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Benchmark equity indices ended near their respective intraday highs on Wednesday, fuelled by gains in auto, realty and pharma stocks.
The Sensex closed 259 points, or 0.66%, higher at 39,302.85 and Nifty settled 83 points, or 0.72%, up at 11,604.55.
BSE Midcap and Smallcap indices closed 0.21% and 0.44% higher, respectively.
Among sectors, Nifty Auto, Nifty Pharma, and Nifty Realty gained the most, rising 1.5-2.35 higher. Nifty Media and Nifty PSU Bank fell the most. Dr Reddy's and M&M were the top gainers on Nifty50 while IndusInd Bank and NTPC were the top losers.
"We were successful in getting past the resistance zone of 11550 - 11575 during trade and also managed to close above these levels. This is a bullish sign and we should now expect markets to move towards 11800 and then 12000. Every dip can now be utilised to buy into. The Nifty support is at 11300-11350 levels."
An increasing number of global fund managers are turning optimistic about a revival in corporate earnings. Around 69% of respondents see global profits improving over the next 12-months, showed Bank of America Merrill Lynch’s latest survey. This is the highest level since December 2009, said the survey report.
State-run Hindustan Petroleum Corporation Ltd (HPCL) will invest ₹60,000 crore for developing infrastructure during the next five years, chairman Mukesh K Surana said at the company's 68th annual general meeting today.
The investments will be made in HPCL's refinery expansion and augmentation projects to increase capacity of Mumbai Refinery to 9.5 million metric tonnes per annum (mmtpa) and Visakh Refinery to 15 mmtpa.
Oil and Natural Gas Corp (ONGC) has exited from Sudan oilfields after the African nation refused to pay for oil it lifted from the fields.
ONGC Videsh Ltd (OVL), the overseas investment arm of the state-owned firm, as also its Chinese partner CNPC and Malaysia's Petronas have withdrawn from the block, a top company official said.
Russia's sovereign wealth fund has agreed a deal to sell 100 million doses of its COVID-19 vaccine, Sputnik-V, to a major listed pharmaceutical company in India, a source close to the deal said on Wednesday.
Clinical trials of the Russian vaccine in India are expected to follow and to be held jointly with this firm, the source said. Both the trials and supply deal depend on domestic regulatory approval.
More than a quarter of U.S. offshore output was shut on Tuesday due to Hurricane Sally. The American Petroleum Institute on Tuesday said crude inventories fell 9.5 million barrels, rather than increased as analysts expected.
Brent crude rose 77 cents, or 1.9%, to $41.30 a barrel, while U.S. crude added 85 cents, or 2.2%, to $39.13. Both contracts rose by more than 2% on Tuesday.
Domestic air traffic fell 76% year-on-year to 28.3 lakh. in August, as per data available with DGCA.
Air India had market share of 9.8% in August, up from 9.1% the previous month. IndiGo's market share declined to 59.4% from 60.4% in July.
The IPO will see NSE Investments Limited divest its entire 37.48% stake in CAMS. Other marquee shareholders in CAMS are Great Terrain (an affiliate of Warburg Pincus) which holds 43.50%, HDFC and HDFC Bank which hold 5.99% and 3.33% respectively. The company aims to raise ₹2,242 crore through the IPO, proceeds of which will not be received by CAMS.
“Initial public offer of up to 18,246,600 equity shares of face value of ₹10 each of Computer Age Management Services Limited per equity share, through an offer for sale of up to 18,246,600 equity shares aggregating up to by NSE Investments Limited," the company said in a statement.
Deutsche Lufthansa AG is preparing for more drastic cutbacks in its global workforce and airline fleet than it previously planned, after a hoped-for recovery of air traffic fizzled out.
Recent rules that forced travelers into quarantine have had a catastrophic effect on bookings, Chief Executive Officer Carsten Spohr told staff at a meeting on Tuesday, according to people in attendance. For October, seat reservations stand at less than 10% of year-ago levels, said the people, who asked not to be named discussing comments that weren’t publicly made.
European stocks rose along with U.S futures as investors waited for the outcome of the Federal Reserve’s policy meeting later Wednesday. Treasuries and the dollar were steady.
The Stoxx Europe 600 Index gained 0.3% while Germany’s DAX Index 0.2%.
Crude oil extended gains following a surprise drop in U.S. crude stockpiles.
Regulation at non-banking financial companies still not on a par with that at banks, Das said at a Ficci event, adding that the RBI does not want another shadow bank to fail and is closely monitoring top 100 non-banks.
Private sector lender Lakshmi Vilas Bank on Tuesday said the mutual due diligence for its deal with Clix Group is “substantially complete".
“We wish to inform that the mutual due diligence is substantially complete, and the parties are in discussions on the next steps," the bank said in a regulatory filing.
The bank has shortlisted three firms for a valuation exercise and is likely to finalise one over the next week, said a person aware of the matter.
Uptick noticed in June and July seems to have levelled off now for some sectors: Das
Persistently large liquidity infusion by RBI has ensured large borrowing by the government at low rate and in non-disruptive manner, said Das at a Ficci event.
The unit had opened at 73.70 per dollar.
The stock had risen 2.2% to hit a fresh record high of ₹2368.8 on the BSE briefly, pushing its valuation over ₹16 trillion, before pulling back. At 11.33am, the stock was at ₹2349.20.
Supreme Court upholds arbitral award allowing cost recovery of $499 m by Vedanta for Ravva Oil fields.
Karnataka government has cleared NMDC Ltd's application to commence mining operations at Donimalai, two years after production was suspended in the seven-million-tonnes-per-annum mine in the mineral-rich Ballari district of the state.
EPFO is considering exercising all legal options, including criminal action, against companies for recovery of its stressed debt investments amounting to over ₹12,800 crore.
At its meeting last week, the Central Board of Trustees (CBT) chalked out a plan of action after discussing the status reports of the risky investments spread across companies including Reliance Capital, DHFL, IL&FS, Yes Bank, Indiabulls and IDFC, three CBT members said. Measures for recovery will be taken for each company separately on “priority basis", they said.
The Shapoorji Pallonji group has told group company Sterling & Wilson Solar Ltd (SWSL) that it is unable to repay over Rs1,000 crore in dues, schedule for June and September, as per a filing to the stock exchanges on Wednesday.
The repayment is part of dues worth ₹2,644 crore that the promoters owe to SWSL. The loan was to be repaid within 90 days of Sterling and Wilson Solar’s IPO, which ended mid-November 2019.
The promoters had sought an extension for repaying the loans, blaming “significant and rapid deterioration in the credit markets. The promoters have so far repaid ₹1,500 crore the company, with ₹500 crore due on 30 June and rest due by 30 September.
"...Indices seemed to have lost clear direction and are clearly trapped in a range...For Nifty, if 11570 is taken out, we would see some extension towards 11625 - 11675 levels and if this has to happen, the banking stocks needs to replicate yesterday’s move. On the flipside, 11450 followed by 11380 are to be seen as key supports. Yesterday for the second day, stocks from the broader market kept buzzing. However, this is nowhere similar to mid n small cap rally that we witnessed in previous couple of months. Hence, one needs to pick the right stock and should keep booking timely profits. Apart from this, Pharma stocks had a good first half yesterday after a brief pause of nearly 2-3 weeks. We reiterate, one should follow stock specific moves but avoid aggressive bets."
"We have moved a wee bit closer to the 11550 level this morning, we need to get past this for an impulsive rally to commence. Until then we will be stuck within a low volume range of 11400 - 11550. Once we cross the levels of 11550-11575, we can look forward to 11800 and then 12000."
Blackstone Group and Partners Group Holding AG are vying for a controlling stake in Piramal Enterprises Ltd’s glass unit, Bloomberg has reported.
With this latest spike, the India's case load stands at 50,20,360, of which 9,95,933 are active 39,42,361 have been cured/discharged/migrated, the health ministry said.
Death toll rose to 82,066 after 1,290 deaths in the last 24 hours.
Mahindra and Mahindra’s overseas subsidiary SsangYong Motor was close to signing a binding investment agreement with US-based HAAH Automotive Holdings, the Economic Times has reported citing Korean media. Mahindra had earlier announced that it will not make any further investments in the ailing SUV-maker and wanted to give up its controlling stake.
On MCX, gold futures rose 0.08% to ₹51,810 per 10 gram while silver futures slipped 0.07% to ₹68,921 per kg. Gold prices had hit a record ₹56,200 last month.
In global markets, gold moved lower after hitting a two-week high in the previous session. Investors turned cautious ahead of the US Fed policy decision, due later today, amid a flat dollar.
Spot gold was down 0.2% to $1,952.15 per ounce, after rising to $1,971.71 in the previous session.
"We did inch towards the 11,550 levels but could not conquer it; it is imperative this happens as that would signal a new impulse rally on the upside. That rally could take us to 11800 and then towards 12000."
The Lok Sabha on Tuesday passed a bill to reduce the salaries of lawmakers by 30% for one year in view of austerity measures needed to mitigate the fallout of disruptions caused by the covid-19 pandemic.
The Salary, Allowances and Pension of Members of Parliament (Amendment) Bill, 2020, was introduced in the Lower House on Monday by Union parliamentary affairs minister Pralhad Joshi. It will replace the Salary, Allowances And Pension of Members of Parliament (Amendment) Ordinance, 2020 brought in April.
Global benchmark Brent crude rose 0.79% to $40.85 per barrel and U.S. West Texas Intermediate crude ticked up 1.02% to $38.67 a barrel.
NBFCs, banks, pharma stocks, SpiceJet, and Aurobindo Pharma will be in focus today's trade.
SGX Nifty futures were down 0.3% at 11,498.00 points, indicating a weak start for Indian benchmark equity indices.
Asian stocks were little changed on Wednesday as investors awaited a Federal Reserve meeting to gauge the extent of central bank support for the economic recovery, Bloomberg reported. Crude oil extended gains.
Japan’s Topix index added 0.1%, Hong Kong’s Hang Seng rose 0.4%. Shanghai Composite slid 0.1% and Australia’s S&P/ASX 200 Index rose 0.7%.
South Korea’s Kospi index dipped 0.1%.
US stocks rose on Tuesday as investors hoped the Federal Reserve would stick with its supportive policy stance as the central bank's two-day meeting got underway, Reuters reported.
Advances, however, were capped as Apple Inc's shares lost early gains following its rollout of a new virtual fitness service and a bundle of all its subscriptions, Apple One.
The Dow Jones Industrial Average rose 82.51 points, or 0.29%, to 28,075.84, the S&P 500 gained 24.6 points, or 0.73%, to 3,408.14 and the Nasdaq Composite added 153.85 points, or 1.39%, to 11,210.50.
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