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Indian equity markets gave up the modest gains of the session to close the August F&O series on a subdued note.
The S&P BSE Sensex ended little changed at 39,113 while the NSE Nifty 50 too ended flat at 11,559.
Both Sensex and Nifty have posted gains for the August series - their third successive F&O series gain.
The real estate index was the top sectoral gainer in today's session, ending 6.2% higher. This was the biggest single-day gain for the index in two months.
Nifty PSU Bank, Nifty Pharma and Nifty Auto were the other major sectoral gainers, ending with gains of over 1% each.
The Nifty Bank ended 0.9% higher, gaining for the fifth straight day. The index has gained over 1,500 points in the last five trading sessions.
Nifty FMCG and Nifty I.T. were the only sectoral laggard, ending 0.3% and 0.1% lower respectively.
Broader markets ended little changed but managed to post gains. The Midcap index ended 0.2% higher while the Smallcap index gained 0.5%. Both the indices ended higher for the ninth straight session. This is the longest winning streak for the midcap index in seven months.
The India Volatility Index ended 2.2% lower at a six-month low of 18.9.
Market breadth was even with 917 stocks on the NSE ending with gains while 888 declined.
As the GST Council meeting is still in progress, the virtual media briefing is delayed. The briefing will commence after the GST Council meeting gets over. Inconvenience is regretted. https://t.co/9KQbxGLzDO
— Ministry of Finance (@FinMinIndia) August 27, 2020
The auto and tractor company manufacturer signed a pact with Israel's REE Automotive for electric commercial vehicles. The partnership will support REE's global customer needs for 2 lakh to 2.5 lakh vehicle units over a few years, the company said in a statement.
The company has incorporated a wholly-owned subsidiary - Martial Solren, which is a wholly-owned subsidiary of Mahindra Holdings.
The incorporation has been done with a paid-up and authorised share capital of Rs 1 lakh each.
The company has incorporated Martial Solren to be engaged in the business of producing and distribution solar power.
Shares gained as much as 4% to Rs 637.6 - its highest level since July 2019. The stock is up for the third straight day and is the second best performer on the Nifty Auto index.
Shares ended 1.2% lower at Rs 552, after giving up gains of as much as 2%.
Let's take a look at how benchmark indices across Europe have opened:
Stock Reaction:
Shares fell as much as 2% to Rs 405.2, down for the third straight day.
The air conditioning and commercial refrigeration major has won an electrical and mechanical works order worth Rs 149 crore.
The order is for the Mumbai Metro Line III for five underground stations. The order has been received from the Dogus-Soma JV.
The scope of this order comprises design verification, supply, installation, testing and
commissioning of E&M works, the company said in an exchange filing.
"With this order we are steadily advancing and marking our project management forte for the Metro Rail sector," B Thiagarajan, the company's Managing Director was quoted as saying.
Shares gained as much as 4.5% to Rs 649.75, post the announcement. The stock is up for the sixth straight day and is trading at a five-month high.
Stock Reaction:
The road construction company has received a Letter of Acceptance (LoA) from the National Highways Authority of India for a new HAM project in Karnataka.
The project involves four-laning of Dodaballapur Bypass to Hoskote section of NH-648 under the Bharatmala Pariyojana, the company said in an exchange filing.
The 38-km long project has been won at a bid project cost of Rs 1,278 crore and is expected to be completed within the next 24 months.
The operation period for the HAM project is 15 years from the Date of Commissioning, the company said.
Shares gained as much as 4.1% to Rs 408 - the highest level in seven months.
The drugmaker announced that it has received tentative approval from the U.S. FDA for its Abbreviated New Drug Application (ANDA) Empagliflozin and Linagliptin tablets, 10 mg / 5 mg and 25 mg / 5 mg variants.
The ANDA is therapeutically equivalent to the Glyxambi tablets of Boehringer Ingelheim Pharma, the company said in an exchange filing.
The tablets are used as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes.
Both these drugs had an estimated market size of $244 million for the 12-month period ending June 2020, as per IQVIA.
Shares gained as much as 2.9% to Rs 1,020, post the announcement.
The broking firm's promoter ICICI Bank on Wednesday approved the sale of 2% stake of the company's total equity via open market sale.
The private lender will sell 64.4 lakh shares of its subsidiary in order to comply with the SEBI guidelines on minimum public shareholding.
As of June 30, ICICI Bank held 79.22% stake in ICICI Securities.
The shares that will be sold in the market have a face value of Rs 5.
Shares fell as much as 3.4% to Rs 488.65, snapping a four-day gaining streak.
The currency has opened flat in today's session after posting modest gains on Wednesday.
The rupee opened at 74.27 against the U.S. Dollar as compared to Wednesday's close of 74.30.
Bloomberg surveys indicate that India is likely to have the worst GDP contraction in the second quarter among BRICS nations.
Yield on the 10-year government bond opened at 6.178% as compared to Wednesday's close of 6.192%.
Within the bond market, the RBI will be conducting its Open Market Operation worth Rs 20,000 crore today.
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Shares of the company continue to surge in today's session. As per data available on the exchanges, HDFC Mutual Fund acquired 1.57 lakh shares of the company on Wednesday, at Rs 240 per share.
The number of shares purchased by the fund house amount to 0.51% stake of the company.
The stock is locked in an upper circuit of 5% at Rs 257.75. Shares have gained in 16 out of the last 17 trading sessions.
Out of the 16 sessions during which the stock has gained, it has been locked in an upper circuit of 5% for 12 of them.
The stock is up 92% in the last 17 trading sessions.
Stock Reaction:
All the stocks have cooled off from their opening highs.
The state-run defence equipment manufacturer is declining in today's trade after the government said that it plans to sell 15% stake in the company through an Offer for Sale.
The government will sell up to 3.34 crore shares or 10% stake with an oversubscription option of 1.67 crore shares (5% stake).
The floor price of Rs 1,001 per share is a 15% discount to Wednesday's closing price.
The government intends to raise Rs 3,347.3 crore in case the OFS is fully subscribed. The full subscription will bring the government's stake in the company down to 74.47% from the earlier 89.9%.
The OFS for non-retail investors opens for non-retail investors today while that for retail investors opens tomorrow, August 28.
Shares fell as much as 11.6% - the most on record to Rs 1,041. The volumes on the stock are 18 times higher than its 20-day average at this time of the day.
Indian equity markets opened higher for the fifth straight day, on course for its third successive F&O series gain.
The S&P BSE Sensex opened 0.56% higher at 39,293 while the NSE Nifty 50 opened 0.5% higher, above the mark of 11,600 at 11,609.
As of closing on Wednesday, the Nifty was up 4% this series while the Sensex was up 3.5%.
All sectoral indices have opened with gains. The realty index, which was the top sectoral laggard on Wednesday is the top gainer in today's session, opening with gains of 3.1%.
Other indices like the Nifty Bank, Nifty FMCG and Nifty PSU Bank have opened with gains of 0.5%.
Broader markets have opened higher. The midcap index has opened 0.66% higher while the smallcap index is up 0.8%. Both indices are up for the ninth straight session.
1,096 stocks on the NSE have opened with gains while 268 are declining.
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