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Indian equity markets extended their longest winning streak in over a month to the sixth day, ending at the highest level in nearly eight months.
The S&P BSE Sensex ended 0.76% higher at 40,182 while the NSE Nifty 50 index ended 0.8% higher at 11,834. Both benchmark indices have gained in eight out of the last nine trading sessions. During this period, the Nifty has gained over 1,000 points while the Sensex has gained close to 2,800 points.
Both Sensex and Nifty are also close to erasing their losses for the year. The Nifty is 2.7% while the Sensex is 2.6% away from turning positive for 2020.
Sectoral indices cooled off from their respective day's high. The I.T. index, which was up as much as 5% during noon, ended with gains of 3.2%. Three out of the top five gainers on the Nifty 50 index were I.T. stocks. For most part of the session, the top five Nifty gainers were I.T. stocks.
What saw a late session surge was Pharma. Nifty Pharma ended with gains of 2.5% courtesy gains in Cipla and Sun Pharma.
The Nifty Bank ended 1% higher while other indices gained between 0.5%-1%. Nifty Media and Nifty FMCG were the sectoral laggards, ending with losses.
Broader markets underperformed the benchmarks for the second straight session. The Nifty midcap index ended little changed while the smallcap index ended lower by 0.2%.
India Volatility Index ended 1.6% higher at 20.38.
840 stocks on the NSE ended with gains while 997 posted losses.
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India's Sulfur Dioxide emissions dropped in 2019, the first decline in four years for the world's largest spewer of the pollutant responsible for human health risks and acid rain.
Emissions from India fell 6% last year, Bloomberg News reports quoting a study by the Centre for Research on Energy and Clean Air along with Greenpeace.
All of the world's top three emitters - India, Russia and China saw reductions in Sulfur Dioxide emissions, according to the report.
"In India, we are getting a glimpse of what reduced coal use means for air quality and health," Avinash Chanchal of Greenpeace India said in a press release.
India accounted for 21% out of the total Sulfur Dioxide emissions, mostly from coal-fired power plants that lack pollution-curbing equipments.
The company has revised the prices of its Lump Ore and fines for the month of October.
Lump Ore 65.5%, 6-40 mm prices have been set at Rs 3,450 per ton, while the prices of fines 64%, -10mm has been set at Rs 3,160 per ton, according to its exchange filing.
The prices of Lump Ore have been raised by 6.1% as compared to the previous month while those of Fines have been raised by 6.75% month-on-month.
Shares gained as much as 4% before cooling off. The stock trades 0.4% higher at Rs 82.4.
Shares gained as much as 5.3% to Rs 86.8, post the announcement, before cooling off.
Source: AMFI
Here's a look at how European markets are trading:
Shares fell to the day's low, declining as much as 3.9% to Rs 387.9, post the announcement. The stock is down for the second straight day.
Vehicle Registration Data (Year-on-Year):
Shares are trading at the day's low, down 0.6% at Rs 176. The stock is declining for the second straight day.
The tile company has reported that its sales volume during the second quarter of FY21 has improved significantly.
Sales volume for the month of September was nearly at 80% of the sales volume achieved during the same period last year, the company said in an exchange filing.
The company's volumes had dipped during the first quarter due to the nation-wide lockdown. "The company managed to turn the tide from July 2020 and managed a three-fold improvement in sales during the second quarter," the statement said.
Nitco also said that it is witnessing tangible improvement and a gradual pick-up in refurbishment demand.
Shares rose as much as 5.7% to Rs 17.6, post the announcement.
The company has announced that it has signed a definitive agreement to acquire Blue Acorn iCi, an Adobe Platinum Partner in the U.S. and a leader in digital customer experience, commerce and analytics.
The acquisition of 100% of the equity share capital will be done for a cash consideration of $125 million, including management incentives and bonuses.
The acquisition is expected to close during the third quarter of FY21, subject to customary closing conditions.
Shares are at the day's high, gaining as much as 4.45% to an all-time high of Rs 1,114. The stock is up for the fifth straight day - its longest winning streak in over three weeks.
The company has informed the exchanges that it has ended its joint venture with Montblanc.
Montblanc India Retail was formed in 2014 and Titan holds 49% stake in the JV.
Titan's strategy to focus on its primary business and proprietary brands is cited as the rationale behind the termination of the JV.
The requisite formalities will be completed in December 2020, the company said in its exchange filing.
Shares fell as much as 1.6% to Rs 1,233.6, snapping a two-day gaining streak.
The company has announced that it has won a Rs 100 crore order from HPCL for its Rajasthan Refinery.
The project will strengthen mission-critical power infrastructure at the company's Barmer Refinery.
The company will deliver a 220/66 kV substation to assimilate power from the state grid and delivery it smoothly to the refinery.
"With this project, we have taken another step forward in meeting future energy demand with our pioneering technology solutions," N Venu - Managing Director of the company was quoted as saying.
Shares are currently trading 1.3% lower at Rs 961.75, down for the second straight day.
Amazon has said that its Indian partner Future Group violated a contract by entering into a $3.4 billion sale agreement with Mukesh Ambani's Reliance Industries - a spat that may derail the country's biggest retail deal.
"We have initiated steps to enforce our contractual rights," an Amazon spokeswoman told Bloomberg News in an email. "As the matter is sub-judice, we can't provide details," she said.
Amazon had agreed to purchase 49% of one of Future Group's unlisted firms last year, with the right to buy into flagship Future Retail after a period between 3-10 years.
Amazon "certainly would have incorporated a strong non-compete and first right of refusal," Arvind Singhal of Technopak Advisors said.
A Future Group representative did not immediately respond to a request for a comment.
All Future Group companies are declining in today’s trading session.
The Kolkata-based lender reported its quarterly business update on Wednesday. The bank reported 20% growth in overall advances to Rs 76,724 crore while deposits saw a growth of 34% to Rs 66,153 crore.
CASA Deposits for the bank rose 56% as compared to last year to Rs 25,279 while the share of Retail deposits to total deposits stood at 77% as compared to 78% last year.
CASA ratio for the bank stood at 38.2% as compared to 32.9% year-on-year.
Collection efficiency for the bank in the month of September stood at 92% as per the lender's exchange filing. Liquidity Coverage Ratio stood at 157%.
Shares rose as much as 4% to Rs 327.2 and are trading at the highest level in over two months. The stock is trading higher for the fifth straight day - its longest winning streak in two months.
The company has informed the exchanges that its Board of Directors have approved a proposal to buy back fully paid equity shares of Rs 5 each.
Majesco will buy up to 74.7 lakh shares, aggregating to 25% of the total paid-up equity capital of the company, it said in an exchange filing.
The buyback price of Rs 845 per share is a 0.3% discount to Wednesday's closing price.
The total consideration for the buyback is at Rs 631.26 crore.
The buyback will be undertaken from the company's shareholders on a proportionate basis through the tender offer route and is subject to approval of members through a special resolution.
Shares fell as much as 5% to Rs 804.8, post the announcement. The stock is down for four out of the last five trading sessions.
The currency has opened flat in today's session after snapping a two-day losing streak on Wednesday.
The rupee opened at 73.29 against the U.S. Dollar as compared to Wednesday's close of 73.33. It was the third best performer in Asia on Wednesday.
According to Standard Chartered Bank, the appointment of a new rate panel will have limited near-term implications for the rupee and that strong inflows and reserve accumulation by the RBI will remain the key drivers.
Yield on the 10-year government bond opened at 6.012% as compared to Wednesday's close of 6.025%.
Bond traders will monitor Principal Economic Adviser Sanjeev Sanyal's comments that the government recognises the need for further stimulus at an appropriate time to perk up demand in the economy.
The company announced on Wednesday evening that it will consider a proposal for buyback of equity shares at its board meeting on October 13.
The I.T. major will be reporting its second quarter earnings on that day.
Wipro's announcement comes on the heels of TCS announcing a share buyback post its quarterly results on Wednesday.
Shares gained as much as 5.5% to Rs 353.7, and are trading at an all-time high. Shares of the company listed on the American Exchanges (ADRs) ended 4.4% higher overnight.
The stock is up for the second straight day in today's session.
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Indian equity markets opened higher for the sixth straight session, extending their longest winning streak in over a month.
The S&P BSE Sensex opened 0.8% higher at 40,204 while the NSE Nifty 50 index opened above the mark of 11,800, up 0.82% at 11,835. The Sensex is back above the mark of 40,000 for the first time after February 26 this year.
The Nifty I.T. index has opened with gains of 2.5% courtesy gains in TCS, Infosys and Wipro. The Nifty Media index is up 1.1% at the start of trade.
Other indices like Nifty Bank, Nifty PSU Bank have opened with gains of 0.8% while the rest are trading flat but with a positive bias.
Broader markets - which underperformed in Wednesday's session, have opened higher. The midcap index is up 0.4% while the smallcap index has gained 0.8%.
1,078 stocks on the NSE have opened with gains while 360 are declining.
Source: ICICI Direct
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