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Indian equity markets managed to partly recover Monday's losses, ending a volatile trading session with gains.
The S&P BSE Sensex ended 0.7% higher at 38,900 while the NSE Nifty 50 index ended 0.73% higher at 11,470. Benchmark indices fluctuated between gains and losses throughout the session.
Metal and Pharma were the outperforming sectors in today's session. The Metal index ended with gains of over 3% while the Pharma index gained over 2.3%.
FMCG and Media were the other sectoral gainers with both indices ending with gains of over 1% each.
Banks underperformed in today's session. While the Nifty Bank ended 0.2% higher, the PSU Bank index ended 0.2% lower.
I.T. was the top sectoral laggard in today's session. The Nifty I.T. index ended 0.6% lower.
Broader markets were mixed in today's session. While the midcap index gained in-line with benchmark indices, ending 0.8% higher, the smallcap index was muted, posting modest gains in today's session.
The India Volatility Index ended 5% lower after Monday's surge of over 20%. The index ended at 21.72.
Market breadth remained in favour of the laggards. 1,008 stocks on the NSE ended with losses while 804 stocks gained.
Shares are currently trading 3% lower and are among the top laggards on the Nifty 50 index.
Shares fell as much as 8.6% - the most in five months to Rs 185.2. The stock is the worst performer on the Nifty Smallcap index.
Shares recovered from the day's low to gain as much as 3.1% to Rs 458.2, post the announcement.
Shares gained as much as 3.9% to Rs 2,174, snapping a three-day losing streak.
Shares gained as much as 3.1% to Rs 69.75, post the announcement. The stock has snapped a two-day losing streak.
The company's arm Biocon Biologics and Mylan announced the launch of Semglee (Insulin Glargine injection) in the U.S. market on Monday.
Semglee available in vial and pen presentations at a 65% discounted list price, the company said in an exchange filing.
The injection is approved to help control high blood sugar in adult and pediatric patients with type 1 diabetes and in adults with type 2 diabetes.
Shares gained as much as 6.1% to Rs 399.25 - the biggest single-day gain in three months.
Let's take a look at how benchmark indices in Europe have opened:
Shares gained as much as 2.2% to Rs 620.25, post the announcement.
Overall sales down 53% in August to 320 units
The company sold 202 units in the April-June period, a decline of 95% compared to last year.
Sales in July were down 64% to 307 units compared to the same period last year.
Overall sales for the April-August period are now down 86% to 829 units, down from 5,816 units for the same period in FY20.
Shares gave up gains of as much as 2.3% to trade little changed post the announcement.
Shares of Bharti Airtel gained as much as 5% to Rs 539 while those of Vodafone Idea reversed gains to fall as much as 15% to Rs 8.7, post the verdict.
Shares of the company are locked in a lower circuit in today's session. Norges Bank sold 95 lakh shares of the company in Monday's trade at Rs 158.61 per share.
The amount of shares sold by Norges Bank amount to 1.75% stake of the company.
Shares are locked in a lower circuit of 10% at Rs 146.1. The stock ended 20% higher in Monday's trading session, post which its price band was revised to 10% from 20%.
Shares snapped a three-day gaining streak, during which it gained over 30%.
The state-run company informed the exchanges on Monday that it has won an order from the Ministry of Defence worth Rs 842 crore.
The order pertains to supply of 330 high mobility vehicles for the Pinaka Project.
Pinaka is a multi-barrel rocket launcher developed indigenously for the Indian army, the company said in an exchange filing.
The equipment will be manufactured at the company's Palakkad plant in Kerala and will be delivered to the ministry over a period of three years.
Shares gained as much as 4.8% to Rs 700, post the announcement.
Larsen & Toubro on Monday announced closure of the strategic divestment of its Electrical & Automation (E&A) division to Schneider Electric.
The transaction was an all-cash deal worth Rs 14,000 crore and was announced in May 2018.
The divestment is in-line with L&T's stated goal of unlocking value for future growth, the company said in an exchange filing.
Schneider Electric will use related brand insignia for a specified period as the brand is very popular and has a strong brand recall in the switchgear market.
“This all-cash deal will help us create a much stronger balance sheet, thereby creating long-term value opportunities for our stakeholders by focusing on key aspects of business,” SN Subrahmanyam, MD & CEO of L&T was quoted as saying.
Shares of Larsen & Toubro are off the day's high, after gaining as much as 2.2% to Rs 966.
Shares of Schneider Electric gained as much as 9.4% - the most in three months to Rs 87.85.
The company has informed the exchanges that it has revised the prices of all grades of Ferro, SMGR Grades (Mn30% and Mn25%), Fines and Chemical grades higher as compared to the previous month.
Prices have been revised higher by 10% as compared to the month of August, the company said in an exchange filing.
The new prices will take effect today onwards.
Shares gained as much as 6.7% - the most in two months to Rs 157.4. The stock is the top performer on the Nifty Smallcap index.
The company has informed the exchanges that it has received an export order of nearly 42,000 wheels for its U.S. and EU Trailer market.
The order, worth $4,55,000 will be executed in the month of September and October from the company's Chennai plant, it said in an exchange filing.
As businesses have picked up speed, orders of similar capacity are anticipated from the same customer base, the company said.
Shares are currently trading little changed, declining for the second straight day.
India's August manufacturing Purchasing Managers Index rose to the highest level in seven months, a day after the country reported a record contraction in GDP for the April-June period.
Manufacturing PMI for August stood at 52 as compared to 51.4 during the same period last year and 46 for the month of July. The last time the reading was above the mark of 50, was in February this year.
Output too rose to its highest since February with the index rising to 55.5 from 44, according to a press release from IHS Markit.
New orders rose as compared to the previous month, IHS Markit said.
A reading above 50 indicates expansion while that below 50 indicates contraction.
The company informed the exchanges that the Advertising Sales Agreement that it had entered into with TV Today Network has been terminated.
Both parties mutually agreed to terminate the ASA from September 1, the exchange filing said.
The company had entered into an agreement with TV Today Network in August 2016 in relation to the latter's three private FM radio stations at New Delhi, Mumbai and Kolkata.
ENIl was to support TV Today NEtwork to market and sell the radio airtime on various platforms to third parties, with respect to the three radio stations.
Shares fell as much as 5.4% - the most in over four months to Rs 154.9. The stock is declining for the fourth straight day.
Shares of TV Today Network trade little changed at Rs 230.
Shares rose as much as 1.5% to Rs 6,940, post the announcement.
The rupee opened higher in today's session after snapping a three-day gaining streak on Monday, led by volatility in the equity markets.
The rupee opened at 73.21 against the U.S. Dollar as compared to Monday's close of 73.62. It now trades at the highest level in six months.
Yield on the 10-year government bond opened at 5.946% as compared to Monday's close of 6.117%. Yields cooled off after the Reserve Bank of India announced various measures on Monday.
Within the bond markets today, states will sell debt worth Rs 11,250 crore.
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Bharti Infratel's board of directors approved the scheme of arrangement with Indus Towers. The company will now approach the NCLT to make the scheme effective.
Based on adjustments, Vodafone Idea is likely to have a 28.2% stake in the merged entity while current Infratel shareholders to have a 68.6% stake, according to the exchange filing.
The cash consideration for Vodafone Idea's 11.15% shareholding in Indus Towers is around Rs 4,000 crore.
Shares of Bharti Infratel gained as much as 5.2% to Rs 208.8, while those of Vodafone Idea gained as much as 7.35% to Rs 10.95 - the highest level in two months.
The Supreme Court has allowed the company's arm - Adani Power Rajasthan Ltd. to recover compensatory tariff from discoms.
The compensatory tariff pertains to higher cost of imported coal, Bloomberg News reports, citing a verdict published on the Court's website.
As per the verdict, power discoms in Rajasthan will pay Adani higher tariff from 2013. The company had sought compensatory tariff since 2013.
The court upheld orders of the electricity tribunal while rejecting the appeal by Jaipur Vidyut Vitran Nigam.
The court said that the discoms must pay interest on past dues at a maximum of 9% interest compounded annually.
Shares gained as much as 5.9% to Rs 39.45, snapping a four-day losing streak.
Shares rose as much as 4.3% to Rs 1,134, snapping a two-day losing streak, post the announcement.
Indian equity markets opened higher after their biggest fall in over three months on Monday.
The S&P BSE Sensex opened 0.33% higher while the NSE Nifty 50 index opened 0.7% higher at 11,464. Both indices fell over 2% on Monday.
To know more about earnings reported after market hours, key brokerage updates and F&O cues, click here.
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