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The market breadth was tilted in favour of sellers. About 1,043 stocks declined and 732 shares advanced on National Stock Exchange.
Nine out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Metal Index’s 1.3 percent fall. On the flipside, the NSE Nifty PSU Bank Index was the top sectoral gainer, up 0.25 percent.
Max India
BHEL
CG Power and Industrial Solutions
Escorts
Indian equity benchmarks are headed for a volatile close after fluctuating between gains and losses during today’s trade.
The S&P BSE Sensex traded 67 points lower at 39,127 and the NSE Nifty 50 hovered around 11,700 levels.
Emami
Glenmark Pharma
Hotel Leelaventure
Igarashi Motors India
Shares of Reliance Power fell as much as 14.7 percent to Rs 4.65.
About 53 lakh shares of the company changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.
The stock declined 10 percent in the past five days and fell 37 percent in the past 30 days, Bloomberg data showed. Reliance Power traded at 1.4 times its estimated earnings per share for the coming year.
The markets are currently in a 'wait and watch mode' as investors are awaiting for the outcome of the upcoming budget, Joindre Capital Services' Research Head Avinash Gorakshakar said.
“The investors are awaiting on how the capital will be allocated in various sectors like infrastructure, rural development and more and the markets are likely to remain rangebound till then,” Gorakshakar told BloombergQuint in an interaction.
Shares of Hotel Leelaventure rose 13 percent to Rs 10.15 as of 1:15 a.m. The stock advanced 19.4 percent intraday.
Trading volume was more than 14 times its 20-day average, Bloomberg data showed. Of the shares traded 53 percent were at the ask price and 45 percent we at the bid. The scrip advanced 29 percent in the past five days and rose 12 percent in the past 30 days.
Shares of the state-run company fluctuated between gains and losses to trade little changed at Rs 281.85.
The company’s board approved to give one free share for every four held, according to its stock exchange filing. The issue is subject to shareholders approval in the ensuing Annual General meeting, the statement added.
Indian equity benchmarks continued to fluctuate between gains and losses to trade little changed.
The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 39,192 and 11,723 respectively as of 1 p.m. The broader market index represented by the NSE Nifty 500 Index also traded little changed.
Seven out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty PSU Bank Index’s 0.62 percent gain. On the flipside, the NSE Nifty Metal Index was the top sectoral loser, down 0.91 percent.
Indian equity benchmarks fluctuated between gains and losses to trade little changed as gains in HDFC twins were offset by the losses in Reliance industries Ltd. and Kotak Mahindra Bank Ltd.
The Nifty Bank regained momentum after fluctuating between gains and losses. The 12-share gauge is currently trading about 90 points higher at 30,725.80 as of noon. It had risen 155 points intraday.
Reserve Bank of India Deputy Governor Viral Acharya has decided to step down from his post seven months before his three-year term was set to end.
“Dr. Acharya submitted a letter to RBI that he is unable to continue his term as a Deputy Governor of the RBI beyond July 23, 2019 due to unavoidable personal circumstances,” the country’s central bank said in a media statement.
Here's a look at Acharya's journey from academic to tough central banker:
Max Life’s Viswanand Expects Life Insurers To Sustain Growth This Fiscal
Indian equity benchmarks erased their opening gains to trade lower.
The S&P BSE Sensex traded 80 points lower at 39,116 as of 11 a.m. and the NSE Nifty 50 hovered around 11,700. The small-cap index represented by the NSE Nifty SmallCap 100 Index traded 0.07 percent lower.
Glenmark Pharma was is focus after the stock extended declines for the second consecutive trading session to trade at over a six-year low.
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Shares of the cement maker snapped their two-day losing streak and rose as much as 4 percent to Rs 127.
The company decided not to proceed with the proposed merger plans with its wholly-owned subsidiary Mega Technical & Engineers due to technical constraints, according to its stock exchange notification.
The stock traded at 15 times its estimated earnings per share for the coming year, according to Bloomberg data.
Nifty’s 11,800 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract fell 33.9 percent to Rs 33.75. Over 5.3 lakh shares were added to the open interest which stood at over 36.12 lakh shares.
Shares of SBI Life Insurance are expected to touch Rs 850.
That’s according to brokerage and research firm Morgan Stanley, which initiated coverage on the stock with an ‘Overweight’ rating. The price target is the third-highest among the analysts tracked by Bloomberg.
Here’s what Morgan Stanley had to say:
Shares of the life insurer rose as much as 1.3 percent to Rs 709 in today’s trade.
Shares of IndusInd Bank rose as much as 2.5 percent to Rs 1,485.
The Hindujas will pump another Rs 2,700 crore into IndusInd Bank Ltd. through a warrant issue to ramp up the promoter holding after the merger of Bharat Financial Inclusion Ltd., a senior official from the private sector lender told PTI.
The stock declined 8.2 percent so far this year compared to a 9.4 percent advance in the Sensex.
Shares of Larsen & Toubro rose as much as 1.5 percent to Rs 1,563.45. The stock was the top gainer on Sensex and Nifty.
The company based an EPC order from SJVN Thermal to set up a 2x660 MW ultra-supercritical power plant in Buxar district, Bihar, according to its stock exchange filing. The order is valued at over Rs 7,000 crore as per the company’s order classification.
The stock advanced 3.1 percent in the past five days and rose 0.1 percent in the past 30 days, Bloomberg data showed.
An Anomaly in Rupee Forwards Has Traders Looking for Hand of RBI
Indian equity benchmarks are set to open mixed.
The S&P BSE Sensex was little changed at 39,209 as of 9:01 a.m. and the NSE Nifty 50 was at 11,725.
In the currency market, The Indian rupee opened little changed against the U.S. dollar. The home currency at 69.56 against the greenback compared to the Friday’s close of 69.57.
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