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Indian equity markets maintained its best winning streak in seven months by ending higher for the sixth straight session.
Benchmarks managed to end with gains despite coming off the day's high towards the later part of the session.
The S&P BSE Sensex fell more than 350 points from the day's high to end with gains of 0.84% at 34,109.
The NSE Nifty 50 index managed to hold on to the 10,000 mark, ending 0.83% higher at 10,061, down 115 points from the day's high.
Among sectoral indices, the Nifty Bank gave up half of its intra-day gain to end 2% higher at 20,940, down close to 700 points from its high.
The Nifty I.T. and Nifty Metal index ended with marginal losses. However, the Nifty PSU Bank Index emerged as the top performing sectoral index, ending with gains of 5.1%.
The Nifty Realty index ended with gains of over 3%, ending higher for the seventh straight day - its best winning streak since October 2019.
Market breadth remained in favour of the advances with 1,241 stocks on the NSE ending with gains while 586 ended with losses.
The company has informed the exchanges of bagging export orders for over 8,000 wheels for Europe and the Truck Trailer Market in the U.S.
The orders, worth 3.35 lakh Euros will be executed in June and July from the company's Chennai Truck Wheels plant.
The company also expects further large orders in the coming weeks from its regular customers.
This order will support gradual production ramp-up of the Truck Wheels plant in Chennai post the Covid-19 shutdown.
Shares gained as much as 10.6% to Rs 390.85 and are up for the fifth straight day. This is the longest winning streak for the stock since November 2018.
Shares snapped a six-day winning streak, falling as much as 2.3% to Rs 650.
Key Factors At Play For BPCL:
Shares fell to the day's low, falling as much as 2% to Rs 39.40, snapping a three-day gaining streak.
India's labour market showed a nascent improvement in May, after 12.2 crore people lost their jobs as a result of the Covid-19 lockdown in April.
Bloomberg News reports, quoting Center for Monitoring Indian Economy (CMIE) CEO Mahesh Vyas said that the total number of people employed increased by 2.1 crore in May.
Despite this addition, the jobless rate in the country remained unchanged at 23.5% from a month ago.
Lets take a look at how benchmark indices across Europe have opened:
Shares are off the day's high after gaining as much as 16.55% to Rs 33.8. Shares currently trade 8.1% higher at Rs 31.35.
Shares of Bajaj Auto are trading 1% higher at Rs 2,825 while those of HDFC Bank are trading 3% higher at Rs 1,030.
Both stocks are gaining for the seventh straight day. For HDFC Bank, this is the longest gaining streak since September 2017 while for Bajaj Auto, it is the longest since April 2019.
The money manager that manages $644 billion of assets globally has the heaviest exposure to software exporters, materials, cement and consumer staples.
Aberdeen believes that divestment of state-run companies can help narrow the fiscal gap.
BNP Paribas Arbitrage acquired 0.55% stake in the company on Tuesday at Rs 407.44 per share in a single large trade.
Shares gained as much as 4.3% to Rs 427.75. The stock is up for the seventh straight day, its longest winning streak since May 2019.
The stock is also trading at a three-month high. It is the top gainer on the Nifty I.T. Index.
Shares gained as much as 18.6% to Rs 76.90 - the biggest single day gain since January 2010.
The drugmaker has informed the exchanges that it has entered into a distribution agreement with three companies for its orphan drug NaMuscla, used in the treatment of Myotonia in adults.
Exeltis Healthcare, Cresco Pharma and Macure Pharma will commercialise NaMuscla in certain territories of the European Union.
NaMuscla is the first and the only licensed product for this indication. The said drug will be commercialised in Spain, Portugal, the Netherlands, Nordic countries among others.
Shares gained as much as 1.7% to Rs 885.85, rising for the second straight day.
10 lakh shares of the power generation and distribution company changed hands in a single large trade on the Bombay Stock Exchange, according to Bloomberg data.
Buyers and sellers of the trade are currently unknown.
Shares gained as much as 2.2% to Rs 43.50 and are up for the third straight day.
Shares are locked in an upper circuit of 20% at Rs 334.65 and are up for the third straight day.
India's services sector contracted for the third straight month, according to IHS Markit.
The Services PMI for the month of May stood at 12.6, rising from a record low of 5.4 in April. Services PMI figure for May 2019 was 50.6
A reading above 50 indicates expansion while that below 50 indicates contraction.
Employment index too contracted for the third straight month with a reading of 46 as compared to 44.2 in April..
Business expectations fell to the lowest since the series began.
Source: Bloomberg
The microfinance lender reported a 28.4% growth in its calculated interest income to Rs 208.5 crore in the quarter ending March.
Impairment on financial instruments however, rose 9 times compared to last year to Rs 188 crore.
Disbursements rose 67% from the previous year while Net Interest Margins expanded to 16.6% from 15.9% last year.
Asset quality remained stable with gross and net NPA figures of 0.36% and 0.07% respectively.
Shares are locked in an upper circuit of 5% at Rs 537.75. The stock is up for the sixth straight day - its longest winning streak since November 2019.
2.61 crore shares of the private life insurer exchanged hands in a single large deal on the National Stock Exchange.
The shares exchanged amount to 1.3% of the total equity, according to Bloomberg data. Buyers and sellers in the trade remain unknown.
Shares recovered from the day's low to gain as much as 3.2% to Rs 515.85, snapping a two-day losing streak.
India's largest airline by market share reported a net loss of Rs 873 crore for the quarter ending March, mainly due to a forex loss of Rs 1,014 crore.
The net loss would have been higher but for a deferred tax credit of Rs 420 crore in the quarter gone by.
Earnings were impacted by lower passenger growth, higher maintenance costs and a weak currency. The company has not given any guidance due to the prevailing uncertainties.
Brokerages are divided over the stock post its results. While Morgan Stanley and Credit Suisse have maintained their overweight and outperform rating respectively, JM Financial continues to maintain a sell rating on the stock with a price target of Rs 700.
The stock snapped a three-day losing streak to gain as much as 7.3% to Rs 1,014.
Shares gained as much as 2.6% to Rs 475 and are up for the third straight day.
The stock gained as much as 7.45% post its earnings to trade at a life-time high of Rs 3,708. The stock is up for the sixth straight day, its longest losing streak since August 2018.
Indian equity markets extended their best winning streak in seven months by opening higher for the sixth straight session. Markets in November 2019 had registered back-to-back gains for seven trading sessions.
A rally in global equity markets which are surging for the third day in a row, is adding to sentiment.
The S&P BSE Sensex opened 1.1% higher at 34,185 while the NSE Nifty 50 index opened 1.3% higher, above the 10,000 mark at 10,108. Both benchmarks are trading at their highest level in nearly three months.
All sectoral indices opened with gains led by the Nifty Bank which opened 2.1% higher. The Nifty Media and the Nifty PSU Bank index opened with gains of close to 2% while Nifty Auto and Nifty Metal gained 1.5% each in opening trade.
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Source: Bloomberg
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