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Indian equity markets recovered from the day's low but ended lower for the second straight day.
The S&P BSE Sensex ended 0.45% lower at 38,193 while the NSE Nifty 50 index ended 0.35% lower at 11,278. The recovery was led by the heavyweight Reliance Industries along with Metal and Pharma stocks.
Among the sectoral indices, the Nifty Bank ended over 450 points or 2.1% lower and were among the top sectoral laggards along with the PSU bank index which ended with losses of 2.9%.
Pharma stocks were the top sectoral gainer, ending 1.9% higher while the Media index ended with gains of 1.2%.
Broader markets ended lower as well. The midcap index ended 0.5% lower while the Smallcap index ended 1.5% lower.
The India Volatility Index ended 2.9% lower at 22.
Market breadth was adverse, with 557 stocks on the NSE ending with gains while 1,276 stocks ending with losses.
Source: Axis Capital As Of 3 P.M.
The state-run lender has withdrawn a planed Additional Tier-1 bond sale of as much as Rs 2,000 crore, Bloomberg News reports, citing people familiar with the matter.
The lender got bids worth Rs 1,732 crore as compared to the planned sale of Rs 2,000 crore.
It planned to price the notes at a coupon of 8%. However, it got bids in the range of 8.25% to 9.9%.
An Indian Bank spokesperson did not reply to the query sent by Bloomberg News regarding with withdrawal.
Shares fell as much as 4.4% to Rs 58.6 - the lowest in a month. The stock is down for the fourth straight day.
Shares are fluctuating between gains and losses post the announcement. The stock currently trades little changed at Rs 147.1.
Source: ICICI Securities
The committee of directors for capital raising of India's largest lender has accorded approval to allot 40,000 Basel-III compliant, non-convertible, taxable, perpetual, subordinate, unsecured, fully paid-up debt instruments.
The debt instruments are in the nature of debentures, qualifying as AT-1 capital of the bank. The debentures will have a face value of Rs 10 lakh each, aggregating to Rs 4,000 crore and wilk bear a coupon of 7.74% payable annually.
The instrument will have a call option after five years or any anniversary date thereafter.
Share are currently trading at the day's low, down as much as 5.5% to Rs 192.85, its lowest level in a month.
The I.T. services company has announced a collaboration with PTC and HPC to take its real-time manufacturing insights solution to the next level.
The entire RMI solution can now be deployed close to the factory set-up for faster results, the company said in a filing.
"Our collaboration with PTC and HPE goes beyond the dotted lines. It's a commitment to work together towards scaling this superior solution in the market, thereby mutually benefiting our manufacturing customers and the overall industry," Sukamal Banerjee, Corporate VP and Head-IoT works of HCL Technologies was quoted as saying.
Shares gained as much as 0.4% and are trading at an all-time high of Rs 728.8. The stock is up for the third straight day.
The drugmaker announced that it has received tentative approval from the U.S. FDA to market Empagliflozin and Linagliptin tablets in the strengths of 10 mg/5 mg and 25 mg/5 mg.
The drug is used together with diet and exercise to improve blood sugar control in adults with type 2 diabetes mellitus, the company said in a statement.
The drug will be established at the company's formulations manufacturing facility at SEZ, Ahmedabad.
Shares are trading little changed at Rs 365.5, post the announcement.
Source: FADA
Gautam Shah Says Nifty 50 Hasn’t Topped Out Yet
Source: AMFI
Shares of HDFC Life gained as much as 1.9% to Rs 593. It is among the top performers on the Nifty 50 index.
Shares of SBI Life fell as much as 2.7% to Rs 822.
Shares of ICICI Prudential fell as much as 2.7% to Rs 430.1.
The company has informed the exchanges that it has won export orders of nearly 1.1 lakh wheels from the U.S. Caravan Trailer market.
The order is worth $1.07 million, the company said in an exchange filing.
Execution of this order will take place in the month of November from the company's Chennai plant.
The company expects more orders of similar capacity going forward as well.
Shares fell as much as 3.8% to Rs 432.3, before recovering marginally post the announcement. The stock is down for the second straight day.
Shares gained as much as 5.7% to Rs 82.7. The stock has snapped a four-day losing streak.
Shares are locked in a 5% lower circuit at Rs 170.55. The stock is down for the third straight day.
The drugmaker announced the launch of Remdesivir - under the brand name Redyx, in India.
The launch is part of the licensing agreement with Gilead Sciences, that grants the company the right to register, manufacture and sell Remdesivir - a potential treatment for Covid-19, the company said in a statement.
"We will continue our efforts to develop products that address significant unmet needs of patients," MV Ramanna, CEO of Branded Markets (India & EM) of Dr Reddy's, was quoted as saying.
Shares gained as much as 1% to Rs 4,389, post the announcement.
KKR is in advanced talks to invest at least $1 billion in the retail business of Reliance Industries, Bloomberg News reports citing people familiar with the matter.
The Private Equity firm can investment as much as $1.5 billion and an announcement could come as soon as this month, the sources said.
This comes immediately after Silver Lake invested over $7,500 crore rupees in Reliance Retail.
Shares of Reliance Industries are currently off the day's high, trading 0.4% higher at Rs 2,115.
The rupee has opened weaker for the third day in a row, in-line with the weakness in the equity markets.
The rupee opened at 73.66 against the U.S. Dollar as compared to Tuesday's close of 73.6. It was the worst performing currency in Asia for the second straight day.
Yield on the 10-year government bond opened at 6.034% against the U.S. Dollar as compared to Tuesday's close of 6.057%.
Bond markets await the second half borrowing schedule with trepidation, according to a note from DBS. The note said that the full-year issuance might rise beyond the Rs 12 trillion planned earlier.
Coronavirus India Updates: Tally Tops 43.7 Lakh; Nearly 74,000 Dead
The company has informed the exchanges that it received a Letter of Award for works worth Rs 134.8 crore, excluding GST from the Government of Odisha.
The project involves execution of rural piped wwater supply projects to Kashinagar and Gumma block of Gajapati.
This is a five year operations and maintenance contract on an EPC basis, the company said in an exchange filing.
The project is to be completed within a period of two years.
Shares gained as much as 5.6% to Rs 182.8. The stock has snapped a three-day losing streak.
Shares recovered from the day's low to gain as much as 1.5% to Rs 2,139, post the announcement. The stock is up for the third straight day.
Shares of the MNC pharma company are declining in today's session after its parent, AstraZeneca Plc stopped giving shots of its experimental Covid-19 vaccine.
The step was taken after one person participating in the company's studies got sick, Bloomberg News reported.
The pause stemmed from a standard review of the company’s vaccine trials after one person developed an unexplained illness, AstraZeneca said in a statement.
The vaccine developed by AstraZeneca, along with researchers from the University of Oxford is being viewed as a leading candidate to reach the market.
In late trading in New York, shares of AstraZeneca fell as much as 8.3% while Moderna Inc. and BioNTech saw their shares rise.
Shares of the Indian unit fell as much as 13.7% - the most in over five months to Rs 3,650. The stock is down for the second straight day.
Indian equity markets opened lower for the second straight day, tracking a sell-off in global equities amidst concerns of a delay in a potential vaccine for Covid-19.
The S&P BSE Sensex opened 1% lower at 37,988 while the NSE Nifty 50 opened near the mark of 11,200, down 0.9% at 11,218.
Among the sectoral indices, the Nifty Bank index opened 1.1% or over 250 points lower.
The metal index is the top sector laggard, opening 1.8% lower while the PSU Bank and Media index are down 1.5%.
The Nifty Realty and Nifty Auto index have also opened lower by 1%.
Broader markets are declining in-line with benchmarks. The midcap index has opened 1.1% lower while the smallcap index is down 1.2% at the start of trade.
371 stocks on the NSE opened with gains while 1,187 stocks declined.
To know more about the key stocks in focus, brokerage updates and F&O cues, click here.
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