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Indian equity markets began the new trading week with gains led by a recovery in banking stocks that bounced off their lows in the final 30 minutes of trade.
The S&P BSE Sensex ended 0.6% higher at 38,099 while the NSE Nifty 50 ended above the mark of 11,250, up 0.72% at 11,259.
The recovery was led by the banking stocks. The Nifty Bank recovered 350 points from its day's low of 21,404 to end 0.3% higher at 21,754.
Among other sectoral indices - Auto, Media and Metal stocks outperformed in today's session. The three sectoral indices ended with gains of 2.5% each.
The Nifty FMCG and I.T. indices ended with gains of over 1% each.
Pharma and PSU banking stocks were the laggards in today's session. The Pharma index fell 0.3% while the PSU Bank index fell 0.5%.
Broader markets were in-tandem with the benchmarks. The Midcap index ended with gains of 0.5% while the smallcap index rose 0.9% at the close of trade.
India Volatility Index ended 2.5% lower at 21.14.
Market breadth ended in favour of the gainers. 1,153 stocks ended with gains while 684 reported losses.
Cotton stockpiles in India, the world's biggest grower are expected to climb to an all-time high, Bloomberg News reports.
Lockdowns related to Covid-19 cutting demand from spinning mills is one of the primary reason for the same, according to the Cotton Association of India.
Stockpiles may total 10.25 million bales of 170 kg each at the end of the marketing year of September 30 as compared with an earlier estimate of 5.55 million bales.
Cotton output in the year that began in October is estimated at 35.45 million bales as compared to an earlier forecast of 33.55 million.
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The company at its board meeting held today has declared an interim dividend of Rs 83 per share.
The record date for the interim dividend has been set as August 27, 2020.
The company has also accorded its approval to issue unsecured, non-convertible, redeemable, fully paid-up debentures, along with an appropriate cash component as may be decided worth Rs 41.5 per equity share.
Shares recovered from the day's low to gain as much as 2.5% to Rs 3,895, post the announcement.
Diesel sales at India's three biggest fuel retailers fell in the first half of August as compared to the previous month while Gasoline sales rose slightly, Bloomberg News reports, citing preliminary data from officials with direct knowledge of the matter.
Sale of diesel - the most widely used petroleum product in India fell 20% as compared to the previous month and 23% year-on-year to 1.78 million tonnes over August 1-15.
Seasonal rains and rolling lockdowns in several provinces impacted consumption of Diesel.
Gasoline sales for the first half of August rose 3% month-on-month and declined 6% year-on-year.
Spokespeople of the three fuel retailers were not available for comments on the provisional data.
Let's take a look at how benchmarks across Europe have opened:
Most analysts have raised price targets on Endurance Technologies Ltd. but remain divided over its growth outlook.
Investec has maintained a buy rating on the stock and raised its price target to Rs 1,030 from the earlier Rs 700, citing a good track record, product & client expansion and capital allocation.
Investec has increased its target PE multiple on the stock to 25x from 18x.
On the other hand, Antique stock broking too has raised its price target on the stock to Rs 652 from Rs 563 but has maintained a sell rating citing an unfavourable risk-reward.
Antique believes that the company announced past order-books is unlikely to reach its peak revenue potential over the next two years due to loss of business orders elsewhere.
Shares of the company gained as much as 2.8% to Rs 987.5 and are up for the second straight day.
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Shares gained as much as 3.1% to Rs 361.95, before cooling off. The stock trades at the highest level in six months.
The company has informed the exchanges that the board will consider an issue of bonus shares at its next board meeting, scheduled to be held on Thursday, August 20.
Shares gained as much as 13.3% to trade at an all-time high of Rs 2,398. The stock had declined in four out of the last five trading sessions.
Today's volumes are on-par with the company's 20-day average. Today's move has sent the stock into overbought territory as its Relative Strength Index (RSI) is at 72.
Shares are locked in a second straight upper circuit of 20% at Rs 699. The stock is trading at an all-time high.
Shares fell as much as 5% to Rs 225, snapping a two-day gaining streak.
Shares fell as much as 4.2% - the most in over three months to Rs 527.3. Only two out of the 24 analysts tracking the stock have a buy recommendation on the stock. Eight have a hold call while 14 analysts recommend selling the stock.
The stock trades 14.5% higher than its 12-month consensus price target of Rs 435, implying a negative return potential.
The rupee opened flat in today's session after a rangebound last week that saw the currency remain little changed.
The currency opened at 74.85 against the U.S. Dollar as compared to Friday's close of 74.90.
The currency has been shielded from the headwinds it typically faces in the month of August due to robust foreign inflows into share sales from some of the country's largest banks.
The fund raising, coupled with a weak dollar have ensured stability for the rupee as compared to an average monthly decline of 2.5% in August over the last decade, Bloomberg reports.
Meanwhile, cracks are beginning to appear in India's bond market after underwriters stepped in to rescue a 10-year bond auction on Friday.
An unprecedented government bond supply and the prospects of a prolonged interest-rate pause from the Reserve Bank is causing jitters across the bond market, Bloomberg reports.
Shares rose as much as 9.6% - the most in four months to Rs 438.7. The stock trades at the highest level in six months.
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Shares gained as much as 10.8% - the most in a month to Rs 144.4. CLSA has a price target of Rs 185 on the stock.
Shares gained as much as 7% to Rs 509 - the highest level in two months.
Indian equity markets opened the new trading week with gains after a rangebound last week where benchmark indices posted losses.
The S&P BSE Sensex opened 0.5% higher at 38,602 while the NSE Nifty 50 index opened at 11,248, up 0.6%. The Sensex and Nifty ended 0.4% and 0.3% lower last week.
All sectoral indices opened with gains. The Media and Realty index opened with gains of nearly 1.5%, while Nifty I.T., FMCG and the Nifty Bank gained between 0.5-1%.
Broader markets opened higher as well. The midcap index opened 0.8% higher while the smallcap index was up 1.2% at the start of trade.
Market breadth was in favour of the gainers. 1,198 stocks on the NSE opened with gains while 406 declined.
To know more about earnings reported after market hours, key brokerage updates and other trading cues, click here.
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