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Indian equity markets ended higher on Tuesday, tracking positive cues from Asia and led by an outperformance in Banking and Pharma stocks.
The S&P BSE Sensex ended 0.74% higher at 39,044 while the NSE Nifty 50 gained 0.7% at the close of trade to end at 11,521.
Banking stocks, which were responsible for the indices ending lower on Monday, outperformed the indices in today's session. The Nifty Bank ended with gains of 1.8% or 400 points.
Pharma stocks were the other outperformers in today's session. The index ended off the highest point of the day, but with gains of nearly 2%.
Most other sectoral indices ended flat in today's session. The realty index was the top laggard, ending with losses of 0.7%.
Broader markets outperformed the benchmarks for the second day running. The midcap index recovered from the day's low to end 1% higher while the smallcap index gained 1.5% as trading came to a close.
India Volatility Index fell 3.75% to 20.4.
Market breadth remained in favour of the gainers. 1,105 stocks on the NSE ended with gains while 713 stocks declined.
The company has informed the exchanges that it has fully repaid all the loans against pledged shares of the company.
"Hence, all the shares held in promoters' account / companies are free from any encumbrance whatsoever," the company said in an exchange filing.
Shares are at the day's high, up as much as 8% to Rs 447.4, the highest level since September 2018.
Shares fell as much as 4% to Rs 1,257.
CRISIL ratings expects demand for residential real estate in the country to drop by 50-70% in FY21, Bloomberg News reports.
The financial fallout due to Covid-19 is attributed to be one of the major reasons for the same, the rating agency wrote in a note.
CRISIL also expects a correction in real estate prices by 5-15%, the note said, adding that small-to-medium sized developers will face a nearly 200% rise in funding gap this financial year.
"Given the tight liquidity, some of these players will be vying for tie-ups with larger established names," the note said.
The company has informed the exchanges that it has been declared as the L-1 bidder for a State Water and Sanitation Mission project in Uttar Pradesh.
The project involves construction of Kachonda Kalan Group of villages water supply scheme in the Lalitpur district of the state.
The commissioning, operation and maintenance for the project will be for a period of 10 years.
The project is valued at Rs 196 crore, the company said.
Shares gained as much as 5% to Rs 17.9, post the announcement.
The company has informed the exchanges that it has received a Letter of Intent from Epicons Consultants for the construction of a new academic building.
The new academic building is for the South Indian Education Society at TTC Industrial Area, Navi Mumbai, the company said in an exchange filing.
The order, worth Rs 31.57 crore has been awarded on an item rate basis and has to be completed within 12 months from the date of receipt of this Letter of Intent.
Shares gained as much as 2.2% to Rs 9.81, post the announcement.
Let's take a look at how benchmark indices across Europe have opened:
Shares fell as much as 4.3% to Rs 56.1. The stock has declined in nine out of the last 12 trading sessions.
Shares gained as much as 4.6% to Rs 1,698, before cooling off. The stock is up for the fourth straight day.
28 lakh shares of the company exchanged hands in a single large trade on the Bombay Stock Exchange.
The deal was worth Rs 79 crore as per data available on Bloomberg.
Buyers and sellers in the trade were not known.
Shares gained as much as 5.8% to Rs 283.5. The stock gained the most in three months and is trading at the highest level in nearly seven months. Shares are trading higher for the third straight day.
Shares fell as much as 2.9% to Rs 130.1. The stock is down for the second straight day and has declined in six out of the last eight trading sessions.
The company at its board meeting on Monday informed that it has decided to sell its entire shareholding in its subsidiary, APA Engineering. The company currently holds 58% stake in the subsidiary.
It has also decided to initiate liquidation proceedings of Navitas Life Sciences GmbH, a unit based in Germany. The company has attributed the external and internal events arising from Covid-19 as the reason behind this move.
"The liquidity and business constraints, consequent to the impact of Covid-19 pandemic, have significantly impacted operations of the step-down subsidiary," the statement said.
Shares fell as much as 11.7% - the most in six months to Rs 43.9 - the lowest level in a month.
The company has informed the exchanges that it has received an export order of nearly 5,100 wheels from the EU Caravan trailer market.
The order is valued at 45,000 Euros and will be executed in the month of October from the company's Chennai plant.
The company anticipates orders of similar capacity from the same customer base.
Shares gained as much as 3.2% to Rs 460.5, post the announcement. The stock is up for the second straight day.
The currency opened higher for the second straight day, after recovering from the day's low on Monday to post modest gains.
The rupee opened at 73.37 against the U.S. Dollar as compared to Monday's close of 73.48. The focus today will be on the trade data for the month of August. The country is likely to report a trade deficit of $7 billion in August.
Yield on the 10-year government bond opened at 6.02% as compared to Monday's close of 6.041%.
India's Consumer Price Inflation rose 6.7% in August, reducing the room for further rate cuts from the central bank.
Traders will also watch for the sale of state government bonds worth Rs 12,500 crore.
The lender informed the exchanges on Monday that it has been granted an exemption by the Reserve Bank of India, under the Banking Regulation Act, 1949, with regards to its shareholding above 30% in ICICI Lombard and ICICI Prudential.
The exemption is for a period of three years, until September 2023, the bank said in an exchange filing.
The bank also said that currently it has no plans to divest less than 50% shareholding in ICICI prudential and that there would be no impact on the current distribution arrangements.
The above exemption would facilitate compliance with rules if the proposed acquisition of another general insurance business, made by ICICI Lombard is consummated. The said transaction may bring ICICI Bank's shareholding in ICICI Lombard to less than 50%.
Shares gained as much as 2% to Rs 371, snapping a two-day losing streak.
Shares gained as much as 16.4% - the most since March 2011 to an all-time high of Rs 965. The stock is up for the fourth straight day, the longest streak in nearly two months.
Shares of the manufacturer and distributor of Indian cusine are gaining at the start of trade after investor Ashish Kacholia purchased stake in the company.
As per data available on the exchanges, Kacholia acquired 0.74% stake in the company at Rs 377.99 pe share.
Shares are locked in an upper circuit of 5% at Rs 399.75 per share. This is the biggest single-day gain seen by the stock in nearly six months.
The stock is up for the second straight day and is trading at a one-month high.
Indian equity markets opened higher, tracking positive cues from Wall Street and mixed ones from the Asia Pacific.
The S&P BSE Sensex opened 0.38% higher at 38,904 while the NSE Nifty 50 index gained 0.4% to 11,487 at the start of trade.
Among the sectoral indices, the Nifty PSU Bank index is the top gainer, opening with gains of 0.7% while indices like Nifty Metal and Nifty Media gained 0.6% each.
Broader markets extended Monday's gains at the start of trade. The midcap index opened 0.6% higher while the smallcap index gained 0.8%.
Market breadth stood in favour of the gainers. 1,146 stocks on the NSE opened with gains while 332 stocks declined.
Source: ICICI Securities
For details on earnings reported after market hours, key brokerage updates and F&O cues, click here.
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