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Indian equity markets ended the truncated week on a strong note, extending the gains made during Monday's trading session.
The S&P BSE Sensex ended 1,65% higher at 38,697 while the NSE Nifty 50 index ended above the mark of 11,400 - up 1.5% at 11,416. Interestingly, the 11,400 Call strike on the derivatives side had the maximum Open Interest with 41.6 lakh shares on Wednesday.
Both benchmark indices have ended at the highest level in two weeks.
The two new debutants - Chemcon Specialty Chemicals ended with gains of 72% on the first day of trading, while Computer Age Management Services (CAMS) ended with gains of 14%.
Private Banks were the outperformers in today's session. The Nifty Bank ended with gains of 3.7%. The index has gained over 1,200 points this week. Gains were led by IndusInd Bank - which ended 12% higher and as the top gainer on the Nifty 50 index. Axis Bank, ICICI Bank, Kotak Mahindra Bank and HDFC Bank too contributed to the gains.
The Media index was the other major sectoral performer, ending 2.8% higher courtesy gains seen in film exhibitors PVR and Inox Leisure.
Other sectoral indices like Nifty Auto, Nifty I.T., Nifty Metal gained between 0.5%-1%.
Broader markets underperformed the benchmarks in today's session. The Nifty Midcap index ended with gains of 0.8% while the Nifty Smallcap index gained 0.7%.
India Volatility Index ended 6.4% lower at 18.27.
1,126 stocks on the NSE ended with gains while 693 stocks ended with losses.
Shares are currently trading little changed at Rs 2,196. The stock has snapped a four-day gaining streak.
Shares gained as much as 3.4% to Rs 76.9, post the announcement. The stock is trading at the highest level in two weeks.
Overall sales for the month of September have seen a decline of 69.2% as compared to the same period last year, the company said in an exchange filing.
Overall sales in the first half of FY21 - the April to September period are down 75.1% to 5,662 units, the company said.
Shares are off the day's low, currently trading 1% lower at Rs 168. The stock is down for the third straight day.
Gasoline sales at India's three big fuel retailers rose 2.1% in September as compared to the previous year to 2.2 million tonnes.
This was the first full month increase since February, according to preliminary data from officials with direct knowledge of the matter, Bloomberg News reports.
Gasoline sales in September rose 10.5% month-on-month. The sale of Diesel rose 22% in September as compared to August, to 4.84 million tonnes. On a year-on-year basis, diesel sales were down 7.3%.
Gasoline sales are boosted as people are opting to use cars and bikes for commuting, officials said. Jet fuel sales rose 22.6% month-on-month but was down 53.6% as compared to last year.
HPCL, BPCL and Indian Oil combine to account for more than 90% of the Indian fuel sales.
The currency ended with strong gains in today's session, in-line with the buoyancy seen in the equity markets, to end the truncated week on a high.
The rupee ended at 73.12 against the U.S. Dollar, as compared to Wednesday's close of 73.76. It ended near the day's high of 73.09. This was the biggest single-day gain for the rupee in a month.
With the currencies that were trading in today's session, the rupee emerged as the best performer in Asia.
Over the four-day period, the rupee was the second best performer in Asia, behind the Offshore Chinese Renminbi.
Yield on the 10-year government bond ended at 5.988% as compared to Wednesday's close of 6.011%.
The drugmaker announced the launch of Cinacalet Tablets - a therapeutic equivalent generic version of Sensipar Tablets, after getting approval from the U.S. FDA.
The Sensipar brand and generic market had overall sales of $312 million in the U.S. market, for the most recent 12-months ending July 2020, as per data from IQVIA health.
The tablets are available in 30 mg, 60 mg and 90 mg versions, in a bottle count size of 30, the company said in its exchange filing.
Shares are currently trading 0.75% lower at Rs 5,149 and have alternated between gains and losses in the four trading sessions this week.
Let's take a look at how the European markets are trading:
Shares are off the day's high, currently trading 0.9% higher at Rs 613.2, post the announcement.
Shares gained as much as 7.6% to Rs 650 - the highest level in nearly a month. IIFL has placed a price target of Rs 680 on the stock.
The global infrastructure EPC company has secured new orders worth Rs 1,033 crore for its various business, it said in an exchange filing this morning.
The company's Transmission & Distribution business has won orders worth Rs 890 crore in India, Africa, East Asia Pacific and the Americas.
The railway business has secured orders worth Rs 79 crore for Signaling and Telecommunications (S&T) and Metro Electrification works in India.
The cables business has won orders worth Rs 64 crore, for various types of cabling projects in India and overseas.
"Our International order book has strengthened significantly in the last few months especially in the Middle East and Africa regions," MD & CEO Vimal Kejriwal was quoted as saying.
Shares gained as much as 4% to Rs 357.9 - its highest level since June 2018, before cooling off. The stock is up for the sixth straight day, its longest winning streak in a month.
Foreign holdings of Indian fixed-income assets rose by Rs 2,250 crore in September - the first inflow in seven months, Bloomberg News reports quoting a note from Barclays.
Sovereign bond holdings rose by Rs 4,900 crore in September, the note said. Out of that - Rs 3,100 crore was under the usual route and Rs 1,800 crore was under debt fully open to foreigners.
However, holdings of corporate bonds fell Rs 2,700 crore during the month gone by.
Low and stable implied forex rates are helping attract some demand, the note said. Barclays expects demand to remain muted in October.
The note also does not expect any impact from JPMorgan's decision to not add India's sovereign bonds into its index for now.
The state-run miner reported a 31.6% growth in production for the month of September to 40.51 million tonnes.
Offtake for the month of September too grew at a similar quantum - up 31.7% year-on-year to 46.46 million tonnes.
As for the first half of FY21 (April-September) overall production was 2% lower at 236.05 million tonnes while offtake was down 7.6% to 254.93 million tonnes.
Shares rose as much as 1.9% to Rs 118.2, post the announcement. The stock is trading near its 52-week low.
The company achieved total wheel rim sales of 14.61 lakh as compared to 11.74 lakh in the previous year - a growth of 24.4%.
Gross turnover for the month of September stood at Rs 201.4 crore - a growth of 44.1% as compared to the same period last year.
The company in its exchange filing said that this month should see the best ever monthly operational performance.
The company's Alloy Wheel Segment reported its highest ever monthly volume sale in September with a year-on-year growth of over 700%.
Growth was mainly led by exports, which saw a growth of 98% while the truck business grew 28% year-on-year. The company expects further growth in the exports business as its export order book is at the highest level, according to its statement.
The company has also reiterated its confidence of seeing 30% volume growth for this financial year.
Shares gained as much as 3.2% to Rs 454.9, post the announcement and are trading at the highest level in nearly three weeks.
A three-judge Supreme Court Panel, headed by Justice Ashok Bhushan has said that it has accepted a suggestion by the Directorate General of Civil Aviation (DGCA) to issue refund of tickets booked for travel during the lockdown period and issue vouchers called credit shells for other canceled seats.
DGCA's proposal was that to have full refund for tickets which were booked during the lockdown. If airlines cannot refund the money due to financial difficulty, they must have to deposit the amount in the credit shell of the customer which can be used till March 31, 2021.
By March 31, the airlines shall refund the cash to the holder of the credit shell.
Shares of InterGlobe Aviation are off the day's high after gaining as much as 2.75% in early trade.
On the other hand, shares of SpiceJet are at the day's high, up 2.3% to Rs 49.35.
Shares rose as much as 2.45% to Rs 6,909, post the announcement. The stock is up for the fifth straight day.
India's Manufacturing Purchasing Managers' Index for the month of September rose to the highest level since January 2012.
The index rose to 56.8 in September, as compared to 52 in August and 51.4 in the same period last year. A reading above 50 indicates expansion while that below 50, indicates contraction.
Output index rose to 65.2 in September - the highest reading since December 2007, as compared to 55.5 in August. Output rose at the third fastest pace in the history of the survey.
New orders rose as compared to the previous month to its highest reading since February 2012.
“Despite strong growth of order book volumes, Indian goods producers signalled another reduction in payroll numbers. Employment has now decreased for six consecutive months,” IHS Markit said in its note.
Stock Reaction:
The currency opened stronger in today's session, in-line with the positive sentiment across equity markets and weakness in the greenback.
The rupee opened at 73.59 against the U.S. Dollar, as compared to Wednesday's close of 73.76. It was the second best performing currency in Asia on Wednesday.
Yield on the 10-year government bond opened at 5.966% as compared to Wednesday's close of 6.011%.
Bond markets received some relief after the government said that it will leave its borrowing plans unchanged for the second half of the year. A Bloomberg survey was expecting a 20% jump in borrowing.
The Warburg Pincus-backed firm listed at a premium of 24% to its listing price of Rs 1,230 per share.
Shares listed at Rs 1,522 and rose to as high as Rs 1,550, up 26% in the initial minutes of trade.
The Rs 2,242 crore IPO was subscribed 47 times on the final day of bidding.
CAMS, in the prospectus, said the proceeds will not be received by it, and will go to NSE Investments that will exit the company. The arm of the nation’s largest bourse was asked by the Securities and Exchange Board of India to divest its entire 37.4% holding in the company.
The specialty chemical company had a strong debut on the bourses, with shares more than doubling at the start of trade.
Shares listed at Rs 730, a premium of 115% to its issue price of Rs 340. Shares rose to as high as Rs 743.8, before cooling off.
This specialty chemical maker's Rs 318-crore IPO was subscribed 149 times on the final day of bidding on Sept. 23.
Chemcon sold 93.5 lakh shares through the offer at Rs 338-340 apiece. It had raised Rs 95.44 crore from anchor investors ahead of its IPO.
Silver Lake announced on Wednesday night that it will invest an additional sum of Rs 1,875 crore in Reliance Retail Ventures.
Silver Lake will now hold 2.13% stake in RRVL on a fully-diluted basis with a combined investment of Rs 9,375 crore, the company said in an exchange filing.
This comes just a few hours after General Atlantic announced its investment in the retail venture.
Shares are currently flat after gaining as much as 1.3% to Rs 2,264.
Stock Reactions:
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Bajaj Auto’s Sales:
The two and three-wheeler maker reported a 10% growth in overall sales for the month of September as compared to the previous year.
Overall sales rose to 4,41,306 units, the company said in an exchange filing.
Domestic sales rose 6% to 2,28,731 units while exports were the highest ever, rising 14% year-on-year to 2,12,575 units.
The company's domestic two-wheeler sales rose 24% to 2,19,500 units while exports of two-wheelers too were the highest ever at 1,85,351 units - a growth of 16% from the previous year.
Shares gained as much as 4% to Rs 2,994. The stock has snapped a two-day losing streak.
Indian equity markets have begun the new month on a positive note, opening with gains, in-line with the strong cues from Wall Street.
The S&P BSE Sensex opened 0.9% higher at 38,410 while the NSE Nifty 50 index opened at 11,364, up 1%. Both benchmark indices were up 2% for the truncated week, as of closing on Wednesday.
All sectoral indices have opened with gains. The Nifty Media index is the top gainer, opening with gains of 3.6%. Other indices like Nifty Bank, Nifty FMCG, Nifty Auto and Nifty Metal have opened with gains of over 1%.
Broader markets are in-line with benchmarks at the start of trade. The Nifty Midcap index is up 0.8% at the start of trade while the Smallcap index has gained 1.3%.
Market breadth is in favour of the gainers. 1,111 stocks on the National Stock Exchange have opened with gains while 324 are declining.
Source: ICICI Direct
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