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India's benchmark indices snapped their longest losing streak in over four months with a strong rebound led by market heavyweights Reliance Industries and HDFC Bank.
The S&P BSE Sensex gained nearly 750 points, ending 2% higher at 37,687 while the NSE Nifty 50 gained over 200 points, ending 1.87% higher at 11,095. Both benchmark indices overturned Monday's losses.
Two stocks - Reliance Industries and HDFC Bank contributed nearly 160 points out of the 200 point gain on the Nifty. Reliance Industries saw its biggest single-day gain in nearly four months, ending 7.5% higher.
Among the sectoral indices, the Nifty Media index ended 3.9% higher as the top sectoral gainer. The index snapped a seven-day losing streak led by gains in Zee Entertainment, which ended with gains of 6.3%.
The Nifty Bank and Nifty Pharma index ended with gains of 2% each while the Auto and Realty index gained over 1.5% each.
Nifty I.T. was the only sectoral laggard, ending 0.7% lower.
Broader markets ended with gains but could not keep up with the benchmarks in today's session. The midcap index gained 1.1% while the smallcap index ended 1.4% higher.
The India Volatility Index ended 6% lower at 23.67.
Market breadth ended in favour of the gainers. 1,186 stocks on the NSE ended with gains while 626 declined.
Shares recovered from the day's low, ending 1% lower at Rs 692. The stock snapped a five-day gaining streak.
Shares fell as much as 18% to Rs 132.3, snapping a two-day losing streak.
The Mumbai-based company has announced the launch of FluGuard (Favipiravir) for the treatment of mild to moderate cases of Covid-19 in India.
The drug has been priced at Rs 35 per tablet and is the only anti-viral treatment approved in India for the treatment of the disease, the company said in an exchange filing.
“We are launching FluGuard at an economical price to make the drug accessible to more and more patients thereby reducing their financial burden. This is in line with our continuous efforts to support India’s pandemic response,” the company said.
Shares surged to the day's high, gaining as much as 2.4% to Rs 531.8, post the announcement.
The drug-maker has received tentative approval from the U.S. FDA for its Empagliflozin tablet - 10 mg and 25 mg.
It can now market a generic version of Jardiance Tablets of Boehringer Ingelheim Pharmaceuticals.
The said drug is used in the treatment of type 2 diabetes mellitus.
The drug had annual sales of approximately $4,368 million in the U.S. for the 12-month period ending March 2020, according to IQVIA.
Shares rose to the day's high, gaining as much as 1.7% to Rs 943, post the announcement. The stock is up for the fifth straight day.
Shares are currently trading 2.2% lower at Rs 71.25. The stock has declined in five out of the last seven trading session.
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Shares recovered from the day's low to end nearly unchanged at Rs 7,963.
Shares fell as much as 5% to Rs 12.3.
Let's take a look at how benchmark indices across Europe have opened:
Shares ended near the day's high with gains of 4.9% at Rs 716.1.
India's biggest money manager is urging the Reserve Bank of India to step up support for the bond mark or risk undermining its success in boosting corporate credit, Bloomberg News reports.
SBI Funds Management believes that the RBI needs to boost purchases of sovereign debt and articulate a clear strategy of intervention.
"We need some decisive intervention from the RBI this financial year," Rajeev Radhakrishnan, Head of Fixed Income at SBI funds said in an interview.
Radhakrishnan also said that corporate spreads will rise again after having come down if the central bank pushes the entire government borrowing to the market at a time when growth is negative.
Shares gained as much as 5% to Rs 43.65, post the announcement. The stock is up for the sixth straight day and is trading at the highest level since January 2018.
The global infra EPC company has received orders worth Rs 1,192 crore across various businesses, it said in an exchange filing on Monday.
The Transmission and Distribution business has won orders worth Rs 821 crore for T&D projects in india, Malaysia, Africa and the Americas.
The Urban Infra business has won an order worth Rs 146 crore from the Kochi Metro Rail for construction of a viaduct along with the station for Phase 1 extension of the Kochi metro.
The Civil business has won an order worth Rs 57 crore for infra works in the warehousing space in India.
The cables business has secured orders worth Rs 168 crore for various types of cable/cabling projects in India.
Shares gained as much as 4.6% to Rs 279.8, before cooling off from the day's high.
The company has launched a QIP issue at a price of Rs 980.75 per equity share.
The price is a 0.44% discount to Monday's closing price.
The issue size is tentatively worth Rs 650 core with the company retaining a green shoe option of another Rs 100 crore.
The board will meet on August 6, to determine the issue price and other details of the QIP issue.
Shares gained as much as 4.56% to Rs 1,030. The stock is trading at an all-time high.
Shares are locked in an upper circuit of 5% at Rs 67.7, up for the second straight day.
The company has informed the exchanges that it has won export orders for over 1.16 lakh wheels for the U.S. Caravan Trailer Market.
The order is valued at $1.3 million, the company said in an exchange filing.
The order is to be executed in the month of October from its Chennai plant.
“Inflow of more orders is expected to come from various other customers as the market gains stability,” the company said.
Shares gained as much as 3.7% to Rs 412.25, post the announcement. The stock has snapped at three-day losing streak.
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Shares gained as much as 12.8% - the biggest single-day gain since July 2018 to Rs 3,649. The stock is trading near a five-month high. It is also among the top performers on the Nifty 500 index.
The currency has opened weak for the second straight day after ending as the worst performer in Asia on Monday.
The rupee opened at 75.15 against the U.S. Dollar as compared to Monday's close of 75.01.
Global funds sold sovereign bonds worth Rs 64 crore under limits available to foreign investors and withdrew corporate debt worth Rs 83 crore, according to Bloomberg data.
Within the bond markets today, traders will watch for states which plan to sell debt worth Rs 12,400 crore.
The road construction company has informed the exchanges that it has been declared as the L-1 bidder for a new HAM project worth Rs 1,140.5 crore.
The project involves four-laning of the NH-363 for a 52.6 kilometer stretch on the Maharashtra-Telangana border.
The project has been set a completion period of 24 months. Operation period is 15 years from the date of completion, the company's exchange filing said.
Shares rose as much as 2.55% to Rs 294, up for the second straight day.
The company updated the exchanges about its sales data for the month of July.
Standalone steel sales in July rose 29% as compared to the previous year to 6.37 lakh tonnes.
Exports contributed 39% or 2.5 lakh tonnes of the overall standalone sales, the company said in an exchange filing.
Consolidated steel sales rose 25% year-on-year to 7.62 lakh tonnes in July.
Both standalone and consolidated steel sales for the company rose 13% from the previous year.
The company's Oman business reported a 11% rise in production while sales rose 6% to 1.25 lakh tonnes.
Shares rose as much as 1.6% to Rs 193.8, post the announcement. The stock is up for the third straight day and is trading at the highest level in nearly six months.
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Shares gained as much as 7.1% - the most in four months to Rs 165.45. The stock is trading at the highest level in two months.
Indian equity markets opened higher after ending near a two-week low on Monday, dragged by Reliance Industries and private financials.
The S&P BSE Sensex opened 0.4% to 37,092 while the NSE Nifty 50 index opened near the 10,950 mark - up 0.5% at 10,946.
All sectoral indices opened with gains. After Monday's 2.3% drop, the Nifty Bank has opened 0.8% higher. Most other sectoral indices are trading flat to gains of 0.5%.
Broader market have opened higher. The midcap index has opened 0.6% higher while the smallcap index has gained 0.8%.
Market breadth is in favour of the gainers. 1,116 stocks on the NSE trade with gains while 298 are declining.
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