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Indian equity markets ended off the lowest point of the day to post modest losses. However, today's decline was not enough to prevent a fourth straight weekly advance for the benchmark indices.
The S&P BSE Sensex ended 0.4% lower at 36,594 while the NSE Nifty 50 index also fell 0.4% to end at 10,768.
Banks were the top laggards in today's session. The Nifty Bank and PSU Bank index ended 2.2 and 2.7% lower respectively. Auto, Metal and Media stocks were the other laggards, with their respective indices ending with losses between 0.5-1%.
Nifty Pharma bucked the trend to end 0.8% higher while the FMCG index gained 0.6%.
Market heavyweights Reliance Industries Ltd. and Hindustan Unilever Ltd. ensured that the Nifty 50 index ended off the lowest point of the day. Both stocks were the top two gainers on the benchmark index, ending 3.1% and 2.5% higher respectively.
Broader markets remained subdued. The midcap index ended 0.7% lower while the smallcap index was little changed.
Market breadth remained adverse throughout the session. 1,194 stocks on the NSE ended with losses while 619 managed to end with gains.
For the week, both benchmark indices ended with gains of 1.6%. They have now posted weekly gains for four straight weeks - the longest weekly gaining streak since December 2019. Both Sensex and Nifty have also gained in six out of the last seven weeks.
Shares gained as much as 6% to Rs 48.20 post the announcement and are up for the fifth day in a row.
Shares fell as much as 4.74% to Rs 103.5 and are down for the second straight day.
India's largest lender has informed the exchanges that it will hold a board meeting on July 15, to consider raising funds.
It will seek approval to raise additional tier-1 and tier-2 capital through Basel-III compliant debt instruments in U.S. Dollars or the Indian Rupee for FY21, the bank said in an exchange filing.
Shares are trading near the day's low, down 1.5% at Rs 196.15, snapping a four-day gaining streak.
The company has informed the exchanges that it has received ANDA approval for its Baclofen tablets, for 10 mg and 20 mg version from the U.S. FDA.
The said drug is a generic version of LIORESAL Tablets, 10 mg and 20 mg of Novartis Pharma, according to the exchange filing.
The said drug is used in alleviating signs and symptoms of spasticity resulting from multiple sclerosis.
The product will be commercialised from the company's Ghaziabad plant, the filing said.
Shares gained as much as 4.1% to Rs 192, post the announcement.
Shares are off the lowest point of the day, trading 0.43% lower at Rs 11.65.
The company and its subsidiaries have reached a negotiated settlement in the ongoing arbitration proceedings with Atul Kumar Gupta and family, classified as 'original shareholders' and Orange Education Pvt. Ltd.
The matter pertains to non-compete obligations post the acquisition of New Saraswati, the company's wholly-owned subsidiary.
As per the agreed terms of the settlement, the company would retain an amount of Rs 3 crore while the balance Rs 7 crore will be settled in installments till December 2021.
Shares are trading 4.3% higher at Rs 55.5, post the announcement.
Buyers and sellers of these trades remain unknown, according to Bloomberg data.
Shares of Bharti Airtel are recovering from the day's low; up 0.75% at Rs 572.85 while shares of Axis Bank are the top laggards on the Nifty 50 index, down 2.8% at Rs 440.85.
Let's take a look at how benchmarks across Europe have opened:
Shares are off the day's high, currently trading 1% lower at Rs 105.95.
Shares fell as much as 9.2% to Rs 24.2, snapping a two-day gaining streak.
HDFC Mutual Fund sold 12.2 lakh shares or 1.32% stake of the company on Thursday, at Rs 51.8 per share.
With this stake sale, HDFC Mutual Fund's stake in the company is now down to 1.54%.
The stock is locked in an upper circuit of 5% at Rs 54.35. This is the third straight upper circuit for the stock.
Shares fell as much as 3.2% to Rs 332.25 and are among the top laggards on the Nifty 50 index. CLSA has maintained its price target of Rs 386 on the stock.
The company has informed the exchanges that its subsidiary, Natco Pharma (Canada) has entered into a settlement agreement with Celgene for the Lenalidomide Capsules in Canada.
Celgene is now part of Bristol-Myers Squibb, according to the company's exchange filing.
The terms of the agreement are confidential, the company said.
Shares pared losses to gain as much as 1.1% to Rs 684.85, post the announcement.
Shares fell as much as 3.4% to Rs 210.55, snapping a four-day gaining streak.
The engineering and construction company reported a 57.2% decline in its revenue for the quarter ending March.
However, it reported a net profit of Rs 886.6 crore this quarter as compared to a net loss of Rs 27 crore during the same period last year.
The net profit was aided by an exceptional gain of Rs 1,501 crore due to transfer of assets of Sadbhav Infra to IndInfravit Trust.
Ebitda fell 24% while margins stood at 28.6% from 16.1% last year.
Shares are off the day's high after gaining as much as 5% to Rs 50.85. The stock now trades 1.3% higher at Rs 49.1.
The rupee has opened lower in today's trading session after snapping a three-day losing streak on Thursday.
The currency opened at 75.14 against the U.S. Dollar as compared to Thursday's close of 74.99.
As of Thursday's close, the rupee has weakened 0.4% this week. A weak close today will lead to the currency snapping a two-week gaining streak.
Yield on the 10-year government bond opened at 5.762% as compared to Thursday's close of 5.778%.
The Information Technology major became the first Nifty company to report its earnings for the June quarter.
The company's revenue in U.S. Dollar terms declined 7% on a quarter-on-quarter basis while net profit declined 13% as compared to last quarter.
Lower revenues resulted in the company's margin declining to 23.6% from 25.1% in the quarter gone by.
The management expects gradual recovery to resume over the next two quarters, also saying that clients are neither cancelling contracts nor are renegotiating them.
Most brokerages have downgraded the stock post its earnings performance. Macquarie has downgraded the stock to neutral from outperform while CLSA has maintained its outperform rating on the stock but cut its price target to Rs 2,204 from Rs 2,260.
Shares are fluctuating between gains and losses, currently little changed at Rs 2,202.
Shares of the BPO services provider are surging in today's trade after veteran investor Rakesh Jhunjhunwala increased his stake in the company during the June quarter.
As per the latest shareholding pattern updated by the company to the exchanges, Jhunjhunwala now holds 2.88% stake in the company as compared to 2.06% in the previous quarter.
The investor has increased his stake in the company by 0.82%.
Shares are locked in an upper circuit of 5% at Rs 42.35. The stock is up for the third straight day and has gained in seven out of the last eight trading sessions.
The state-run lender has approved raising Rs 10,000 crore through private placement, QIP, FPO, rights issue or any combination thereof, it said in an exchange filing.
It has also sought shareholder approval to raise Rs 7,000 crore through equity.
The bank reported a fraud of Rs 3,688.6 crore to the Reserve Bank of India in the accounts of Dewan Housing Finance. It has made provisions amounting to Rs 1,246.6 crore with regards to the same.
It has also approved appropriation of accumulated losses of Rs 28,707.9 crore from the share premium account of the amalgamated bank.
Shares fell as much as 6.7% to Rs 34.6, the biggest single-day fall in over three months.
Indian equity markets began the final trading day of the week with losses, in-line with other global peers.
The S&P BSE Sensex opened 0.5% lower at 36,555 while the NSE Nifty 50 index opened at 10,764, down 0.46%. Both benchmark indices were up 2% for the week, as of closing on Thursday.
All sectoral indices, barring the pharma index have opened with losses. The PSU Bank, Metal and Realty index opened 1% lower. As did the Nifty Bank, which opened with losses of 0.9%.
The Nifty Pharma index opened with gains of 0.3%.
Broader markets have opened in-line with the benchmarks. Both Nifty midcap and smallcap indices have opened 0.6% lower.
Market breadth is in favour of the laggards. 975 stocks on the NSE opened with losses while 527 advanced in opening trade.
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