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Indian equity markets ended little changed after witnessing pressure at higher levels. However, they managed to eke out modest gains.
The S&P BSE Sensex ended 0.3% higher at 40,544 while the NSE Nifty 50 index ended just below the 11,900 mark at 11,896, up 0.2%. Both Sensex and Nifty registered their third straight day of gains.
Among the sectoral indices, it was the Realty index that ended as the top performer in today's session. The index gained 4%, courtesy the surge in Oberoi Realty, which ended at an upper circuit of 20% - the most on record.
Other sectors that did well today include the Nifty Media index, which ended 2% higher, courtesy gains in Zee Entertainment and the Nifty I.T. index, which ended with gains of 1.4%.
Yesterday's top performer, the PSU Bank index was the top laggard in today's session, ending 1.4% lower.
Broader markets managed to outperform the benchmarks in today's session. The Nifty Midcap index gained 0.7% while the Smallcap index was up 0.4%.
India Volatility Index ended 4% higher at 22.69.
991 stocks on the NSE ended with gains while 829 posted losses in today's day of trade.
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Moody's Investors Service has placed Vedanta Resources' B1 corporate family rating under review for a downgrade, as per their statement.
Moody's has also placed under review for downgrade, the B3 rating on the senior unsecured bonds issued by the company and its wholly-owned subsidiary Vedanta Resources Finance II Plc, and guaranteed by Vedanta, affecting $4.2 billion in outstanding debt.
The outlook on the ratings was changed to ratings under review from negative.
The review follows an increase in refinancing risk and significant funding needs at the holding company level, following the failure to acquire balance shareholding in key subsidiary Vedanta Ltd., which would have improved access to group cash," Moody's Vice President Kaustubh Chaubal cited in a statement.
Shares of Vedanta are currently trading 2.2% higher at Rs 98.9 and are up for the second straight day.
Shares are currently trading little changed, down 0.24% at Rs 2,172, post the announcement.
Shares are off the day's low after falling as much as 1.5% to Rs 556.1, post the announcement.
आज शाम 6 बजे राष्ट्र के नाम संदेश दूंगा। आप जरूर जुड़ें।
— Narendra Modi (@narendramodi) October 20, 2020
Will be sharing a message with my fellow citizens at 6 PM this evening.
Let's take a look at how European markets are trading:
Shares gained as much as 2.1% to Rs 399.75, post the announcement. The stock is up for the third straight day.
The government is planning to ask some state-owned companies to repurchase shares to help the government shore up its finances, Bloomberg News reports.
Coal India, NTPC, NMDC, MOIL and Engineers India, are among the companies that might be asked to buyback shares, sources said. The other company in the list - KIOCL, announced a buyback of shares on Monday evening at a 19.3% discount to Monday's closing price. The government holds 99% stake in KIOCL.
The strategy will help the government access part of the more than Rs 40,000 crore of cash with the companies as on March 31. The government so far has raised less than 3% of its Rs 2.1 lakh crore divestment target so far.
The government has been pushing state-owned companies to increase their capital expenditure as it looks to revive an economy seen contracting about 10% in the year to March 2021.
The company has informed the exchanges that its board has approved the acquisition of 125 crore shares of ONGC Mangalore Petrochemicals from ONGC.
The shares will be acquired at Rs 9.76 per share, for a total consideration of Rs 1,217 crore, the company said in an exchange filing.
The company's stake in OMPL - its wholly-owned subsidiary has risen to 100% from 51% earlier.
Shares gained as much as 3.1% to Rs 26.9 and is up for the third straight day.
The company was awarded a five-year application management and services integration and management contract by Finland-based Fortum.
As a part of the five-year agreement, Wipro will manage Fortum’s application portfolio across hundreds of applications for more than 11,500 users across 18 countries and provide 24/7 support for business-critical applications.
Wipro’s Service Integration & Management (SIAM) transformation solution will help Fortum consolidate and govern its multi-supplier eco-system.
Shares gained as much as 1.8% to Rs 349.4 and are up for the second straight day.
The drugmaker informed the exchanges that its step-down wholly-owned subsidiary Strides Pharma global has received approval from the U.S. FDA for Ethacrynic Acid Tablets, USP, 25 mg.
The product is a generic version of Edecrin Tablets, 25 mg, of Bausch Health Americas, Inc.
The drug is used to treat edema in adults and children caused by medical problems like cancer, heart, kidney and liver disease.
The drug has a U.S. Market size of approximately $14 million as per IQVIA data of August 2020.
The product will be manufactured at the company's flagship facility at Bengaluru.
Shares recovered from the day's low to gain as much as 1.5% to Rs 759, post the announcement. The stock is up for the third straight day and is trading at the highest level since January 2018.
The company has informed the exchanges that it has received export orders for 7,900 wheels from the U.S. Caravan trailer market.
The value for the order is $1,25,000 and will be executed from the company's Chennai plant in the month of November, the company said in an exchange filing.
Orders of similar capacity are expected in the future, the company said.
Shares gained as much as 2.2% to Rs 494.6, post the announcement. The stock is trading at the highest in seven months.
Shares gained as much as 7% to Rs 598.4 - the most in seven months. The stock is up for the sixth straight day, the most in three months.
PTI reported on Monday evening that the company has emerged as the lowest bidder for the design and construction of a 237 km viaduct for the 508 km Mumbai-Ahmedabad high speed rail corridor.
“Financial bids for the design and construction of 237 km length of viaduct for 508 km of Mumbai-Ahmedabad High Speed Rail corridor were opened today and Larsen & Toubro Ltd is the lowest bidder,” said the release.
A total three bidders involving seven major infrastructural companies had participated in the competitive bidding, the NHSRCL said.
The tender covers about 47% of total alignment of 508 km, between Vapi (Zaroli Village at Maharashtra- Gujarat Border) and Vadodara in Gujarat.
This includes four stations namely Vapi, Billimora, Surat and Bharuch, and Surat Depot, it said.
Shares gained as much as 3.5% to Rs 934.4 and are up for the third straight day. The stock is trading at the highest in nearly two months. It is also the top gainer on the Nifty 50 index.
The currency has opened flat in today's session, on similar lines to Monday's closing.
The rupee opened at 73.38 against the U.S. Dollar as compared to Monday's closing of 73.37. It was the third worst performing currency in Asia.
Bloomberg Economics estimates that the Reserve Bank of India bought foreign currency assets worth approximately $5.46 billion in the week ended October 9.
Within the bond markets today, 10 states plan to sell debt worth Rs 13,500 crore. Kotak Mahindra Bank believes that the upside to bond yields is capped as most of the negative news is priced in and the risk of further market borrowings is diminishing.
Shares gained as much as 3.8% to Rs 1,622. The stock is up for the third straight day.
The company informed the exchanges on Monday that it has announced a share buyback worth Rs 155.9 crore rupees.
The company, in which the government holds 99% stake, will buyback 1.42 crore shares in the buyback process.
The buyback price of Rs 110 per share is a 19.3% discount to Monday's closing price, according to the exchange filing.
The record date for the buyback has been set at October 30.
Shares fell as much as 10% to Rs 122.45, before recovering from the day's low. The stock currently trades 6.6% lower at Rs 127.
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Indian equity markets have opened little changed after two straight days of gains. Sentiment across Asian markets remains cautious after a weak closing on Wall Street.
The S&P BSE Sensex has opened 11 points lower at 40,420 while the NSE Nifty 50 index has opened 12 points lower at 11,861.
Most sectoral indices have opened with a negative bias. The Nifty Bank and PSU Bank index, which gained 3% and 4% respectively on Monday, have opened 0.6% and 0.9% lower respectively. The Media and Metal indices are down 0.5% each while the other indices have opened flat.
Broader Markets too are drifting lower at the start of trade. The Midcap index is down 0.3% while the Smallcap index is declining 0.1%.
Market breadth is even at the start of trade. 722 stocks on the NSE are trading with gains while 763 are declining.
Source: ICICI Direct
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