Sensex drops 393 pts from day's high, ends 67 pts down; Nifty holds 15,700

Sectorally, all but the Nifty IT index ended 0.6 per cent higher. All other indices settled lower with the Nifty Media index down 0.8 per cent and the Nifty Bank index down 0.7 per cent

1:53 PM

European markets check

(Source: Reuters)

1:44 PM

Scandal-hit Credit Suisse considers creating single private bank: Report

Credit Suisse is considering centralising the management of its bankers to the world's wealthy, replacing a regional structure, three sources said, as part of efforts to fast-track an overhaul after a series of scandals.

 

The Swiss bank and its board are looking to decide on a fresh strategy as soon as October after meeting in the mountain town of Bad Ragaz, two sources familiar with the thinking of senior executives said. READ MORE

1:31 PM

India among 5 nations responsible for 80% of world's planned coal plants

The report, 'Do Not Revive Coal', said China, India, Indonesia, Japan and Vietnam plan to build more than 600 new units with a combined capacity of over 300GW, ignoring calls from UN Secretary General Antonio Guterres for all new coal plants to be cancelled. READ MORE

1:21 PM

Suzlon Energy loss narrows to Rs 54 cr in March quarter on higher revenues

Suzlon Energy's consolidated net loss narrowed to Rs 54.25 crore in the quarter ended March 31, 2021 mainly on the back of higher revenues. The consolidated net loss of the company was at Rs 834.22 crore in the quarter ended March 31, 2020, according to a regulatory filing. READ MORE

1:10 PM

Infosys, RIL, Kotak Mahindra Bank among top contributors to Sensex's gain today

1:02 PM

Promoters of Macrotech Developers repay debt of Rs 1,596 cr owed to company

Macrotech Developers (Lodha group) on Wednesday said the promoters of the company have repaid Rs 1,596 crore owed by them to the company. "Promoters owed the company a sum of Rs 1,596 crore as of March 31, 2021. Of this, a sum of Rs 400 crore was repaid on April 29, 2021. The balance of Rs 1,196 crore, together with interest accrued thereon, has been repaid today," it said in an exchange filing. "Thus, the entire debt has been repaid expeditiously, in just over two months from the listing of the company," it added. READ MORE

12:53 PM

Index funds under focus as Navi MF looks to disrupt the market

Index funds are in the news after Sachin Bansal-backed Navi Mutual Funds (MF) launched a Nifty 50-benchmarked fund that has the lowest expense ratio in the industry. The new fund offer (NFO) for the Navi Nifty 50 Index Fund opens on July 3. The scheme will have an expense ratio of just 0.06 per cent under the direct plan and 0.26 per cent under the regular plan (which is bought through an intermediary). READ MORE

12:41 PM

Cipla, Dr Reddy's Labs: Tech charts show up to 11% rally in pharma stocks

Led by gains in Divi's Labs, Sun Pharma, Cadila Healthcare and Dr Reddy's Laboratories, the Nifty Pharma pack was trading marginally higher in Wednesday's trade, with most stocks hovering near their all-time high levels.

 

Continued focus on cost optimisation, gross margin improvement, aided by an increase in domestic contribution to the overall mix, and an uptick in contribution from Covid-related opportunities will remain key upside triggers for the stocks in pharma space, analysts at JM Financial said in a recent note.

 

Amid this backdrop, here's what tech charts are signalling for the key names in the pharma space. READ MORE

 

12:31 PM

MARKET UPDATE:: Sensex holds morning gains

12:29 PM

Mid-market view | Gaurav Garg, Head of Research at CapitalVia Global Research

Following a positive trend in global markets, Indian equities benchmarks stayed in the green in the morning. Sentiments turned positive as Finance Minister Nirmala Sitharaman urged ministries to go above and beyond their capital expenditure (capex) commitments for this fiscal year, emphasizing that increased spending will be important in reviving the economy following the pandemic. On Tuesday, global stocks fell as new coronavirus outbreaks in Asia competed with strong consumer confidence in the United States and Europe, and investors worried about whether the Federal Reserve might speed up its plan to end loose monetary policy. Asian markets were trading mostly in the green despite the slip in the wall street indices.

 

We witnessed some recovery in the market and an attempt to hold the Nifty 50 index level of 15800. 15800 will be an important level in the short term for the market to stay positive.

12:21 PM

Lupin gets USFDA nod for HIV drug under PEPFAR

Drug maker Lupin on Wednesday said it has received approval from the US health regulator to market HIV treatment medication in the American market. The Mumbai-based company has received tentative nod from the US Food and Drug Administration (USFDA) under the US President's Emergency Plan for AIDS Relief (PEPFAR) for its new drug application (NDA) for Dolutegravir, Lamivudine and Tenofovir Disoproxil Fumarate (TLD) tablets (50 mg/300 mg/300 mg), along with antiretroviral fixed dose combination (FDC), Lupin said in a statement.

 

(Text Source: PTI)

12:10 PM

NEWS ALERT

Press Conference on Cabinet decisions likely at 3 PM today

12:01 PM

Oil set for best half since 2009 as demand recovers ahead of OPEC+ meeting

Oil is heading for its best half since 2009 as the rebound from the pandemic boosts fuel consumption and tightens the market ahead of a key OPEC+ meeting that’s expected to lead to an increase in supply. Futures in New York rose toward $74 a barrel on Wednesday and are up more than 50% this year. The American Petroleum Institute reported that U. S. crude stockpiles fell by 8.15 million barrels last week, according to people familiar, adding to positive sentiment before OPEC+ meets on Thursday. READ MORE

11:52 AM

Zomato's $100 million investment to turn Grofers into unicorn: Report

Food delivery app Zomato, which is working to explore public markets later this year, has reached an agreement to invest $100 million in online grocer Grofers for about a 10 per cent stake.

 

According to TechCrunch, the proposed investment values the seven-year-old startup Grofers, which counts SoftBank as its largest investor, at over $1 billion. READ MORE

11:42 AM

Embassy REIT trading lot size to reduce from current 200 units to 1 unit

Embassy Office Parks, India's first listed real estate investment trust (REIT) and the largest in Asia by area, said on Wednesday that trading lot size for Embassy REIT units on stock exchanges will be reduced to one unit from the current trading lot size of 200 units. The announcement follows the Securities and Exchanges Board of India's approval of amendments to appropriate regulations to reduce trading lots for both REITs and infrastructure trusts (InVITs). READ MORE