MARKET WRAP: Sensex gains 499 pts as financials rally, Nifty ends at 10,430

All that happened in the markets today

10:52 AM

JSPL dips 3.5% after arm JSPML sells entire stake in Oman plant

The enterprise value of the deal is over $1 billion and Alpen Capital, a West Asia-based investment bank was appointed to run the sale process, which received competitive offers from multiple interested bidders.

 

"The divestment is in line with JSPL’s vision and commitment to continuously bring down its debt and deleverage its balance sheet," the company said in a release. READ MORE

10:43 AM

Glenmark Pharma falls for second straight day; stock down 8% in 2 days

Shares of Glenmark Pharmaceuticals were trading lower for the second straight day, down 5 per cent at Rs 428 on the BSE on Wednesday amid reports that the company has been charged with manipulating the prices of generic drugs sold in the US. READ MORE 

10:35 AM

NEWS ALERT :: June Manufacturing PMI improves to 47.2 vs 30.8 in May

At 47.2 in June, the seasonally adjusted IHS Markit India Manufacturing PMI® surged from 30.8 in May. Despite the rise, the latest reading pointed to a third successive monthly decline in the health of the manufacturing sector, albeit one that was far softer than registered in April and May. Contributing to the further deterioration was another sharp contraction in output at the end of the second quarter. Panellists continued to suggest that coronavirus-related restrictions had constrained production capacity. That said, the rate of contraction eased considerably from May and was the softest since an expansion in March. Another key factor behind the decline in operating conditions was a further decrease in new business during June. The latest contraction extended the current sequence of  falling sales to three months, although the pace of reduction decelerated to the slowest since the introduction of lockdown measures in March.

10:30 AM

Wild swings in stock markets this year match 2008 financial crisis levels

This year has been nothing short of a roller coaster for those dealing in the stock markets. Consider this: The benchmark Sensex has seen daily swings of more than 3 per cent — the difference between day’s high and low — in 27 of 123 trading sessions this year, so far. That’s more than a fifth of the sessions. READ MORE

10:20 AM

NEWS ALERT :: ICICI Bank cuts lending rates by 15 bps across tenors

10:14 AM

NEWS ALERT :: Gold price hits record-high

10:06 AM

Rupee Opening

Rupee opens flat at 75.51 per US dollar vs Tuesday's close of 75.50/$

9:55 AM

ONGC slips up to 4% after reporting a first-ever loss in March quarter

At 09:29 am, the stock was trading 1.6 per cent lower at Rs 80.10 on the BSE. In comparison, the S&P BSE Sensex was quoting 0.5 per cent higher at 35,099 levels.

 

ONGC had logged a profit before tax (PBT) of Rs 11,691 crore in the corresponding period of FY19. The company’s revenue from operations declined by 7 per cent to Rs 104,489 crore in the period under review, compared to Rs 112,539 crore the previous year. READ MORE

9:49 AM

June Auto Sales :: Escorts Agri Machinery volumes grow by 21.1%

9:42 AM

Broader market check

9:36 AM

MARKET CHECK :: Sensex off day's low, up over 150 pts

9:35 AM

ZEEL trades weak

>> YES Bank has filed a suit at the Bombay High Court against Zee Entertainment Enterprises and its board of directors, over their alleged failure to honour obligations under a disputed guarantee related to a 2016 loan of around $50 million, according to a report by Moneycontrol.

9:32 AM

RITES slips 2.5% post March qtr result

>> RITES Ltd on Tuesday reported a 4.28 per cent decline in consolidated profit at Rs 143.93 crore for the quarter ended March 31, 2020. The railways consultancy firm had posted a consolidated profit of Rs 150.38 crore in the corresponding quarter of previous fiscal, it said in a regulatory filing to the BSE

9:29 AM

Jindal Steel and Power slips 2%

>> Jindal Steel & Power (Mauritius), or JSPML, a subsidiary of Naveen Jindal-led Jindal Steel and Power (JSPL) said on Tuesday that it has accepted a binding offer from Templar Investments to divest its entire stake in its Oman asset, Jindal Shadeed Iron and Steel (JSIS Oman).

9:26 AM

ONGC erases 2% in early deals on weak Q4 result

>> State-run Oil and Natural Gas Corporation (ONGC) reported a pre-tax loss of Rs 10,529 crore in the fourth quarter of the financial year 2019-20 (Q4FY20) because of a drop in crude oil prices, the impact of the lockdown, and exchange losses.