Scan to Download
A recovery in banking stocks propelled the Indian equity markets to reverse Monday's losses and end near the highest point of the trading day.
The S&P BSE Sensex ended 1.47% higher at 38,492 while the NSE Nifty 50 index ended 1.5% higher at 11,300. 42 out of the 50 Nifty constituents ended with gains. UltraTech emerged as the top Nifty gainer, ending 7% higher post its first quarter results.
The Nifty Bank recovered a quarter of Monday's 800 point loss. The index ended with gains of 1.2% or 260 points.
Auto stocks were the top performers in today's session. The Nifty auto index ended with gains of 3.2%. Other gainers included the Nifty I.T. (up 2.3%) which gained for the third straight day, Nifty Metal which gained 2.2% and the Nifty Realty index which gained 1.6%.
Broader markets were mixed. The midcap index underperformed with gains of 0.9% while the smallcap index ended in-line with benchmark indices with gains of 1.4%.
Market breadth ended in favour of the gainers. 955 stocks on the NSE ended with gains while 872 declined.
Shares are at the day's low, down 2.8% to Rs 138.3, down for the fourth straight day.
Thierry Bollore has been appointed CEO of the company's wholly-owned subsidiary Jaguar Land Rover, the company said in a press statement.
Bollore will replace Ralf Speth will take over as the Non-Executive Vice Chairman of JLR, the statement said. The appointment is effective September 10, 2020.
Bollore was previously CEO at Groupe Renault and in senior positions at Faurecia.
Shares ended 4.7% higher at Rs 106.45, snapping a two-day losing streak.
Shares ended 7.2% higher at Rs 4,136. This was the biggest single-day gain for the stock in over three months. The stock has ended at the highest level in nearly five months.
Shares fall as much as 6.6% to Rs 11.7, post the announcement.
Auditor Qualification May Be A Fresh Headache For Zee Entertainment
Shares gained as much as 6% to Rs 286.45, before cooling off.
Let's take a look at how Benchmark indices have opened across Europe:
Equity Mutual Funds in India may witness their first monthly net outflows in more than four years as investors continue to cash out to tide over the pandemic-related credit crunch, Bloomberg News reports.
Net withdrawals from stock plans may top Rs 1,000 crore in July, Nilesh Shah of Kotak Mahindra Asset Management and AMFI Chairman told Bloomberg.
“Gross flows to equity funds are holding up but there's no let-up in redemptions. There will be a net flow for July as things stand today,” Shah said.
Sunil Subramaniam of Sundaram Asset Management expects redemptions to go up since markets have continued to rise this month.
The Sensex is up 9.5% and the Nifty has gained 9% this month so far.
Key Factors At Play For Nestle India:
Shares fell as much as 3.3% to Rs 571. The stock is down for the third straight day.
Shares fell as much as 3.6% to Rs 53.4 but are currently off the day's low.
The company's promoter Mahesh Shetty will be selling 2.47% of his stake in the company or 17.83 lakh shares through an Offer For Sale.
The floor price for the same has been set at Rs 13 per share.
The OFS for non-retail investors is currently open for subscription while that for retail investors will open tomorrow.
As per the company's shareholding pattern for the June quarter, Shetty held close to 18.35% stake.
The stake sale will fetch Shetty a sum of Rs 3.2 crore.
Shares gained as much as 4.3% to Rs 13.2, snapping a two-day losing streak.
The company with a market capitalisation of Rs 338 crore has approved a share buyback worth Rs 4.4 crore. It will buyback a maximum of 11 lakh shares.
The buyback price for the same has been set at Rs 40 per share, which is a 33% premium to Monday's closing price.
The share buyback represents 2.99% of the total paid-up equity share capital of the company.
Shares gained as much as 8.9% to Rs 33.1, before cooling off.
The tower company's earnings were in-line with Bloomberg consensus estimates. It reported a rise in quarterly profit despite lower rentals and modest tenancy additions.
Operational performance too was largely in-line with estimates. Ebitda rose 6.4% from the previous quarter while margins expanded to 51.6% from 46.9% in the fourth quarter last year.
Tenancy ratio stood at 1.82 times from 1.84 times last quarter.
The board of directors have extended the long stop date of the company's merger with Indus Towers till August 31. It has also recommended a dividend of Rs 2.3 per share.
Brokerage firm Morgan Stanley has maintained its underweight rating on the stock with a price target of Rs 175.
Shares trade near the day's low, down 3.35% at Rs 187.75. The stock is down for the third straight day and is the top laggard on the Nifty 50 index.
The currency opened with modest losses after ending unchanged on Monday.
The rupee opened at 74.87 against the U.S. Dollar as compared to Monday's close of 74.83.
The currency gave up all of its intra-day gains on Monday to end unchanged.
DCB Bank believes that the support for the USD-INR pair is seen at 74.50, adding that a dollar crash as a result of G-10 currency strength may lead to breaking of those levels.
Within the bond markets, 11 Indian states plan to sell bonds worth Rs 14,000 crore in today's session.
South Indian Bank believes that the short-end of the sovereign curve has run out of juice and that their rally is nearly over.
The company's Board of Directors have approved the issuance of rated, secured, redeemable Non-Convertible Debentures (NCDs) worth Rs 10 lakh each.
The NCDs worth Rs 150 crore will be allotted on a private placement basis.
The company will retain the oversubscription option up to Rs 350 crore, the exchange filing said.
Shares gained as much as 2.5% to Rs 187. The stock is now trading at the highest level in six months.
The defence PSU reported a net profit during the quarter, contrary to Bloomberg consensus expectations of a net loss. Profit however declined 74% compared to the previous year while Ebitda fell close to 60%.
Margins halved as compared to the same period last year. Order book for the company stood at Rs 53,752 crore.
The company in a press statement said that revenue and profitability was impacted due to Covid-19 related developments.
Shares are trading at the day's low - down as much as 3% to Rs 96.5. The stock is trading lower for the third straight day.
Brokerage firm CLSA has maintained its outperform rating on the stock and raised its price target to Rs 700 from Rs 750.
Shares gained as much as 5.7% to Rs 702.7. The stock is up for the fourth straight day and is the top gainer on the Nifty 50 index.
Indian equity markets opened flat after posting losses in Monday's trading session.
The S&P BSE Sensex opened 0.3% higher at 38,052 while the NSE Nifty 50 index opened 0.2% higher at 11,154.
All sectoral indices have opened flat. The Nifty Bank opened 0.4% higher after a 3.6% drop on Monday. The Realty index opened 0.5% higher while the rest were little changed.
Broader markets have opened with gains. Smallcap index is outperforming with gains of 0.6% while the Midcap index gained 0.2%.
Market breadth opened in favour of the gainers. 946 stocks on the NSE are advancing while 491 are declining in the initial minutes of trade.
For all that you need to know going into today’s trade, click here.
Get your daily fix of the global markets here.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
