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Indian equity markets ended lower amid subdued global cues and an elusive stimulus deal in the U.S. Volatility remained high through the session.
The S&P BSE Sensex ended 1.33% lower at 40,145 while the NSE Nifty 50 index failed to hold the mark of 11,800, ending 1.36% lower at 11,767.
“It is predominantly global factors at play here with U.S. futures down and investors also want to avoid the U.S. election day uncertainty,” Kranthi Bathini, an equity strategist at WealthMills Securities Pvt. told Bloomberg/
Selling pressure was seen across the board as all sectoral indices ended with losses. The declines were lead mainly by the Nifty Metal (down 3.5%) and Nifty Auto (down 3.2%) index.
The top contributor to the downside today was Reliance Industries, which ended 3.7% lower, its biggest single-day drop in three months. The stock closed at its lowest level since early August while on the technical front, the charts have slipped into oversold territory, with Relative Strength Index (RSI) falling to 29.
The Nifty Bank and Nifty PSU Bank index fell over 1% each while the Nifty Pharma and Nifty Realty index declined 1.5% and 1.9% respectively.
Broader markets, especially the midcap index, underperformed the benchmarks in today's session. The Nifty Midcap index ended 1.7% lower while the Smallcap index declined 1%.
India Volatility Index ended 4.6% higher at 22.83.
1,219 stocks on the NSE ended with losses, while 645 stocks posted gains.
The government is considering scrapping an investment rule to lure medical device manufacturers to set up factories in the country, people with knowledge of the matter told Bloomberg.
Current regulations require medical-device makers to invest $25 million in three years, to avail production-linked benefits, sources said.
The government plans to offer the incentives once the company's revenue cross Rs 60 crore from the current threshold of Rs 120 crore.
The incentives will be rolled out from FY23 for a period of five years. A Niti Aayog spokesperson did not answer Bloomberg's call seeking a comment.
Shares ended 1.3% higher at Rs 781, snapping a three-day losing streak.
The company at its board meeting today has approved a buyback of equity shares of face value of Rs 10 each, not exceeding 12.6 lakh shares or 6.5% of the total equity share capital of the company.
The buyback price is set at Rs 576 per share, the exchange filing. The buyback price is a 23% premium to Monday's closing price.
The total consideration for the share buyback is worth Rs 73 crore. The promoters of the company will be participating in the share buyback process.
Shares gained as much as 2.7% to Rs 479.5, post the announcement and is up for the third straight day.
The record date for the buyback has been set as November 9, 2020.
Shares gained as much as 6.5% to Rs 168.2, post the announcement. The stock trades at the highest level in over a month.
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Shares are off the day's low after falling as much as 3.1% to Rs 477.9. The stock currently trades 1% lower at Rs 489.
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Shares rose as much as 3.2% to Rs 16,375 and is among the top gainers on the Nifty 50 index. Many brokerages have either upgraded or raised their price targets on the stock post results.
Shares fell as much as 4.2% to Rs 467.4 and are trading at the day's low. The stock has snapped a four-day gaining streak.
Shares gained as much as 4% to Rs 1,220, snapping a two-day losing streak.
The company has announced that Volt - Australia's first neobank, has partnered with TCS to power its next generation banking, called Volt 2.0 as a service platform.
Volt will leverage TCS BaNCS, a global payments solution to expand its offerings, enable full-service banking capabilities for all its customers. The product is set to launch in 2021, the company said.
“Our deep knowledge and experience with payments technology will enable us to support Volt with a full-service, end-to-end solution leveraging TCS BaNCS,” Vikram Singh, Country Head of Australia & New Zealand at TCS was quoted as saying.
Shares are currently trading 0.4% higher at Rs 2,699, up for the second straight day.
Shares of the I.T. company are declining for the fourth straight day today after over 19.5 lakh shares exchanged hands on the National Stock Exchange.
The total number of shares exchanged, amount to 3.2% of the total equity of the company, as per data compiled by Bloomberg.
Buyers and sellers in the trade remain unknown.
Shares fell as much as 6.1% to Rs 2,235, to the lowest level in a month.
37 lakh shares of the hotel company exchanged hands in a single large deal on the Bombay Stock Exchange, as per data available on Bloomberg.
The deal took place at Rs 99.85 per share and is valued at Rs 37 crore.
Buyers and sellers of the trade remain unavailable.
Shares fell as much as 3.3% to Rs 97.25, after the deal took place.
Shares fell as much as 4.4% to Rs 717, down to the lowest level in a month.
The company's wholly-owned subsidiary - Narenpur-Purnea Highways, has executed the concession agreement with the National Highways Authority of India (NHAI).
The agreement pertains to the construction and upgradation of NH-131A from Narenpur to Purnea to four lanes in the state of Bihar on an HAM basis.
The bid project cost for the same is Rs 1,905 crore, the company said.
The completion period is 24 months and operation period is 15 years from Date of Completion.
Shares recovered from the day's low to gain as much as 4.1% to Rs 350.8, before cooling off.
Shares gained as much as 6.1% to Rs 935 and are up for the fifth straight day. The stock is trading at the highest level in over seven months. It is also the top gainer on the Nifty Midcap index.
The company's wholly-owned, step-down subsidiary has entered into a definitive agreement with New Mountain Capital and its affiliate Jarrow Formulas to dispose of its business assets as a going concern with related assets, liabilities, products, brands and employees.
The deal is for a cash consideration of $550 million or Rs 4,048 crore at the current exchange rate and is likely to be completed by January 2021, subject to regulatory approvals and closing conditions, Aurobindo said in a statement.
Natrol's annual sales for the 12-month period ending March 31, 2020 stood at $157 million.
"Proceeds from Natrol's sale will be used to reduce debt and other new strategic initiatives," the company's Managing Director N Govindarajan said.
Shares gained as much as 4% to Rs 814.5, post the announcement, up for the second straight day.
The currency has opened weaker in today's session after ending as the worst performer in Asia last week.
The rupee opened at 73.77 against the U.S. Dollar, as compared to Friday's close of 73.60. India's forex reserves rose further last week to $555.16 billion.
Bond markets will be focusing on the weekly debt auction that saw strong demand from investors and minutes from the latest policy meet of the MPC, which showed that the new committee is keen to do more to support growth.
India's most valued steelmaker was confident that it had turned a corner, as domestic steel demand showed signs of rebounding from the recent low.
JSW Steel's crude steel production recovered in the July-September period to 3.85 million tonnes, similar to last years levels, after a decline of 30% last quarter.
Shares fell as much as 4.5% to Rs 307, down for the second straight day. The stock is also the top laggard on the Nifty 50 index. Brokerages however, have raised their price target on the stock, citing a strong rebound in H2FY21.
Shares of Reliance Industries fell as much as 2% to Rs 2,070. Future Group companies too are down between 5-10% post the order.
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Indian equity markets have begun the options expiry week for the October F&O series on a flat note.
The S&P BSE Sensex opened 35 points lower at 40,649 while the NSE Nifty 50 was little changed, up 7 points at 11,937, at the start of trade. Both benchmark indices had registered gains of over 1% last week.
Sectoral indices too have opened on a flat note. The Nifty Pharma and Nifty FMCG indices have opened with gains of 0.5% each, while the Nifty Metal index is down 0.4%. Other indices have opened flat.
Broader markets are outperforming the benchmarks in the early minutes of trade. The Nifty Midcap index is up 0.3% while the Smallcap index has opened 0.4% higher.
Market breadth is in favour of the advances. 1,003 stocks on the NSE have opened with gains while 462 are declining.
Source: ICICI Direct
To know about earnings reported after market hours, key brokerage updates and F&O Cues, click here.
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