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Indian equity markets closed the October F&O series on a subdued note, ending with losses for the second day in a row. The losses, however, were modest as compared to their other global peers.
The S&P BSE Sensex ended 0.43% lower at 39,749 while the NSE Nifty 50 index, after fluctuating between gains and losses, ended 0.5% lower at 11,670. Despite the losses of the last two sessions, the benchmark indices have gained over 8% for the entire series.
Among sectoral indices, which too had a volatile session, the Nifty Media index ended as the top sectoral laggard, ending 1.8% lower. The Auto and FMCG indices too saw cuts of 1% each. The Nifty Metal and Nifty Pharma indices fell 0.8% each
The Nifty I.T. index was the only sectoral gainer in today's trading session, ending with gains of 0.35%.
Broader markets had a mixed day. While the Nifty midcap index moved in-line with the benchmarks, ending 0.4% lower, the Smallcap index underperformed, ending with cuts of 0.8%.
Market breadth remained in favour of the laggards through the session. 1,169 stocks on the NSE ended with losses while 646 managed to buck the trend and end with gains.
Stock Reaction:
Shares ended 3.3% higher at Rs 333.25.
Shares gained as much as 6.4% to Rs 176, post the announcement, before cooling off.
Shares ended 1.8% higher at Rs 42.75.
Shares ended 1% lower at Rs 721.
The company has informed the exchanges that its theme park and resort in Bangalore will be reopening for business from November 9.
The first week of the reopening will be dedicated to frontline Covid-19 warriors and their families, who will be getting free passes,the company said in a statement.
The park will be exclusively open only for them, until ovember 12.
The park will open to common public from November 13, only on Fridays to Sundays at a reopening price of Rs 699, inclusive of GST until the end of the month.
The theme park's capacity will be restricted to 3,000 per day, in order to follow social distancing protocols.
Shares gained as much as 8% to Rs 164.7, post the announcement.
Shares ended 1.4% lower at Rs 7,084.
Shares ended 0.7% lower at Rs 343.
Shares fell as much as 2.8% to Rs 33.15, post the announcement, before a recovery from the day's low. The stock is down for the third straight day.
Shares fell as much as 6.5% - the most in two months to Rs 102.2, down for the second day in a row.
Shares fell as much as 4.3% to Rs 717 post the announcement.
Shares fell as much as 4% - the most in a month to Rs 1,695. The stock is declining for the third day in a row.
Zydus Cadila has received tentative approval from the U.S. FDA to market Linagliptin Tablets, 5 mg.
Linagliptin is indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus.
The drug will be manufactured at the group's formulation manufacturing facility at SEZ, Ahmedabad, it said in an exchange filing.
Shares are currently trading off the day's low, but down 0.8% at Rs 415. The stock is down for the second day in a row.
The drugmaker announced its partnership with Biotechnology Industry Research Assistance Council of the Government of India for advisory support on clinical trials of the Sputnik V vaccine in India.
The partnership will allow Dr Reddy's to identify and use some of BIRAC's clinical trial centers for the vaccine, which are funded under the National Biopharma Mission. It will also get access to Good Clinical Laboratory Practice (GCLP) labs to conduct immunogenicity assay testing of the Vaccine.
The company along with Russia's Direct Investment Fund got an approval from the DCGI to conduct an adaptive phase 2/3 human clinical trial for the Sputnik V vaccine in India.
Shares gained as much as 1.8% to Rs 5,041.6, post the announcement. Most brokerages have raised their price targets on the stock post its second quarter results.
Shares fell as much as 4.8% - the most in three months to Rs 461.3. The stock has snapped a three-day gaining streak.
The company's subsidiary Piramal Pharma has approved the acquisition of an additional 3.43 crore equity shares of Convergence Chemicals from Navin Fluorine.
The acquisition will be done for a cash consideration of Rs 65.10 crore, post which, CCPL will become a wholly-owned subsidiary of Piramal Pharma.
The acquisition is subject to customary regulatory approvals and is likely to be completed by January 31, 2021.
In a separate filing, Piramal Enterprises said that three of its independent directros of the board have resigned from October 28 and that it had appointed two new independent directors to the board on October 14.
Shares fell as much as 4.6% to Rs 1,225, down for the fourth straight day. This is the longest losing streak for the stock in a month and it is the worst performer on the Nifty Next 50 index.
Shares gained as much as 7% to an all-time high of Rs 2,270. It is the top gainer on the Nifty Midcap index.
Shares gained as much as 5% to Rs 2,220.2, before cooling off. At the highest point of the day, shares traded at a record high.
Hindustan Aeronautics and Tech Mahindra have signed a contract worth Rs 400 crore for implementation of Enterprise Resource Planning (ERP) to support HAL's 'Project Parivartan.'
'Project Parivartan' will enable HAL to adopt some of the best practices in some of the similar industries globally, the defence player said in an exchange filing.
Tech Mahindra will be responsible for the transformation and modernisation of the ERP system. It will implement 'Project Parivartan' over a period of nine years.
Tech Mahindra will transform the distributed application to a centralized application, for all the 20 divisions and R&D Centers of HAL based on a business transformation engineering process.
Shares of Hindustan Aeronautics are off the day's low, currently trading 0.4% lower at Rs 698.75.
Shares of Tech Mahindra are off the day's low, gaining as much as 1.2% to Rs 799, post the announcement.
The board of the company has approved a definitive agreement with U.S.-based Huntsman Group to acquire 100% stake in one of its subsidiaries in India - Huntsman Advanced Material Solutions.
The acquisition will be done at a cash consideration of approximately Rs 2,100 crore, excluding customary working capital and other adjustments, the company said in an exchange filing.
Huntsman will receive approximately 90% of the cash consideration at closing and the other 10% under an earnout within 18 months if the business achieves sales, revenue in-line with 2019.
The transaction is expected to close by next week, subject to certain pre-conditions being met prior to closing.
Shares gained as much as 3.2% to Rs 1,568, post the announcement. The stock is trading at the highest level in seven months.
The rupee has opened at its lowest level in two months, continuing with the weakness in the equity markets and a risk-off sentiment across other Emerging Markets.
The currency opened at 74.04 against the U.S. Dollar, as compared to Wednesday's close of 73.88. It was the second worst performer in Asia on Wednesday.
Within the bond markets, traders will await fiscal deficit data for the April-September period.
The Reserve Bank of India also plans to buy government bonds worth Rs 20,000 crore through Open Market Operations today.
Bloomberg Economics expects the RBI to keep the policy repo rate on hold at its December review and then make a 50 basis points cut in February.
Shares gained as much as 9.3% - the most in two months to Rs 681.8. The stock is trading at the highest level in over two years. The stock has gained in six out of the last seven trading sessions, during which it has risen nearly 20%.
The company informed the exchanges on Wednesday that its board will consider a proposal for buyback of equity shares at its meeting on November 3.
That will also be the day when the company declares its quarterly earnings for the July-September period.
Shares gained as much as 5.7% - the most in three months to Rs 1,683. At the highest point of the day, the stock traded at a two-month high. It is up for the second straight day.
Coronavirus India Update: Tally Tops 80 Lakh Even As Active Cases Decline
Shares fell as much as 4.3% to Rs 940.6 and has snapped a nine-day gaining streak.
Indian equity markets have opened lower for the second straight day, dragged down by weak global cues and volatility pertaining to the F&O series expiry.
The S&P BSE Sensex opened 1% lower at 39,537 while the NSE Nifty 50 index has opened below the mark of 11,650 - down 0.8% at 11,633.
All Sectoral indices have opened with losses. The Nifty Auto and Nifty Media index have both opened lower by 1%. The FMCG and Metal indices are witnessing losses of 0.8% at the start of trade. Other indices are trading with a negative bias.
Broader markets too have opened lower. The Nifty Midcap index is down 0.6% while the Smallcap index shed 1% at the start of trading.
1,031 stocks on the NSE have opened with losses while 406 are trading with gains.
Source: ICICI Direct
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