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Indian equity markets ended higher for the fourth straight day, tracking positive global cues and despite no easing in fresh Covid-19 cases in the country.
The S&P BSE Sensex ended 1.3% higher at 36,487 while the NSE Nifty 50 index gained 1.47% to end at 10,763. Both benchmark indices ended at their highest level since March this year.
Among the sectoral indices, banking stocks moved in line with the benchmarks with the Nifty Bank index ending with gains of 1.6%.
The outperformers of the day were auto, metals and real estate stocks. The Nifty Auto index ended with gains of 3%, led by Mahindra & Mahindra which ended as the top performing stock on the Nifty 50 index, with gains of 7.4%. Tata Motors and Maruti also contributed to the gains, ending 5.4% and 3.4% higher respectively.
Other gainers were the Nifty Realty which gained 2.8% while the Nifty Metal index gained 2.4%.
Broader markets too moved in line with the benchmarks. The Nifty Midcap index ended with gains of 1.6% while the Smallcap index ended with gains of 1.77%.
The India Volatility index ended at a four-month low, down 2.2% to 25.19.
Market breadth ended in favour of the advances. 1,120 stocks on the NSE ended with gains while 719 posted losses.
Shares are off the day's high, trading with gains of 6.34% at Rs 66.40.
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Tata Consumer Products' Joint Venture with Starbucks saw a 21% growth in its topline for the year ended March, boosted by new stores in India and strong performance of existing outlets, Bloomberg News reports.
The company added 39 starbucks stores, taking the total count to 185 stores across 11 cities in India.
Tata Group Chairman N Chandrasekaran in a statement on Monday, said that operations in the March quarter were affected due to Covid-19.
He also said that the company is exploring new revenue models including delivery and open pick-up systems.
Shares of Tata Consumer Products are trading near the day's high, up 2.6% at Rs 406.7, up for the third straight day.
The company informed the exchanges that it has won orders worth Rs 1,507 crore.
Out of the total orders, Rs 290 crore is from the Yadadri Thermal Power Projects, sand mining contracts worth Rs 477 crore from the Madhya State Mining Corporation.
It is also the lowest bidder for the EPC tender called by NMDC for the turnkey job of the proposed 12 MTPA installation of the third screening and crushing plant of iron ore at Kirandul, Chhattisgarh.
The order from the Yadadri Thermal Power Plant needs to be executed over 26 months.
Shares gained as much as 7.5% to Rs 504, post the announcement.
Source: India Ratings Statement
Let's take a look at how benchmark indices across Europe have opened:
The company at its board meeting held today has approved a buyback of equity shares.
The company will buyback 19.9 lakh equity shares at a price not exceeding Rs 550 per share.
The buyback price is a 15.5% premium to Friday's closing price of Rs 476.
The total buyback size is worth Rs 110 crore, according to the company's exchange filing.
Shares are off the day's high, after gaining as much as 10.75% to Rs 527.9. The stock is up for the seventh straight day, the longest gaining streak since December 2018.
Shares are trading at the day's high, gaining as much as 7.1% to Rs 250.80, up for the fifth day in a row.
Shares fell as much as 9.1% - the most in three months to Rs 58.05.
The company informed the exchanges that the Share Purchase Agreement with Proud Securities & Credits has been mutually terminated, due to non-receipt of necessary regulatory approvals, in accordance with the terms of the agreement.
L&T Finance had signed a share purchase agreement to sell 100% stake in L&T Capital Markets (Middle East) to Proud Securities and Credits in November 2019.
Shares gained as much as 5.25% to Rs 71.20.
Shares of the Indian Energy Exchange gained as much as 4.1% to Rs 195.60, and are up for the fourth straight day.
Shares are off the day's low, after falling as much as 4.4% to Rs 342.75.
Shares gained as much as 18% - the biggest single-day gain since May 2014 to Rs 36.3.
The company has informed the exchanges regarding another order win for the U.S Caravan Trailer market.
The export order consists of over 1.19 lakh wheels and will be executed in the month of August from the company's Chennai plant.
The orders are valued at $1 million, according to the company's exchange filing.
According to the company, this is the largest monthly order from one customer. Ramp up of production at the Chennai facility will increase further post this development.
Shares gained as much as 2.1% to Rs 441, snapping a two-day losing streak.
Shares gained as much as 6% to Rs 235.8, snapping a three-day losing streak.
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The company's Board of Directors at a meeting held today have approved the divestment of the entire 51% share holding in Raheja QBE General Insurance Company - a material subsidiary to QORQL Pvt. Ltd.
QORQL is a technology company with a majority shareholding of Vijay Shekhar Sharma and the remaining shares are held by Paytm.
The total aggregate consideration of this deal is Rs 289.68 crore, subject to receipt of approval by the company's shareholders.
The company estimates the sale to be completed by March 31, 2021.
Shares are locked in an upper circuit of 10% at Rs 48.4.
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Shares gained as much as 3.36% to Rs 1,110. The stock is among the top performers on the Nifty 50 index and the top contributor to the Nifty upside.
Indian equity markets opened higher for the fourth straight day, tracking positive cues from Asia and strong trade in the U.S. futures.
The S&P BSE Sensex gained 0.8% on open at 36,313 while the NSE Nifty 50 index opened above the mark of 10,700 at 10,723, up 1.1%.
Benchmark indices had posted their fifth weekly advance in the last six weeks on Friday.
Among the sectoral indices, the Nifty Bank opened 2% higher at 22,270. The Realty index opened with gains of over 1% while the others gained between 0.5-1% in opening trade.
Broader markets moved in tandem with the benchmarks. The midcap index opened 0.7% higher while the smallcap index gained 0.8%.
Market breadth was in favour of the advances. 1,132 stocks on the NSE opened with gains while 415 opened with losses.
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To know more about key brokerage updates, earnings reported after market hours and other cues, click here.
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