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Indian equity markets ended off the highest point of the day, ending a rangebound session on a flat note.
The S&P BSE Sensex ended 0.2% at 38,614 while the NSE Nifty 50 index ended 0.3% higher at 11,419. This was the third straight day of gains for the benchmark indices.
Among the sectoral indices, the Nifty Media index ended as the top performer with gains of 5.4%, courtesy a 14% surge in Zee Entertainment.
The Nifty PSU Bank (up 2.4%) and Nifty Realty (up 1.3%) were the other sectoral gainers.
Nifty FMCG (down 0.4%), Nifty I.T. (down 0.3%) and Nifty Pharma (down 0.4%) were the sectoral laggards in today's session. The Nifty Pharma ended lower for the third straight session and has now declined in six out of the last seven trading sessions.
Broader markets outperformed in today's session with the midcap index ending 0.6% higher while the smallcap index ended with gains of 1.24%.
The India Volatility Index ended 2.7% lower, below the mark of 20 at 19.88. This was the lowest closing level for the index in six months.
Market breadth remained in favour of the gainers. 1,217 stocks on the NSE ended with gains while 612 declined.
Shares are off the day's high, trading 2% higher at Rs 1,263. The stock is up for the fifth straight day.
Shares gained as much as 5.4% to Rs 241, before cooling off. The stock is up for the fourth straight day.
The Bombay High Court has dismissed Yes Bank's interim application against the company.
The lender wanted to enfore as a guarantee, a letter of comfort extended by Zee Entertainment in support of its Mauritian subsidiary.
The bank had sought an order preventing Zee Entertainment from disposing or transferring its assets.
The court found no merit in the argument and dismissed the bank's plea.
Shares ended 14% higher at Rs 198.4 - the biggest single-day gain in four months.
Shares gained as much as 3.2% to Rs 587.5, post the announcement.
Shares ended 13% higher at Rs 225.05 - the highest level since December 2019.
L&T Finance Holdings is exploring a plan to raise around $450 million through a rights issue, people familiar with the matter told Bloomberg.
The Financial services arm of Larsen & Toubro has started discussions with potential advisors regarding the fundraising, sources said.
The company's parent - Larsen & Toubro has agreed that it will buy any unsold shares in the offering.
No final decision has been made regarding the amount to be raised or the timing of the share sale and the company can still decide not to proceed with the fundraising plan.
Shares are off the day's high after gaining as much as 1.9% to Rs 68.5 and are up for the third straight day.
Let's take a look at how benchmark indices across Europe have opened:
The company announced the divestment of the energy division of its subsidiary in France.
The Centum Adetel Group (CAG) will sell its energy unit for a total consideration of 9.8 million Euros to Chauntie Electric (Tianjin), according to the company's exchange filing.
65% of the total consideration has already been received by the subsidiary while the balance payment will be made after a transition period of two years.
Shares gained as much as 12.2% - the most in two months to Rs 393.25 - the highest level in over six months. The stock has snapped a three-day losing streak.
The company will hold a board meeting on Friday, August 21 to consider and approve raising funds.
The fund raising can be done by way of issuance of any instrument or security including equity shares, fully or partly convertible debentures, foreign currency convertible bonds, warrants or any other combination thereof, the company said in its exchange filing.
The fund raising can be done in one or more tranches by way of a public issue, preferential allotment, private placement or any other method thereof.
Shares gained as much as 2.7% to Rs 8,095 and are up for the second straight day.
Yes Bank Repays Rs 35,000 Crore To RBI Under Special Liquidity Facility
The company has informed the exchanges that its Joint Venture with HCC has received a Letter of Acceptance (LoA) for a new project in Uttarakhand.
The project, worth Rs 1,334 crore involves construction of tunnels, bridges, yard and formation works between Rishikesh and Karanprayag, according to the company's exchange filing.
The 7.955 kilometer long project is expected to be completed over the next 50 months as oer the company's statement.
Shares gained as much as 4.2% to Rs 396 and are up for the third straight day.
The board of Indiabulls Real Estate approved the merger of two Embassy Group entities with itself.
The proposed amalgamation is for NAM Estates and NAM Opco into the company.
Proposed Swap Ratio: 6.619 shares of Indiabulls Real Estates for every 10 shares of NAM Estates and 5.406 shares of Indiabulls Real Estates for every 10 shares of NAM Opco.
The deal values Indiabulls Real Estate at Rs 92.25 per share, a 26% premium to Tuesday's closing price.
The amalgamation procedure expected to be completed by the second quarter of FY22.
Shares of Indiabulls Real Estate fell as much as 4.2% to Rs 70.50 while units of Embassy Office Parks REIT are unchanged after gaining as much as 1.1% to Rs 373.8.
Shares gained as much as 5.2% to Rs 183. The stock trades at the highest level in two months and is up for the third straight day.
The currency opened with gains in today's session after gaining for the second straight day on Tuesday.
The rupee opened at 74.68 against the U.S. Dollar as compared to Tuesday's close of 74.76.
The currency was the third best performer in Asia on Tuesday.'
The U.S. Dollar fell to its lowest in two years. "Dollar momentum will be the main driver of Emerging Market forex in the near-term," Maximillian Lin of Natwest Markets said.
Shares gained as much as 9.3% - the biggest single-day gain in four months to Rs 368.35. The stock trades at the highest level since April 2018.
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The company has informed the exchanges that it has received a unanimous Arbitral award of Rs 73.86 crore for one of its earlier projects in Punjab.
Shares of the company gained as much as 12.8% - the biggest single-day gain in two months to Rs 134. The stock is trading at the highest level since May 2019.
The company's subsidiary Reliance Retail Ventures has acquired equity shares of Vitalic Health and its subsidiaries for a cash consideration of Rs 620 crore.
Vitalics and its subsidiaries are in the business of pharma distribution and sales and its subsidiary also runs an online pharmacy platform called Netmeds, according to an exchange filing.
The investment represents 60% holding in equity share capital of Vitalic and direct 100% ownership of its subsidiaries - Tresara Health, Netmeds Marketplace and Dadha Pharma Distribution.
Reliance Retail will further acquire equity stake in Vitalic through a mix of secondary purchases and primary investment, for at least 80% stake by April 2024, with an option to increase the ownership to 100%.
Shares gained as much as 1.6% to Rs 2,151 and are up for the second straight day.
Indian equity markets opened higher for the third straight day, despite mixed global cues as action in specific stocks remains in focus.
The S&P BSE Sensex opened 0.5% higher at 38,727 while the NSE Nifty 50 index opened 0.6% higher at 11,452.
All sectoral indices have opened with gains. The PSU Bank index has opened with gains of 1.2% while Pharma, Media, Auto and Nifty Bank have opened with gains of over 0.5%.
Broader markets have opened higher as well. The Nifty Midcap index has opened 0.6% higher while the smallcap index has opened with gains of 0.9%.
Market breadth was in favour of the gainers. 1,180 stocks on the NSE opened with gains while 311 declined.
To know more about earnings reported after market hours, key brokerage updates and other trading cues, click here.
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