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Indian equity markets began the new trading week on a positive note, notching up their second straight day of gains, aided by positive sentiment in the global markets.
The S&P BSE Sensex ended 1.1% higher at 40,431 while the NSE Nifty 50 index ended 0.9% higher at 11,873.
Banking stocks were the top performers in today's session. The Nifty Bank ended 3.1% higher while the PSU Bank index was the top sectoral gainer, ending 4.2% higher.
The Nifty Metal and Nifty Realty index gained 1.6% each while the Nifty FMCG index gained 1.3%.
Among the laggards today were Pharma, Media and Auto Stocks. The Nifty Pharma and Nifty Media index fell 1.6% each while the Nifty Auto index was down 1.1%.
Broader markets had a volatile day but managed to close with gains. The Nifty Midcap index gained 0.8% while the Smallcap index was up 0.7%.
India Volatility Index ended off the day's high, up 0.8% at 21.82.
1,070 stocks on the NSE ended with gains while 740 stocks were declining.
Shares ended off the day's high, down 0.5% at Rs 271.
Shares fell as much as 3% to Rs 312, post the announcement before recovering. The stock currently trades 1% lower at Rs 318.5.
Shares gained as much as 8.2% to Rs 249.8, post the announcement before cooling off. The stock currently trades 3.2% higher at Rs 238.3, the highest since December 2019.
The company has informed the exchanges that it has successfully implemented additional capacity of 3 lakh tonnes per annum of White Cement based Wall Putty.
The installation of the additional capacity has been done at the JK White Village in Madhya Pradesh. Commercial dispatches have also commenced, starting today, the company said.
The installed capacity of JK White in the said unit stands at 7 lakh tonnes per annum. Overall white cement-based Wall Putty manufacturing capacity at 12 lakh tonnes per annum.
Shares gained as much as 3.9% to trade at an all-time high of Rs 1,823.65, post the announcement.
Shares are fluctuating between gains and losses, currently trading 0.8% higher at Rs 848, post the announcement.
Shares gained as much as 13% to Rs 12.6, post the announcement. The stock is trading at the highest level in a month.
The company has informed the exchanges that the resolution plan submitted by its wholly-owned subsidiary - JSW Steel Coated Products with regards to the corporate insolvency process of Asian Colour Coated Ispat has been approved by the National Company Law Tribunal, New Delhi.
The resolution plan has been approved with certain modifications and that the written order of the NCLT is awaited, the company said.
Shares gained as much as 2% to Rs 317.2, post the announcement. The stock is up for the fifth straight day and is trading at the highest level in nearly two years.
Let's take at how the European markets are trading:
Edelweiss Alternative Asset Advisors, part of Edelweiss Asset Management announced the closure of its Rs 6,600 Alternative Investment Fund - ESOF III.
This is the largest fund raise in the year in the Indian private credit space, the company mentioned in its exchange filing.
The third in the Special Opportunities Series, ESOF III was launched with an investment mandate centered around the performing credit space with a focus on providing structured credit to Indian companies.
"This presents a huge opportunity for private debt players and it’s reassuring to note that the present market environment has not deterred investors who are keen to participate in India’s long-term growth story," Rashesh Shah, Chairman & CEO of the Edelweiss Group was quoted as saying.
Shares are currently trading 0.5% lower at Rs 56.7.
The company informed the exchanges that it has received an export order of nearly 5,500 wheels for the U.S. truck trailer market.
The order is worth $2,38,000, the company said in its exchange filing. The order will be executed from the company's Chennai plant during the month of November.
The company is anticipating further orders of similar capacity going forward.
Shares gained as much as 4.5% to Rs 482.2 and are up for the second straight day.
Shares gained as much as 16.5% - the most in four months to Rs 43.70 - the highest level in over a month. The stock is up for the second straight day.
The company's board declared details of the rights issue which was announced in September. The company will issue one rights share along with six detachable warrants.
The price of the rights share has been set at Rs 180 per share, which is a 33.5% discount to Friday's closing price.
The price of the warrant has been set at Rs 184 per warrants. One rights share and six detachable warrants will be issued for every 50 fully paid-up equity shared held in the company.
The company will raise Rs 71.3 crore through the rights issue which will open on October 28 and close on November 11. The record date for the same has been set at October 22.
Shares gained as much as 3.1% to Rs 279.8 and are up for the second straight day.
Shares gained as much as 8.1% - the most in a month to Rs 199 - the highest level in eight months. The stock is up for the third straight day.
Shares gained as much as 1.8% to Rs 717.9 and are up for the second straight day.
A block of 2.5 lakh shares, equivalent to 0.5% of the total float exchanged hands in a large deal, according to data from Bloomberg.
The deal took place at Rs 325.5 per share, a discount of 1.9% from today's opening levels. The overall transaction was valued at Rs 8.14 crore.
The number of shares traded represent 5.7% of the 20-day average volume of the stock. The Bloomberg model estimates that the volumes on the stock will reach 23.5 lakh shares by the close of trade.
Shares are currently trading little changed after gaining as much as 2% to Rs 331.85 in early trade.
Shares gained as much as 6.6% to Rs 55.65 - the highest level in over a month. The stock is up for the second straight day. The stock is the top gainer on the Nifty Bank index.
Brokerages like IDBI Capital and Prabhudas Lilladher have upgraded the stock to buy and raised price targets to Rs 2,471 and Rs 2,316 respectively.
Shares gained as much as 3.6% to Rs 2,055 and are up for the third straight day.
The rupee has begun the new trading week with modest losses after ending as the second worst performer in Asia last week.
The currency opened at 73.38 against the U.S. Dollar as compared to Friday's close of 73.34.
Barclays in a note mentions that the rupee may gain further but some near-term weakness is possible if the U.S. Dollar strengthens.
Bond market traders will look forward to the government's plan to convert bonds worth Rs 20,000 crore into longer-dated securities. The government plans to switch bonds maturing in 2021-22 to securities maturing in 2031, 2033 and 2060.
UCO bank believes that the only soothing factor in the higher borrowing is the additional supply in the three-year and five-year segment.
Shares are locked in an upper circuit of 5% at Rs 919.4. The stock is trading at an all-time high.
The company informed the exchanges that it has won orders of 40 MW from retail customers spread across various industries.
The turnkey wind power project orders will be executed across locations in Gujarat and Karnataka, the company said in an exchange filing.
The contracts include supply and commissioning of 2 MW DFIG 113 meters rotor diameter Wind Turbine Generators (WTGs) as well as providing comprehensive operations and maintenance services for the life time of the project.
The orders are to be commissioned by March 2021.
Shares gained as much as 6.8% to Rs 43, before cooling off. The stock is up for the second straight day.
Analysts Raise HDFC Bank’s Price Target On Strong Recovery Prospects
Indian equity markets opened higher for the second straight day, in-line with the positive global sentiment.
The S&P BSE Sensex opened 0.84% higher at 40,318 while the NSE Nifty 50 index opened 1% higher at 11,879. Both Sensex and Nifty had reported losses of over 1% last week.
Among the sectoral indices, the Nifty Bank and Nifty Realty have opened with gains of 1.6% each.
Other indices like Nifty Auto and Nifty Pharma are up 0.8% while the Nifty Metal index is up 0.9%.
Broader markets too have begun the new trading week on a positive note. The Nifty Midcap index is up 0.6% while the Smallcap index has gained 0.7% at the start of trade.
1,121 stocks on the NSE opened with gains while 419 stocks were declining.
Source: ICICI Direct
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