Scan to Download
Indian equity markets snapped a two-day losing streak, ending the weekly options expiry session with strong gains, courtesy Reliance Industries Ltd.
The S&P BSE Sensex ended 1.7% higher at 38,840 while the NSE Nifty 50 index ended 1.55% or over 170 points higher at 11,449. Both Sensex and the Nifty saw their biggest single-day gain in over a month.
Gains were primarily led by Reliance Industries, which ended as the top gainer on the Nifty, ending with gains of 7.3%. This was the biggest single-day gain for the stock in nearly five months. The stock contributed 118 points to the total gains on the Nifty index.
The Nifty Bank had a volatile day but managed to snap a five-day losing streak, ending with gains of 0.9%. The PSU Bank index was the top sectoral gainer, ending 2.5% higher and snapping an eight-day losing streak, which was the longest since December 2015.
The Metal index was the top sectoral laggard, ending with losses of over 1%, led by declines in Hindalco and Tata Steel.
Broader markets too finished with gains in today's session. The midcap index gained 1.2% while the smallcap index gained 1.6%.
The India Volatility Index ended 4.3% lower at 21.27.
1,286 stocks on the NSE ended with gains while 528 stocks posted losses.
Hardy Exploration & Production has withdrawn the petition filed under section 9 of the arbitration act, which asked the company to refrain from selling/transferring/encumbering its assets, the company's said in a filing.
The Gujarat High Court had passed this order as an ad-interim (ex-parte) order in August.
The order now stands vacated after Hardy Exploration withdrew the petition.
Shares gained as much as 9.7% - the most in two weeks to Rs 75.85.
Coal India Ltd. has identified 12 underground mines so far for revival, the state-run miner told Bloomberg in an emailed statement.
The 12 underground mines have combined reserves of 1.06 billion tonnes of coal, the statement said.
Work at these mines was halted due to lack of technology at the time to extract deep-seated reserves in an economically viable manner.
The company in its statement went on to say that advancement in mining technology has made it possible to operate these mines now.
Coal India will conduct a feasibility study of the mines and then seek bids for development and operations.
Shares are off the day's low and are currently trading flat at Rs 126.75, which is the lowest level in nearly two months.
CRISIL revises forecast for Indian economy in FY21. pic.twitter.com/jib2uFQv5k
— BloombergQuint (@BloombergQuint) September 10, 2020
HPCL:
The company has informed the exchanges that it has sold part of its stake in OakNorth Holding - the wholly-owning parent company of OakNorth Bank to HighSage Ventures.
The stake has been sold for Rs 440 crore, proceeds fo which will be accretive to the regulatory networth and CRAR of the company, it said in an exchange filing.
The company had invested Rs 663 crore in OakNorth Bank in November 2015, for a 40% stake.
Shares fell as much as 3.5% to Rs 194.3, post the announcement. The stock trades lower for the second straight day.
Let's take a look at how benchmark indices in Europe have opened:
The Board of Directors of the drugmaker have approved purchase of equity shares in Time Cap Overseas Ltd., Mauritius - a subsidiary of the company, from the other shareholder Sri Venkatachari Madhusudhan.
Madhusudhan holds 6.1% stake in the company or 72,710 equity shares of face value of $10 each, amounting to $7,27,000, the company said in a statement.
Post the acquisition, Time Cap Overseas will become a wholly-owned subsidiary of the company. The company intends to complete this acquisition within the next three months.
Shares surged to the day's high, gaining as much as 2.95% to Rs 785, post the announcement. The stock is up for the second straight day.
Reliance Industries Ltd. is offering to sell roughly a $20 billion stake in its retail business to Amazon, a person with knowledge of the matter told Bloomberg.
Amazon has held discussions about investing in Reliance Retail and has expressed interest in negotiating potential transactions, the source said.
Reliance Industries is willing to sell as much as 40% stake in the subsidiary to Amazon.
At $20 billion, the deal would be the biggest ever in India as well as for Amazon, according to data compiled by Bloomberg.
Shares of Reliance Industries extended their gains to 4% to a record high of Rs 2,248, post the news.
Alpha Moguls | One Factor That Kenneth Andrade Sees Driving Profitability This Decade
Shares gained as much as 3.4% to trade at a record high of Rs 2,234. The stock is up for the fourth straight day, its longest winning streak in over a month.
Shares gained as much as 12.5% - the most since May 2019 to Rs 229.9. The stock currently trades at a six-month high.
Shares are trading near the day's high, gaining as much as 2.8% to Rs 446.4.
One of India's largest music lables has announced a global licensing deal with ShareChat.
As part of the deal, Saregama will license its catalogue to ShareChat and Moj platforms, allowing its members to create their own short video content using the Saregama library.
"Saregama has a very large library of hindi and regional music which is just apt for a platform like this where users are so innovatively creating content using music," Vikram Mehta, the Managing Director of Saregama India was quoted as saying.
Shares gained as much as 6% to Rs 555, post the announcement. The stock trades higher for the fourth straight day.
CLSA has placed a price target of Rs 345 on the stock. Shares gained as much as 7.4% to Rs 276.5. The stock has snapped a four-day losing streak. It is also the top gainer on the Nifty Realty index.
The currency opened with gains after snapping a two-day losing streak on Wednesday, courtesy prospects of inflows from the RIL-Silver Lake deal.
The rupee opened at 73.46 against the U.S. Dollar as compared to Wednesday's close of 73.54. It was the third best performer in Asia on Wednesday.
The Nordic Financial Services group believes that the currency may appreciate to 69 against the greenback as India seeks to avoid the repeat of being included by the U.S. on its watchlist for currency manipulation.
Yield on the 10-year government bond opened at 6.003% as compared to Wednesday's close of 6.057%.
The bond market traders today will keep an eye on the Open Market Operations to be conducted by the Reserve Bank of India, or Operation Twist.
The RBI will buy 2024, 2026 and 2030 bonds while selling 182-day treasury bills.
The company's ELISA test kit for Covid-19, manufactured in collaboration with HiMedia Laboratories has been granted approval from the Indian Council of Medical Research (ICMR).
The announcement came minutes before the closing of trade on Wednesday.
HiMedia is now seeking approval from the Central Drugs Standard Control Organisation (CDSCO) and will launch the kits once the approval is in place, the company said.
The kit will help identify the igG immune status of Covid-19 recovered patients so that their plasma can be used for therapeutics.
Shares gained as much as 8.8% - the most in over four months to Rs 494.5. The stock is up for the second straight day.
The road construction company informed the exchanges this morning that it has received a Letter of Acceptance from the National Highway Authority of India for a new Hybrid Annuity Model project.
The 49 kilometre project involves construction and upgradation of NH-131A from the area near Narenpur to the area near Purnea. It also involves two laning the 3 kilometre stretch near Purnea to two lanes with paved shoulders standard in the state of Bihar.
The project is valued at Rs 1,905 crore and has to be completed within a period of 24 months. The operation period is 15 years from the COD, the company said.
Shares gained as much as 11.7% - the most in five months to Rs 390.
The company informed the exchanges that its promoter - Aceso Company has acquired 2.6 crore shares in the company, pursuant to a mandatory tender offer on September 8.
The amount of shares acquired are equivalent to 20.8% stake in the company.
Aceso Company which is among the promoter group entities of the company now holds 49.99% stake, post the acquisition, the company said in a filing.
Shares gained as much as 9% - the most in three months to Rs 126.95. The stock snapped a two-day losing streak.
Indian equity markets opened higher after declining for two straight days, beginning the weekly options expiry session on a strong note.
The S&P BSE Sensex opened 0.85% higher at 38,516, while the NSE Nifty 50 index opened 0.76% higher at 11,363.
All the sectoral indices have opened with gains. The PSU Bank, Realty and Media index have opened with gains of 1% each while the Metal, Auto and Nifty Bank are seeing gains between 0.5%-1%.
Broader markets have opened in-line with benchmarks. The midcap index has opened 0.9% higher while the Smallcap index has opened with gains of 1.1%.
1,151 stocks on the NSE opened with gains while 282 were declining.
Source: ICICI Securities
To know more about key brokerage updates, F&O cues and global markets, click here.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
