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Indian equity markets ended higher for the second day, ending the weekly options expiry session on a strong note, led by a last hour recovery in banking and pharma stocks.
The S&P BSE Sensex ended 1.16% higher at 36,471 while the NSE Nifty 50 index ended at 1.15% higher at 10,739.
Gains were mostly led by Infosys - which ended 9.5% higher for its biggest single-day gain in four months. BPCL, Cipla also contributed to the recovery, ending 7% and 5.5% higher respectively.
Among the sectoral indices, the Nifty Bank recovered nearly 600 points from the day's low to end with gains of 1.2%, courtesy a reversal in private lenders like Axis Bank, Kotak Mahindra Bank and IndusInd Bank.
Although off the day's high, the I.T. index ended as the top performer for the second day in a row, ending with gains of 2.8%.
The media index was the only sectoral laggard, ending 1.65% lower. Broader markets underperformed in today's trade. The Midcap index ended 0.5% higher while the Smallcap index ended 0.1% lower.
Market breadth ended in favour of the declines. 1,072 stocks on the NSE ended with losses while 743 stocks gained.
The power generation company has signed an MoU with the National Investment and Infrastructure Fund (NIIF) to explore opportunities for investments in areas like renewable energy, power distribution among others.
The company targets to have nearly 30 GW of its overall power generation capacity from renewable energy sources by 2032, it said in an exchange filing.
Share are off the day's low, after falling as much as 2.5% to Rs 85.85.
The company has approved the scheme of amalgamation between a wholly-owned subsidiary Marico Consumer Care and itself.
The company has also accepted the resignation of CFO Vivek Karve, effective from September 10, 2020.
The board has appointed Pawan Agarwal as the company's new CFO.
Shares recovered from the day's low and now trade 0.2% higher at Rs 344.95.
The company has informed the exchanges that it its joint venture with HCC has received a Letter of Acceptance (LoA) for a new EPC project in Jharkhand.
The 21 km project was awarded at a bid project cost of Rs 1,900 crore and has to be completed within 48 months, the company said in an exchange filing.
Shares recovered from the day's low, gained as much as 2.2% and then cooled off. The stock now trades 0.3% higher at Rs 279.25.
Shares are trading 1.9% lower at Rs 46.85, after falling as much as 4.4%. The stock is down for the fifth straight day.
Shares ended locked in a 20% upper circuit at Rs 180.45.
Let's take a look at how benchmarks across Europe have opened:
The company's wholly-owned subsidiary Tata Power Green Energy Ltd. has received a Letter of Award from Tata Power Mumbai Distribution to develop at 225 MW hybrid renewable project.
The energy will be supplied to TPMD under a Power Purchase Agreement (PPA), which will be valid for a period of 25 years from the scheduled commercial operation date.
The project is required to be commissioned within 18 months from the date of execution of the PPA, the exchange filing said.
The plant expects to generate about 700 MUs of energy per year.
Shares are off the day's low, now down 1% at Rs 46.65, down for the fifth straight day.
State Bank of India's cards business has informed the exchanges regarding the resignation of its MD & CEO, Hardyal Prasad.
Prasad has resigned from the directorship of the company owing to his voluntary retirement from State Bank of India.
Effective July 31, 2020, Prasad will also cease to be the MD & CEO of the company.
SBI has nominated Ashwini Kumar Tewari as the new MD & CEO, starting August 1, for a period of two years.
Shares are off the day's high, after gaining as much as 4% to Rs 720. The stock now trades 1.9% higher at Rs 705.6.
Zydus Cadila has received an approval for its supplemental Abbreviated New Drug Application (sANDA) for Doxycycline Injection, 100 mg/Vial from the U.S. FDA.
The injection will be manufactured at the company's injectable facility in Vadodara, it said in an exchange filing.
The facility already has five of the company's injectable portfolio ANDAs approved from the U.S. FDA and another six await approval.
The company now has 293 ANDA approvals and has filed over 390 ANDAs, the statement said.
Shares are off the day's low, gaining as much as 1% to Rs 357.85.
Shares gained as much as 2.55% to Rs 344.3, up for the second straight day.
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Shares gained as much as 6.8% to Rs 2,340.
Shares are locked in an upper circuit of 5% at Rs 76.75. The stock has gained in three out of the four trading sessions this week.
The company informed the exchanges about the proposal from the Embassy group to merge 11 Embassy assets worth 61.9 million square feet into Indiabulls Real Estate.
The board has constituted a committee of the company to appoint merchant bankers, lawyers and valuers to arrive at the swap ratio and definitive agreements. The same will be placed before the board in four weeks.
Post filing of the scheme of amalgamation with relevant regulatory authorities, Sameer Gehlaut as promoter will initiate the process of depromoterisation along with existing promoter group entities.
Once the scheme is effective, Jitendra Virwani will be the new promoter of the amalgamated company along with his other promoter entities.
Shares fell as much as 5% to Rs 57.65 and are down for the fourth straight day.
India's currency opened flat in today's session after ending Wednesday's session with gains despite volatility in the equity markets.
The rupee opened at 75.20 against the U.S. Dollar as compared to Wednesday's close of 75.15. It was the second best performing currency in Asia on Wednesday.
India returned to a trade surplus for the first time in 18 years with imports falling more than exports. A goods trade surplus is not likely to continue, according to Barclays Bank, as domestic demand gradually recovers.
Yield on the 10-year government bond opened at 5.809% as compared to Wednesday's close of 5.813%.
Within the bond markets, traders will await any OMO announcements ahead of the sale of government debt worth Rs 30,000 crore on Friday.
The company has informed the exchanges that its plant in Doddaballapur in Karnataka has been shut for operations till July 21, 2020 or until further orders from the Karnataka Government.
The state government has imposed a lockdown in certain parts of the state in the wake of a rise in new Covid-19 cases.
Shares fell as much as 3% to Rs 56.3. The stock has declined in three out of the four trading sessions this week.
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Indian equity markets began the weekly options expiry session on a volatile note, giving up gains in the early minutes of trade.
The S&P BSE Sensex opened 1% higher at 36,401 while the NSE Nifty 50 index has opened 0.83% higher. Both benchmarks gave up gains soon after.
A last hour sell-off in Reliance Industries led to benchmark indices giving up most of their sessions gains on Wednesday to end little changed.
Among the sectoral indices, the I.T. index has opened 3% higher led by a strong surge in Infosys while the rest of the indices have opened flat.
Broader markets too have opened with modest gains. The midcap index has opened 0.4% higher while the smallcap index has opened 0.3% higher.
Market breadth stood in favour of the advances at the moment. 873 stocks on the NSE opened with gains while 514 declined.
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