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Indian equity markets reversed most of Tuesday's gains ending near the lowest point of the day, dragged lower by heavyweight Reliance Industries (down 4%).
The S&P BSE Sensex ended 1.1% lower at 38,071 while the Nifty ended above the 11,200 mark, down 0.86% at 11,202. Both benchmark indices are back to being flat for the week.
Among sectoral indices, the auto index was the major laggard, ending 1.2% lower. The I.T. index snapped a three-day gaining streak, ending 0.9% lower.
The Pharma index outperformed in today's trade, led by gains in Dr. Reddy's Laboratories (up 6.3%). The index ended 3.1% higher.
The PSU Bank index was the other sectoral gainer, ending 1.5% higher but off the day's high.
Broader markets were mixed in today's session. The Nifty Midcap index ended 0.5% higher while the smallcap index ended little changed.
Market breadth ended in favour of the gainers. 1,000 stocks on the NSE ended with gains while 800 declined.
Shares are off the day's high, currently trading 0.8% higher at Rs 48.35, post the announcement.
Shares recovered from the day's low to end little changed at Rs 181.95. The stock ended lower for the second straight day.
Shares are off the day's low, after falling as much as 3.1% to Rs 232.7. The stock currently trades little changed.
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Shares surged to the day's high, gaining as much as 3.8% to Rs 1,444.5, post the announcement. The stock is up for the third straight day.
Let's take a look at how benchmark indices across Europe have opened:
Shares are off the day's low, after falling as much as 4.3% to Rs 174.
The Board of Directors at a meeting held today have approved investment in Mosaic Media Ventures. The company is in the business of media and publishing, events along with database and customs research.
HT Media will invest up to Rs 6 crore post working capital adjustment and revenue linked milestone payment up to Rs 1 crore on a deferred basis.
The company will acquire 100% of paid-up share capital of Mosaic held by NWS Digital Asia and News Corporation, subject to finalisation of definitive agreements, the exchange filing said.
Shares gained as much as 5% to Rs 12.6, post the announcement.
Shares gained as much as 5.2% to Rs 118.9. The stock is up for the second straight day.
Brokerage firm CLSA has downgraded the stock to sell from underperform and has also cut its price target to Rs 16,000 from Rs 16,500, citing expensive valuations and disappointing performance in the quarter.
Shares fell as much as 2.9% to Rs 16,600, down for the second straight day. The stock is the top laggard on the Nifty 50 index.
The future group companies have sought more time in reporting their quarterly results due to Covid-19 related lockdowns. The press release said that the company's corporate office is not operative as it falls under the containment zone.
Both Future Retail Ltd. and Future Enterprises Ltd. have sought time to release their results for the quarter ended March 31, 2020 by August 31, 2020 and for the quarter ended June 30, 2020 by September 15, 2020, as per their respective exchange filings.
Future Retail is locked in an upper circuit of 5% for the third straight day. Future Enterprises is locked in a 5% upper circuit for the seventh straight day and is gaining for the eighth straight day.
Shares gained as much as 7.2% to Rs 1,894. The stock is now trading at a five-month high.
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Shares are trading at the day's low, falling as much as 3.1% to Rs 336.7.
The rupee opened flat in today's trading session after ending little changed over the last three sessions.
The currency opened at 74.82 against the U.S. Dollar as compared to Tuesday's close of 74.84.
The ramping up of forex purchases by the Reserve Bank of India will limit the currency's gains, according to Bloomberg Economics.
Yield on the 10-year government bond opened at 5.844% as compared to Tuesday's close of 5.85%.
Within the bond markets, focus today will be on the treasury bill auction worth Rs 35,000 crore.
The government is retiring the current benchmark 10-year debt just two months after it was issued, as compared to 12 months for earlier offerings.
The drugmaker's wholly-owned subsidiary Taro has acquired Canada-base Aquinox Pharmaceuticals by way of purchase of the company's outstanding share.
The acquisition will be done for a cash consideration of $8.2 million.
Aquinox carries out the business of research and development of pharmaceutical products for the purpose of their commercialisation, the company said in an exchange filing.
The said acquisition does not require any regulatory approval.
Shares gained as much as 1.85% to Rs 491.5, post the announcement.
Brokerage firm CLSA maintained its buy rating on the stock and raised its price target to Rs 665 from Rs 600.
Shares gained as much as 7.2% to Rs 564.75, the highest level in four months.
Shares gained as much as 16.2% - the most since November 2012 to Rs 96.8. The stock trades at the highest level in nearly six months.
Indian equity markets opened flat but with a negative bias, despite futures suggesting otherwise.
The S&P BSE Sensex opened 0.17% lower at 38,427 while the NSE Nifty 50 index opened at 11,276, down 0.2%.
Sectoral indices too have opened flat. The FMCG and I.T. index are seeing losses of nearly 0.5% while the Pharma index has gained 0.5% at the start of trade.
Broader markets have opened higher. The midcap index is up 0.3% while the smallcap index is gaining 0.5%.
Market breadth was in favour of the gainers. 895 stocks on the NSE opened with gains while 486 traded with losses.
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