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Indian Equity markets shrugged off weak global cues to end sharply higher. Reliance Industries was the single biggest contributor to gains, contributing almost half of the upside seen in both benchmarks.
The S&P BSE Sensex ended 2.4 percent higher at 31,379 while the NSE Nifty 50 index ended just a shade below the 9,200 mark at 9,187, higher by 2.3 percent.
Most sectoral indices recovered from their opening lows. The Nifty Media Index was the top gainer, ending with gains of 6.6 percent. Nifty Auto and FMCG also ended with gains of over 2.5 percent.
966 ended the trading with gains while 813 ended with losses.
The company held its board meeting today where the Board of Directors approved raising long-term funds not exceeding Rs 750 crore.
The funds will be raised via External Commercial Borrowings, Foreign Currency Borrowings, Non-Convertible Debentures, Term Loans or through any other instrument in one or more tranches, the company said in a statement to the exchanges.
Shares fell as much as 3.58 percent to Rs 76.75 and are lower for the second day in a row.
The rupee recovered after hitting a fresh record low in the opening minutes of today's trading session as the equity markets too gained momentum.
The currency ended the day at 76.68 after hitting a record low of 76.90 against the U.S. Dollar. Tuesday's closing stood at 76.84.
Yield on the 10-year government bond ended at 6.22 percent after starting trade at 6.19 percent.
BofA Corporation expects gold to reach $3,000 an ounce in the next 18 months, more than 50 percent above the existing price record.
In a report titled "The Fed Can't Print Gold," the bank has raised its target from the previous $2,000 an ounce as policy makers across the globe unleash vast amounts of stimulus to help save the economies hurt by the Covid-19 pandemic.
BofA expects the yellow metal to average $1,695 per ounce this year and $2,063 per ounce in 2021. It had made a record high of $1,921.17 in September 2011.
Here's a look at how the benchmarks are across Europe are faring:
The bank at its board meeting held today has given its approval to raise capital by way of issue of up to 6.5 crore equity shares of Rs 5 each.
The fund raise will be done through private placement, follow-on public offer (FPO) or a QIP or a combination thereof, as considered appropriate, as per the bank's statement to the exchange.
Shares gained as much as 3.24 percent to Rs 1,166 on the National Stock Exchange, snapping a two-day losing streak.
The company has informed the exchanges that it has received permissions from the administrative authorities of Valsad and Kutch district of Gujarat to resume partial operations from April 21.
The stock is down for the second day in a row, falling 3.8 percent to Rs 28.35. It snapped a four-day gaining streak on Tuesday.
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Shares gained as much as 3.66 percent to Rs 1,178.40 and are up for the seventh time in eight sessions.
Shares gained as much as 11.35 percent to Rs 89.75, post the announcement.
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The private sector lender shared its March quarter update on Tuesday where it reported a 11 percent growth in advances and a 13 percent deposits on a year-on-year basis.
The lender's liquidity coverage ratio stood at 195 percent while CASA deposits saw a rise of 7 percent compared to last year.
The bank has also approved the purchase of an additional 4 percent stake in IDBI Federal Life Insurance from IDBI Bank subject to various approvals.
Shares fell as much as 3.1 percent to Rs 42 and is among the worst performers on the Nifty Bank index.
The stock is locked in a lower circuit of 5 percent at Rs 40.55. It is down for the second day in a row after snapping a nine-day gaining streak on Tuesday.
The company has informed the exchanges that its Buildings and Factories business has secured an order to design and construct an integrated resort complex project in Goa.
The business has also won an order to construct a technology park in Thiruvananthapuram over a total built-up area of 2.3 million square feet.
The order falls under the 'significant' category, valuing it between Rs 1,000 crore to Rs 2,500 crore.
The stock recovered from the opening lows to gain as much as 1.45 percent to Rs 882.95 on the National Stock Exchange. It has declined over the last two trading sessions.
Shares of the company are locked in an upper circuit of 5 percent after its fourth quarter results.
The analog and digital cable TV services provider reported a net profit of Rs 24.7 crore in the March quarter. This is compared to a net loss of Rs 186.4 crore that it reported last year, courtesy an exceptional loss of Rs 211 crore.
Lower placement fees and low finance costs led to Ebitda margins rise to 19.5 percent from 13.6 percent.
The stock is up for the third day in a row and has gained for 9 out of the last 10 trading sessions. The stock has jumped 60 percent from its 52-week low of Rs 25.5 on March 25, 2020.
Shares of the petrochemical conglomerate gained as much as 7.6 percent to Rs 1,331 after it announced this morning that social networking major Facebook will buy 9.99 percent stake in the company for Rs 43,574 crore.
The stake will be bought on a fully diluted basis and will make Facebook the largest minority shareholder of the company.
The deal values the Jio Platforms Ltd. at 4.6 lakh crore. Shares are up for the fourth time in the last five sessions. It is also the top point contributor to the Nifty gains, with 78 points, ensuring that the index trades with gains.
Indian equity markets opened higher courtesy heavyweight Reliance Industries but gave up the gains in the early seconds of trade. Cues from Asia remain weak while U.S. Futures are largely flat.
The S&P BSE Sensex opened 0.72 percent higher at 30,856 while the NSE Nifty 50 opened at 9,026, higher by 0.5 percent.
Reliance Industries was the top gainer as well as point contributor, opening 6.6 percent higher. It is currently contributing 55 points to the Nifty upside.
All sectoral indices barring the Nifty Media index (Up 1.3 percent) and Nifty Realty index (Up 0.3 percent) opened with losses.
703 stocks opened trade with gains while 684 stocks were declining.
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Catch all the updates from the Asian markets this morning here.
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