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It was the day of the Metal stocks to shine in today's session. The Nifty Metal index was the top sectoral gainer, ending 4% higher. Three out of the top five Nifty gainers - JSW Steel (up 6.7%), Tata Steel (up 5.4%) and Hindalco (up 3.7%) were metal stocks. This was the biggest single-day gain for the index in close to six months.
The Nifty Bank ended 2% higher, courtesy gains in Private Banks while the Nifty Realty and Nifty Pharma indices were up 2.6% and 1.5% respectively.
What didn't do well in today's session was Nifty Media (down 0.4%) and Nifty I.T. (down 0.1%)
Broader markets outperformed after days of underperformance. The Nifty Midcap index ended 1.1% higher while the smallcap index gained 1.4%.
The India Volatility Index ended 1.9% lower at 21.64.
1,160 stocks on the NSE ended with gains while 675 stocks posted losses.
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Gold headed for its first weekly loss in three weeks, as investors weighed the outlook for fresh U.S. stimulus and rising virus cases in Europe.
Traders will also keep an eye out for trade talks between the U.K. and the European Union. U.K. PM Boris Johnson is set to decide whether to abandon negotiations after the bloc's leaders refused to give him the clear signal he wants to remain at the table.
“The concern for precious metal traders and other financial market players, is the size of the second fiscal stimulus package after the election,” Avtar Sandu, a senior manager for commodities at Phillip Futures Pte. told Bloomberg.
Spot Gold is currently trading little changed at $1,907.6/Oz.
The multiplex player has informed the exchanges that it has begun the process to re-open its facilities in 10 Indian states.
The 10 Indian states are West Bengal, Gujarat, Karnataka, Uttar Pradesh, Assam, Andhra Pradesh, Haryana, Madhya Pradesh, Delhi and Goa.
The exchange filing also said that the company shall re-open units in other states when any notification is issued by respective authorities and that it will follow guidelines of authorities when it comes to restrictions on capacity and protocols.
Shares are off the day's low, currently trading 1.1% lower at Rs 270.4. The stock is trading lower for the second straight day.
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Shares gained as much as 3.7% to Rs 135.8, post the announcement, rising to the highest level in nearly nine months.
Shares rose as much as 3.1% to Rs 53.35, post the announcement.
The company announced on Thursday that it has entered into a stock purchase agreement with Capiot Software to acquire its entire business along with its subsidiaries in India, Singapore and Australia.
The cost of the acquisition is $6 million with an additional deferred income of $1 million per annum over the next three years on completion of certain conditions along with an additional incentive of $1 million in the first year for achieving certain revenue targets.
The acquisition is subject to customary closing conditions which are likely to be completed in the coming 2-4 weeks, the company said in an exchange filing.
Shares fell as much as 7% to Rs 1,200 and are the worst performers on the Nifty Smallcap index.
Let's take a look at how European Markets are trading:
Diesel sales in India for the first-half of October surged 8.8% year-on-year, its first increase since the country went into a complete lockdown in March.
Sale of India's most widely-used petroleum product rose to 2.65 million tonnes, Bloomberg reports citing data from India's three biggest fuel retailers.
Company officials who asked not to be cited told Bloomberg that volumes rose 24.3% as compared to the previous month.
The recovery was attributed to an easing of virus-related lockdown measures, end of the rainy season and preparations in the run-up to major festivals in India starting October.
BPCL is among the top gainers on the Nifty 50 index, trading 2.5% higher at Rs 329.
The company has informed the exchanges that it has sold further portion of its stake in OakNorth Holdings - the wholly-owning parent company of OakNorth Bank for Rs 220 crore.
The quantum of the stake sold has not been specified.
The company has now raised a total of Rs 2,493 crore as fresh equity in September and October of 2020 through these stake sales and the QIP issue.
The proceeds from the stake sale will be accretive to the regulatory net worth and the CRAR of the company, it said in an exchange filing.
Shares are trading 1.5% lower at Rs 149.25, down for the second straight day.
RBI to buy Rs 10,000 crore in state development loans via open market operation on October 22. pic.twitter.com/FUj5ZkoTOD
— BloombergQuint (@BloombergQuint) October 16, 2020
Shares gained as much as 6.1% - the most in nearly two months to Rs 267.2.
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The company has announced that it received approval from the U.S. FDA for its Abbreviated New Drug Application (ANDA) Amantadine Hydrochloride tablets, 100 mg.
The ANDA is therapeutically equivalent to the reference listed drug product, Symmetrel Tablets, 100 mg, of Endo Pharmaceuticals, the company said in an exchange filing.
The drug is used for the treatment of signs and symptoms of infections caused by various strains of influenza A virus.
The drug is also used in the treatment of parkinsonism and drug-induced extrapyramidal reactions, the company said.
Shares are off the day's low and currently trading little changed at Rs 946.8, post the announcement.
Shares rose as much as 4.7% to Rs 383.9, before cooling off. The stock has snapped a five-day losing streak.
The drugmaker announced today that Zydus Cadila has received final approval from the U.S. FDA for Fingolimod capsules and Verapamil Hydrochloride injections.
Fingolimod is an immunomodulating drug and is used in the treatment of relapsing forms of multiple sclerosis. The drug will be manufactured at the company's formulations manufacturing facility at SEZ, Ahmedabad.
It has also received permission from the U.S. FDA to market the Verapamil Hydrochloride injection USP, 5mg/2mL and 10 mg/4mL. The injection is used to rapidly or temporarily restore normal heartbeats in people with certain heart rhythm disorders. The injection will be manufactured at the company's facility at Jarod, near Vadodara.
Shares gained as much as 2.9% to Rs 427.9, post the announcement. The stock is the top gainer on the Nifty Pharma index.
Of the 38 analysts tracking Mindtree, 16 have a ‘buy’ rating, nine suggest a ‘hold’ and the rest recommends a ‘sell’. The average of Bloomberg consensus 12-month target price is 3.9%.
Shares fell as much as 11.4% - the most since March this year to Rs 1,262. The stock is trading lower for the third day in a row.
The rupee has opened lower for the second straight day, in-line with the cautious sentiment prevailing around the global markets.
The currency opened at 73.43 against the U.S. Dollar as compared to Thursday's close of 73.38. Commerzbank has forecasted the currency to head towards 74.5 towards the end of the year.
Commerzbank in its note said that the rupee has held in a narrow range, consistent with the RBI's new stance of tolerating a stronger rupee to keep a lid on imported inflation.
Yield on the five-year bond rose 10 basis points to 5.26% while that on the benchmark 10-year bond rose 3 basis points to 5.93%.
The government on Thursday expanded its market borrowing plan for the second time this year to Rs 1.3 lakh crore.
ICICI Securities Primary Dealership believes that short-end yields would be under pressure today due to the extra borrowing, as told to Bloomberg.
KPMG, who was the auditor for the company's arm UPL Corporation resigned on Thursday, citing no reason for the same.
“There are no circumstances connected with our resignation which we consider should be brought to the notice of the members,” it said in its letter.
The company clarified late last night that BSE & Co. LLP, who were appointed as statutory auditors of the company in 2017 for a period of five years, continue to remain so. BSR & Co LLP is a sub-licensee of KPMG in India.
It will continue to carry out the audit of Group consolidated financials of UPL, the company said in its clarification.
Shares fell as much as 9.5% - the most in five months to Rs 458.2, the lowest level in over two months.
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Shares fell as much as 2% to Rs 843.45, post the announcement. The stock is down for the third straight day.
Indian equity markets opened on a sedate note after their biggest fall in over three weeks on Thursday.
The S&P BSE Sensex has opened 0.5% higher at 39,936 while the NSE Nifty 50 index opened above the mark of 11,700 - up o.4% at 11,727.
All sectoral indices have opened higher. THe Nifty Bank and the PSU Bank index have opened with gains of 0.6% while the Nifty Metal, Media and FMCG indices have opened with gains of 0.5% each.
Broader markets have opened with gains. The Midcap index is up 0.5% while the Smallcap index is gaining 0.7% at the start of trading.
Source: ICICI Direct
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