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Global sentiment, which is currently on a sticky wicket, finally caught up with the Indian markets as well.
Benchmark indices reversed Tuesday's gains to end lower in today's session, dragged lower by selling pressure across the board.
The S&P BSE Sensex ended 1.5% lower at 39,922 while the NSE Nifty 50 index managed to defend the 11,700 mark, ending 1.34% lower at 11,729.
All sectoral indices ended with losses in today's session. Losses were led by the Nifty Bank index, which gave up 540 out of the 700 point gain on Tuesday. The index ended 2.2% lower.
The Nifty Realty index was the other major laggard, ending 2% lower. The Nifty Media, Nifty Metal, Nifty Pharma and Nifty PSU Bank index saw losses between 1.4% and 1.6%.
The Nifty Auto index which was the only sectoral gainer through most parts of the trading day, gave up all of its gains to end 0.1% lower.
Broader markets moved in tandem with the benchmarks with both Midcap and Smallcap index ending with losses of 1% each.
India Volatility Index ended 4.9% higher at 23.28.
1,186 stocks on the NSE ended with losses while 627 managed to buck the trend.
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Shares gained as much as 3.9% to a record high of Rs 3,195.45. The stock is up for the seventh straight day, its longest winning streak since November 2019.
Shares fell as much as 2.3% to Rs 168.1, post the announcement.
Shares fell as much as 1.8% to Rs 1,275.1, post the announcement.
Shares gained as much as 2.1% to Rs 454.7, up for the second day in a row.
Shares currently trade 1.1% lower at Rs 352.6, post the announcement.
Shares fell as much as 3.8% to Rs 1,185.3, post the announcement.
Shares fell as much as 1.9% to Rs 5,005, post the announcement.
Shares fell as much as 4.2% to Rs 38.25, post the announcement. The stock has snapped a three-day gaining streak.
Shares gained as much as 2.4% to Rs 1,938, snapping a two-day losing streak. The stock has cooled off from the day's high.
Shares fell as much as 1.8% to Rs 404.6, and have declined in three out of the last four trading sessions.
The I.T. solutions provider has announced a major order win from the largest telecom operator in the United Arab Emirates.
The order has been won by a group company - Intellvisions Software LLC, and is valued at Rs 30 crore. The work orders, which are supposed to be delivered within the next four months, are valued at nearly Rs 14.5 crore.
The project will cover implementation within 18 months, followed by maintenance and support up to five years, the company said in an exchange filing.
Shares are locked in an upper circuit of 5% at Rs 74.25, post the announcement.
The company has announced an expansion of its Garment segment by establishing a new garment factory near Coimbatore.
The new factory will have a capacity of 42 million garments per annum and the estimated project cost for the same is pegged at Rs 250 crore.
The company intends to expand capacity in order to cater to the growing market demand and towards stepping up of efforts to tap potential markets, it said in a press release.
Shares gained as much as 15.7% to Rs 782.95, trading at the highest level since March 2018. The stock is up for the second straight day.
The company has informed of a board meeting which will be held on November 3, during which it will consider its quarterly results.
The board will also consider a proposal to raise funds through U.S. Dollar denominated foreign currency bonds which may be issued in one or more tranches in India or overseas.
The total amount that the company seeks to raise through the bonds is $400 million on a private placement basis or otherwise, it said in an exchange filing.
Shares gained as much as 3.6% to Rs 204.5, up for the second straight day.
The I.T. major has announced that it has been selected as a strategic partner by AG - a leading Belgian insurer, for managed I.T. services.
TCS will help AG enhance its digital channels and modernise its I.T. systems, leveraging TCS' Machine First approach.
“Our partnership with AG Insurance will see us leverage all these capabilities to transform their application estate and build a future-proof core that will foster innovation, agility and enhanced customer experience,” Hemakiran Gupta - Business unit head for Mainland Europe, BFSI at TCS was quoted as saying.
The stock is currently trading 0.3% lower at Rs 2,621, down for the second straight day.
The company has announced that it has been awarded a global services deal from Aesculap, a subsidiary of B. Braun, one of the world's leading manufacturers of medical devices and pharma products.
Tata Elxsi has opened a dedicated global engineering center for Aesculap, as part of the strategic, multi-year engagement.
The center will be used to accelerate innovation and drive the transformation and growth for Aesculap's medical business.
“This further consolidates our position in the Medical Devices and Healthcare market in Europe,” Nitin Pail, Chief Strategy Officer and CMO at Tata Elxsi was quoted as saying.
Shares are attempting a recovery from the day's low, currently trading 4% lower at Rs 1,592.1.
Shares gained as much as 8.6% - the most in six months to Rs 118. The stock trades at the highest level in over a month.
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The currency has opened little changed in today's session after snapping a two-day losing streak on Tuesday.
The rupee opened 73.69 against the U.S. Dollar as compared to Tuesday's close of 73.72. It was the second best performer in Asia on Tuesday.
Strong local shares and persistent selling of the greenback by exporters led to the currency appreciating on Tuesday, according to Reliance Securities.
Bond market traders will keep an eye out on treasury bill auctions today. The government plans to sell T-bills worth Rs 16,000 crore.
AU Small Finance Bank believes that the 10-year yield may drop to 5.75% if the Reserve Bank of India continues regular OMOs and commits to an accommodative stance for longer.
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The company has informed the exchanges that its casino operations in Sikkim will resume from November 1, 2020, in accordance with the applicable safety norms prescribed by the respective governments.
Operations had to be stalled after the government ordered a lockdown in March this year, in order to curb the spread of the Covid-19 pandemic.
Shares gained as much as 6.1% to Rs 114.9, snapping a two-day losing streak.
Shares gained as much as 9.5% - its biggest single-day gain in over five months to Rs 474.6. The stock is trading at the highest level in over a month.
The two-wheeler maker announced an agreement with Harley-Davidson for the Indian market on Tuesday.
As per the distribution agreement, Hero will sell and service Harley-Davidson motorcycles, and sell parts, accessories and general merchandise, riding gear and apparel through Harley's dealers and its own existing dealership network.
Hero will also develop and sell a range of premium motorcycles, under the Harley-Davidson brand name, as per the company's exchange filing.
Shares gained as much as 3.7% to Rs 3,020 and are up for the second straight day.
Indian equity markets opened higher for the second straight day after recovering most of its losses on Tuesday.
The S&P BSE Sensex opened 0.35% higher at 40,664 while the NSE Nifty 50 index opened above the mark of 11,900 - up 0.3% at 11,922. Both benchmark indices gave up gains soon after.
Sectoral indices have opened mixed this morning. The Nifty Media and Nifty Auto indices are up 0.6% each, while the Nifty I.T. index has gained 0.5% at the start of trade. Other sectoral indices have opened flat.
Broader markets too have had a subdued start to the trading day. The Nifty Midcap index is little changed as is the Nifty Smallcap index, which is up 0.15%.
800 stocks on the NSE opened with gains while 705 stocks are declining.
Source: ICICI Direct
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