Scan to Download
Indian equity markets recovered from a volatile 45 minutes of trade to end higher for the fourth straight day.
The S&P BSE Sensex ended 0.4% higher at 40,707 while the NSE Nifty 50 gained 0.3% to end at 11,937. The index had briefly scaled the 12,000 mark in early trading.
The final two hours were a roller-coaster for the Nifty Bank index. The index fell as much as 700 points from the day's high, only to recover in the final minutes, and end with gains of 330 points or 1.3%.
The Realty index continued to outperform for the fourth day in a row. The index ended with gains of 4.4%. The Nifty Metal index was the other big gainer in today's session, ending 2.2% higher.
Among the laggards, it was the FMCG index, which fell 1% in today's session, courtesy losses seen in Colgate-Palmolive and Britannia. In fact, Britannia ended as the top laggard on the Nifty 50 index for the second straight session, declining 4.3%.
Broader markets, which were outperforming the benchmarks at one point, bore the brunt of the volatility to end little changed. The Nifty Midcap index ended 0.2% higher while the Smallcap index ended 0.1% lower.
Market breadth recovered to end in favour of the gainers. 949 stocks on the NSE ended with gains while 848 posted losses.
The makers of Royal Enfield has informed the exchanges that a fire incident took place this afternoon at Royal Enfield's transit stockyard.
There has been no harm or injury to personnel working at the facility, the company said in an exchange filing, adding that all the manpower and personnel have been evacuated from the area.
As of now, the fire is largely contained and the damage to the inventory is negligible, the company said.
The company also said that the incident will not have any adverse impact on the company's operations.
Standard Chartered GBS unit will lease 7.7 lakh square feet space for a period of 15 years in Chennai, in a project developed by DLF and GIC, Bloomberg News reports, citing an interview with DLF's Executive Director, Amit Grover.
However, Grover declined to share a deal value citing confidentiality.
Standard Chartered can pay as much as Rs 100 crore each year for the leasing, according to the Economic Times, which reported the deal earlier without saying where it got the information from.
The construction of the Chennai-project began in January 2020 and is scheduled to be completed in phases over three to six years, according to DLF's website.
Shares ended 2.8% higher at Rs 172.25, up for the fourth straight day.
The company's JV with Altis Holding Corporation has been declared as the L-1 bidder for a new EPC project by the National Highways Authority of India.
The project involves construction of eight lane across controlled expressway on the Delhi-Vadodara section under the Bharatmala Pariyojana. The construction needs to take place in the state of Rajasthan, it said in an exchange filing.
The cost of the 8.3 kilometre long project is pegged at Rs 1,000 crore and has to be completed within a time frame of 30 months.
Shares rose as much as 3.8% to Rs 337.3, post the announcement.
Shares ended 2.4% lower at Rs 1,426, down for the second straight day.
Shares ended 1.9% higher at Rs 4,629, up for the fourth straight day. The stock ended at the highest level in nine months.
The currency ended lower for the third straight session, after a sharp reversal in the equity markets.
The rupee ended at 73.59 against the U.S. Dollar as compared to Tuesday's close of 73.47. Today's intraday high was 73.36 while the intraday low was 73.63.
The currency is the only one in the EM basket that has declined in today's session, ending as the worst performer in Asia.
“The rupee is respecting the strong support of 73. Until it trades above that, the prices will remain between 73-73.6. Only a fall below 73 may drag the rupee towards 72.75, keeping 73.6 as a strong resistance,” Rahul Gupta of Emkay Global Financial Services was quoted as saying.
Yield on the 10-year government bond ended at 5.912% as compared to Tuesday's close of 5.932%.
Shares ended off the lowest point of the day, down 0.3% at Rs 3,252.
Shares ended 9.1% higher - the most in three months, at Rs 246.05 - the highest level in a year.
Shares are off the day's low after falling as much as 2.3% to Rs 74.1. The stock currently trades 0.7% lower at Rs 75.3.
Let's take a look at how the European Markets are trading:
The company at its board meeting today has approved the issue of Non-Convertible Debentures for a sum of Rs 100 crore.
It has also approved the issue of commercial papers for an amount of Rs 50 crore. The NCDs will attract a coupon of 8.85% to be payable annually. The NCDs will be listed on the National Stock Exchange. These will be issued on a private placement basis
Shares are off the day's high after gaining as much as 3.2% to Rs 285.9.
India's largest lender, State Bank of India announced concession in home loan rates by as high as 25 basis points, ahead of the festive season.
The bank will offer interest concessions up to 20 basis points for loans above Rs 75 lakh, based on the CIBIL score.
An additional concession of 5 basis points will be offered if home loans applied through YONO, it said in a statement.
The customer will get a credit score-based concession up to 10 basis points for loans ranging between Rs 30 lakh to Rs 75 lakh.
A additional interest concession of 5 basis points will also be offered to women home buyers.
Shares gained as much as 2.1% to Rs 207.3, trading at the highest level in over a month.
Shares fell as much as 3.3% to Rs 192.3, down for the second straight day.
Shares gained as much as 5.9% to Rs 3,139, snapping a four-day losing streak.
The API manufacturer announced that it has been granted ex parte interim relief from the commercial division of the Bombay High Court.
The relief granted to the company will protect and strengthen its research and confidential information and its position in the 'Benzimidazole derivatives' market, it said in an exchange filing.
It will also prevent the misuse of its extremely valuable proprietary rights and act as a strong deterrent to other infringers.
The relief will enable the company to regain the disturbed market share, achieve better realisations for its products and improve its profitability, the statement said.
Shares gained as much as 8.6% to Rs 78 and are trading at the highest level since May 2018.
The company has informed the exchanges that it has received export orders of nearly 16,000 wheels for the Western Hemisphere market.
The order is valued at $2,44,000, according to the company's press release. The order will be executed in the month of November and December from the company's Chennai plant.
The company is anticipating similar orders going forward from the customer base.
Shares gained as much as 1.5% to Rs 519, before cooling off to trade little changed. The stock is trading at the highest level in seven months.
The currency has opened little changed but with a positive bias in today's session after ending with losses on Tuesday.
The rupee opened at 73.41 against the U.S. Dollar as compared to Tuesday's close of 73.47. It was the third worst performing currency on Tuesday.
Aggressive Dollar buying by PSU Banks, to offset the impact of foreign inflows caused the currency to weaken on Tuesday, according to Reliance securities.
Within the bond markets today, traders will focus on the treasury bill auction of Rs 16,000 crore.
The benign interest-rate outlook and surplus liquidity in the banking system are supporting demand for short-end bonds, according to AU Small Finance Bank.
The company's construction arm has won 'large' contracts for its various businesses, it said in an exchange filing.
A 'large' order, as per L&T's terminology has classified in the range of Rs 2,500 crore - Rs 5,000 crore.
Shares gained as much as 1.5% to Rs 931, post the announcement. The stock is up for the fourth straight day.
The company has approved a plan to expand its capacity by setting up a new clinker and grinding unit.
The clinker unit will have a capacity of 4,000 tonnes per day while the Grinding unit will have a capacity of 1 MTPA, according to the company's exchange filing.
The estimated cost for the same is pegged at Rs 1,530 crore, which will be funded through a mix of long-term debt and equity.
The capex plan is nearly seven times higher than the company's overall market capitalisation of Rs 200 crore.
Shares gained as much as 16.4% to Rs 12.2 and are up for the third straight day.
Shares of Hindustan Zinc gained as much as 4.2% to Rs 232.25 and are up for the fourth straight day.
Shares of Vedanta gained as much as 2.6% to Rs 101.8, and are up for the third straight day.
Indian equity markets opened higher for the fourth straight day, in-line with the positive sentiment across most Asian markets.
The S&P BSE Sensex opened 0.55% higher at 40,767 while the NSE Nifty 50 opened above the 11,900 mark - up 0.5% at 11,958.
All sectoral indices have opened with gains. The Nifty Media and Nifty PSU Bank index have opened with gains of 0.8% while Nifty Auto is up 0.7%. Nifty Bank, Nifty FMCG, Nifty Metal and Nifty Realty have opened with gains of 0.5% each.
Broader markets, which outperformed the benchmarks on Tuesday have begun the trading day on a positive note. The Nifty Midcap index is up 0.4% while the Smallcap index gained 0.7%.
1,102 stocks on the NSE have opened with gains while 354 are declining.
Source: ICICI Direct
To know more about earnings reported after market hours, key brokerage updates and F&O cues, click here.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
