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Indian equity markets rose for the second straight day, in-line with positive global cues and extending their positive start to the October F&O series.
The S&P BSE Sensex ended 1.6% higher at 37,981 while the NSE Nifty 50 index ended 1.6% higher at 11,226. The Sensex has gained over 1,400 points over the last two sessions, while the Nifty has gained over 400 points.
All sectoral indices ended the day with gains. The Media index remained the top sectoral gainer throughout the session, ending 4.8% higher.
Indices like the Nifty Bank, Nifty Auto, Nifty Metal, Nifty PSU Bank and Nifty Realty saw gains in excess of 3%, with the Nifty Bank witnessing its biggest single-day jump in a month.
The Nifty Pharma index too reversed from the day's low to end 1.7% higher. Gains on the Nifty FMCG and Nifty I.T. were modest compared to their counterparts. Both the indices ended with gains of less than 1%.
Broader markets outperformed the benchmarks in today's session. The Midcap index ended with gains of 3% while the smallcap index ended 3.6% higher in the session today.
The India Volatility index fell below the mark of 20, ending 5.3% lower at 19.57.
Market breadth remained in favour of the gainers. 1,403 stocks on the NSE ended with gains while 453 posted losses.
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The Reserve Bank of India has issued a statement, saying that the meeting schedule of the Monetary Policy Committee (MPC) has been rescheduled.
The MPC was set to meet on September 29, 30, and October 1, with the policy decision being announced on October 6.
The statement said that the revised dates will be announced shortly.
The drugmaker has announced the launch of Atorvastatin Calcium Tablets USP, 10 mg, 20 mg, 40 mg and 80 mg, it said in an exchange filing.
The product has received the approval from the U.S. FDA and will be manufactured at the company's Nagpur facility.
The drug is the generic equivalent of Lipitor Tablets of Pfizer Inc., and are indicated to lower cholesterol in blood for adults and Children over 10 years of age.
The Atorvastatin Calcium tablets had annual sales of approximately $559 million in the U.S. for the 12-months ending July 2020, as per IQVIA data.
Shares are off the day's low, currently trading little changed at Rs 996, post the announcement.
Let's take a look at how benchmark indices in Europe are trading:
Shares gained as much as 4.5% to Rs 276.9 and are up for the second straight day. The stock is among the top performers on the Nifty Bank index.
The company informed the exchanges that its joint venture between Kubota Corporation and itself - Escorts Kubota India, has begun commercial production of Kubota tractors.
Production began on September 25, 2020, according to the exchange filing.
Shares gained as much as 7.9% to an all-time high of Rs 1,298. The stock is up for the second straight day, on volumes that are 72% higher than its 20-day average
23 out of the 28 analysts tracking the company have a buy recommendation while four have a hold. One analyst recommends selling the stock.
The stock has crossed its 12-month consensus price target of Rs 1,282.4, in today's trading session.
Shares gained as much as 5.6% to an all-time high of Rs 2,444 and are up for the second straight day. Jefferies has set a price target of Rs 2,650 on the stock.
Tata Steel has exercised the right to acquire 34.9 lakh equity shares of Tata Metaliks through a Warrant Conversion.
The pricing for the warrant conversion was Rs 642 per warrant, aggregating to Rs 224.2 crore, the company said in a statement.
Post conversion of the warrants, the stake of Tata Steel in Tata Metaliks will rise to 60.03% from 55.06% previously.
Shares of Tata Metaliks gained as much as 6.5% to Rs 540, and are up for the second straight day.
Shares of Tata Steel gained as much as 2.9% to Rs 362.25 and are also up for the second straight day.
Shares gained as much as 3.3% to Rs 6,708. The stock is up for the second straight day. HSBC has raised its price target on the stock to Rs 7,500 from the earlier target of Rs 6,100.
The company has informed the exchanges that it has received a domestic order in the company's Carbon Steel Division, for the supply of coated Carbon Steel pipes for the oil & Gas sector.
The order, worth Rs 216 crore will be executed between January 2021 and January 2022, the company said in an exchange filing.
Shares gained as much as 4.9% to Rs 1,260, and is up for the second straight day. The stock is also among the top performers on the Nifty Metal index.
The company at its board meeting held today has approved an interim dividend of Rs 2 per equity share of face value of Rs 10 each.
The record date for the payment of the interim dividend has ben set as October 8, 2020.
The board has also decided to relieve Sachin Bhanushali has as the company's CEO in order to enable him to focus on the expansion of the company's Rail vertical.
Prem Kishan Dass Gupta, the company's CMD will take over managing the day-to-day affairs of the CFS vertical of the company.
Shares gained as much as 5% to Rs 91.85 and are up for the second straight day.
The company has informed the exchanges that it has won orders worth Rs 272.8 crore rupees for supply of coated API Line pipes to GAIL and Indradhanush Gas Grid.
The order for supply of coated API Line Pipes to GAIL, pertains to its Mumbai-Nagpur-Jharsuguda pipeline project and is worth Rs 61.57 crore. The timeline to complete the order, is eight months.
The order to Indradhanush Gas Grid is for the North-East Gas Grid project and is worth Rs 211.2 crore, excluding GST, the company said in a statement. The order needs to be executed over a period of 60 weeks.
Shares gained as much as 9.7% to Rs 213, post the announcement. The stock is up for the second straight day and is trading at the highest level since July 2019.
The currency has opened flat in today's session, after posting losses for the week on Friday.
The rupee opened at 73.66 against the U.S. Dollar as compared to Friday's close of 73.61. Despite the weekly losses, the currency ended as the third best performer in Asia for the week.
Yield on the 10-year government bond opened at 6.041% as compared to Friday's close of 5.994%.
The government may raise its borrowing estimate for the October-March period to Rs 6 lakh crore from the existing five lakh crore, according to 10 out of the 16 traders in a Bloomberg Survey.
"We expect the full-year sales to be revised higher by another Rs 2 lakh crore to Rs 14 lakh crore," Himanshu Malik, a strategist at HSBC wrote.
South Korea-based S-Oil, will produce and sell its lubricant product in India, through its partnership with Gulf Oil Lubricants.
S-Oil started producing S-Oil SEVEN, from Gulf Oil's Chennai plant from August, the South Korean refiner said in an emailed statement to Bloomberg.
The company plans to start selling the product in the fourth quarter of FY21, the statement said. S-Oil has been exporting lube base oil to Gulf Oil since 2006. It has a daily capacity to make 44,700 barrels of lubricant oil in South Korea.
Shares gained as much as 3.5% to Rs 660 and are up for the second straight day.
The bank put out a statement on Sunday evening, trying to assure depositors of the bank's financial health.
The statement said that the lender's Liquidity Coverage Ratio currently stands at 262%, as compared to a minimum 100% requirement from the Reserve Bank of India.
The Provision Coverage Ratio of the lender stood at 72.6%, as compared to 70% prescribed under the Prompt Corrective Action framework.
The bank said that it will continue to evaluate the proposed amalgamation of the 'Clix Group' with itself.
This was done after shareholders of the bank rejected the appointment of as many as seven directors, including the CEO at the bank's AGM on Friday.
The Reserve Bank of India has approved a three-member board committee of independent directors to run the day-to-day affairs of the bank.
Shares fell as much as 6.25% to Rs 18, and are fluctuating between gains and losses.
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The company informed the exchanges that it has received an Arms Licence from the Arms Licence Issuance Authority of the Department for Promotion of Industry and Industrial Trade (DPITT).
The licence will allow the company to manufacture all types of warheads and fuses at the Katepally village in Telangana.
The licence will enable the company to enter into new business areas in the field of defence explosives, it said in an exchange filing.
Shares are locked in an upper circuit of 5% at Rs 119.5. The stock is up for the second straight day.
Indian equity markets extended Friday's gains, wiping out all the losses made during Thursday's trading session.
The S&P BSE Sensex opened 1% higher at 37,756 while the NSE Nifty 50 index opened 0.8% higher at 11,140. Both Sensex and Nifty ended close to 4% lower for the week on Friday.
All sectoral indices have opened with gains. Nifty Auto, Nifty Medal, Nifty Pharma and Nifty PSU Bank have opened with gains of over 1% each.
Nifty Media index is the top sectoral gainer, opening over 2% higher while other indices like Nifty Bank, Nifty I.T. and Nifty Realty have gained 0.5%-1% at the start of trade.
Broader markets have opened in-line with benchmarks. The Nifty Midcap index is up 1% while the Smallcap index has gained 1.3% in early trade.
Market breadth is in favour of the gainers. 1,239 stocks on the NSE are trading with gains, while 269 stocks decline.
Source: ICICI Securities
For details on the key stocks in focus, brokerage updates and F&O cues, click here.
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