Key equity benchmarks ended with modest rise in Friday, tracking gains in global peers amid easing US-China trade tensions. The barometer index, the S&P BSE Sensex, rose 337.35 points or 0.92% to 36,981.77, as per the provisional closing data. The Nifty 50 index rose 93.10 points or 0.86% to 10,941, as per the provisional closing data.
The market breadth was strong. On the BSE, 1566 shares rose and 920 shares fell. A total of 155 shares were unchanged. The S&P BSE Mid-Cap index rose 0.61%. The S&P BSE Small-Cap index rose 0.79%.
Car major Maruti Suzuki India gained 3.85%. The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control over a newly created joint venture in India, by Toyota Tsusho India of India, its parent Toyota Tsusho Corporation of Japan, and Maruti Suzuki India of India. The joint venture will supply, dismantle and process end-of-life vehicles and market and sell scrap and other products generated from such activities in India.
Last week, the media reported that Toyota and Suzuki entered into a capital alliance agreement. Toyota is planning to acquire 4.9% stake in Suzuki worth 96 billion yen. Likewise, Suzuki plans to acquire a stake in Toyota worth 48 billion yen.
Tech Mahindra rose 3.68% after the company announced multi-year agreement to accelerate AT&T's technology transformation. The announcement was made after trading hours yesterday, 5 September 2019.
Axis Bank rose 3.27% to Rs 670.50. A research house has maintained buy call on the stock, but cut target to Rs 875 from Rs 900 per share.
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Sun Pharmaceutical Industries fell 1.66% after the drug major informed that the stock market regulator Sebi has ordered forensic audit on company's financial statements.
With reference to media article captioned, "Sun Pharma slides 4% on report of Sebi ordering forensic audit", Sun Pharmaceutical Industries clarified after market hours yesterday, 5 September 2019, that that a forensic audit has been ordered by Sebi with reference to the financial statements of Sun Pharmaceutical Industries for the financial years ending 31 March 2016, 31 March 2017 and 31 March 2018. The said forensic audit is presently ongoing.
Drug major Lupin rose 0.95%. The company announced that it has received approval for its Fosaprepitant for injection, 150 mg single-dose vial, from the United States Food and Drug Administration (USFDA). The drug is the generic version of Emend injection. Fosaprepitant for injection, 150 mg Single-Dose Vial, had annual sales of approximately $285 million in the US (IQVIA MAT June 2019).
Shares of four Indiabulls group companies tumbled amid reports that a public interest litigation has been filed against Indiabulls Housing Finance's accounting practices.
Indiabulls Housing Finance, Indiabulls Integrated Services, Indiabulls Ventures and Indiabulls Real Estate fell by between 1.59% to 4.96%.
Indiabulls Housing Finance (IBH) clarified to the bourses before trading hours today, that it has learned through the media that a PIL (public interest litigation) has been filed against the company (IBH) & promoters in Delhi High Court. The petition has not yet been filed in High Court as per its website, but leaked in social media with malicious intent to create turbulence in IBH stock price.
Prabhat Dairy hit an upper circuit limit of 20% at Rs 78.15. The firm announced after market hours yesterday, that its board will meet on 10 September 2019 to consider voluntary delisting of the equity shares of the company. The promoters intend to acquire a 49.9% stake from the public shareholders and then go for voluntary delisting. As on 30 June 2019, promoters held 50.10% stake in the integrated milk and dairy products company.
Hinduja Global Solutions climbed 9.22% after the company said it has recovered one billion dollars in denied insurance payments on behalf of healthcare systems. The announcement was made after market hours yesterday, 5 September 2019.
Overseas, most European stocks were trading lower. Investors continue to monitor political uncertainty in Britain, with 55 days to go until the world's fifth-largest economy is scheduled to leave the European Union (EU).
Asian stocks ended higher on Friday amid signs of easing US-China trade tensions. As per reports, China and the US have agreed to hold the next round of trade negotiations in Washington in early October to end the bruising trade war following an agreement that both sides will jointly take concrete actions to create favourable conditions for the talks.
US stocks surged on Thursday on expectations of de-escalation in trade tensions after Washington and Beijing agreed to hold high-level talks next month, while strong US economic data eased fears of a domestic slowdown.
In economic data, the US services sector slowed in August, according to the Markit Services Purchasing Managers' Index, which fell from 53 in July to 50.7 in August. The more closely watched ISM nonmanufacturing index, however, came in at 56.4%, up from the 53.7% reading in July.
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