Indian stocks nudged higher even as rising geopolitical concerns keep other Asian equities on the edge.
The S&P BSE Sensex gained 0.1 percent to 31,247 while the NSE Nifty 50 index climbed 0.1 percent as well to 9,626. The market breadth was firmly skewed in favour of the buyers in early trade.
About 1,003 stocks advanced while 491 stocks declined on the National Stock Exchange.
Here Are The Stocks Moving The Market This Morning:
ABC Bearings Hits Upper Circuit
Shares of ABC Bearings rose 20 percent to hit an upper circuit for the second straight day after the company approved its merger with Timken India.
Shareholders of ABC Bearings will get five shares of Timken India for eight shares held, according to the filing to the stock exchanges. The amalgamation is subject to regulatory and shareholder clearances, and is expected to be completed by the fourth quarter of the current financial year.
Joining The Bandwagon
- FAG Bearing +10.5%
- SKF India +6%
- NRB Bearing +11%
- Menon Bearing +16.4%
Grasim Industries: AB Nuvo Delisting
Shares of the Aditya Birla Group company swung between gains and losses. The company's financial arm AB Nuvo becomes unavailable for trading ahead of its merger with Grasim Industries.
The company has risen over 45 percent so far this year. The Relative Strength Index (RSI) was 72, indicating that the stock may be overbought.
Mahindra & Mahindra: Slashes Vehicle Prices
Shares of the homegrown auto maker rose 0.9 percent to Rs 1,367.20 after it reduced prices of some of its vehicles to pass on the benefit of the new Goods and Services Tax (GST) regime.
It reduced price of its small cars by an average of 1.4 percent and up to 6.9 percent for its sports utility vehicles, according to the company's exchange filing. The change in price will vary across states or even cities within a state, due to the differing levels of pre-GST local taxes, it said.
The stock was the among best performers in the Nifty-50 index. The stock returned 14 percent so far this year and a loss of 6.4 percent in the past 52 weeks.
Motherson Sumi Systems: To Issues Ex-Bonus
Shares of the automobile parts manufacturer fell 1.1 percent to Rs 302.20 after the company said starts trading ex-bonus. Its futures and options lot size has been revised to 3,750.
On Tuesday, brokerage firm Investec initiated coverage on the stock with a 'Buy' rating. It pegged a price target of Rs 540—77.3 percent above the current market price.
ICICI Prudential Life: Expresses Interest In Sahara Life
Shares of the insurance service provider rose 1.9 percent to Rs 498.80 after it expressed interest in taking over Sahara group's insurance business. Trading volume was 3.5 times the 20-day average as of 10:35 a.m.
The Relative Strength Index (RSI) was 79, indicating that the stock may be overbought. It is also 12 percent above the Bloomberg consensus one-year target price. It returned 64 percent so far this year.
McNally Bharat Engineering: Wins Construction Order
Shares of the engineering service provider rose 8 percent to Rs 60 after it bagged an order worth Rs 43.49 crore from Delhi Metro. The stock has advanced for three days in a row.
Trading volume jumped 7.5 times the 20-day average, Bloomberg data showed. The Relative Strength Index (RSI) is 81, indicating that the stock may be overbought. It returned 16 percent so far this year.
Ultratech: Reduces Cement Prices
Shares of the cement product manufacturer rose 0.9 percent to Rs 4,054 after the company reduced cement prices by up to 3 percent in a bid to pass on the benefits from the Goods and Services Tax (GST).
In fact, most of the cement makers advanced in trade today.
Top gainers
- Ramco Cements +2%
- Ambuja Cement +1.2%
- Dalmia Bharat +1%
- Prism Cement +3.2%
- Orient Cement +2%
- Shree Cement +0.6%
- NCL Industries +4.7%
Stocks Reacting To Brokerage Reaction
Bharat Financial Inclusion
- Shares of the financial solutions provider rose 0.6 percent to Rs 723
- Brokerage firm Antique Stock Broking upgraded its stock rating to 'Hold' from 'Buy' and increased its price target to Rs 895 from Rs 824
Jubilant Life Sciences
- Shares of the drug maker rose 5.4 percent intraday, the biggest jump since June 20, to Rs 727.95
- Brokerage firm Motilal Oswal Securities initiated a coverage on the stock with a 'Buy' rating and set its price target at Rs 905
Persistent Systems
- Shares of the software developer rose 2.5 percent to Rs 695
- Brokerage firm Morgan Stanley initiated a coverage on the stock with a 'Overweight' rating and set its price target at Rs 840
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