Markets end flat as Jackson Hole meet gets underway; pharma stocks lead

All that happened in Thursday's trade

12:41 PM

Infosys back on top 10 m-cap list

 

With the m-cap of Rs 210,379 crore, Infosys is currently stands at ninth rank, ahead of Indian Oil Corporation, which had m-cap of Rs 208,318 crore at 11:49 am, the BSE data shows.

 

The m-cap of Infosys had declined by Rs 33,914 crore or 14.5% in just two trading sessions between August 18 and August 21, after Vishal Sikka, the company’s first non-founder Chief Executive Officer (CEO), resigned on last Friday, August 17, citing slander by founders. READ MORE

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12:23 PM

Bank of India slashes savings deposit rate

Bank of India fell 1% after it slashed savings deposit rate by 50 bps to 3.5% for balance upto Rs 50 lakh but kept savings deposit rate unchanged at 4% for balance above Rs 50 lakh.

12:00 PM

Cadila Healthcare surges

Cadila Healthcare has moved higher by 7% to Rs 496 on BSE in intra-day trade after the drug maker announced that the Zydus Cadila received final approval from the US health regulator to market antipsychotic Ziprasidone Hydrochloride capsules. READ MORE

11:37 AM

Lupin gains

Lupin rose over 3% to Rs 984 on BSE after the company announced the launch of generic Seroquel XR tablets in the US.

11:17 AM

Buzzing stock

Avenue Supermarts, which operates supermarket chain D-Mart stores, hit a new high, crossing Rs 1,000 mark at Rs 1,018, up 3% on BSE in intra-day trade in an otherwise range-bound market.

 

Avenue Supermarts (D-Mart) has continued its upward move in past nine trading sessions. Since August 10, the stock rallied 16% from Rs 880 as compared to a marginal 0.19% rise in the S&P BSE Sensex. READ MORE

Neville Noronha, CEO & MD, Avenue Supermarts

11:01 AM

Earnings impact

 

Castrol India fell 1.65% to Rs 382.30 on BSE after net profit dropped 33.35% to Rs 137.90 crore on 10.34% fall in total income to Rs 885.90 crore in Q2 June 2017 over Q2 June 2016.

10:46 AM

Canada, Japan up India bet, investors double equity holdings in past year

India's long-term growth potential and a politically stable environment are leading more geographies to raise their bets on the country. 

 

Canada, which has historically not been a big investor in Indian equities, has seen its equity holding in listed Indian shares double in the past year and grow by more than 100 times in the past eight years. 

 

The country is now the seventh largest investor in the India and stands a good chance of overtaking Norway, United Kingdom (UK) and Luxembourg to enter the top five league. READ MORE
 

10:34 AM

Markets Check

At 10:33 am, the BSE Sensex was trading at 31,590, up 22 points while the Nifty50 was ruling at 9,854, up 2 points

10:18 AM

Liquor stocks gain

 

Shares of liquor companies have rallied by up to 15% on BSE in early morning trade after the report suggests that the Supreme Court on Wednesday clarified that the liquor ban on highways does not extend to municipal areas.

 

The court, in an order dated July 11, which was uploaded on the Supreme Court website on Wednesday, clarified that the 500-metre ban does not prohibit licensed establishments within municipal areas.

 

Among the individual stocks, United Spirits, Globus Spirits, GM Breweries, Pincon Spirit and Radico Khaitan were up in the range of 5% to 13% on BSE. READ MORE

10:03 AM

Where are the markets headed?

Investors should not get perturbed by intermittent corrections in the market, leading money managers from Mutual Fund Industry concluded at the Business Standard Fund Cafe held in Mumbai recently. Cement, capital goods and consumption are among a few sectors which are expected to lead the next leg of the rally. 

 

Click here to find out what top money managers had to say about markets prospects and investment options at the event.

 

9:49 AM

LIC to meet FinMin on Infosys buyback

 

Life Insurance Corporation of India (LIC) will soon consult the finance ministry on the Infosys crisis.

 

According to sources, the insurer may seek the ministry’s guidance on opting to take the buyback route opened by Infosys. The state-run insurance company, which owns 7.03 per cent stake in the information technology (IT) major, is mulling over the amount of shares it would tender in the repurchase scheme.

 

Click for full report

9:38 AM

Metals shine

Extending gains for the third session straight, Nifty Metal index gained 0.7% led by gains in JSPL, NALCO, JSW Steel and Hindalco

9:29 AM

Banks slip

PSU Bank index fell 0.3% with 10 of 11 stocks trading in red after the Cabinet on Wednesday approved a framework to speed up mergers of public sector banks, the first of which could take place by March. The mergers will not involve any cash but only share swaps. 

Source: NSE

9:26 AM

In Spotlight

Infosys gained over 1%, becoming the top gainer on BSE Sensex after reports that Nandan Nilekani may return to the company's board of directors to calm investors' nerves

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9:23 AM

Top gainers and losers on BSE Sensex

Source: BSE