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A last-hour surge led to Indian equity markets posting a fifth straight weekly advance, the longest weekly winning streak since April 2019.
The S&P BSE Sensex ended 1.5% higher at 37,020 while the NSE Nifty 50 index ended 1.75% higher at 10,927. Benchmark indices gained in four out of the five trading sessions this week.
Among the sectoral indices, banking and auto stocks ended near the highest point of the day, with gains of 1.7% each.
The PSU Bank index was the top performing index in today's session, ending with gains of 1.8%. The I.T. index was the only sectoral index to have ended with losses of 0.6%.
Broader markets performed in-line with benchmarks. The midcap and smallcap indices ended with gains of 1.4% each.
The India Volatility Index ended 5.4% lower, below the mark of 24 at 23.99.
Market breadth was in favour of the advances. 1,219 stocks on the NSE ended with gains while 598 posted losses.
For the week, the Sensex ended 1.2% higher while the Nifty gained 1.24%.
ICICI Securities says that the pandemic may help improve the accuracy of India's analysts, Bloomberg News reports.
The brokerage house says that the consensus one-year forward forecast for EPS on the Nifty 50 index has been overestimated by about 20% on average since 2014.
Analysts have slashed their forward earnings estimate for the Nifty index for FY21 by 30% so far.
Companies on the Nifty index saw its profit slump 53% year-on-year for the quarter ending while consensus estimates were for a 7.4% gain.
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Shares gained as much as 2.93% to Rs 61.5.
Shares are locked in an upper circuit of 5% at Rs 110.5, snapping a two-day losing streak.
Longest winning streak for the index since October 2019.
Shares have given up gains, trading little changed at Rs 3,861, post the announcement.
Let's take a look at how benchmark indices across Europe have opened:
Global cotton prices are set to face pressure with output in the world's biggest producer India set to climb next year, Bloomberg News reports.
Early showers in India's main growing areas spur planting which may improve yields.
The crop may total as much as 37 million bales of 170 kg each in the year beginning October 1, Arun Sekhsaria, Managing Director of DD Cotton, one of the country's biggest exporter of cotton.
India's total domestic demand is now estimated at 28 million bales in 2019-20, down more than 15% from an earlier forecast of 33.1 million bales.
Rains across the country have been 10% above normal starting June 1.
Shares gained as much as 3.62% to Rs 254.70, post the announcement.
Sale of Gasoline and Diesel by the country's top three fuel retailers fell during the first half of July, Bloomberg News reports.
This is the first instance of sales dropping since the nationwide lockdown to combat the Covid-19 pandemic was eased in May.
Diesel sales fell over 18% during the July 1-15 period, as compared to the same period last month, an official requesting anonymity told Bloomberg News. Diesel sales are down 21% as compared to the previous year.
Gasoline sales during the July 1-15 period fell 7% while on a year-on-year basis, they are down 13%.
Aviation sales rose 12% while that of LPG rose 11% as compared to the previous month.
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Shares fell as much as 8.1% - the most in four months to Rs 1,325. The stock has recovered from the day's low.
Shares gained as much as 2.45% to Rs 116.95, up for the second straight day.
PTC India in an exchange filing on Thursday said that it is exploring opportunities for monetisation of its investment in PTC India Financial Services.
PTC India currently holds 65% stake and it also intends to sell the controlling stake in the financial services company.
The market value of PTC India financial services stood at Rs 884 crore as on Thursday.
The last date for submission of interest is July 31, according to the exchange filing.
Shares of PTC India gained as much as 4.8% to Rs 50.45 while those of PTC India Financial Services are locked in an upper circuit of 10% at Rs 15.07.
Shares are off the day's high after gaining as much as 9.3% to Rs 310.8. The stock trades at the highest level in four months and is up for the fifth straight day.
The currency has opened flat today after ending Thursday's trading session on a similar note.
The rupee opened at 75.25 against the U.S. Dollar as compared to Thursday's close of 75.19.
The currency is unchanged on a weekly basis, trading similar to the closing level of July 10.
Yield on the 10-year Government bond opened unchanged at 5.813% as compared to Thursday's close of 5.814%.
Within the bond market today, traders will watch for the weekly debt auction of Rs 30,000 crore. The Reserve Bank of India will also be releasing its weekly forex data later today.
Shares gained as much as 2.1% to Rs 368.5, up for the third straight day.
The I.T. services company reported a 7.4% decline in its U.S. Dollar revenue on a sequential basis. Net profit too fell 7.3% compared to the previous quarter.
Ebit fell 5.7% while Ebit margins contracted 40 basis points to 20.5% from 20.9% in the previous quarter. Revenue was in-line with consensus estimates while net profit was ahead of analyst projections.
The company has re-introduced its guidance for the year, which it had suspended in the fourth quarter due to the Covid-19 pandemic.
It expects revenue to grow between 1.5-2.5% sequentially for the next three quarters on a constant currency basis while it expects Operating Margins to range between 19.5-20.5% for FY21.
Shares fell to the day's low, falling as much as 2.8% in opening trade, staging a recovery post that. It now trades 1.9% higher at Rs 639.50, up for the third straight day.
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Indian equity markets opened little changed as markets look to end yet another week with gains.
The S&P BSE Sensex opened 0.2% higher at 36,547, while the NSE Nifty 50 index opened 0.1% higher at 10.752.
Both benchmark indices have gained in three out of the last four sessions this week.
Among the sectoral indices, Nifty I.T. is the only laggard, opening lower by 0.6% while the Metal index is up 2 percent.
Broader markets are in-line with the benchmarks. Midcap index opened 0.7% higher while the Smallcap index gained 0.5%.
Market breadth was in favour of the advances. 1,015 stocks on the NSE opened with gains while 520 declined.
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