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Indian equity markets gave up all the gains made in the session, led by a last-hour sell-off in heavyweight Reliance Industries.
The S&P BSE Sensex ended little changed at 36,051 while the NSE Nifty 50 index ended 0.26% higher at 10,634. Benchmark indices fell 750 and 200 points respectively from their day's high.
Reliance Industries led the sell-off in indices. The stock ended 4% lower after Chairman and Managing Director Mukesh Ambani said that the proposed deal with Saudi Aramco has not progressed as per plan.
On the other hand Wipro, gained the most since May 2004, ending with gains of 16.9% after its first quarter results.
Among sectoral indices, the realty index ended as the top laggard; with losses of over 2% while the media index ended 1.7% lower. The I.T. index sustained gains through the day, ending 5.24% higher. PSU Bank index was the other sectoral laggard, ending 1.4% lower.
Broader markets too gave up gains. The midcap index ended 0.7% lower while the smallcap index ended little changed.
Market breadth turned adverse, ending in favour of the laggards. 1,082 stocks on the NSE ended with losses while 747 posted gains.
Shares are recovering from the day's low, now down 0.6% to Rs 50.8.
Shares gave up gains of as much as 5% to fall as much as 1.4% to Rs 347.45, post the announcement. The stock is down for the fourth straight day.
The rupee has ended with gains in today's session after falling to a two-week low on Tuesday.
The currency ended at 75.15 against the U.S. Dollar as compared to Tuesday's close of 75.43.
Today's gains meant that the rupee ended as the second best performing currency in Asia after the South Korean Won.
Yield on the 10-year bond ended at 5.813% as compared to Tuesday's level of 5.825%.
The state-run bank has raised Rs 764 crore through AT-1 bonds. The coupon rates for the bonds has been set at 8.25%.
The Basel-III compliant bonds have been raised on a private placement basis.
Perpetual bonds have call option after five years and every year thereafter.
The stock trades 0.31% lower at Rs 48.85.
Titan expects the customers to spend relatively more on jewellery as compared to other discretionary spends as gold remains a valuable store of value.
Shares gave up gains to trade little changed at Rs 972.50.
Let's take a look at how benchmark indices have opened across Europe:
The board approved the allotment of 341.5 crore shares to 14 anchor investors at the lower end of the price band of Rs 12 per share.
Bay Tree Holdings, HDFC Life Insurance, Amansa Holdings, Hinduja Leyland Finance are among the investors who were allotted shares.
The board will meet on or after July 18 to determine the offer price as well as the anchor investor price.
Shares fell as much as 3.1% to Rs 20.3, down for the fourth straight day.
Dabur's promoters, the Burman family acquired 61.68 lakh shares of the company, amounting to an 8.49% stake at Rs 81.8 per share.
IL&FS Financial Services sold 7.08% stake or 51.48 lakh shares are Rs 81.8 per share while Vistra ITCL sold 12.19 lakh shares or 1.68% stake at Rs 81.85 per share.
The overall stake of the family in the company now stands at over 19%.
Shares gained as much as 10% to Rs 98, up for the second straight day.
The Delhi High Court's division bench has dismissed Essel Group's appeal against the single judge order.
The court has allowed IDBI Trusteeship to sell Zee Entertainment and Dish TV's shares pledged with it.
The Essel Group had argued that the single judge order failed to account for the extraordinary situation caused by the Covid-19 pandemic.
The Division bench said that by no measure, the single judge order appears against the law.
Shares of Zee Entertainment gave up gains to fall as much as 1.6% to Rs 163.65, post the announcement.
Shares of Dish TV trade 2.7% higher at Rs 7.65.
India's largest passenger car maker announced a voluntary recall of 1.34 lakh units of its WagonR (1 litre) and Baleno models, over a possible issue with the fuel pump.
The company will recall 56,663 units of WagonR manufactured between November 15, 2018 and October 15, 2019, it said in an exchange filing.
It will also recall 78,222 units of Baleno manufactured between January 8, 2019 and November 4, 2019.
The faulty parts will be replaced free of cost. Owners of the suspected vehicles will be contacted by the company's authorised dealers in due course of time.
Shares are trading near the highest point of the day, up 1.53% at Rs 5,860.
Shares are off the day's high after gaining as much as 2.5% to Rs 233.60.
The company reported a 74.1% decline in its revenue for the quarter ending June. It also reported a net loss of Rs 28.2 crore as compared to a net profit of Rs 42.5 crore during the same period last year.
The gaming and hospitality operations reported zero revenue during the quarter due to the Covid-19 enforced lockdown and subsequent travel restrictions.
However, the company reported a 60% growth in its online gaming revenue to Rs 57 crore.
In an exchange filing, the company said that Adda52 has seen strong traction and is growing at a faster pace.
It paid a licence fee of Rs 25.3 crore in the current quarter and has also made a representation to the Goa Government for waiver of the casino licence fee.
Shares are locked in an upper circuit of 5% at Rs 93.85.
The currency staged a rebound as well in today's session, in-line with that of the equity markets and weakness in the U.S. Dollar.
The rupee opened at 75.33 against the U.S. Dollar as compared to Tuesday's close of 75.43, which was a two-week low.
Trade data for the month of June will be reported today. Analysts estimate a trade deficit of $4 billion this month.
Within the bond markets, traders will watch out for the sale of treasury bills worth Rs 35,000 crore by the Reserve Bank of India.
Yield on the 10-year bond opened at 5.836% as compared to Tuesday's close of 5.787%.
Shares gained as much as 3.4% to Rs 810 and are among the top gainers on the Nifty 50 index.
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It was an operationally strong quarter for the I.T. services company with revenue declining 5.3% to Rs 14,922 crore as compared to the previous quarter.
While revenue in U.S. Dollar terms fell 7.3% while net profit and Ebit rose 2.8% and 1.3% respectively.
The company will also be acquiring IVIA Servigos de Informatica - an I.T. solutions provider in Brazil for $22.4 million, a transaction likely to be completed in the quarter ending September 30, 2020.
Brokerage firm Citi has upgraded the stock to buy from neutral and also raised its price target to Rs 260 from Rs 230, citing attractive valuations, cost controls and a potential buyback as some key triggers.
Shares gained as much as 10% - the biggest single-day gain in four months to Rs 247.55. The stock is trading at its highest level in five months.
Indian equity markets opened higher, in-line with its Asian peers, after falling the most in a month on Tuesday.
The S&P BSE Sensex opened 0.78% higher at 36,314 while the NSE Nifty 50 index opened 0.88% higher at 10,701. Both benchmarks fell nearly 2% in Tuesday's trade.
Banking stocks snapped a three-day losing streak with the Nifty Bank index opening 1.1% higher. The index fell over 1,400 points during the last three trading sessions. The I.T. index too has opened 1.3% higher. Other indices have opened flat but with a positive bias.
Broader markets have opened largely in-line with the benchmarks. The midcap and smallcap indices have opened 0.7% higher each.
The India Volatility Index has opened 9.1% lower at 24.19.
1,020 stocks on the National Stock Exchange opened with gains while 387 declined.
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