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Indian equity markets gained for second straight day, after a last hour surge took benchmark indices to their highest point of the day.
European markets continue to trade with modest losses while futures on the Dow Jones are at the day's high, up 270 points.
The S&P BSE Sensex ended 2 percent higher at 30,818, nearly 700 points off the day's low. The NSE Nifty 50 index too ended with gains of 2.1 percent at 9,066, rebounding almost 200 points from the lowest point of the day.
42 out of the 50 Nifty constituents, ended with gains. Broader markets underperformed the benchmarks with the midcap and smallcap index gaining 1.7 and 1.1 percent respectively.
Market breadth remained in favour of the advances throughout the trading session. 1,065 stocks on the NSE ended with gains while 669 posted losses.
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Shares gained as much as 9.8 percent to Rs 43 post the announcement.
OLA’s revenue has come down by 95 percent over the past two months. The crisis necessitates the need to conserve cash aggressively so that we are able to invest in opportunities in the future.Bhavish Aggarwal, Co-Founder, OLA
The rupee ended with losses in today's trading session after opening with modest gains, failing to add on to the gains made in Tuesday's trading session.
The currency ended at 75.80 against the U.S. Dollar as compared to Tuesday's close of 75.64. The 0.2 percent fall today made rupee the second worst performing currency among its Emerging Market Peers, only behind the South Korean Won.
Yield on the 10-year bond ended little changed at 5.782 percent as compared to Tuesday's close of 5.77 percent.
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Borrowing costs for state-run insurers is on the rise. Rural Electrification Corporation on Tuesday priced rupee-bonds maturing in 10 years at 7.79 percent, 24 basis points higher than a similar deal closed last week.
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Lets take a look at how benchmark indices across Europe have opened:
The stock currently trades 1.4 percent higher at Rs 3,487 ahead of its earnings.
Shares of the company gained as much as 6.1 percent to Rs 46.4 on the National Stock Exchange and snapped a four-day losing streak.
Morgan Stanley Asia acquired 19.68 lakh shares of the company at Rs 44.39 per share on Tuesday. The acquisition amounts to 0.58 percent stake in the company.
Shares have advanced only twice (including today) in the last 10 trading sessions. Shares trade 11.5 percent lower in the last 10 sessions, despite today's gain.
The small finance division of Ujjivan reported a 45.9 percent growth in its Net Interest Income to Rs 466.6 crore. Net profit rose 14.7 percent while provisions more than tripled compared to the previous quarter to Rs 97 crore.
Gross and Net NPA stood at 0.97 percent and 0.2 percent respectively.
Shares gained as much as 6.4 percent to Rs 28.25 and are up for the second straight day.
23.82 lakh shares of the utility company exchanged hands in a single large trade, according to Bloomberg data.
The trade took place at Rs 157.95, for which the buyers and sellers are not immediately known.
Shares currently trade little changed at Rs 158, after gaining as much as 1.65 percent.
The company announced the submission of an Abbreviated New Drug Application (ANDA) for Fluticasone Propionate and Salmeterol inhalation powder to the U.S. FDA., as reported by Bloomberg News.
The drugmaker had recently announced the successful completion of its Phase-3 clinical end-point study for the product in the first attempt.
The said drug is used to treat asthma in patients aged four and older. It is the generic version of GSK's Advair Diskus.
Advair Diskus and its equivalents had U.S. sales of $2.9 billion for the 12-month period ending March 2020, as per the IQVIA.
Shares gained as much as 3.2 percent to Rs 613.8 and are among the top performing stocks on the Nifty 50 index.
The Board of Directors of the company at a meeting held today have approved the issue of Secured, Listed, Redeemable, Non-Convertible Debentures (NCDs).
The NCDs, worth Rs 500 crore are proposed to be listed on the Wholesale Debt Market segment of the National Stock Exchange.
The tenure of the instrument is 36 months while the coupon rate will be 8.55 percent per annum, as per the company's exchange filing.
The stock remains the top performer on the Nifty Pharma Index, up 2.62 percent at Rs 902.4.
Shares trade lower by as much as 1.34 percent to Rs 659.65 on the National Stock Exchange.
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The Board of Directors have also recommended a final dividend of Rs 15.5 per equity share of Re 1 each.
Shares gained as much as 7.7 percent to a two-month high of Rs 1,799. The stock is also the top performer on the Nifty Midcap index.
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The pharma company has informed the exchanges that its manufacturing plant-3 in Bachupally has received an Establishment Inspection Report (EIR) from the U.S. FDA.
The EIR implies a closure of the audit. The said unit had received a form 483 with one observation in February.
Shares are trading little changed at Rs 3,713, up 0.4 percent. The company will also be reporting its fourth quarter results today.
The company's board has also approved raising Rs 1,500 crore via NCDs.
Shares gained as much as 6.6 percent to Rs 34.6 and are up for the second straight day.
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Indian equity markets opened little changed in mid-week trading, tracking mixed to negative cues from Asia and the U.S. Asian markets remain mixed while futures on the Dow Jones are trading 150 points higher.
The S&P BSE Sensex opened 0.1 percent lower at 30,159 while the NSE Nifty 50 index opened 0.1 percent higher at 8,889.
All sectoral indices opened flat. The FMCG index opened 0.4 percent higher while the Auto index opened lower by a similar quantum.
Market breadth on the NSE was in favour of the advances. 797 stocks opened with gains while 537 opened with losses.
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