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Indian equity markets ended little changed ahead of the weekly options expiry on Thursday. The flat close however, brought an end to the four-day winning streak for the S&P BSE Sensex and a six-day winning streak for the NSE Nifty 50.
The Sensex ended 0.1% lower at 38,369 while the Nifty ended 0.12% lower at 11,308. This was the sixth straight day of sub-1% moves for the Indian markets.
Among the sectoral indices, PSU Banks, Media and Auto stocks were the top performers in today's session. The PSU Bank index ended of the day's high but with gains of 2.6% while the media and auto index gained 2.5% and 2% respectively.
Nifty Pharma was the top sectoral laggard in today's session, ending 1.6% lower, down for the second straight day.
Broader markets outperformed in today's session. The midcap index ended 0.1% higher while the smallcap index ended with gains of 0.5%.
The India Volatility index ended lower for the seventh straight day - the longest in three months, down 2.2% to 20.89.
Market breadth ended in favour of the advances. 1,002 stocks on the NSE ended with gains while 847 ended with declines.
Shares are locked in an upper circuit of 10% - the most in two months at Rs 371.3, post the announcement. The stock trades at a five-month high.
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Shares snapped a three-day gaining streak, ending 1.9% lower at Rs 848.8. The stock earlier fell as much as 6% post the earnings announcement.
Shares are off the day's high, after gaining as much as 4.2% to Rs 1,453.9, post the announcement.
Shares ended the day up 5.1% at Rs 434.8. The stock has gained in seven out of the last eight trading sessions.
Shares are trading near the day's high, up 4.1% to Rs 1,670.
India's largest movie exhibitor PVR plans to use the Rs 300 crore raised from its recent rights issue to repay debt, and working capital requirements, CFO Nitin Sood told Bloomberg News.
The company's CFO said that liquidity position of the company is in a good position till March 31, post the fund raise.
PVR along with other movie chains are awaiting government permissions to resume operations. Sood said that the company expects the government to allow cinema halls to open 'soon.'
The company has plans to spend at least Rs 6 crore on health and safety measures once cinema halls reopen. It has also delayed most of its capex plans for the year.
Shares snapped a four-day losing streak, ending 6.5% higher at Rs 1,195.
Let's take a look at how markets in Europe have opened:
Shares recovered from the day's low, after falling as much as 7% to Rs 287.4. The stock is down for the second straight day.
The shareholders of the Royal Enfield maker approved a split of the company's equity share. One equity share of face value of Rs 10 will be split into 10 equity shares of Re 1 each, according to an exchange filing.
The split is being done to facilitate a larger shareholder base and aid liquidity, according to the company.
The expected time of completion of the split is 2-3 months from the date of approval.
The total number of issued, subscribed and paid-up share capital of the company will rise to 27.3 crore from 2.73 crore post the stock split.
Shares gained as much as 2.1% to Rs 21,899 and are up for the second straight day. The stock is among the top performers on the Nifty 50 index.
Shares gained as much as 5% - the most in two months to Rs 695.
The company informed the exchanges that the Supreme Court has passed an order for the company to resume mining operations in the state, subject to necessary clearances.
The Apex court has also allowed the sale of the company's undisposed stock in order after following due process.
The court directed the Odisha government to conduct a joint verification of the undisposed stock so that the company can proceed with the sale.
Shares gained as much as 20% - the most on record to Rs 2,691. The stock is trading at the highest level since August 2015.
The company has set lump ore and fines prices for the month of August.
It has set Lump Ore prices at Rs 2,950 per tonne while it has set fines prices at Rs 2,660.
Shares are currently trading unchanged at Rs 93.30 and are up for the eighth straight day.
The exhibitor informed the exchanges on Tuesday that Inox Benefit Trust has sold 43.5 lakh shares or 4.23% stake in the company at Rs 233 per share.
Buyers of those shares included the Abu Dhabi Investment Authority which acquired 11.25 lakh shares or 1.09% stake and Skale Master Fund acquired 8.55 lakh shares or 0.83% stake.
HDFC Mutual Fund was also among the buyers. The fund house acquired 2.25% stake or 23.14 lakh shares of the company at Rs 233 per share, according to the exchange filing.
Inox Benefit Trust is not part of the promoter or promoter group, the company said.
Shares are trading at the day's high, gaining as much as 8.3% to Rs 255.1.
Shares fell as much as 8.5% - the most in five months to Rs 48.25. The stock is declining after a seven-day gaining streak.
The company also said that it is confident to deliver positive and profitable growth for FY21.
Shares gained as much as 13.6% - the most since May 2019 to Rs 55. The stock is up for the third straight day and trades at the highest level in over a month.
Shares fell as much as 5.7% - the biggest single-day fall in five months to Rs 560.15.
The currency opened unchanged after ending with gains for the second straight day on Tuesday.
The rupee opened at 74.77 against the U.S. Dollar - the same level at which it ended on Tuesday. It was the fourth best performer in Asia on Tuesday.
Economists at Kotak Mahindra Bank believe that economic activity can remain subdued over the short-term after Industrial Production data for June was negative for the fourth straight month.
Within the bond markets, traders will take cues from the sale of treasury bills worth Rs 35,000 crore.
Also awaited later today is the CPI data for the month of July. A Bloomberg survey expects retail inflation to rise 6.27% as compared to 6.09% in June.
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The company's board has approved raising Rs 3,000 crore through NCDs. The company expects the Krishnapatnam port acquisition to be completed by Q2FY21.
With regards to the deal with Snowman Logistics, the company said that both parties mutually agreed to not pursue the deal further.
Shares gained as much as 3.4% to Rs 346.4, up for the fourth straight day. The stock is the top performer on the Nifty 50 index.
The company has approved a buyback of 56.6 lakh equity shares, representing 3.04% of the total paid-up equity share capital of the company.
The buyback price of Rs 600 per share is a 51.1% premium to Tuesday's closing price. The buyback will be for a total of Rs 34 crore, which amounts to 9.95% and 9.5% of the fully paid-up equity share capital and free reserves.
Promoters of the company will participate in the buyback, as per the company's exchange filing.
Shares of the company with a market capitalisation of Rs 771.8 crore are locked in an upper circuit of 5% at Rs 414.6. The stock is trading at the highest level in over six months.
Indian equity markets opened marginally lower, contrary to the trends seen on the SGX Nifty. The S&P BSE Sensex opened 0.22% lower at 38,321 while the NSE Nifty 50 index opened below the 11,300 mark, down 0.3% at 11,289.
While the Sensex has gained for four straight sessions, the Nifty saw its sixth straight day of gains on Tuesday.
Among sectoral indices, the Metal index has opened 0.8% lower while most others trade with a negative bias. The PSU Bank index has opened 1.1% higher.
Broader markets too have opened flat but with modest losses in today's trade.
Market breadth has opened in favour of the laggards. 787 stocks on the NSE opened with losses while 679 were advancing at the start of trade.
To know details about earnings reported after market hours, key brokerage views and more, click here.
Good Morning!
Indian equities on Tuesday closed at the highest level in more than five months, leading to the sixth straight session of gains for the NSE Nifty 50 index.
But futures are pointing toward losses on Wednesday. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 1% to 11,228 as of 8:00 a.m.
While Nifty 50 companies take a day's breather from announcing quarterly results, action continues in the broader market with Aarti Industries, Aurobindo Pharma, Ashok Leyland, Bharat Forge, Cummins India, Graphite India, Natco Pharma and Tata Power, among others, set to report their numbers for quarter ended June today.
The street will focus on stocks like Adani Ports, Metropolis Healthcare, RCF, Prataap Snacks, Somany Ceramics, KRBL, Shriram City Union and Chalet Hotels that reported their quarterly results late Tuesday.
Asian markets are mixed in mid-week trade as doubts linger over the timing of a new spending package in the U.S. All other markets in Asia, other than Japan, are trading with losses.
Futures on the Dow Jones are off the day's high and are trading flat. The index fell 0.4% on Tuesday — its first drop in eight sessions.
The selloff in gold extended to the second day after the yellow metal saw its biggest drop in seven years. Prices were down 1.4% to $1,885.7/Oz. West Texas Intermediate crude was 0.4% higher at $41.76 per barrel.
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