Market breadth was skewed in the favour of sellers. Around 2,722 stocks fell, 1,255 rose, and 98 remained unchanged on the BSE.
The NSE Nifty 50 and BSE Sensex settled at highest closing level as risk appetite improved after the US Federal Reserve reduced the key rate and guided for more.
The Nifty rose 0.92% to a fresh high of 25,611.95. The Sensex rose 1.00% to a fresh high of 83,773.61.
The NSE Nifty Financial Services rose 1.06% to a record high of 25,584.45 during the session HDFC Bank Ltd., Kotak Mahindra Bank Ltd. were top gainers in the index.
The NSE Nifty Bank increased 1.14% intraday to one-month high of 53,353.30. The index ended 0.54% higher at 53,037.60.
Stocks of telecommunication slumped after the Supreme Court rejected their pleas to re-compute average gross revenue calculations. Vodafone Idea Ltd. was the worst hit compared to other stocks.
The NSE Nifty Midcap 150 ended 0.52% lower at 21,965.15.
The NSE Nifty Smallcap 250 ended 0.96% lower at 18,298.70.
Siemens Ltd. got No Objection Certificate from National Stock Exchange Ltd. to demerge its energy business to Siemens Energy India, it said in an exchange filing.
Nifty, Sensex Extend Record Run Ahead Of Fed Decision: Market Wrap
BGR Energy Systems Ltd. received demand order from GST Department to Rs 18.9 crore from Rs 487.5 crore, it said in an exchange filing.
Firstsource Solutions started operations in Australia and New Zealan, it said in an exchange filing.
Paradeep Phosphates Ltd.'s ammonia and urea plants in Goa Have resumed operations, it said in an exchange filing.
Power Mech Projects Ltd. received an order worth Rs 865 crore from Talwandi Sabo Power. Talwandi Sabo Power is a subsidiary of Vedanta, the company said in an exchange filing Thursday.
Bharti Airtel Ltd.'s B2B arm Airtel Business partnered with Cisco to launch Airtel SD-Branch for network solutions. The SD stands for Software Defined, the company said in an exchange filing Thursday.
Slower capex deployment by Vodafone Idea Ltd. is to widen market share gains for Jio. Bharti Airtel Ltd. is likely to see mixed impact. Bharti Airtel to depend on company's roll out program.
IIFL Securities remains positive on Bharti Airtel, stance on Vodafone to be analysed now, Institutional Equities Vice President Balaji Subramanian.
Vodafone Idea, Indus Towers Fall Most After Supreme Court Verdict On AGR Dues
What are AGR dues?
These are the spectrum usage fee to be paid to the government and government calculates this as a percentage of total revenue. Telcos believes only telecom revenue should be considered and non telecom revenue should be excluded for calculation.
Current dues:
Vodafone Idea: Rs 70,300
Airtel: Rs 44000
Reliance Jio: No significant dues
Cash on Balance Sheet:
Vodafone Idea: RS 535 CRORE
Airtel: Rs 16340
Other updates:
Citi had upgraded Vodafone Idea with target of Rs 23 on back of possibility of favourable outcome from AGR dues case
He also believes that latest verdict is a negative for Indus Tower and estimates that Vodafone currently owes Indus Towers Rs 4500-5000 crores. This is a bigger challenge for Indus Tower as Vodafone's payment to co is due in one year, he said.
He has urged the government to work on telecom reforms, and provide relief to Indian telecom industry. "The third player- Vodafone Idea is really struggling, Govt should offer relief," he said adding that the government should help maintain the 3 player telecom industry.
Telecos Update - Tariff Hikes To Increase ARPU By 15%: CareEdge
360 One Wam Ltd.'s board approved to raise funds up to Rs 2,250 croe viaa qualified institutional placement. The board auhtorised the Relationship Committee to set price, timing, and conditions of the QIP, it said in the exchange filing.
Shilpa Medicare Ltd. announced an appointment of Sridevi Khambhampaty as chief executive officer of wholly-wwned arm Shilpa Biologicals Ltd, it said in an exchange filing Thursday.
Nazara Tech Share Price Hits Life High On Fundraise Plan, Stake Gain In Sportskeeda Parent
Iris Business Services Ltd. signed a memorandum of understanding with the Telangana Government to support growth of MSEME ecosystem in the state, it said in the exchange filing on Thursday.
In this public and private collaboration Iris Business Services will invest to create and deliver technology driven solutions. The cost the company will recover by levying user charges.
IIFL Finance Ltd. is facing downgrade risk on gold loan ban. The local agency plans to cut IIFL Credit Rating From 'AA' To 'AA-'. IIFL Finance may cut more than 9,000 employees if ban persists.
Source: Bloomberg
FirstCry Shares Jump As Morgan Stanley Initiates Coverage With 'Overweight'
NTPC Green Energy Listing Could See Market Cap At 7.5 Times The IPO Size
Exide Industries Invests Rs 100 Crore In Subsidiary
Nifty IT Rebounds After Fed Rate Cut; LTIMindtree, Infosys Lead Gains
Market breadth was skewed in favour of buyers. Around 2,089 stocks rose, 849 stocks declined, and 132 stocks remained unchanged on BSE.
At pre-open, the NSE Nifty 50 was 0.43% or 109.50 points higher at 25,487.05, and the BSE Sensex was 0.50% or 410.94 points higher at 83,359.17.
The yield on the 10-year bond opened flat at 6.79%.
It closed at 6.78% on Wednesday.
Source: Bloomberg
Rupee strengthened by 7 paise to open at 83.69 against the US dollar.
It closed at 83.76 on Wednesday.
Source: Bloomberg
NTPC Green Energy Files Draft Papers For Rs 10,000-Crore IPO
Nazara Technologies raised up to Rs 900 crore via preferential issue of shares at an issue price set at Rs 954.27 per share and to acquire 19.35% stake in subsidiary Absolute Sport (Sportskeeda) for Rs 145 crore. With this, the company now holds a 91% ownership stake in Absolute Sports (Sportskeeda). Power Grid Corp was declared a successful bidder for the Rajasthan-Madhya Pradesh transmission project.
B.L. Kashyap And Sons Ltd. a new order worth Rs 221 crore from SSS Realty & Co. for construction work in Bangalore. The total order book as of date stands at Rs 3,546 crores. Macrotech Developers Ltd. The company to acquire Ivanhoe's stake in digital infrastructure platform entities in Maharashtra for Rs 240 crore. For more click here.
The dollar index, which measures the greenback's might against major six currencies across the world, hit a fresh one-year low of 100.22 on late Wednesday following the first rate cut by the US Federal Reserve in over four years.
The dollar index was trading 0.58% higher at 101.18 as of 08:15 a.m., compared to Wednesday's close of 100.60.
The yield on the benchmark US 10-year Treasury note rose to 3.72% as of 08:44 a.m. It settled at 3.65% on Wednesday.
Crude oil prices rose as following the rate cut in the US on hopes of demand recovery and as geopolitical tension rose in the Middle-East. The crude oil price declined 0.20% to $73.50 a barrel as of 08:49 a.m.
Asian Stocks Gain As Fed Locks In Half-Point Cut To Aid Economy
Stock Market Today: Nifty, Sensex Snap Two-Day Rally As Volatility Spikes Ahead Of Fed Decision