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Indian markets snapped a two-day losing streak, ending with modest gains in what turned out to be a lacklustre trading session. Benchmark indices managed to eke out gains after trading in a narrow band through the day.
The S&P BSE Sensex ended 0.7 percent higher at 30,602 while the Nifty failed to hold the 9,000 mark to end at 8,992, up by 0.76 percent.
Private Banks like ICICI Bank and HDFC Bank which led the sell-off during the last hour of Wednesday's trading session were the primary contributors to the gains.
The India Volatility Index is now well below the mark of 50, ending 8 percent lower at 45.8.
Among sectoral indices, the Media index was the top performer, ending with gains of 3 percent while the Nifty Bank, Nifty Pharma and Nifty PSU Bank gained close to 2 percent. Nifty FMCG and Nifty I.T. were the only sectoral laggards.
1,331 stocks ended the session with gains while 462 reported losses at close.
I.T. bellweather Infosys as informed the exchanges that it will be declaring its January-March quarter result on Monday, April 20, 2020.
The company's top leadership will preside over a common press conference at 4:45 p.m. after the results are announced at around 3:45 p.m., according to the company's statement.
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Volumes across the Asia-Pacific remained well below their daily average. Here is a look at how benchmark indices across Europe have opened:
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The company's Heavy Engineering arm has won orders for key Gasification equipment from Wuhan Engineering Ltd. for Talcher Fertiliser, the first of its kind gasification project in India.
The project will produce 1.27 MMTPA of Urea through the gasification of the mixed feedstock of Indian coal with high ash content and pet coke.
The order falls under the 'significant' category as per the company's press release, implying the contract value to be between Rs 1,000 crore - Rs 2,500 crore.
Shares gained as much as 4.1 percent to Rs 916 and are up for the seventh straight day. This is the longest winning streak for the stock since December 2017.
Shares of the private lender gained as much as 4.22 percent to Rs 442 on the National Stock Exchange. It is among the few gainers on the Nifty 50 index.
Brokerage firm Goldman Sachs acquired 41 lakh shares or 0.65 percent equity of the Bank in Wednesday's trading session at Rs 430.3 per share.
However, another firm Macquarie cut IndusInd Bank's price target by as high as 70 percent on Wednesday to Rs 470 from the earlier Rs 1,558.
Shares are up for the third straight day.
The company had informed the stock exchanges on Wednesday that their third party job work manufacturing units in Uttarakhand, Maharashtra and Haryana have resumed operations.
The units are being operated in-line with the terms and conditions of the orders of the local administration, as per the company's exchange filing.
Shares snapped a four-day losing streak, gaining as much as 12.26 percent to Rs 499 before cooling off.
The Board of Directors of the company have approved the issuance of listed, secured, redeemable NCDs worth Rs 500 crore on a private placement basis.
The NCDs will be issued in one or more tranches to certain eligible investors permitted to invest in them, as per the company's exchange filing.
Shares gained as much as 6.8 percent to Rs 76. Sameet Chavan of Angel Broking had a buy recommendation on the stock on BloombergQuint this morning with a price target of Rs 80 and stop loss of Rs 66.7.
Shares currently trade 1.4 percent lower at Rs 180.
Indian equity markets opened lower for the third day in a row, following weak cues from Wall Street and the Asia Pacific markets.
The S&P BSE sensex opened 0.94 percent lower at 30,095, adding to Wednesday's 1 percent fall while the NSE Nifty 50 index opened 0.83 percent lower at 8,851.
Among sectoral indices, the Nifty I.T. index was the top laggard, opening with declines of 2 percent while other indices opened with losses between 0.5 to 1 percent.
Market breadth remains in favour of the advances with 1,205 stocks opening with gains while 640 have opened with losses.
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