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Indian equity markets ended higher for the second day, led by gains in private banking stocks as well as Information Technology heavyweights.
The S&P BSE Sensex ended at 31,863, up by 483 points or 1.54 percent. The NSE Nifty 50 index too ended above the 9,300 mark at 9,313, up by 1.4 percent. Kotak Mahindra Bank emerged as the top index gainer, with gains of over 8 percent. I.T. majors like Infosys and TCS also contributed to gains.
Among sectoral indices, the Nifty Bank and the Nifty I.T. index gained 2.6 and 4 percent respectively. The Media index cooled off in the second half of trade to end 1 percent higher.
1,151 stocks on the National Stock Exchange ended the day with gains while 638 declined.
The company has informed the stock exchanges that it has remitted repayments of External Commercial Borrowing (ECB) worth approximately Rs 1,140 crore or $150 million. The said payments were due tomorrow, April 24.
The stock currently trades 1.3 percent higher at Rs 117 after rising as much as 4 percent. The stock may snap a two-day losing streak.
Key Factors To Watch For Bharti Infratel:
Marico update on domestic business operations.
— BloombergQuint (@BloombergQuint) April 23, 2020
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Shares of the private lender gained as much as 8.16 percent to Rs 1,246.20. It is the top gainer on the Nifty 50 index and also the top point contributor, with a contribution of 29 points to the index upside.
The stock is up for the second straight day today on volumes that are 1.3 times higher than its 30-day average.
Brokerage firm Morgan Stanley maintained its overweight rating on the stock with a price target of Rs 1,680. It believes that the bank's capital raising plans will further strengthen its balance sheet, implying a dilution of 3.4 percent on execution.
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Shares rose as much as 5.1 percent to Rs 670 on the National Stock Exchange and are up for the second day in a row.
The board of directors of the company at their board meeting today have announced an interim dividend of Rs 35 for FY20, according to the company's exchange filing.
Record date for the same has been set as May 2, 2020.
Shares are off the highest point of the day and trade 2 percent higher at Rs 3,011 on the National Stock Exchange.
Here's a look at how benchmarks across Europe are faring:
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Shares rose as much as 5.1 percent to Rs 909.9 and are up for the second straight day.
The stock remains the top gainer on the Nifty 50 index, adding to Wednesday's 20 percent surge.
Florida Retirement Systems acquired 0.53 percent stake in the company at Rs 141.25 per share in a large trade on Wednesday.
Shares gained as much as 14.1 percent to Rs 173.40 on volumes which are 6.3 times higher than its 30-day average. The stock has now risen 27 percent in the last two sessions.
Shares of the computer software manufacturer are locked in a 5 percent upper circuit after the board of the company approved a share buyback.
The company approved a buyback of 1.9 crore shares at Rs 81 per share, aggregating to Rs 154 crore. The buyback price is at a 28 percent premium to Wednesday's closing price.
The company has a market capitalisation of Rs 969.2 crore and is locked in an upper circuit of 5 percent for the fifth day in a row.
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The specialty chemicals company has partially commenced operations at its Hyderabad plant. With this, all manufacturing facilities of the company are now operational.
As per the exchange filing on Wednesday evening, the company's arm Deepak Phenolics has also commenced production of Isopropyl Alcohol used in the manufacturing of sanitisers and majorly used by Pharma companies.
Shares rose as much as 7.1 percent to Rs 489.80, snapping a two-day losing streak.
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The pharmaceutical company tells BloombergQuint that it has filed for a marketing authorisation with the Drug Controller General of India (DGCI) for a Coronavirus drug. The news was first reported in the Times of India.
Glenmark also told BloombergQuint that the ARV drug Favipiravir has shown promise and it is hopeful of getting good results in clinical trials.
Shares rose as much as 9 percent to Rs 346.95 and are up for the third straight day. It is also the top performer on the Nifty Pharma index.
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Shares of the telecom service provider gained as much as 15 percent to Rs 4.55 before cooling off.
Vodafone Group accelerated a payment of $200 million to the company, providing it with liquidity to manage its operations, the company said in a statement to the exchanges.
Payment was due in September 2020 under the terms of the contingent liability mechanism, under which the potential exposure of the Vodafone Group stands at Rs 8,400 crore.
Shares are rising for the second straight session today.
Shares are locked in a 5 percent upper circuit at Rs 952.45. The stock is up for the 11th straight day, the longest winning streak since May 2005.
Shares of the Tata Group company were the top laggards on the Nifty 50 index, after brokerage firm Goldman Sachs downgraded the stock to sell from neutral. It also cut its price target to Rs 738 from the previous target of Rs 803.
Goldman Sachs believes that the company's demand outlook is losing its shine and that its earnings will be significantly impacted as the GDP growth slows down.
The slowdown in GDP will resultantly impact discretionary categories, according to the Goldman note.
Shares fell as much as 4.1 percent to Rs 911.8 on the National Stock Exchange.
Indian equity markets fluctuated after opening with gains for the second straight day. Cues from the Asia-Pacific are mixed while futures on the Dow Jones trade lower by 80 points.
The S&P BSE Sensex opened 0.85 percent higher at 31,646 while the NSE Nifty 50 index opened at 9,232, adding 45 points or 0.5 percent to Wednesday's close. Both the indices gave up their opening gains within the first minutes of trade.
All sectoral indices opened with a flat to positive bias. The Nifty Media index remains the top sectoral gainer, opening with gains of 2.45 percent.
976 stocks have opened with gains while 361 have opened with losses.
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