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Indian equity markets resumed gains after snapping a five-day winning streak on Wednesday, ending the weekly options expiry session at the day's high.
The S&P BSE Sensex ended 0.7% higher at 38,140 while the NSE Nifty 50 index ended nearly 1% higher at 11,237, up 0.9%.
Gains on the Nifty 50 were led by Eicher Motors which ended the day with gains of 4.9%. Reliance Industries and ICICI Bank were the major contributors to the Nifty upside, ending with gains of 3.6% each.
Among sectoral indices, the Pharma stocks outperformed with the Nifty Pharma index ending higher by 1.44%.
Nifty Auto, Nifty PSU Bank and Nifty Realty were the other top sectoral gainers, ending with gains of 1.3%, 1.2% and 1.4% respectively.
All sectoral indices barring the Nifty I.T. index ended with gains. The I.T. index posted modest losses of 0.2%.
Broader markets were largely in line with benchmark indices. Both the Nifty Midcap and Nifty Smallcap index ended with gains of 1%.
India Volatility Index ended off the lowest point of the day, down 0.8% at 24.68.
Market breadth ended in favour of the gainers. 1,038 stocks on the NSE ended with gains while 776 declined.
India's third largest private sector lender - Axis Bank has picked advisers, including BNP Paribas and Credit Suisse to manage its proposed share sale, Bloomberg News reports citing people familiar with the matter.
HSBC and UBS have also been chosen by the lender to manage the offering, the sources said.
Axis Bank seeks to raise at least $1.3 billion from institutional investors, though the fund raising target has not yet been finalised.
In a press release earlier this month, the bank had approved raising funds to the tune of Rs 15,000 crore through sale of equities, depositary receipts or similar instruments.
A representative for Axis Bank declined to comment on further details.
Shares ended as the top laggards on the Nifty 50 index, down 3.77% at Rs 460.9.
Shares fell as much as 8.6% to Rs 1,011. This was the biggest single-day fall for the stock in a month.
Shares ended locked in an upper circuit of 5% at Rs 210.1. The stock has gained in four out of the last five trading sessions.
Shares are off the day's high, trading with gains of 0.9% to Rs 398.3, post the announcement. The stock earlier traded as high as Rs 414, up 4.9%.
Shares fell as much as 1.2% to Rs 2,475, post the announcement. The stock currently trades little changed.
Shares pared losses to end 1% higher at Rs 136.8, snapping a two-day losing streak.
India is likely to miss its budget estimates as the Covid-19 crisis strains the government's finances, according to Economic Affairs Secretary Tarun Bajaj.
Bloomberg News reports quoting Bajaj saying that this year may be a lost year for India.
While Bajaj didn’t specify any new target for budget deficit, the median in a Bloomberg survey of economists is for the gap to widen to 7% of gross domestic product - double the government’s goal for this year.
Bajaj also said that there has been no discussion with the Reserve Bank of India to directly fund the fiscal deficit.
“I am expecting a V-shaped recovery,” Bajaj said, while pointing to latest revenue data that showed advance tax collections were good.
The board of the state-run bank have approved the proposal to raise equity capital aggregating to Rs 3,000 crore.
The capital raising will be done through various modes like Follow on Public Offer (FPO), QIP, preferential issue among others.
This will be subject to necessary approvals from the government, RBI and SEBI, the bank said in an exchange filing.
Shares gained as much as 2% to Rs 14.43, post the announcement.
Let's take a look at how benchmark indices across Europe have opened:
The drugmaker informed the exchanges that the phase-3 clinical trial of Favipiravir in patients with mild to moderate Covid-19 demonstrated statistically significant faster time to clinical improvement as compared to control.
The press release said that the medicine has a 40% faster clinical cure.
69.8% of patients in the Favipiravir treatment arm achieved clinical cure by day 4, which is statistically significant compared to 44.9% observed in the control arm, as per the company.
Shares gained as much as 4.1% to Rs 430.7, snapping a three-day losing streak.
Shares gave up gains to fall as much as 2% to Rs 1,534.4, down for the third straight day.
Shares fell as much as 3.45% to Rs 375.1, post the announcement. The stock is down for the fourth straight day.
Shares gained as much as 5.4% to Rs 2,384.75. Goldman Sachs has a price target of Rs 2,800 on the stock.
Shares have fluctuated between gains and losses through the session, currently trading little changed at Rs 919.65.
The company's joint venture with HCC has received the Letter of Acceptance (LoA) from the Narmada Water Resources, Water Supply and Kalpasar Department for an EPC project in Gujarat worth Rs 4,167.7 crore.
The project involves construction of Bhadbhut Barrage, flood protection embankments and associated works across the Narmada river in Gujarat's Bharuch district, the company said in an exchange filing.
The timeline for completion of this project is 48 months and it also has a maintenance period of 10 years.
Shares are at the day's high, gaining as much as 5.8% to Rs 298.40, up for the second straight day.
The vehicle financing unit had outstanding loans of nearly $16 billion as on June 30.
An HDFC Bank spokesperson declined to comment on the story, saying that the lender has nothing more to add to recent remarks made by Aditya Puri.
An RBI spokesperson did not immediately respond to an e-mail seeking a comment.
Shares of HDFC Bank trade 0.3% lower at Rs 1,122, down for the second straight day.
Shares fell as much as 3.3% to Rs 175.6, snapping a four-day losing streak.
Shares gained as much as 6% to Rs 324.6, and are up for the fifth straight day.
The airline has informed the exchanges that it has been designated as the Indian scheduled carrier to the United States of America.
This is as per the terms of the Air Services Agreement between the governments of both the countries, the exchange filing said.
The carrier will operate on agreed services between India and the U.S.
Shares gained as much as 3.6% to Rs 49.1.
The currency opened stronger after snapping a three-day gaining streak on Wednesday.
The rupee opened at 74.64 against the U.S. Dollar as compared to Wednesday's close of 74.76.
Yields on the 10-year government bonds opened at 5.813% as compared to Wednesday's close of 5.814%.
Within the Bond Markets today, traders are looking forward to Friday's government debt auction worth Rs 30,000 crore.
UCO Bank believes that the 10-year yields will be capped at ~5.85% over the medium-term before the Monetary Policy Committee meeting in early August.
Shares gained as much as 1.1% to Rs 370.8 and are up for the second straight day.
Shares fell as much as 4.3% to Rs 101.15, and are the worst performers on the Nifty Midcap index.
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Brokerage firm CLSA has raised its price target on the stock to Rs 625 from Rs 450 to factor in a strong quarterly performance. It has maintained its buy rating on the stock.
Shares gained as much as 7.1% to Rs 568.
Indian markets have opened nearly unchanged on the weekly options expiry session, tracking muted cues from across Asia and after a strong rally that has seen benchmark indices gain between 550-2,000 points over the last five sessions.
The S&P BSE Sensex opened 0.1% lower at 37,814 while the NSE Nifty 50 index opened unchanged at 11,135.
All sectoral indices too have opened little changed. The Pharma index has opened 0.6% higher while the FMCG index has gained 0.4%.
Broader markets are subdued. Both midcap and smallcap indices have opened with gains of 0.3%.
Market breadth has started off in favour of the advances. 854 stocks on the NSE trade with gains while 506 opened with losses.
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