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Indian equity markets snapped a two-day losing streak after giving up almost half of their opening gains. The focus now shifts to Finance Minister Nirmala Sitharaman's press conference at 4 P.M. where she will divulge details of the Rs 20 lakh crore relief package announced by Prime Minister Narendra Modi on Tuesday.
The S&P BSE Sensex ended 2 percent higher at 32,008 while the NSE Nifty 50 too gained 2 percent but failed to hold the 9,400 mark, ending at 9,383. Both benchmark indices ended substantially off their day's high.
Among sectoral indices, the Nifty PSU Bank ended as the top gainer, up 6.1 percent while the FMCG index joined the Nifty Pharma to be the only sectoral laggards.
1,324 stocks on the NSE ended with gains while 452 posted losses at the end of the day.
10.8 lakh shares of the utility company exchanged hands in a single large trade on the National Stock Exchange, as per Bloomberg data.
Buyers and sellers of the trade were not immediately known.
Shares cooled off after gaining as much as 6.55 percent. They now trade 2.2 percent higher at Rs 166.95.
Shares cooled off from the day's high and now trade 2 percent higher at Rs 5,051 post the earnings.
22 lakh shares of the state-run lender exchanged hands in two large trades on the National Stock Exchange, as per Bloomberg data.
Buyers and sellers in the trade were not immediately known.
The stock gained as much as 10 percent to Rs 45.15, its biggest one-day move in two months. Shares are up for the second straight day.
The rupee gave up most of its early gains to end flat in today's trading session.
The currency ended at 75.45 against the U.S. Dollar as compared to Tuesday's close of 75.50.
At one point, the currency made an intra-day high of 75.26 and was among the top performing currencies among the Emerging Market peers.
Yield on the 10-year bond ended at 5.79 perent after making an intra-day high of 5.81 percent.
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Shares trade little changed after paring gain of as much a 3 percent during the early part of the session.
Lets take a look at how benchmarks across Europe have opened:
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The company has informed the exchanges that the Formulations Srikakulam Plant Unit I has received the Establishment Inspection Report (EIR) from the U.S. FDA.
The EIR indicates closure of the audit while the inspection classification of this facility is determined as No Action Initiated (NAI).
The drugmaker had informed the exchanges on February 14 this year that the said unit received zero observations from the U.S. FDA audit.
Shares recovered from the day's low to gain as much as 2 percent to Rs 3,850 on the National Stock Exchange.
The company has disclosed that it has settled an income tax case under the 'Direct Tax Vivad Se Vishwas, 2020' dispute resolution scheme, becoming the first private company to do so.
The company has paid Rs 123.78 crore to settle the litigation involving capital gains from the stake sale of its erstwhile telecome JV Hutchison Max Telecom Ltd.
The payment has also cleared a tax dues contingent liability that was on the company's books for the last two decades, the company stated in its press release.
Shares gained as much as 3.3 percent to Rs 461.6 and are up for the second straight day.
The private lender saw its Net Interest Income increase 33.5 percent compared to the previous year while net profit fell 25.8 percent owing to the tripling of its provisions from the previous quarter.
Provisions tripled to Rs 827.4 crore, out of which Rs 690 crore were additional provisions on standard assets due to Covid-19.
Deposits grew 32 percent from last year while asset quality was stable.
Shares gained as much as 10 percent to Rs 257.3 and is the top performing stock on the Nifty Bank index.
Shares recovered from the day's low to gain as much as 4.2 percent to Rs 333.
The company has informed the exchanges that it ha received a licence from the Petroleum and Safety Organisation (PESO) for manufacturing RDX and RDX compounded products along with HMX-based explosives.
The products will be manufactured at the company's Katepally plant in Telangana, as per its exchange filing. The licence is valid up to March 31, 2025.
The stock is locked in an upper circuit of 5 percent at Rs 75.60 post the announcement.
Shares gained as much as 7.47 percent to Rs 5,321 ahead of its earnings.
The capital goods company has seen three large trades taking place in the last one hour.
The first large trade saw 20 lakh shares of the company exchange hands while 11.8 lakh shares exchanged hands in the second large trade. Another 30 lakh shares exchanged hands in the third large trade.
Buyers and sellers in the trades were not immediately known, as per Bloomberg data.
The stock gained as much as 14.88 percent to Rs 24.70. This is the biggest one-day gain for the stock since October 2019. The stock has also gained on volumes that are 4.5 times higher than its 30-day average.
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The electrical product manufacturer reported a 19.5 percent decline in revenue for the fourth quarter while net profit fell 11.7 percent compared to last year.
Margins remained flat at 11.1 percent from 11.4 percent due to lower employee and advertising expenses.
All segments of the company saw a de-growth in topline with lighting and cable segments declining 31 and 24 percent respectively.
Brokerage firm Jefferies has maintained its buy rating on the stock with a price target of Rs 660.
Shares gained as much as 3.6 percent to Rs 498 on the National Stock Exchange.
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The two-wheeler maker has opened three out of its six factories in India and will open all of its eight factories across the globe in the next one month, Chairman and Managing Director Pawan Munjal told Bloomberg Television in an interview.
Munjal said that the company is on the lookout for acquisitions in the higher market segments where it wishes to establish its presence.
On the relief package announced by Prime Minister Narendra Modi, Munjal said that it is trying to cover a vast canvas of the economy, adding that he has asked the government to reduce taxes on motorcycles to spur demand.
Shares gained as much as 7.1 percent to Rs 2,265 before cooling off. The stock is up for the third day in a row.
The currency opened stronger in today's trading session after ending Tuesday's trade with gains.
The rupee opened at 75.40 against the U.S. Dollar before strengthening further to 75.26. This is compared to Tuesday's closing of 75.50.
Yield on the 10-year bond opened at 6.22 percent after it ended little changed at 6.17 percent on Tuesday.
Macro data reported on Tuesday presented a grim economic picture due to the Covid-19 lockdown.
While CPI for the month of April was not reported due to data collection issues, the Industrial Production for March contracted 16 percent compared to last year.
Shares of the explorer and miner of non-ferrous metals gained as much as 8.36 percent to Rs 195 on the National Stock Exchange.
At a board meeting held on Tuesday, the company announces an interim dividend of Rs 16.5 per share. The amount implies a dividend yield of 9.2 percent for the company.
This is the biggest one-day gain seen by the stock in the last seven weeks. Trading volumes of the company were 29 times higher the average traded volumes.
Shares are higher in 7 out of the last 10 trading sessions.
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Both the companies have signed a non-exclusive licensing agreement with Gilead Sciences for manufacturing and distribution of Remdesivir which is touted to be a drug used in the treatment of Covid-19 patients.
Both companies can now manufacture the API and finished product and market it in 127 countries including India.
Shares of Cipla gained as much as 6.1 percent to Rs 605 before cooling off, while those of Jubilant Life Sciences are locked in an upper circuit of 5 percent at Rs 428.55.
Cipla has snapped a two-day losing streak while Jubilant Life is up for the fifth consecutive day.
Shares of the mining major are locked in a 10 percent upper circuit at Rs 97.95 after its promoter Vedanta Resources announced plans to de-list the company from the exchanges.
The promoter entity has expressed its intention to acquire all public shareholding of the company which currently stands at 48.94 percent of the paid-up equity share capital.
Promoters will accept equity shares from public shareholders at Rs 87.5 per share, which is a 2 percent discount from Tuesday's closing price of Rs 89.3.
The stock is higher for the third straight day and is the top gainer on the Nifty 50 index.
Indian equity markets opened gap-up, after Prime Minister Narendra Modi announced a Rs 20 lakh crore relief package to boost the economy grappling from the Covid-19 pandemic.
Cues across Asian markets remain negative while Dow Futures have pared losses and now trade 10 points higher.
The S&P BSE Sensex opened 4.69 percent higher at 32,841 while the NSE Nifty 50 opened at 9,584, higher by 4.22 percent. Both benchmark indices registered two days of losses on Monday and Tuesday. All constituents of the Nifty 50 opened with gains.
Among Sectoral indices, the Nifty Bank opened 6 percent higher as did the Nifty PSU Banking index. Nifty Auto, Nifty Metal and Nifty Realty opened with gains between 4.5-5.5 percent.
1,258 stocks on the NSE have opened with gains while 165 opened with losses, keeping the market breadth firmly in favour of the advances.
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