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Indian equity markets began the final full trading week of August on a strong note, ending near the highest point of the day.
The S&P BSE Sensex ended nearly 1% higher at 38,799 while the NSE Nifty 50 index ended 0.83% higher at 11,466. Both Sensex and Nifty have now gained in five out of the last six trading sessions.
Among the sectoral indices, the Nifty Bank ended as the outperformer in today's session, with gains of 2.4%. Gains were largely led by private banks like HDFC Bank, ICICI Bank and Kotak Mahindra Bank.
Most other sectoral indices remained flat or rangebound. The Nifty Realty was the top sectoral laggard, ending 1% lower while the Pharma and I.T. indices fell 0.4% and 0.3% respectively.
While the midcap index was in-line with the benchmarks, ending 0.9% higher, the smallcap index outperformed, ending with gains of 1.7%.
The India Volatility Index ended 4.1% lower at 19.12.
Market breadth was in favour of the gainers. 1,070 stocks on the NSE ended with gains while 809 stocks declined.
Warbug Pincus-backed Kalyan Jewellers has filed for an Initial Public Offering, Bloomberg News reports citing a filing from the Kerala-based company.
The company intends to have a Rs 1,750 crore IPO, comprising a fresh issue of up to Rs 1,000 crore and sale by existing investors amounting to Rs 750 crore.
The company may further consider issue of equity shares, including a rights issue or a preferential issue of shares for up to Rs 500 crore in the pre-IPO placement.
Shares are off the day's high, after gaining as much as 2.2% to Rs 38.4.
Let's take a look at how benchmark indices across Europe have opened:
Shares fell as much as 4.73% - the biggest single-day decline in over three months to Rs 326.
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Shares fell as much as 2.1% to Rs 34.9.
Haitong has placed a price target of Rs 5,010 on the stock, implying a potential upside of 17% from Friday's closing price.
Shares gained as much as 3.2% to an all-time high of Rs 4,423 and are up for the second straight day.
The company has informed the exchanges that it has won export orders for over 3,200 wheels from the EU Truck and U.S. Mobile home market.
The value of these orders is worth $57,000, according to the company's exchange filing.
The orders will be executed in the month of September from the company's Chennai plant.
The company has also expressed confidence that its exports business is likely to register a 30% year-on-year growth in FY21.
Shares gained as much as 3.5% to Rs 492, post the announcement and are trading at a five-month high. The stock is up for the second straight day.
Shares of the ceramic wall and floor tiles manufacturer are up for the sixth straight day in today's session and trading at the highest level in over five months.
Porinju Veliyath's Equity Intelligence India acquired 80,000 shares or 0.56% stake in the company on Friday at Rs 91.87 per share.
Shares gained as much as 13.4% - the most in two months to Rs 105.
The stock has risen 26% in the last six trading sessions.
Shares of the chemicals and specialty chemicals manufacturer rose after Plutus Wealth Management acquired 3.15 lakh shares or 0.73% stake in the company on Friday at Rs 1,584.4 per share.
Shares of the company gained as much as 15.7% to Rs 1,875 - its highest lelvel since October 2018.
The stock had also ended in an upper circuit of 20% on Friday and is up for the fifth straight day. It has gained over 40% during the last five trading sessions.
The currency has opened little changed in today's trading session, after ending the previous week with a positive bias.
The rupee opened at 74.86 against the U.S. Dollar as compared to Friday's close of 74.84. The currency was the third worst performer in Asia last week.
Within the Bond Markets, the RBI sold a 30-year bond at a cutoff yield 10 basis points higher than estimated in a Bloomberg survey.
Yield on the 10-year government bond opened at 6.102% as compared to Friday's close of 6.088%.
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The brokerage has also raised its price target on the stock to Rs 2,100 from the earlier Rs 1,800.
Shares rose as much as 3.1% to an all-time high of Rs 2,040. The stock is up for the sixth straight day - its highest gaining streak since January this year.
Shares gained as much as 5.8% to Rs 32.2 and are up for the second straight day.
Indian equity markets opened on a steady note to begin the final full trading week of August amidst mixed Global cues.
The S&P BSE Sensex opened 0.3% higher at 38,566 while the NSE Nifty 50 index opened above the 11,400 mark, up 0.36% at 11,412.
All sectoral indices have opened higher with the Nifty PSU Bank index opening with gains of 1.3%.
The Nifty Bank, Media and Metal indices have gained 1% each at the start of trade.
Broader markets have opened higher than the benchmarks in today's session. The midcap index gained 0.9% while the smallcap index is up 1.1% at the start of trade.
Market breadth was in favour of the advances. 1,277 stocks on the NSE opened with gains while 279 are declining.
To know more about earnings reported after market hours, key brokerage updates and F&O cues, click here.
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