Indian equity benchmarks climbed for the third time in a truncated week on rising optimism around global growth.
The S&P BSE Sensex rose as much as 0.5 percent to Rs 31,755, and the NSE Nifty 50 climbed 0.6 percent to above 9,950-mark. The market breadth was in favour of buyers. All the sector gauges compiled by BSE Ltd. advanced led by the S&P BSE Metal Index's 0.9 percent gain.
Here Are The Stocks Moving The Market This Morning
Future Retail: Gains on Acquisition
Shares of the retail chain operator extended gains for the third trading session and rose as much as 6.1 percent, the most in over a month to Rs 559.50.
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The Kishore Biyani-led company will buy the Hypercity large-format stores from Shoppers Stop for Rs 655 crore in a cash-and-stock deal, according to its exchange filing.
Future Retail trades at 70 times trailing 12-month earnings per share. The stock has returned 326 percent so far this year and a gain of 249 percent in the past 12-months.
Shoppers Stop stock rose over 2 percent to Rs 518 in early trade.
Tata Steel: Second Quarter's Output Boost
Shares of the steel manufacturer extended gained for the second trading session and rose as much as 1.6 percent to Rs 671.
The company's second-quarter output stood higher at 3.02 million tonnes, compared to 2.72 million tonnes a year ago, according to its exchange notification.
The stock was the best performer on the Sensex. It has risen four times in five trading sessions. It has returned 72.1 percent so far this year, compared to the gain of 37.9 percent in the S&P BSE Metal Index.
Phoenix Mills: Buys Plot
Shares of the retail mall operator snapped seven-day winning streak and declined as much as 2.7 percent to Rs 535.
The company bought additional 1.8 acres land in Pune for Rs 21.25 crore, according to its exchange filing.
The analyst consensus price target was Rs 585.67, implying a potential upside of 7 percent from the current market price. It trades at 28.2 times estimated forward earnings per share and 20.2 times for the two-year historical average.
BASF India: Jumps On New ‘Buy' Rating
Shares of the chemical manufacturer rose as much as 16 percent, the most in nearly three years, to Rs 1,705.
Brokerage house Emkay Global initiated coverage on the company with a ‘Buy' rating on the stock, driven by a ramp-up in its new capacity utilisation, settlement of technical glitches and niche business consolidation, according to its research report.
Trading volume was 85.6 times its 20-day average. The analyst consensus rating on the stock is equivalent to strong ‘Sell'.
IDBI Bank: Share Allotment Approval
Shares of the lender rose as much as 2 percent to Rs 53.10. The investors approved the allotment of shares worth Rs 1861 crore to the government on preferential basis. The stock has declined 24.4 percent over the past year, compared to 14.3 percent advance in the Sensex.
Stocks Reacting To Bulk Deals
Prataap Snacks
- Stock fell as much as 3.4 percent to Rs 1,141.10
- SBI Funds Management Pvt. Ltd. bought 4.40 lakh shares at Rs 1272.68 each
- Smallcap World Fund bought 4.25 lakh shares at Rs 1245.79 each
Worth Peripherals
- Stock rose as much as 9.9 percent to Rs 77.85
- HSBC MF bought 99,000 shares at Rs 74.3 each. Had bought 4.98 lakh shares in the company on September 29.
Vadivarhe Speciality Chemicals
- Stock rose as much as 6.9 percent to Rs 140
- Garnet International Ltd bought 87,000 shares at Rs 128.46 each
Kesar Petro Products
- Stock rose as much as 4.9 percent to Rs 57.30
- Hema Ramesh Ajwani sold her entire 2.07 percent stake of 20 lakh shares at Rs 52.56 apiece
- Principal MF bought 21 lakh shares at Rs 52.5 each
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