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Indian equity markets faced pressure at higher levels in today's session. Benchmark indices ended with gains but off the highest point of the day.
The S&P BSE Sensex ended 0.37% higher at 38,182 while the NSE Nifty 50 index ended 0.54% higher at 11,274.
Pharma continued to remain the outperformer through the session. The Nifty Pharma ended with gains of 5.5%, led by gains in Divi's Laboratories (Up 12%), Cipla (Up 9.5%) and Lupin (Up 8.3%)
Nifty Realty was the other major sectoral performer, ending with gains of 2.8%. Nifty I.T. (up 1%) and Nifty Metal (Up 0.8%) were the other major sectoral performers.
Broader markets outperformed in today's session. The midcap index ended with gains of 1.4% while the smallcap index gained 1.7% at the close of trade.
The India Volatility Index ended 0.5% lower at 22.45.
Market breadth remained in favour of the gainers. 1,237 stocks on the NSE ended with gains while 612 ended with losses.
Shares gained as much as 4.8% to Rs 752.6, trading at the highest level in six months.
Shares ended 15.2% lower - the biggest one-day drop sice August 2000 to Rs 386.4. The stock is trading at a two-month low.
Shares fell as much as 5.8% to Rs 1,675, snapping a two-day gaining streak.
Shares gained as much as 4.4% to Rs 53.2 and are up for the fifth straight day.
Shares are off the day's high after gaining as much as 4.4% to Rs 3,480, post the announcement.
Shares ended 7.3% higher at an all-time high of Rs 2,099.
Shares fell as much as 3% to Rs 1,219. The stock is down for the third straight day and is trading at a four-month low.
The Covid-19 pandemic is accelerating JSW Steel's plans to overhaul its loss-making U.S. business, Bloomberg News reports.
The company attempts to spend in structurally fixing its facilities as the pandemic has resulted in the lowest spreads seen by the U.S. steel prices over the last decade.
The steelmaker has idled its Ohio plant to begin upgrading its electric arc furnace and plans to restart production at the 1.5 MT facility in March.
“From next year onward, we truly believe the U.S. operations will be well positioned to be earnings accretive to JSW Steel,” director of the U.S. Operations, Parth Jindal told Bloomberg News in an interview.
When asked if JSW would eventually look to exit the U.S. operations, Jindal said the company remains “very committed,” to the business.
Shares currently trade 0.6% higher at Rs 241.7.
Let's take a look at how benchmark indices across Europe have opened:
Shares fell as much as 2.7% - the most in two months to Rs 1,120. The stock is down for the fourth straight day.
Shares gained as much as 6.7% to Rs 640.8. The stock is the second best performer on the Nifty 50 index and is trading at the highest level since July 2019.
Shares gained as much as 15.1% - the most in six months to Rs 689.8. The stock is trading at the highest level since November 2017 and is up for the third straight day.
Source: AMFI
The company will increase its grinding cement capacity to 1.54 MTPA from 1.3 MTPS at its Durgapur facility for an investment of Rs 72.6 crore.
It also said that there will be a delay in putting up the 3.9 MTPA green-field integrated cement plant, to be commissioned by August 2021.
Shares fell as much as 8% to Rs 601.3, snapping a five-day winning streak.
Shares are locked in an upper circuit of 10% - the biggest single-day advance in six months at Rs 2,026.4. The stock is trading at the highest level in six months and is up for the seventh straight day.
The stock is up for the fifth straight day, locked in an upper circuit of 5% at Rs 63.85.
Coal India's unions have called off a strike scheduled for August 18, Bloomberg News reports.
The strike has been deferred until further notice after extension of the bid deadline for auctioning coal blocks for commercial mining, the unions said in a joint statement.
The unions are protesting against the government's plans to allow private players to mine and sell coal.
The statement said that the protests will continue and another date for the strike is now being discussed.
August 18 was the original deadline for submitting bids.
Shares gained as much as 1.1% to Rs 131.1, up for the third straight day.
Motilal Oswal upgraded the stock to buy with a price target of Rs 3,300 citing potential in its contract manufacturing or CRAMS business.
Shares gained as much as 18.2% - the most on record to an all-time high of Rs 3,293.
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Stock Reaction:
Brokerage firm Morgan Stanley has maintained its overweight rating on the stock. It has raised its price target to Rs 847 from the earlier Rs 486. Morgan Stanley has raised its FY21/22 EPS estimates by 16.2% and 23.6% respectively.
Shares gained as much as 6.6% to an all-time high of Rs 777. It is also the top gainer on the Nifty 50 index.
Indian equity markets opened higher after a rangebound week, during which benchmark indices managed to post a weekly advance.
The S&P BSE Sensex opened 0.34% higher at 38,168 while the NSE Nifty 50 index opened near the 11,300 mark, up 0.5% at 11,270.
Among the sectoral indices, the Pharma index has opened 2.2% higher led by gains in Cipla while the other indices have opened with a positive bias.
The Nifty Auto, I.T. and PSU Bank index have opened with gains of over 0.5%.
Broader markets too have opened higher. The Midcap index has gained 0.9% while the Smallcap index has gained 0.65%.
Market breadth is in favour of the gainers. 1,186 stocks on the National Stock Exchange have opened with gains while 331 are declining.
To know more about earnings reported after market hours, key brokerage updates and F&O cues, click here.
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