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Indian equity markets staged a sharp recovery from the day's low, led by index heavyweight Reliance Industries to end little changed, thereby posting its sixth straight weekly advance.
The S&P BSE Index ended nearly unchanged at 38,128, 380 points off the day's low of 37,748. The NSE Nifty 50 index ended 0.2% lower at 11,194, over 100 points off the day's low of 11,090.
The recovery on the Nifty 50 index was led by Reliance Industries, which ended 4.4% higher, up for the sixth straight day.
Only 7 out of the 50 Nifty constituents advanced in today's session.
All sectoral indices barring the Nifty I.T. index posted losses in today's session. The Nifty Metal index was the top laggard, ending 2.1% lower.
The Nifty Bank, Nifty PSU Bank, and Nifty Realty fell over 1.5% each in today's session.
The Nifty I.T. index was the outperformer, ending the day with gains of 1.4%.
Broader markets were flat in today's session. The midcap index ended 0.3% lower while the smallcap index ended with gains of 0.2%.
Market breadth ended in favour of the laggards. 1,126 stocks on the NSE ended with losses while 706 posted gains.
For the week, the Nifty ended with gains of 2.7% while the Sensex ended with gains of 3%.
The stock ended 0.95% lower at Rs 1,710.
The Fairfax-backed private lender has informed the exchanges that SBI Funds Management has secured approval from the Reserve Bank of India, to acquire 10% stake in the bank.
The fund house currently holds 4.734% stake in the paid-up capital of the lender, as per the bank's exchange filing.
SBI Funds Management will acquire 10% stake through various schemes of SBI Mutual Fund.
Shares gained as much as 7.5% to Rs 198.6, post the announcement.
Shares fell as much as 4.7% to Rs 240.4, post the announcement.
Shares recovered from the day's low to gain as much as 2.55% to Rs 4,844, post the announcement.
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Shares gained as much as 8% to Rs 12.8, up for the second straight day. The stock has gained in five out of the last six trading sessions.
The Mumbai-based private lender has informed the exchanges that Route One Investment Company, an existing investor in the bank, has received approval from the Reserve Bank of India to increase its stake in the bank by up to 10%.
Route One currently holds 4.96% of the issued and subscribed capital of the bank, according to the lender's exchange filing.
Route One had sought approval from the RBI to increase its stake, in accordance with the central bank's guidelines.
The RBI's board of directors, at a meeting held on July 5, 2020, granted approval to Route One for the same, the lender said.
Shares reversed losses to gain as much as 4.5% to Rs 536.7, post the announcement.
Shares gained as much as 1.8% to Rs 2,580, post the announcement.
Let's take a look at how benchmark indices across Europe have opened:
Shares fell as much as 3% to Rs 232.5, down for the third straight day.
Shares gained as much as 4% to Rs 146. The stock has gained in four out of the five sessions this week.
Shares fell as much as 3% to Rs 225, and have declined in two sessions this week.
Shares fell as much as 4.7% to Rs 891, snapping a three-day winning streak.
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Eleven firms including Citigroup Global Markets, CLSA India, Deloitte India and Credit Suisse India are in the race to be the pre-IPO transaction adviser for LIC, Bloomberg News reports citing a notice on the website of the disinvestment department.
The firms will make presentations to the Department of Investment and Public Asset Management on Friday through a video conference.
Axis Capital, Edelweiss, IDFC Securities, IIFL Securities, JM Financial, SBI Capital Markets and Yes Securities are the other bidders, according to DIPAM.
Shares are locked in an upper circuit of 5% at Rs 132.35. The stock is up for the sixth straight day and is trading at the highest level in a month.
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The stock ended 14% higher at Rs 1,117. This was the biggest single-day gain in the stock since October 2015 and it ended at the highest level since October 2018.
The company informed the exchanges that it received a Letter of Acceptance (LoA) from the National Highway Authority of India (NHAI) for two EPC projects.
The two projects are valued at Rs 1,547.8 crore, the company said in an exchange filing.
The two projects involve construction of Eight Lane Access Controlled Expressway on the Delhi-Vadodara expressway under the Bharatmala Pariyojana. Both projects have a completion time of 24 months and are valued at Rs 758.4 crore and Rs 789.4 crore respectively.
Shares gained as much as 8.7% - the most in nearly two months to Rs 152.4. The stock is up for the second straight day.
The rupee has opened weak after remaining unchanged on Thursday.
The currency opened at 74.91 against the U.S. Dollar as compared to Thursday's close of 74.76.
As of closing on Thursday, the rupee had modest gains for the week.
“Domestic equity markets seem to be cheering vaccine developments, but watching Yuan movement will be key for the rupee,” according to Kunal Sodhani of Shinhan Bank India.
Yield on the 10-year government bond opened at 5.802% as compared to Thursday's close of 5.807%.
Within the Bond Markets, traders will focus on government bond auctions worth Rs 30,000 crore. The government intends to sell debt maturing in 2025, 2034 and 2050.
Shares are locked in a 5% upper circuit at Rs 791.8. The stock is up for the seventh straight day and is trading at a four-month high.
The drugmaker's wholly-owned subsidiary Taro has achieved global resolution of antitrust investigations by the Department of Justice.
Under a deferred prosecution agreement reached, the Department of Justice will file an information for conduct that took place between 2013 and 2015.
If the company adheres to the terms of agreement, including the payment of $205.7 million, the DoJ will dismiss the information at the end of a three-year period, the exchange filing said.
The company has agreed to pay $213.3 million to resolve all claims related to the federal healthcare programs.
Shares gained as much as 4.6% to Rs 497.8. It is the top gainer on the Nifty 50 index and is up for the second straight day.
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Promoters of the company - INEOS Styrolution APAC have decided to reject the discovered delisting price of Rs 1,100 per equity share, an exchange filing said.
The price was determined pursuant to the book building process. The promoter has also decided not to make any counter offer.
Shares are locked in a 20% lower circuit at Rs 700.45, down for the second straight day. This is the biggest single-day drop for the stock since 1992.
Indian equity markets opened the final trading week with losses, in-line with its global peers. Despite this, benchmark indices remain higher on a weekly basis.
The S&P BSE Sensex opened 0.5% lower at 37,949 while the NSE Nifty 50 fell below the 11,200 mark in opening trading, down 0.6% at 11,149.
As of closing on Thursday, the Sensex had gained 3% while the Nifty was up 2.9% for the week.
All sectoral indices barring the Nifty Pharma (up 0.6%) opened with losses. The Nifty Bank and Nifty Auto opened 1% lower while Nifty Metal and Nifty PSU Bank opened with losses of 0.9%.
Broader markets opened in-line with the benchmarks. The midcap index opened 0.4% lower while the smallcap index fell 0.3% at the start of trade.
Market breadth opened in favour of the laggards. 864 stocks on the National Stock Exchange opened with losses while 526 stocks gained.
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