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Indian equity markets ended higher for the sixth straight day as benchmark indices ended at their highest level in six months.
The S&P BSE Sensex ended 0.9% higher at 39,467 while the NSE Nifty 50 index ended below the mark of 11,650 - up 0.76% at 11,647.
Both Sensex and Nifty posted their second straight weekly advance.
Banks - both private and PSU were the outperformers in today's session. The PSU Bank index ended 5.1% higher while the Nifty Bank gained nearly 1,000 points, ending with gains of 4.2%. The Nifty Bank has gained over 2,500 points in the last six trading sessions.
The Nifty Media index was the other major sectoral gainer; ending 1.8% higher.
Nifty Auto was the top sectoral laggard, ending 0.8% lower. FMCG and Metal indices were the other underperformers.
Broader markets were mixed in today's session. The midcap index (up 0.6%) ended higher for the 10th straight day - its longest winning streak since August 2018. However, the Smallcap index ended 0.2% lower, snapping a nine-day winning run.
India Volatility Index fell another 3.4% to end at 18.25.
Market breadth turned adverse with 1,084 stocks on the NSE posting losses while 745 stocks ended with gains.
Gold prices recovered from Thursday's drop as the U.S. Dollar weakened and investors weighed the impact of the Federal Reserve's new approach to setting U.S. Monetary policy.
"Higher inflation tolerance and low interest rates should see U.S. real yields fall in the medium to long-term, which is supportive for gold," according to Vivek Dhar of Commonwealth Bank of Australia.
Gold currently trades 1.5% higher at $1,960/Oz, while the Bloomberg Dollar Spot Index fell as much as 0.7% to the lowest since May 2018.
The state-run company has informed the exchanges that it is mulling various options in order to comply with SEBI's minimum 25% public shareholding guidelines.
The deadline for the company to comply with the guidelines is August 3, 2021, according to its exchange filing.
The press statement said that it is exploring feasibility of various options including offer of shares to the public within the prescribed time limit.
Shares gave up gains of as much as 5.4% to trade 1% higher at Rs 137.4, post the announcement.
Let's take a look at how benchmarks across Europe have opened:
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The drugmaker has informed the exchanges that it has addressed the violations and deviations highlighted by the U.S. FDA in its warning letter for three of its facilities.
The U.S. FDA in November 2015 had issued a warning letter to the company's API manufacturing facilities at Srikakulam, Miryalguda and Duvadda.
Shares briefly recovered from the day's low, after declining as much as 1.1% to Rs 4,389.
India's state refiners have stop buying crude from Chinese companies following new trade curbs after relations deteriorated between the two countries, people familiar with the matter told Bloomberg.
The government gave refiners a directive to ban Chinese companies from participating in tenders for crude purchases unless they are registered with the Ministry of Commerce.
The crude supplied by Chinese firms is usually sourced from other regions such as the middle east and West Africa.
Spokespersons for the three refiners - HPCL, BPCL and IOC refused to comment on this story.
Shares gained as much as 5.4% to Rs 112.5. The stock is up for the fifth straight day and is trading at the highest level in five months.
Shares of the product manufacturer for the diamond processing industry are rising in today's session after Plutus Wealth Management bought stake in the company.
The fund house acquired 13,040 shares in the company, amounting to a 0.65% stake at Rs 3,800.12 per share.
Shares gained as much as 10% to Rs 4,275.7, before cooling off. The stock is up for the tenth straight day, its longest winning streak since July 2017.
The stock is trading at the highest level since January 2018.
The company informed the exchanges that it has received an order of nearly 37,000 wheels from the EU Caravan Trailer market.
The order is worth 2.53 lakh Euros, according to the company's exchange filing.
The order will be executed in the months of November and December from its Chennai plant.
Shares gained as much as 3.85% to Rs 495 and are rising for the third straight day. The stock is trading at the highest level in over five months.
The private lender has informed the exchanges that it has completed the sale of 64.42 lakh shares of its subsidiary ICICI Securities through an open market sale.
The 2% stake in the company was sold by ICICI Bank for a total consideration of Rs 310 crore, according to the bank's exchange filing.
The lender had to pare stake in ICICI Securities in order to comply with minimum public shareholding norms.
The bank said that its stake in its subsidiary now stands at 77.22%, post the divestment.
Shares of ICICI Bank gained as much as 2.6% to Rs 402.6 and are rising for the sixth day in a row. The stock is trading at the highest level in five months.
Shares of ICICI Securities pared some intraday gains and are now trading 1% higher at Rs 496.3.
The currency opened flat in today's trading session after it ended at the highest level in five months on Thursday.
The rupee opened at 73.84 against the U.S. Dollar as compared to Thursday's close of 73.81. The currency was the best performer in Asia on Thursday.
The rupee is headed for its best week in four months as the central bank stayed away from dollar purchases amid lumpy inflows, Bloomberg News reports.
Within the bond markets, the traders are increasingly concerned that the RBI's rate cycle may be ending.
The weekly bond auction worth Rs 30,000 crore will take place today.
The mining company reported a 41% decline in its June-quarter revenue to Rs 1,937.5 crore. The company's net profit more than halved year-on-year to Rs 533 crore.
Ebitda fell nearly 60% while margins contracted to 39% from 57.2% last year.
The company in its post earnings release said that it lost sales of over 23 lakh tonnes due to Covid-19, resulting in an overall revenue loss of Rs 737 crore during the April-June period.
The company's revenue from the Iron Ore business fell 40% while other businesses saw a revenue decline of over 70% from the previous year.
Overall sales of the company declined 28% to 62.75 lakh tonnes.
Shares gained as much as 10% - the most since February 2016 to Rs 105.7. The stock is trading at the highest level in over six months.
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Indian equity markets opened with gains despite mixed global cues. Benchmark indices have opened higher for the sixth straight day.
The S&P BSE Sensex opened 0.4% higher at 39,264 while the NSE Nifty 50 index opened above the mark of 11,600 - up 0.4% at 11,602.
As of closing on Thursday, both Sensex and Nifty had gains of over 1.5% each on a weekly basis.
All sectoral indices have opened with gains. The PSU Bank index has opened 1% higher, as have the Media and Pharma indices, which gained 0.9% in the early minutes of trade.
Broader markets continued their winning run. The midcap index opened 0.7% higher while the smallcap index gained 0.6%.
1,104 stocks on the NSE have opened with gains while 224 stocks are declining.
To know more about earnings reported after market hours, key brokerage updates and more, click here.
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