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Indian equity markets ended with gains for the third straight session after trading in a narrow range throughout the session.
Both S&P BSE Sensex and the NSE Nifty 50 index ended with gains of 0.5% at 36,021 and 10,607 respectively. The Sensex traded in a 250 point range while the Nifty was confined to a 70 point range through the day.
Sectoral indices too remained largely flat. The Nifty realty index snapped a seven-day losing streak to end 1% higher. The Nifty I.T. and Auto indices too ended with gains of 1%. The PSU Bank index was the underperformer in today's session, ending 1.1% lower.
Broader markets were flat in today's session. The Midcap index ended 0.6% higher while the smallcap index ended with gains of 0.2%.
The India Volatility Index fell for the third straight day, ending at a four-month low of 25.76.
Market breadth turned adverse towards the close of trade. 851 stocks on the NSE ended with gains while 958 stocks posted losses.
On a weekly basis, the Sensex posted gains of 2.4% while the Nifty ended 2.2% higher.
Shares are off the day's high, trading 0.6% higher at Rs 292.65.
The company has informed the exchanges regarding the renewal of its Memorandum of Understanding with Coal India for rail infrastructure works.
The MoU has been renewed for a period of five years for project management consultancy services of rail infrastructure business, construction of rapid loading systems, coal handling plants and silos.
The company is expecting to increase the fee income achieved from the MoU due to additional scope and several projects expected in the pipeline. Such MoU's earlier earned the company a fee income of Rs 100 crore, the company said.
Shares are trading 1.8% lower at Rs 263.45, after falling as much as 3.1%, snapping a six-day gaining streak.
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Shares gave up gains to fall as much as 1.62% to Rs 192.45, post the announcement.
The company has informed the exchanges about the allotment of 10,000 commercial papers.
The papers with a face value of Rs 5 lakh each, aggregate to Rs 500 crore.
Out of the Rs 500 crore, Rs 200 crore have been allotted to State Bank of India, while CPs worth Rs 200 crore have been allotted to Reliance Capital Trustee Ltd. - Nippon India Money Market Fund.
Reliance Capital Trustee Ltd. - Nippon India Low Duration Fund has received CPs worth Rs 100 crore, the company filing said.
Shares gained as much as 3.3% to Rs 46.9, post the announcement, snapping a four-day losing streak.
Let's take a look at how benchmarks across Europe have opened:
Power Minister Raj Kumar Singh told energy ministers and officials of states in a video conference that India will not allow imports of Power equipment from China and Pakistan, Bloomberg News reports.
The minister said that India has the domestic capability to make all kinds of power equipment asking the gathering to promote domestic procurement.
As of FY19, India imported power equipments worth Rs 71,000 crore or $9.5 billion, out of which Rs 21,000 crore worth of equipment was from China, according to the minister.
Post the minister's comments, shares of BHEL rose as much as 5.3% to Rs 38.65 and are up for the third straight session.
Shares are trading 1% higher after fluctuating between the day's high of 3.9% and the day's low of a decline of 1.8%.
Indian companies raised funds at the fastest pace in at least 12 years for the quarter ended June 30, Bloomberg News reports. Bulk of the fund raise was the $7 billion rights issue from Reliance Industries.
Lenders such as Axis Bank have also announced plans to tap the market for funds as Covid-19 threatens to drive up bad loans.
Credit Suisse in a report in May had said that Indian Banks will have to raise $20 billion over the next year in order to fortify their balance sheet.
The company in an exchange filing on Thursday, informed of a board meeting to be held on July 18.
The board will consider and approve the proposal of a split of equity shares, subject to shareholder approval.
It will also seek shareholder approval to increase the borrowing powers of the Board to Rs 75,000 crore from the existing Rs 50,000 crore.
Shares gained as much as 3.1% to Rs 1,144 and are up for the fourth straight day.
The company launched a QIP issue on Thursday, with an indicative deal size of up to Rs 2,000 crore.
The floor price for the same has been set at Rs 1,534.24 per share, which is a 2% discount to Thursday's closing price.
The company may offer a discount of not more 5% on the floor price of the QIP issue as per SEBI guidelines.
Shares gained as much as 3% to Rs 1,608.9 and are up for the third straight session.
India's services index improved in June for the second straight month as the country continues to have a phased exit from the world's largest lockdown to contain the Covid-19 pandemic.
The Market India Services PMI rose to 33.7 in June from April's record low of 5.4. A reading below 50 indicates a contraction in activity
“It is certainly going to spill over into the second half of this year unless the infection rate can be brought under control,” Joe Hayes, an economist at IHS Markit, wrote in a note.
India's services sector accounts for about 55% of the country's GDP.
Shares gained as much as 3.4% to Rs 62.55. The stock has gained in 11 out of the last 12 trading sessions.
The company has informed the exchanges that it has secured the order book for its alloy wheel plant in Mehsana.
The order book visibility starts from May 1, 2020 and will continue till 2024-25.
The total visibility of the order book for the coming five years is nearly approximately Rs 3,750 crore, it said in an exchange filing.
At a capacity of three million, the company has the potential to generate a revenue of Rs 1,100 crore per annum by multiplying its operational efficiency, the statement said.
The company expects its Mehsana plant to contribute close to 25% of the total revenue going forward.
Shares gained as much as 3.1% to Rs 447, post the announcement.
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Shares are locked in an upper circuit of 5% - the biggest single-day gain in a month to Rs 1,524.
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The life insurance company will be the latest entrant to the benchmark Nifty 50 index from July 31.
The company will replace Vedanta, which will be excluded on account of its proposed voluntary de-listing.
The replacement of HDFC Life will also be applicable to the Nifty 50 equal weight index.
Shares gained as much as 3.8% to Rs 568.9. It is the top performing stock on the Nifty Next 50 index.
Shares fell as much as 6.7% to Rs 96.70. It is the worst performing stock on the Nifty Auto index.
Indian equity markets opened higher for the third straight day, setting itself up for a weekly advance.
The S&P BSE Sensex opened 0.5% higher at 36,025 while the NSE Nifty 50 opened above the 10,600 mark at 10,614, up 0.6%. Both benchmark indices gained 1% each in the last two trading sessions.
Among the sectoral indices, the Media index has opened 1% higher while the Pharma and Nifty Bank index gained 0.7% each. Most sectoral indices have opened with a positive bias.
Broader markets have opened in tandem with benchmarks with the midcap and smallcap index gaining 0.6% each at the start of trade.
Market breadth opened in favour of the advances. 1,116 stocks on the NSE opened with gains while 742 declined.
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