 crore and is likely to be completed during FY21, the statement said.
The stock currently trades little changed at Rs 1,009.
Shares ended 2.8% lower at Rs 19,140, post the announcement.
Let's take a look at how benchmarks across Europe have opened:
The drugmaker has announced the launch of Methylphenidate Hydrochloride Extended-release tablets in the U.S. Market.
The tablets are being launched in the 18 mg, 27 mg, 36 mg and 54 mg, the company said in an exchange filing.
The drug is a generic version of Concerta extended release tablets.
The Concerta brand and generic market had sales of nearly $1.1 billion for the 12-months ending June 2020, according to IQVIA.
Shares gained as much as 2% to Rs 4,439, post the announcement. The stock is up for the third straight day.
The company's Board of Directors at a meeting held today have approved various structures for streamlining the business.
The businesses are currently being carried out by different group entities like Gateway Rail Freight Ltd. and Gateway East India Pvt. Ltd., the company said in an exchange filing.
The company has approved evaluating options to undertake an internal group restructuring including but not limited to mergers, reverse mergers and demergers.
The statement said that any proposed restructuring option will be subject to prior approvals.
Shares gained as much as 14.6% to Rs 108.2 - its highest level in nearly six months. The stock is up for the third straight day.
Shares are off the day's high, currently trading little changed at Rs 221.6.
The company informed the exchanges that it has won an order from GAIL India to execute a PDH/PP project at Usar in Maharashtra.
The project involves setting up of a PDH and PP plant at Usar and a pipeline from Usar to Uran with storage facilities in Uran.
The project is valued at Rs 448 crore and is supposed to be completed over the next 48 months.
Shares gained as much as 3.7% to Rs 68.45 and are up for the second straight day.
The company has informed the exchanges that it has received the final approval from the U.S. FDA to market Midodrine Hydrochloride tablets.
The drug is used in certain patients who have symptoms of low blood pressure when standing - a condition known as orthostatic hypotension.
The drug will be manufactured at the group's formulations manufacturing facility at SEZ, Ahmedabad, the exchange filing said.
Shares gained as much as 1.4% to Rs 387.4, post the announcement. The stock is up for the third straight day.
The company has informed the exchanges that it has received letter of intent for orders worth Rs 1,311.7 crore.
Two out of the seven orders won are to be executed by a Joint Venture between the company and SRC Infra in a 60-40 and 74-26 ratio respectively, the company said in a statement.
The company has also won two orders worth Rs 67 crore from the Rail Vikas Nigam.
Shares gained as much as 9.5% - the most in over two months to Rs 476.7, post the announcement. The stock is up for the second straight day.
Ontario Teachers' Pension Plan Board - Canada's largest profession pension plan, announced that it has signed an agreement with Edelweiss Alternate Asset Advisors on Wednesday.
The partnership will invest Rs 2,600 crore and focus on performing and distressed private credit investment opportunities in the Indian market.
Edelweiss Alternate Asset Advisors is the largest private debt manager in India.
"We believe, the opportunity for Alternative Investment funds in India is large, given the need for credit, and we are confident that this partnership will enable Ontario Teachers’ to capitalize on the best of private debt opportunities available in India," Venkat Ramaswamy of the Edelweiss Group said in a statement.
Shares gained as much as 5% to Rs 81.3, snapping a three-day losing streak.
The services Purchasing Managers Index for the month of August rose to 46 as compared to 37.2 in July.
When compared on a year-on-year basis, the index stood at 52.6 during the same period last year.
This is the highest reading for the index since March this year, according to IHS Markit. However, the sector remains in contraction for the fifth straight month.
A reading below 50 indicates a contraction while that above 50 indicates expansion.
New orders saw their sixth straight month of contraction. However, that index rose to 45.4 in August from 37.8 in July. This was the highest reading since March 2020.
Shares fell as much as 1% to Rs 134.85 post the announcement. Brokerage firm Macquarie has maintained its neutral rating on the stock with a price target of Rs 139.
Samba Financial Group - one of the largest financial services group in the middle east has selected the company's global transaction banking platform - iGTB's digital banking solutions.
The deal enables the company to expand its footprint in the Kingdom of Saudi Arabia, the exchange filing said.
The company will help Samba power its digital transformation initiatives to strengthen its corporate offering and help attract more customers.
Shares are locked in an upper circuit of 5% at Rs 195.3, snapping a three-day losing streak.
The currency opened with losses in today's session, after ending lower on Wednesday as well.
The rupee opened at 73.21 against the U.S. Dollar as compared to Wednesday's close of 73.03.
Yield on the 10-year government bond opened at 5.897% as compared to Wednesday's close of 5.942%.
Bond market traders will await more cues from the Services PMI data which will be reported at 10:30 a.m. this morning.
Shares gained as much as 2.5% to Rs 154 and are trading at the highest level in over six months. The stock is up for the fourth straight day.
Shares are locked in an upper circuit of 5% at Rs 11.45 and are up for the second straight day.
Shares of Interglobe Aviation Ltd. and SpiceJet Ltd. have opened higher after the Ministry of Civil Aviation decided to increase capacity of domestic flights to 60% from the current levels of 45%.
The decision was taken after a review of scheduled domestic operations viz-a-viz passenger demand for air travel, the ministry said in a note on its website.
The change in capacity has already taken effect while the other terms and conditions prescribed by the ministry for domestic air travel remain the same.
Shares of Interglobe Aviation gained as much as 4.7% to Rs 1,306 and are up for the fourth straight day. The stock trades at the highest level in six months.
Shares of Spicejet gained as much as 5.6% to Rs 53.7 and are rising for the second straight day.
Indian equity markets opened the weekly options expiry session with modest gains after a late recovery on Wednesday led the second straight day of gains.
The S&P BSE Sensex opened 0.2% higher at 39,165 while the NSE Nifty 50 index opened above the mark of 11,550 - up 0.3% at 11,566.
All sectoral indices opened with gains. The Nifty Bank and Nifty Auto index opened with gains of 0.7% each while the PSU Bank index opened 0.8% higher.
The Nifty FMCG and I.T. indices were up 0.4% each as was the Nifty Pharma index, which rose by a similar quantum.
Broader markets too have opened higher. The Nifty midcap index gained 0.6% at the start of trade while the smallcap index gained 0.7%.
Market breadth was in favour of the gainers. 962 stocks on the NSE trade with gains while 289 stocks decline.
To know more about the other stocks in focus, key brokerage updates and F&O cues, click here.
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