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Indian equity markets continued to rally, extending their gains to the fifth straight day after another strong day of trade.
The S&P BSE Sensex ended 1.4% higher at 37,930 while the NSE Nifty 50 index ended 1.27% higher at 11,162. Benchmark indices remained at their highest level since March 5 this year.
The Nifty 50 index has gained in 12 out of the last 17 trading sessions.
PSUs led gains on the Nifty 50 in today's session. Power Grid ended as the top gainer, up 6.4%, followed by BPCL and Indian Oil, which ended with gains of over 5.5%.
Bajaj Finance was the top laggard on the Nifty 50 index, ending 4% lower after its first quarter earnings.
Banking stocks outperformed for the second straight day. The Nifty Bank and the PSU Bank index ended with gains of 2.1% each. Realty and auto stocks also ended with strong gains. The Realty index ended 2% higher while the Auto index ended with gains of 1.6%.
Pharma underperformed for the second straight day, ending 1.3% lower. The index snapped an eight-day gaining streak on Monday.
Broader markets underperformed in today's session. The midcap index ended little changed while the smallcap index ended with gains of 0.4%.
India Volatility Index ended off the day's low, down 0.5% to 24.58.
Market breadth ended in favour of the gainers despite broader markets underperforming. 1,022 stocks on the NSE ended with gains while 798 declined.
Shares ended 2.6% lower at Rs 182.90, down for the third straight day.
Shares ended 2% higher at Rs 445 and have now gained in three out of the last four trading sessions.
Shares ended 1.7% higher at Rs 627, up for the fourth straight day.
Shares ended at the highest point of the day, up 4.4% at Rs 892. The stock has gained in three out of the last four trading sessions.
The company has informed the exchanges that the National Highways Authority of India (NHAI) has annulled the bid received by the company.
IRB Infra on July 10 had emerged as the preferred bidder for the six-laning project of NH-19 from Palsit to Dankuni's 63.8 kilometre stretch.
The project, under the Bharatmala Pariyojana, was supposed to be executed on the BoT basis at a cost of Rs 2,193.23 crore.
Shares fell as much as 5.1% to Rs 112.55, post the announcement and are declining for the second straight day.
Shares of HDFC Bank are off the day's high; up 0.5% at Rs 1,138.
Shares of NTPC are trading 1% higher at Rs 88.
Commentary From FADA:
Shares gained as much as 3.3% to Rs 952.6, before cooling off. The stock is up for the fifth day in a row.
Let's take a look at how benchmark indices across Europe are trading:
Shares ended 4% lower at Rs 3,304 and were the top laggards on the Nifty 50 index.
The company, through its wholly-owned subsidiary has entered into an agreement to invest up to Rs 10.6 crore in Bizcrum Infotech.
The investment falls under the related party transaction as Bijnis is an associate company of Info Edge. The transaction is done at arm's length basis, the company said in an exchange filing.
The Rs 10.6 crore investment will result in Info Edge acquiring 28.22% stake on fully converted and diluted basis.
Bijinis is in the business of building a B2B platform primarily focused on fashion and lifestyle verticals, solving the problem of discovery, payments and logistics by bridging the gap between suppliers and retailers.
Shares recovered from the day's low, gaining as much as 1.33% to Rs 3,298. The stock is up for the sixth straight day - its longest winning streak since November 2019 and is trading at an all-time high.
Shares fell as much as 5.1% to Rs 68, snapping a two-day gaining streak.
Indian Mutual Funds have halved their holdings of debt sold by shadow lenders in the two-year period to June after defaults by some major financiers, Bloomberg News reports citing SEBI data.
Policymakers have rolled out measures to support the financiers in recent months, helping to bring down their borrowing costs.
However, asset managers remain wary of their bonds and Covid-19 continues to remain a threat to a rise in their bad loans.
The board approved a raising funds not exceeding Rs 150 crore on a rights basis, QIP and preferential allotment or any other combination thereof.
Out of which, the board will issue 16.1 crore shares worth Rs 116 crore for its rights issue at a price of Rs 72 per share.
The rights entitlement ratio has been fixed at 4 rights equity shares for every 27 equity shares held by the eligible shareholders.
The record date for the same has been fixed at July 24. The issue opens on July 30 and closes August 13.
The rights issue price is a 20% discount to Monday's closing price.
Shares fell as much as 2.1% to Rs 88.3, snapping a two-day losing streak.
The cable television company reported a 3.8% decline in its net profit for the quarter ended June while net profit grew nearly five-fold as compared to last year. Higher taxes in the base quarter had impacted profitability.
Operating performance of the company was strong with Ebitda rising 55.1% while margins rose to 21.2% from 13.2% as compared to the same period last year.
Revenue from the cable distribution network fell 3% to Rs 284.4 crore while that from the Broadband business fell 6% to Rs 16.84 crore.
Shares are locked in an upper circuit of 10% at Rs 109.6, up for the third straight day. The stock has quadrupled from its 52-week low of Rs 25.5 on March 25, 2020.
The rupee opened higher for the third straight day, adding to gains made on Friday and Monday.
The currency opened at 74.79 against the U.S. Dollar as compared to Monday's close of 74.92.
Risk sentiment was boosted after a Covid-19 vaccine showed promising results in early testing, prompting the U.S. Dollar to fall to a six-week low.
Yield on the 10-year government bond opened at 5.802% as compared to Monday's close of 5.805%.
DCB Bank believes that yields are likely to remain in a tight range between 5.78% and 5.82% this week due to the absence of fresh triggers.
Within the bond market today, Indian states will sell bonds worth Rs 9,000 crore.
The cement major reported a 37.3% decline in its revenue for the June quarter of 2020. Net profit fell 40.5% while Ebitda declined 33% compared to the previous year.
Volumes fell 33% to 4.8 MT while realisations and Ebitda per tonne remained flat. The decline in volumes was offset by better pricing and lesser discounts.
Other costs for the company declined by Rs 200 crore on a quarter-on-quarter basis.
Brokerage house CLSA has raised its price target on the stock to Rs 1,675 from Rs 1,575 and reiterated its buy rating.
The stock is better positioned in the current environment due to renewed focus on costs and visibility on medium-term growth, as per CLSA.
Shares gained as much as 7.1% to Rs 1,423, up for the fourth straight day. The stock now trades at the highest level in five months.
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Majesco on Monday announced that it has decided to sell its U.S. business to a PE firm Thoma Bravo at $13 per share - representing a valuation of $594 million.
The offer price is a 72% premium to the last closing price of Majesco U.S.
The Indian entity holds a 74% stake in the company and will hence get $421 million cash for its stake. The cash consideration is a 198% premium to Majesco's current market capitalisation.
The cash accrual for Majesco post taxation will be Rs 2,550 crore - a sum that the promoters intend to distribute to the shareholders in the form or buybacks and dividends.
Shares of Majesco are locked in an upper circuit of 5% at Rs 405.55 and are up for the sixth straight day.
Shares of Mastek, who’s U.K. business holds stake in Majesco’s U.S. business, gained as much as 20% to Rs 509.
Indian equity markets opened higher for the fifth straight day, as the rally continues to reach pre-Covid levels.
The S&P BSE Sensex opened 1.1% higher at 37,823 while the NSE Nifty 50 index opened 0.9% higher at 11,126. The Nifty 50 ended above the mark of 11,000 on Monday for the first time after March 5 this year.
Among sectoral indices, the Nifty Bank opened 1.4% higher while the PSU Bank index outperformed, opening with gains of 2.6%. The I.T. index gained another 1% while others traded with gains between 0.5-1%.
Broader markets have opened in-line with benchmarks. The Midcap index opened 0.9% higher while the smallcap index opened with gains of 0.7%.
Market breadth has opened in favour of the advances. 1,147 stocks on the NSE opened with gains while 325 declined.
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