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India's benchmark indices witnessed their biggest single-day fall in over a month after tensions between India and China escalated yet again at the Ladakh border.
The S&P BSE Sensex ended 2.1% lower at 38,628 while the NSE Nifty 50 index ended 2.2% lower at 11,387. The six-day winning streak for both Sensex and Nifty came to a halt with today's decline.
There was heavy selling witnessed across sectoral indices. The Nifty Media index was the top sectoral laggard, ending with losses of over 6%. The Nifty Pharma and PSU Bank indices ended lower by 5% each while the Nifty Bank and the Nifty Auto saw declines of over 3.5%.
The Nifty Bank fell over 800 points this session. It made a failed attempt to cross its 200-Day Moving Average at 25,083.
Broader markets too were not immune to the selling pressure. Both midcap and smallcap index fell over 4% in today's session. The 10-day winning run of the midcap index came to an end today.
Volatility surged in today's session. The India Volatility Index snapped a three-day losing streak, ending 27% higher at 23.32.
Market breadth was firmly in favour of the laggards. 1,608 stocks on the NSE posted losses while only 268 managed to gain.
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Shares fell as much as 5.3% to Rs 21.5, post the announcement.
Shares fell as much as 6% to Rs 33.4, post the announcement. The stock is down for the third straight day.
Shares fell as much as 9.3% - the most in five months to Rs 252. The stock is down for the third straight day.
Let's take a look at how benchmark indices across Europe have opened:
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Shares fell as much as 5.1% to Rs 312.55, the biggest single-day fall in five months.
Shares fell to the day's low, falling as much as 3.6% to Rs 122.3.
Source: Bloomberg
The company informed the exchanges that it has received an order of 3,700 wheels for the U.S. Caravan Trailer Market.
The orders are worth $46,000, the company said in an exchange filing.
The orders will be executed in the month of September from the Chennai plant, the company said.
Orders of similar capacity are anticipated from the same customer oase as businesses have picked up speed, the company said.
Shares recovered from the day's low of 2.9% declines to Rs 463.9, post the announcement.
The company informed the exchanges that its MD & CEO Vishwavir Ahuja sold 18.93 lakh shares of the company on August 27 and 28.
Ahuja sold shares worth Rs 38.52 crore, amounting to nearly 18% of his / his family's total holding.
The lender's chief continues to retain close to 80.1 lakh shares or 1.6% stake, as stated in the exchange filing.
The sale was driven primarily with the need to extinguish personal debt obligations and related servicing burden, undertaken over the last few years, mainly to exercise and purchase vested ESOPs as well as to take care of some pressing family commitments - the statement said.
Shares fell as much as 3.3% to Rs 203.55, snapping a six-day winning streak. The lender is the worst performer on the Nifty Bank index.
The company has made a disclosure that it has created an encumbrance over the equity shares of its subsidiary Hindustan Zinc.
The company has tied-up a long-term syndicated loan facility for over 10,000 crore with State Bank of India has the facility agent and SBICAP Trustee Company as the security trustee.
SBI has given a commitment of Rs 5,000 crore as a lender, the press statement said.
The security is provided by way of a pledge over shares held by Vedanta in Hindustan Zinc, representing 14.8% of the paid-up share capital.
It has also given a non-disposal undertaking in respect of its shareholding in Hindustan Zinc, to the extent of 50.1% of HZL's paid-up share capital, which are not pledged.
Shares gained as much as 4.5% to a six-month high of Rs 134.65. The stock is up for the second straight day.
The currency opened stronger for the fourth straight session after ending Friday's trade with strong gains.
The rupee opened at 73.23 against the U.S. Dollar, as compared to Friday's close of 73.40. The currency was the best performer in Asia on Friday as well as on a weekly basis.
Traders in the bond market will look forward to the release of the GDP data for the April-June period, later this evening. A Bloomberg Survey expects the Indian economy to contract a record 19.2% during the quarter, led by lockdowns due to Covid-19.
Adani Airport Holdings Ltd. has entered into an agreement to acquire the debt of GVK Airport Developers Ltd.
As per the agreement, Adani Airport Holdings will acquire the debt of GVK ADL from its airport lenders.
Adani Airport Holdings will offer a stand-still to GVK, in addition to release of the guarantee given by GVK Power and Infra with respect to the debt acquired by it, the exchange filing said.
Post the acquisition of the debt, Adani Group will take steps to obtain necessary customary and regulatory approvals to acquire controlling stake in Mumbai International Airport (MIAL).
AAHL intends to infuse funds into MIAL so that it receives much needed liquidity and also achieves financial closure of Navi Mumbai International Airport to be able to commence construction, the statement said.
Shares of Adani Enterprises gained as much as 2.8% to Rs 296.3, post the announcement. The stock is up for the third straight day.
The company informed the exchanges on Friday that it will issue 3.36 crore fully paid-up equity shares to foreign investors on a preferential basis.
The company will raise Rs 588 crore from the issue. Shares will be issued at a price of Rs 175 per share - which is a discount of 18.6% to Friday's closing price.
First Royalty Ventures, Ribbit Holdings, NWI EM Fixed Income Master Fund are some of the investors to whom shares have been allotted.
The company has also appointed Sameer Gehlaut as Chairman and CEO of the company.
Shares fell as much as 8% to Rs 197.7, before recovering slightly from the day's low.
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India's benchmark indices opened higher for the seventh straight day, aided by gains in the heavyweight Reliance Industries Ltd.
The S&P BSE Sensex opened 1.1% higher at 39,888 while the NSE Nifty 50 index opened near the mark of 11,800 - up 1.1% at 11,777.
This is a new six-month high for the Sensex and the Nifty.
Among the sectoral indices, the Nifty Bank too opened higher for the seventh straight day, gaining close to 700 points or 3%.
To know more details about the RIL-Future Group deal, key brokerage updates, earnings reported after market hours and more, click here.
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