MARKET WRAP: Sensex pares gains to end 45 pts up; financial stocks rally

All that happened in the markets today

11:42 AM

Sebi's higher float proposal for IBC firms could run into hurdles

The Securities and Exchange Board of India’s (Sebi’s) proposal to have at least 10 per cent free-float for companies relisting after the insolvency proceedings could run into implementation hurdles. Several legal experts plan to highlight the challenges in implementing all three options recommended by the regulator in a discussion paper last week. READ MORE

11:36 AM

BROKERAGE VIEW:: Axis Securities on Endurance Technologies

RATING: BUY | TARGET PRICE: Rs 1,190 

Endurance Technologies, is a tier 1 Auto ancillary for 2W OEMs and a leading auto component  manufacturing company based out of Aurangabad, Maharashtra. Starting with two aluminium casting  machines in FY 1986, the company has grown to operate 16 plants in India and 9 plants in Europe. The product portfolio of Endurance Technologies includes aluminium die casting (including alloy  wheels), suspension, transmission and braking systems.

11:28 AM

NEWS ALERT | Upticks that appeared in May, June appear to have lost strength in July, August due to reimposition of lockdowns: RBI annual report

-- Contraction in economic activity will likely prolong into Q2

-- Private consumption expected to lead recovery when it takes hold going forward

-- Shock to consumption is severe; it will take quite some time to mend, regain pre-Covid momentum

11:15 AM

ICICI Bank extends gains, stock surges 5% in four days

With today's gains, the stock of the lender has gained 5.6 per cent in the last four days, as against 2 per cent rise in the S&P BSE Sensex. READ MORE

11:06 AM

NEWS ALERT :: RBI releases FY20 annual report

11:03 AM

Lipstick effect or pent-up demand? Consumption-driven stocks fly high

Despite the picture of an economic contraction painted by most forecasters, the India consumption story seems to be still going strong. The Nifty Consumption index, a gauge of consumption-driven stocks on the National Stock Exchange (NSE) has rallied 42 per cent since March 23 when the market hit their recent low as compared to 51 per cent rise in the Nifty 50. Though the margin of underperformance compared to the benchmark index may not be much, what is important to note is that all stocks that comprise the Nifty Consumption index have given a positive return since then. READ MORE

10:55 AM

IndiaMart continues to soar, hits new high; stock zooms 63% in 2 months

Shares of IndiaMart InterMesh hit a fresh record high of Rs 3,883 apiece on the BSE on Tuesday, up over 10 per cent against Monday's close of Rs 3,519.50. With today's gain, the stock of the company has rallied 62.6 per cent in the past two months as compared to over 11 per cent gain in the benchmark S&P BSE Sensex, ACE Equity data show. Last week, the domestic brokerage firm Motilal Oswal Financial Services (MOFSL) had initiated the coverage on IndiaMart InterMesh with a "BUY" rating. READ MORE 

10:47 AM

MARKET UPDATE:: Sensex climbs off day's high

10:44 AM

Max Financial surges 13% as Axis Bank tweaks Max Life Insurance deal terms

Shares of Max Financial Services zoomed 13 per cent to a fresh 52-week high of Rs 622 on the BSE on Tuesday after the company said that Axis Bank has reduced the size of the stake that it plans to buy in Max Life Insurance to 17 per cent from 29 per cent. Axis Bank had initially planned to raise its stake in the insurer to 30 per cent for about Rs 1,590 crore. READ MORE

10:34 AM

Allcargo Logistics zooms 20%, hits 52-week high as Board to mull delisting

Shares of Allcargo Logistics were locked in the 20 per cent upper circuit band at Rs 130.8 per share -- also its 52-week high -- on the BSE on Tuesday after the company said its promoters Shashi Kiran Shetty and Talentos Entertainment Pvt Ltd intend to voluntarily delist the company. A combined 0.72 million shares had changed hands on the counter on the NSE and BSE till the time of writing of this report. READ MORE

10:26 AM

Phoenix Mills tanks 8% as nearly 11% equity changes hands via block deal

By 9:40 am, a combined 2.44 crore shares had changed hands on the counter on NSE and BSE. The names of the buyers and sellers could not be ascertained immediately. Media reports, however, suggested that promoter group may have off-loaded part stake. READ MORE

10:15 AM

Rupee Opening

Rupee opens higher at 74.17 against the US dollar vs Monday's close of 74.31/$

 

10:11 AM

LIC Housing Finance surges 11% as net profit in June quarter rises 35% YoY

Shares of LIC Housing Finance rallied nearly 11 per cent on the BSE on Tuesday, a day after the company reported a 35.34 per cent rise in its consolidated net profit at Rs Rs 824 crore for the quarter ended June 2020 (Q1FY21). The company had posted a profit of Rs 608.85 crore in the corresponding quarter of the previous fiscal. READ MORE 

10:02 AM

NEWS ALERT :: RBI announces special OMO

>> The auctions would be conducted on August 27, 2020 and September 03, 2020.

(Source: RBI release)

9:55 AM

Nifty Bank index top sectoral gainer at this hour