Indian equity benchmarks extended gains for the fourth day. The S&P BSE Sensex and the NSE Nifty 50 Index traded higher at 36,032.65 and 10,807.50, respectively, as of 10:15 a.m.
The market breadth was tilted in favour of buyers. Ten of the 11 sectoral gauges advanced, led by a 1.62 percent gain in the NSE Metal Index. The NSE Nifty IT Index was the only loser, down 0.80 percent.
Here Are The Stocks Moving The Market In Today's Trade:
TCS Swings After Winning Anti-American Bias Case
Shares of the country's largest IT services company reversed opening gains and declined 1.2 percent intraday to Rs 1,960 per share.
A jury in California rejected claims that Tata Consultancy Services Ltd. has discriminated for years against American workers in favour of staffing its U.S. offices with Indians. Also, the company acquired U.S.-based consultancy firm BridgePoint Group, it said in an exchange notification to the bourses.
The stock traded 24 times its estimated earnings per share for the coming year, Bloomberg data showed.
HUL Gains After Parent Edges Out Nestle For Glaxo's India Consumer Unit
Shares of the Indian arm of the Anglo-Dutch company snapped its two-day blip and rose as much as 1.3 percent to Rs 1,754.40 apiece.
Unilever has edged out Nestle SA in the contest for GlaxoSmithKline Plc's $4 billion Indian consumer-health unit, reported Bloomberg, citing anonymous sources.
The stock returned 38.6 percent in the past 12 months compared to 8.3 percent gain in the BSE Sensex Index, according to Bloomberg data.
Macquarie On Hindustan Unilever
- Maintained ‘outperform' with a price target of Rs 1,870.
- Food and refreshments segment can get a big boost if acquired GSK Consumer.
- HUL can bring strong distribution and cost synergy to the table.
- HUL remains top pick in India and a high conviction idea.
Sical Logisitics Surges After Bagging New Order
Shares of the Chennai-headquartered company rose 8.1 percent to Rs 163.20 apiece.
Sical Logistics was awarded contracts worth Rs 363.38 crore by Mahanadi Coalfields for extraction of coal and allied transport services in Odisha, according to an exchange filing. A total of 16.2 million cubic meters of coal will be extracted over a period of 3 years by the company.
The trading volume was 60 times the 20-day average for this time of the day, Bloomberg data showed.
Yes Bank Declines To Lowest In More Than Two Years
Shares of the private lender slumped 7.3 percent intraday to Rs 150.30 per share, its lowest since March 2016.
Credit-rating agency ICRA lowered the bank's long-term rating of Tier II bonds to AA from AA+. Also, the bank's co-founder and outgoing Managing Director and Chief Executive Officer Rana Kapoor wants to be named as the bank's non-executive chairman once his term ends in January, according to a report in Mint.
The relative strength index on the stock was below 30, indicating it may be oversold.
IT Shares Drag As Rupee Strengthens
The NSE Nifty IT sectoral gauge fell as much as 1.2 percent with Tata Consultancy Services, Infosys and Tech Mahindra trading in red. The rupee gained past the 70-mark per U.S. dollar for the first time since August. The sectoral gauge was the only loser on Nifty Index.
Vedanta Top Performer On Sensex, Nifty
Shares of Vedanta snapped a six-day decline and rose as much as 3.3 percent to Rs 199.40.
A court panel said that the grounds for the closure of Vedanta's copper smelter by Tamil Nadu government is not grievous enough to justify the permanent closure of the factory, Bloomberg reported.
The stock has declined 36 percent in the past 12 months compared to a 6.2 percent advance in the Sensex.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
