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Indian equity markets ended lower for the fifth straight day, after a volatile trading session that saw swings between gains and losses.
The S&P BSE Sensex ended 0.17% lower at 37,668 while the NSE Nifty 50 index declined 0.18% at 11,134. Both Sensex and Nifty are going through their longest losing streak in over six months.
The recovery on the Nifty 50 was led by heavyweights like HDFC Bank, Hindustan Unilever and Infosys. On the other hand, the Bharti twins - Airtel & Infratel were the top laggards on the index, ending 8% lower.
For the September series, as of closing today, both Sensex and Nifty are down over 3.5% each.
Sectoral indices too recovered from their respective day's lows in the final hour of trade. The Media index was the top laggard, ending 2.4% lower while the Pharma and PSU Bank indices declined over 1.5% each.
The Realty index outperformed in today's session, ending with gains of 0.8%.
Broader markets too saw a volatile session. The Nifty Midcap index ended lower by 0.3% while the smallcap index ended unchanged.
India Volatility Index fell 2.45% to 20.88 at the close of trade.
Market breadth attempted a recovery but remained in favour of the laggards. 986 stocks on the NSE ended with losses while 854 posted gains.
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Hyderabad-based oil & gas pipeline infrastructure service provider Likhita Infrastructure will launch its Initial Public Offer on September 29.
The price band for the issue has been set between Rs 117-120 per share.
Minimum bid lot for the issue will be 125 equity shares and in multiples of 125 shares thereafter.
Shares will be listed on the BSE & NSE, it said in a statement.
Unistone Capital is the book running lead manager to the issue.
Shares of Muthoot Finance gained as much as 3.5% to Rs 1,050, snapping a four-day losing streak.
Motilal Oswal has also initiated coverage on Manappuram Finance with a buy rating and a price target of Rs 185.
Shares of the company are gaining in today's trade after Unifi Wealth Management acquired stake in it on Tuesday.
Unifi Wealth Management acquired 2.06 lakh shares of the company, amounting to a stake of 0.72% on Tuesday at Rs 779.05 per share.
Shares gained as much as 5% to Rs 816.65 and is trading at an all-time high. The stock is up for the third straight day and has gained 7% during the period.
Let's take a look at how benchmark indices in Europe are trading:
The company has informed the exchanges that its 100% subsidiary - Tech Mahindra (Americas) Inc. has divested its holding of close to 1.81 crore C1 preferred shares in Altiostar Networks Inc.
The shares have been sold to Rakuten USA, Inc., for a total consideration of $45 million, the company said in an exchange filing. The buyer does not belong to any promoter group or entities, the statement said.
Tech Mahindra and Rakuten have also collaborated to bring Rakuten Communications Platform (RCP) to global customers.
Under the partnership, Tech Mahindra will provide managed I.T., security and network services to Rakuten.
Shares gave up gains to fall as much as 1.3% to Rs 790.2.
Shareholders of UTI Asset Management Company, India's second largest AMC in terms of total AUMs, will sell up to 3.9 crore shares in its IPO, according to terms of the deal obtained by Bloomberg.
State Bank of India, Life Insurance Corporation of India and Bank of Baroda will sell 1.05 crore shares each, as per the terms.
On the other hand, Punjab National Bank and T. Rowe Price will sell up to 38 lakh shares each.
The anchor offer period opens and closes on September 28 while the public offer for all investors opens on September 29 and closes on October 1.
BofA Securities, Kotak, Axis, Citi, ICICI Securities, JM Financial and SBI Caps are book running lead managers.
Shares of the company are gaining in today's session after its promoter released a pledge on 9.75 lakh equity shares on Tuesday.
This is the second instance in the last ten days of promoter pledge being released. The promoters had earlier released a pledge on 6.5 lakh shares of the company on September 15 as well.
Shares gained as much as 5.2% to an all-time high of Rs 1,495, snapping a two-day losing streak.
The stock declined on Monday and Tuesday after gaining for 10 straight trading sessions. The stock is up 24% in the last 13 trading sessions.
Six out of the eight analysts tracking the stock have a buy recommendation while two have a sell rating.
The stock is trading 20.6% higher than its 12-month consensus price target of Rs 1,169.3, implying a negative return potential.
Shares gained as much as 4.65% to Rs 90, snapping a two-day losing streak. Nomura has raised its price target on the stock to Rs 105 from the earlier Rs 100.
The state-run lender launched a QIP issue on Tuesday. It has set a floor price of Rs 16.18 per share, which is a 6% discount to Tuesday's closing price.
The Capital Raising Committee of the bank's board of directors will meet on Friday to consider and determine the issue price for the QIP and shares to be allotted to qualified institutional buyers, pursuant to the issue, the bank said in its exchange filing.
Shares fell as much as 11.5% to Rs 15.25 - the most since September 2018. The stock has recovered from the day's low but remains 6% lower.
Shares of the housing finance company are gaining in today's trade after Fidelity Group acquired stake.
Fidelity Group acquired 4.2 lakh shares of the company, amounting to 0.67% stake at Rs 150.33 per share, based on data available on the exchanges on Tuesday.
Shares gained as much as 5.6% to Rs 165.1, and has snapped a four-day losing streak. Volumes on the stock however are 43% below its 20-day average.
The stock is sustaining above its 50-Day Moving Average after witnessing a breakout from the level of 153.8, in Tuesday's session.
The stock has 17 out of the 19 analysts having a buy recommendation with no sell calls. The return potential of the stock as per Bloomberg data is 53%.
The company announced on Tuesday that it has entered into a definitive agreement with Dr Huseyin Aydin for the acquisition of 40% stake from him in Provet for $17 million.
Provet is among the top thre and the largest local company in veterinary medicines market in Turkey, the company said in an exchange filing.
Sequent Scientific already owns 60% stake in Provet through its Irish subsidiary, which was acquired in the year 2014.
The transaction is likely to be completed on or before October 31, 2020. Post the acquisition, Sequent Scientific will own 100% stake in Provet, which will then become a wholly-owned subsidiary of the company.
Shares gained as much as 5.9% to Rs 151.9, up for the second straight day. The stock has gained in six out of the last eight trading sessions.
The company has closed the sale of Farakka Raiganj Highways to Cube Highways at an enterprise value of Rs 1,508 crore. The sale was carried out by HCC Concessions Ltd., the infrastructure development arm of the company.
The Enterprise Value comprises of debt of Rs 905 crore and an equity valuation of Rs 603 crore.
The total expected pay-out of Rs 603 crore to the HCC group includes cash pay-out of Rs 270 crore, Rs 233 crore of hold backs to be released on the completion of dispute resolution with the NHAI and up to Rs 100 crore of earnout is payable in 2023, contingent on traffic projections.
The HCC Group will also be entitled to a revenue share from FRHL over the entire concession period, the exchange filing said.
Shares gained as much as 9.7% to Rs 5.65, post the announcement. The stock has snapped a five-day losing streak.
The company on Tuesday evening said that it intends to exercise the oversubscription option worth 4.3 lakh shares or 2.93% of the total equity shares in addition to the base shares.
The final shares will be 30 lakh or 20.52% of the paid-up equity share capital of the company.
The company's Offer for Sale for retail investors is open today.
The company's promoters on Monday had planned to sell 28% stake in the company through an Offer for Sale. The floor price of Rs 3,500 was a 33% discount to Friday's closing price.
The stock is down another 10% in today's trading session, its second successive lower circuit.
The stock has declined for six straight sessions, the most in three weeks, down nearly 30% during this period.
The currency has opened little changed in today's session after ending with losses on Tuesday.
The rupee opened at 73.58 against the U.S. Dollar as compared to Tuesday's close of 73.59. The greenback continued its rebound after it crossed a key technical resistance on Tuesday.
Yield on the 10-year government bond opened at 5.993% as compared to Tuesday's close of 6.012%.
Bond market traders will be awaiting the first RBI OMO in six months tomorrow and the government bond auction on Friday.
Barclays expects the five-year yield to fall to 5% and the 10-year yields to be between 5.75%-6%.
The company has placed advertisements in various newspapers today, saying that the promoter HT Global Holdings has accepted the discovered price of Rs 475 per share, as the final price for the delisting offer.
The promoter will acquire 8.72 crore shares, validly tendered at or below the exit price, in the reverse book building process. Post the acquisition, promoter shareholding in the company will be 91.16% of the fully paid-up equity share capital.
Shares gained as much as 1.8% to Rs 468.9, and are up for the second straight day. The stock trades at the highest level since August 2018.
Shares of the Shapoorji Pallonji Group companies - Sterling & Wilson Solar along with Forbes & Company are surging in today's session, after the group announced its separation from the Tata Group on Tuesday evening.
The SP Group in a statement said that separation from the Tata Group 'is necessary' and that the separation of interests would 'best serve all stake holders.'
Tata Sons had informed the Supreme Court on Tuesday that it is open to buying out the 18% stake owned by the Mistry family, if they needed to raise money for repaying maturing debt.
The group instead wanted to borrow funds using shares as a collateral.
The court barred the Mistry group from pledging or selling any Tata shares until October 28, when it starts to hear final arguments in the case.
Shares of Sterling & Wilson Solar gained as much as 20% - the most on record to Rs 235.9, while Forbes & Co. is locked in an upper circuit of 5% at Rs 1,484.15. Both the stocks have snapped a four-day losing streak.
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The company informed the exchanges this morning that KKR will be investing a sum of Rs 5,550 crore in Reliance Retail Ventures.
This will be KKR's second investment, after investing Rs 11,367 crore in Jio Platforms earlier.
The investment values Reliance Retail at a pre-money equity value of Rs 4.21 lakh crore, the company said in an exchange filing.
KKR's investment will translate into a 1.28% stake for them in Reliance Retail.
Shares gained as much as 3% to Rs 2,276.7, and have snapped a two-day losing streak. It is also the top contributor in terms of points to gains on the Nifty 50 index.
Indian equity markets opened higher in mid-week trade, after four successive days of losses.
The S&P BSE Sensex opened 1% higher at 38,124 while the NSE Nifty 50 index opened above the 11,250 mark, up 0.94% at 11,258. Both Sensex and Nifty are rebounding from their lowest level in seven weeks.
All sectoral indices have opened with gains. The Nifty Pharma index has opened 1.3% higher and has gained in six out of the last seven trading sessions.
The Nifty Bank, Nifty Media and Nifty PSU Bank index too have opened with gains of 1% each.
The Nifty Metal, Nifty I.T. and Nifty Realty indices have gained 0.8% each at the start of trade.
Broader markets have opened higher as well. The Nifty Midcap index has gained 0.74% while the Nifty Smallcap index has risen 1% in the early minutes of trade.
1,142 stocks on the National Stock Exchange have opened with gains while 321 are declining.
Source: ICICI Securities
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