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The catalyst for the final hour recovery in Wednesday's session - the Nifty Bank saw a swift fall today. The index ended not only 3.3% or 800 points lower, but also below Wednesday's low of 23,149, from which it staged a reversal. The index finally closed at 23,072.
All other sectoral indices ended with losses as well. The Nifty I.T., Nifty Media and Nifty PSU Bank index declined 2.8% each, while the Nifty Realty index fell 2.4%.
The Nifty Pharma index fell for the third straight day, ending 1.8% lower. The Nifty Auto and FMCG index fell over 1% each.
Broader markets too ended lower, but the decline was modest as compared to other indices. Both Nifty Midcap and Nifty Smallcap index ended 1.7% lower.
The India Volatility Index ended 9.1% higher, above the mark of 22 at 22.05.
1,359 stocks on the NSE ended with losses while 507 managed to buck the trend.
India's Finance Ministry has denied a media report that claimed that the country's Attorney General has given an opinion in favour of not appealing in the Vodafone Arbitration award.
The speculative news story being circulated in some sections of the media is totally incorrect and without any factual basis, the ministry said in a statement.
The arbitration award along with all options are under examination within the Ministry and further course of action will decided based on such examination, the ministry said.
The lender has informed the exchanges that its board has approved the raising of funds to the tune of Rs 500 crore through a rights issue.
The terms of the rights issue will be decided by the board or a duly constituted committee at a later date, the lender said in an exchange filing.
Shares gained as much as 3.3% to Rs 18.75, post the announcement. The stock is currently off the day's high, up 0.8% at Rs 18.3.
Shares gained as much as 11.8% to Rs 715.45, post the announcement. The stock trades at the highest level in over nine months.
Let's take a look at how European markets are trading:
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The company has informed the exchanges that it has expanded its Joint Venture with TOTAL with acquisition of solar assets worth Rs 1,632 crore.
It has transferred operating solar assets worth 205 MW to its Joint Venture. Pursuant to the transaction, TOTAL has invested a sum of Rs 310 crore in the JV, the company said in an exchange filing.
The company had earlier announced completion of the acquisition of the assets from the Essel Group.
With the acquisition, the total operating renewable portfolio under the Joint Venture now stands at 2,353 MW.
Shares are little changed after recovering from the day's low, trading at Rs 724.65.
Shares fell as much as 7.9% - the biggest drop in four months to Rs 80.2. The stock is down for the third straight day.
The company reported a 13.3% decline in its revenue as compared to last year to Rs 88 crore. It reported a net loss for the quarter.
However, the loss of Rs 5 crore was narrower than the Rs 13.8 crore loss it reported during the same period last year.
The company's operating losses too narrowed as compared to the previous year. Ebitda loss stood at Rs 2.4 crore from Rs 9.6 crore last year.
Lower raw material costs and other expenses led to the narrowing of the operating loss.
Shares gained as much as 7.6% to Rs 229.95, post the announcement. The stock had gained 20% on Tuesday, post which it ended 12% lower in Wednesday's trading session.
The Tata Group is seeking to buy online retailers to beef up its presence in e-commerce, people familiar with the matter have told Bloomberg News.
The group has reached out to IndiaMART InterMESH, a business-to-business market place for a potential stake purchase, the sources said, asking not to be identified.
The sources also said that the Tata Group is also looking at BigBasket as one of the potential investment targets.
“Any talk of IndiaMart being in discussions with Tata Group for investment or acquisition is completely baseless,” Dinesh Agarwal, founder and chief executive officer of IndiaMart, said in a response to a Bloomberg News query.
Shares of IndiaMart InterMesh fell as much as 2.4% before recovering from the day's low.
The company has updated on the creation of the Infrastructure Investment Trust for its renewables business.
The latest update mentions that Anchor investors in the InvIT have begun their due diligence of the assets proposed to be transferred to the InvIT and the binding documents are likely to be signed in the next few months.
"Necessary board and shareholder approvals will be sought on finalisation of binding agreements," the company said in a statement.
It has also expressed confidence of completing this transaction in the current financial year.
Shares gained as much as 2.3% to Rs 54.1 and have gained in two out of the last three trading sessions.
Shares gained as much as 5.2% to a record high of Rs 1,534.9, up for the second straight day.
The currency opened little changed in today's session after snapping a two-day losing streak on Wednesday.
The rupee opened at 73.3 against the U.S. Dollar, which was the same level at which it closed on Wednesday.
According to Kotak Securities, the Reserve Bank's efforts to protect the rupee's 73 level by its dollar purchases has helped curb volatility. However, it expects the volatility to rise ahead of the U.S. Presidential elections.
Yield on the 10-year government bond opened at 5.898% as compared to Wednesday's close of 5.903%.
Bond market traders will be looking forward to the Rs 20,000 crore Open Market bond purchase by the central bank.
Bank of America says that the bond market sentiment has changed post the RBI policy. It expects yields to drift downwards because buying confidence that was missing has been restored.
Shares of Likhitha Infrastructure, which had extended its initial public offering and cut price band, opened flat on its debut on the stock exchanges.
The oil and gas pipeline infrastructure service provider's stock listed at Rs 130, as compared to the issue price of Rs 120 per share. Shares rose to as much as Rs 131 in early trade.
That compares with a 24-115% premium on listing by previous debutantes such as CAMS Ltd., Route Mobile Ltd., Happiest Minds Technologies Ltd., Chemcon Specialty Chemicals Ltd. and Mazagon Dock Shipbuilders Ltd. Angel Broking Ltd. and UTI Asset Management Co., however, debuted at a discount of 10-11%.
Shares gained as much as 5.7% to Rs 77.35.
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The government on Wednesday approved the demerger of the under construction Nagarnar steel plant from the company.
Post the demerger, the strategic divestment of the plant will take place by selling the entire government shareholding to a strategic investor.
The cost for setting up the plant is pegged at Rs 23,140 crore while the demerger process is likely to be completed by April 2021, I&B Minister Prakash Javadekar said on the sidelines of the media briefing on various cabinet decisions on Wednesday.
Shares gained as much as 1.3% to Rs 81 and are up for the second straight day.
Indian equity markets have opened higher for the 11th straight day, extending a multi-year winning streak despite subdued global cues.
The S&P BSE Sensex opened 0.6% higher at 41,048 while the NSE Nifty 50 was back above the mark of 12,000 - opening 0.44% higher at 12,023.
The Nifty I.T. index is the top sectoral gainer, courtesy gains seen in Infosys post its second quarter earnings. Other sectoral indices have opened flat to positive.
The Nifty Metal and Nifty Realty indices are up 0.6% respectively while Nifty Bank, Nifty Auto and Nifty FMCG are up 0.2% each.
Broader markets have had a sedate start as well. The Nifty Midcap index gained 0.2% on open while the Smallcap index is up 0.4%.
950 stocks on the NSE have opened with gains while 490 stocks are declining.
To know more about the key stocks in focus, brokerage updates and F&O cues, click here.
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