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Indian equity markets took a breather after a five-day rally that saw the benchmark indices gain between 550 to 2,000 points.
The S&P BSE Sensex ended 0.16% lower at 37,871 while the NSE Nifty 50 index ended 0.27% lower at 11,132. Benchmark indices staged a recovery after hitting the day's low towards the closing minutes of trade.
Gains on the Nifty 50 were led by Axis Bank which reacted positively to its first quarter earnings, ending with gains of 6.7%. Hero MotoCorp, BPCL and Hindustan Unilever were the top laggards on the index, each of them ending over 3% lower.
Most sectoral indices were lower in today's session. The Media index and the Nifty Bank ended with gains of 0.5% while the Auto, I.T. and realty index ended with losses of over 1%. The PSU Bank index underperformed, ending with losses of 1.6%.
Broader markets too remained flat in today's session with the midcap and smallcap indices ending little changed.
The Volatility Index too cooled off from the day's high, ending 1.1% higher at 24.71.
Market breadth ended in favour of the laggards. 1,032 stocks on the NSE ended with losses while 802 stocks posted gains.
Shares are trading 1.65% lower at Rs 1,495.
The company's shareholding pattern for the June quarter indicated that investor Ashish Kacholia's shareholding in the company has either fallen below 2 lakh shares or he has exited the company.
He held 2.85% stake in the company as on the quarter ended March.
Another investor Dolly Khanna reduced her stake in the company to 1.5% from the earlier 1.72% in the March quarter, as reported to the exchanges.
Shares are at the day's high, gaining as much as 4.9% to Rs 110.3.
Shares ended 3.3% lower at Rs 172.65, snapping a two-day gaining streak.
Shares gave up gains of as much as 5% to end little changed at Rs 999.
Shares are off the day's high, trading 1% lower at Rs 47.2. The stock was up 5% before the earnings announcement.
Shares ended 8.9% higher at Rs 894. The stock has gained in six out of the last seven trading sessions and is at the highest level since June 2017.
Problems in the banking sector led to a decline in investments and subsequently impacted growth and consumption, says Chief Economic Adviser @SubramanianKri. pic.twitter.com/mHvtqz9eYs
— BloombergQuint (@BloombergQuint) July 22, 2020
The drugmaker informed the exchanges that it has received ANDA approval from the U.S. FDA for its Amiodarone Tablets.
It will market a generic version of CORDARONE tablets of Wyeth Pharma, the company said in an exchange filing.
The drug is used in the treatment of documented, life-threatening recurrent ventricular fibrillation in adults who have not responded to adequate doses of other available antiarrhythmics or when alternative agents cannot be tolerated.
The drug will be commercialised from the company's unit in Ghaziabad.
Shares are little changed after gaining as much as 1.8% to Rs 214.3. The stock has had a three-day winning streak until Tuesday.
Let's take a look at how benchmark indices across Europe have opened:
Shares are off the day's high, trading with gains of 4.3%. The stock had gained as much as 13.9% in early trade and is up for the third straight day.
Shares are off the day's high after gaining as much as 6.2% to Rs 192.8.
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The company has informed the exchanges of its guidance for the Alloy Wheels business for FY21. It expects the business to see a revenue growth of 300% in FY21, according to its exchange filing.
The Alloy Wheels plant in Mehsana has a long-term order book of Rs 4,000 crore.
The company said that it is confident of crossing 1 million alloy wheels sales during the year, resulting in total revenue of over Rs 325 crore, based on the current market scenario and available orders.
Shares are fluctuating between gains and losses, currently trading little changed at Rs 439.55 per share.
Shares gained as much as 8.6% to Rs 79.1. The stock is now trading at the highest level in a month.
Veteran Investor Rakesh Jhunjhunwala along with his wife Rekha, cumulatively purchased 3.18% stake in the company, according to its June quarter shareholding pattern, reported to the exchanges on Tuesday.
The couple bought 1.59% stake or 50 lakh shares each, according to the data in the shareholding pattern.
Shares of the company gained as much as 4.8% to Rs 187.9 and are rising for the 10th straight day - its longest winning streak in three months. The stock is trading at the highest level since September 2019.
Rakesh Jhunjhunwala also increased his stake in Edelweiss Financial Services to 1.19% from 1.04% as per its June quarter shareholding pattern.
Shares of Edelweiss gained as much as 4.9% to Rs 74.4 and are up for the sixth straight day. The stock is trading at a four-month high.
Shares fell as much as 5.8% to Rs 800, snapping a three-day losing streak.
The government has formed a panel, headed by the country's cabinet secretary to pick three new members for the Monetary Policy Committee, Bloomberg News reports citing people with knowledge of the matter.
The selection panel includes RBI Governor Shaktikanta Das and Economic Affairs Secretary Tarun Bajaj, according to sources. They will be joined by three experts in the field of economics, or banking, finance or monetary policy.
The term of the current MPC's three external members - Chetan Ghate, Pami Dua and Ravindra Dholakia is set to end next month.
A spokesperson from the Ministry of Finance couldn't be immediately reached for a comment on this story.
The currency has opened higher for the fourth straight day today, matching its longest winning streak in a month.
The rupee opened at 74.57 against the U.S. Dollar as compared to Tuesday's close of 74.74.
CR Forex Advisors believes that there could be further sharp downward movement in the currency if it breaks past the 74.5 mark.
Yield on the 10-year government bond opened at 5.828% as compared to Tuesday's close of 5.833%.
Within the bond markets today, focus will be on treasury bill auctions.
The government plans to sell 91-day, 182-day and 364-day treasury bills today, aggregating to Rs 35,000 crore.
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CLSA has downgraded the stock to outperform from buy citing its recent run-up, adding that business recovery in the coming quarters is critical for valuations to sustain.
Shares fell as much as 2.8% to Rs 2,253 and are down for the third straight day. The stock is also the top laggard on the Nifty 50 index.
Believe moratorium is not an indicator of asset quality: Axis Bank CEO Amitabh Chaudhry. #Q1WithBQ
— BloombergQuint (@BloombergQuint) July 21, 2020
Read more: https://t.co/BNXiLXl3Xd pic.twitter.com/e3R3Q9ka24
Indian equity markets opened higher for the sixth straight day, despite mixed to flat cues from global markets.
The S&P BSE Sensex opened 0.65% higher at 38,178 while the NSE Nifty 50 index opened above the 11,200 mark at 11,231, up 0.62%.
The Sensex is adding to the 1,900 points it has gained over the last five trading sessions, while the Nifty has gained 550 points over the last five sessions.
All sectoral indices have opened with gains. The Nifty Bank index is up 1.6% while the media index has gained 1%. Other indices trade with modest gains.
Broader markets remain subdued. The midcap index has opened 0.2% higher while the smallcap index has gained 0.6%.
Market breadth is in favour of the gainers at the start of trade. 981 stocks on the NSE have opened with gains while 435 have declined.
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