Indian equities rebounded in early trade, caught in the upswing of global equities, as fears of a trade war somewhat ebbed. Gains started with the U.S. markets after House Speaker Paul Ryan rejected President Donald Trump's plan to levy stiff tariffs on steel and aluminium imports on the grounds that the U.S. economy would suffer.
The S&P BSE Sensex rose as much as 0.9 percent to 34,060.13 and the NSE Nifty 50 Index was up 0.8 percent to 10,441.35. They have since given up some of those gains.
In early trade, all sector gauges compiled by BSE were trading higher with S&P BSE Metal index gaining the most, rising 1.9 percent.
Here Are The Stocks Moving The Market This Morning:
Sun Pharma: Halol Clearance Buzz
Shares of the country's largest drug maker pared early gains and fell 0.8 percent to Rs 543.8. It was the most actively traded stock in terms of value on the National Stock Exchange's broader index.
The U.S. drug regulator, in its recently concluded inspection of the company's Halol plant, found no data integrity issues, and its three observations had to do with procedural matters, according to the Form 483 on its website.
The observations by the U.S. Food and Drug Administration inspectors are focused on equipment and plant cleanliness and hence addressable, said Gurudatta GG, chief executive officer at consulting firm Estima Pharma Solutions in a comment to BloombergQuint.
The stock is currently trading just below its 100 day moving average.
RBI Penalty On Two Banks
Shares of Axis Bank rose 1 percent to Rs 529.9 despite a Rs 3 crore penalty imposed on it by the Reserve Bank of India for violation of non-performing asset classification norms.
Indian Overseas Bank, on the other hand, declined 1.8 percent to Rs 19.1, after the RBI's Rs 2 crore penalty for not complying with KYC regulations.
Also Read: RBI Imposes Rs 3 Crore, Rs 2 Crore Penalty On Axis Bank And IOB Respectively
IndusInd Bank: Invokes Pledge Of Jaypee Infratech Shares
Shares of the Mumbai-based private lender rose as much as 5.9 percent, the most in almost six months, to Rs 1,790.
IndusInd Bank Ltd. has invoked the pledge on 6 crore Jaypee Infratech Ltd. shares, which amounts to a 4.3 percent stake of the crisis-hit company. These shares were held by Jaypee Infratech's promoter Jaiprakash Associates Ltd., which is the flagship company of debt-ridden Jaypee Group. (Read more on this story here)
Jaypee Infratech rose 4.13 percent in early trade today to Rs 12.6 whereas Jaiprakash Associates rose as much as 3.2 percent to Rs 17.5.
IndusInd Bank was among the top gainers on both the benchmark indices in early hours of trading. Trading volume of the stock was 2.3 times the 20-day average.
Somany Ceramics: Rises On Merger Plans
Shares of New Delhi-based floor tiles manufacturer rose as much as 2.7 percent to Rs 687.
The company's board has approved the merger of three promoter group companies with itself with effect from Apr. 1. The merger is pending approvals from the exchanges and other regulatory authorities, it said in an exchange filing.
The stock has given negative returns of 26.19 percent as compared to Sensex's negative returns of 0.17 percent so far this year.
JSW Energy: JSW Electric Vehicles Now Wholly-Owned
Shares of the acquirer, JSW Energy Ltd., rose as much as 2.9 percent to Rs 81.85, snapping a five-session losing streak.
The company has acquired JSW Electric Vehicles Private Ltd. after which it has become a wholly owned subsidiary of JSW Energy. There is excitement over the government's plan for electric mobility in the country, with more automakers committing to develop the technology.
The stock has fallen 2.4 percent in the past month compared with a 0.6 percent decline in Sensex.
Prime Focus Gains After Subsidiary Wins Oscar
Shares of the post-production services firm rose as much as 3.2 percent to Rs 103 after its subsidiary Double Negative won an Oscar for its work on Blade Runner 2049.
This is the third Oscar win for Double Negative since its merger with Prime Focus. It has won four so far, for Interstellar, Ex Machina, and Inception. Last week Double Negative won the BAFTA award for ‘Best Special Visual Effects' for the same film, the company said in a press release.
Only two analysts cover this stock, both of whom have a buy recommendation.
Stocks Reacting To Block Deals
CG Power:
- 22.5 lakh shares changed hands in a single block
- Shares of CG Power and Industrial Solutions Ltd. rose as much as 1.4 percent to Rs 81.4.
Hindalco:
- 18 lakh shares changed hands in a block on BSE.
- Shares of Hindalco Industries Ltd. rose as much as 2.4 percent to Rs 235.2.
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