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The penultimate day of the May series F&O expiry turned out to be a strong one for the Indian equity markets.
Cues from Europe are positive while futures on the Dow Jones have extended gains to trade higher by over 350 points.
The S&P BSE Sensex ended 3.25 percent higher at 31,605 while the NSE Nifty 50 index managed to close above the 9,300 mark at 9,314, up 3.2 percent. Both the benchmark indices snapped a two-day losing streak.
Among sectoral indices, the Nifty Bank was the star performer, ending with gains of over 7%. Other sectoral gainers included Nifty I.T. (up 3%), Nifty Metal (up 2.6%) and the Nifty PSU Bank index (up 3.4%)
Market breadth remained in favour of the advances. 1,070 stocks on the NSE ended with gains while 700 declined.
The Board of Directors of the company have approved raising funds to the tune of Rs 1,000 crore through a rights issue.
The record date for eligibility for the rights issue will be determined in due course, as per the exchange filing.
Promoter and the promoter group will also participate in the rights issue, the company said.
Shares currently trade 0.7% lower at Rs 108, down for the third straight day.
Shares fell as much as 2.1% to Rs 424 post the announcement.
Shares fell as much as 3.5% to Rs 443.1 post the announcement.
The committee of the Board of Directors have approved the issuance of Non-Convertible Debentures aggregating to Rs 500 crore.
The NCDs will be rated, secured and redeemable in nature. They will be issued on a private placement basis, as per the company's exchange filing.
Shares surged to the day's high, gaining as much as 6.4% to Rs 121.50. It has snapped a three-day losing streak in today's session.
21.35 lakh shares of the passenger vehicle maker exchanged hands in a single large trade on the National Stock Exchange.
The deal took place at Rs 84.50 per share, according to Bloomberg data. Buyers and sellers of the deal remain unknown.
Shares are up for the second straight day, trading with gains of 1.6% at Rs 84.45.
Yield on the 10-year government bond ended at 5.756 percent as compared to today's opening level of 5.749 percent.
Key Factors At Play For Sun Pharma:
India's largest fuel refiner has informed the exchanges that it has issued 30,000 unsecured, listed, rated, taxable, redeemable Non-Convertible Debentures (NCDs) worth Rs 10 lakh each on a private placement basis.
The NCDs, aggregating to Rs 3,000 crore will have a coupon rate of 5.05%, according to the company's exchange filing.
The funds have been raised to meet the company's capex requirements, according to its press release.
Shares trade 1.1% lower at Rs 76.30, snapping a five-day gaining streak.
20.06 lakh shares of the technology services provider exchanged hands on the National Stock Exchange in a single large trade.
The deal took place at Rs 194.15, as per Bloomberg data. Buyers and sellers for the deal remain unknown.
Shares gained as much as 3.3% to Rs 195 and snapped a two-day losing streak.
Power Finance Corporation pulled out of a plan to sell five-year and ten-year bonds up to Rs 8,000 crore after a subdued response to the same.
The issuer got bids worth Rs 7,549 crore in total on the BSE's electronic book platform, Bloomberg reported citing people familiar with the matter.
For the five-year note, the company got bids in the range of 6.9-7.54% while it looked to price the note at 5.6%
Similarly for the 10-year note, bids were in the range of 7.49-8.18% whereas the company looked to price the bonds at 6.75%.
PFC did not reply to Bloomberg's email seeking a comment.
Shares are trading little changed at Rs 75.15.
Lets take a look at how Benchmark indices have opened across Europe:
Shares recovered from the day's low and now trade 0.8% lower at Rs 453, down for the second day in a row.
Shares recovered from the day's low to gain as much as 6.1% to Rs 54.90. The stock is up for the second straight day.
The company has informed the exchanges that it has raised Rs 500 crore via the allotment of 5,000 rated, listed, secured, redeemable Non-Convertible Debentures (NCDs) worth Rs 10 lakh each on a private placement basis.
The said NCDs will be listed on the Wholesale Debt Market segment of the Bombay Stock Exchange, the company said in a statement.
Shares are currently at the day's high, recovering from the day's low to gain as much as 1.33 percent to Rs 319.80.
The fertiliser and pesticide manufacturer reported a 9% topline growth in the fourth quarter while its net profit more than doubled to Rs 234 crore.
The company's Ebitda margins too saw an expansion to 13.6% from the previous year number of 9.8%.
Phosphatic fertiliser sales volumes grew 4% while crop protection business grew 11% in H2FY20 after a subdued H1, according to the company.
It has also recommended a dividend of Rs 12 per share.
Shares gained as much as 7.6% to an all-time high of Rs 699.9. The stock is up for four out of the last five trading sessions.
Fitch Ratings had downgraded the company's issuer default rating to BB- from BB after a portfolio review.
Shares currently trade 0.5% higher at Rs 281.8 and are up for the second straight day.
47.39 lakh shares of the power generation and transmission company exchanged hands in a single large trade on the National Stock Exchange.
The deal took place at Rs 39.15 per share, according to Bloomberg data. Buyers and sellers of the trade remained unknown.
Shares currently trade little changed at Rs 39.25 per share. The stock has had a three-day losing streak until closing on Tuesday.
The drugmaker returned to profitability in the March quarter, reporting a net profit of Rs 314 crore as compared to a net loss of Rs 152 crore during the same period last year.
The company's Ebitda grew 15.9% while margins expanded to 28.2% from 25.5% aided by lower raw material and employee costs.
The company's revenue from the United states grew only 3% during the quarter while that from Brazil and Germany saw a de-growth of 5 and 10% respectively.
Shares are down for the third straight day, falling as much as 6.3% to Rs 2,418. The stock is also the worst performer on the Nifty Midcap index.
The Kishore Biyani-promoted company has informed the exchanges that its Board of Directors have approved an enabling resolution to issue secured / unsecured and redeemable Non-Convertible Debentures (NCDs).
The NCDs, aggregating to Rs 650 crore will be issued on a private placement basis and in one or more tranches.
The NCDs will be issued to replace its existing high cost current or near-term maturity debt requirements, the company said in its exchange filing.
Shares are locked in a 5 percent upper circuit for the second straight day at Rs 77.05.
The company mentioned in its investor presentation that it suffered a revenue loss of Rs 120 crore and a Rs 26 crore hit to its profitability due to Covid-19 in the quarter ending March.
The luggage-maker's revenue fell 28% while profits declined 62.5% in the quarter gone by.
However, gross margins saw an improvement due to higher procurement from Bangladesh and reduction in raw material costs.
Shares fell as much as 6.2% to a three-year low of Rs 202. The stock is down for the third straight day.
Nifty Bank: May 28 Expiry
The footwear manufacturer informed the exchanges that the overall demand of footwear has substantially decreased due to the Covid-19 pandemic.
However, demand for open slippers have improved during the lockdown period which the company finds challenging to meet due to restrictions in manufacturing operations.
The company through its press release said that the pandemic and the subsequent shutdown has not impacted capital and financial resources as it does not have any long-term debt.
Shares fell as much as 2.5% to Rs 645.1, snapping a five-day gaining streak.
The life insurance player reported 96.7% drop in its net profit for the quarter ending March. Operational performance too was weak with Ebitda declining 31.7% compared to last year.
Gross written premium grew 6% while New Business Margins were constant at 21.6% for FY20.
Brokerage firm Emkay has maintained its buy rating on the stock with a price target of Rs 600 citing the completion of the deal with Axis Bank as a key trigger.
Shares are trading at the day's low, down 5.24% to Rs 415.25.
The company shared its Covid-19 updates where it announced that operations were substantially hit from March 17 till the first week of May.
It said in its press release that as of now, 43% of its stores are operational after gradual reopening. As a result of 'virtually no sale' during the period of lockdown, the company's operating cash flow was negative for April and May.
However, it expects normalcy to return after one quarter.
Shares fell as much as 2.77% to Rs 890 and were the top laggards on the Nifty 50 index.
The QIP issue of the private lender opened on Monday after getting an approval from the board of directors. The floor price of Rs 1,147.5 per share was a 0.5% discount to Monday's closing price.
The bank in its press release said that it may, at its discretion consider offering a discount of not more than 5% on the floor price.
The bank seeks to raise Rs 7,500 crore from this QIP issue. The stake sale will help the lender's promoter group to cut its stake by 3.4% and help comply with RBI's order to have its holding below 26% by August this year.
Shares gained as much as 4.3% to Rs 1,203.35 and were among the top performers on the Nifty 50 index.
Indian equity markets opened higher in today's session. Cues from Asia are mixed while futures on the Dow Jones are trading 110 points higher.
The S&P BSE Sensex opened 0.6% higher at 30,793 while the NSE Nifty 50 too opened 0.6% higher at 9,082. Both benchmark indices gave up gains and ended little changed on Tuesday.
Among sectoral indices, the Nifty Bank has opened with gains of 1% while other indices have opened flat or with modest gains.
Market breadth was in favour of the advances. 933 stocks opened with gains while 399 have opened with losses on the NSE.
Use Weight To Determine Investments, Not Valuation, Says Hiren Ved
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