The broader market was trading firm. The S&P BSE Mid-Cap index rose 0.69% while the S&P BSE Small-Cap index rallied 0.88%.
The market breadth was strong. On the BSE, shares 1,459 rose and 988 shares fell. A total of 152 shares were unchanged. In Nifty 50 index, 28 stocks advanced while 22 stocks declined.
India-China Faceoff:
Prime Minister Narendra Modi has called for an all-party meeting this Friday at 5 pm to in order to discuss the situation in the India-China border areas. Presidents of various political parties would take part in this virtual meeting.
Twenty Indian soldiers, including a Colonel, were killed and several others grievously injured in a violent physical skirmish with Chinese troops in the Galwan Valley region of eastern Ladakh on Monday. China blamed India for the violent LAC scuffle saying Indian troops crossed the border twice illegally and launched "provocative attacks". There were casualties on the Chinese side as well.
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 5.835% compared with previous closing of 5.846% in the previous trading session.
In the foreign exchange market, the partially convertible rupee edged higher to 76.16 compared with its previous closing 76.20.
In the commodities market, Brent crude for August 2020 settlement rose 42 cents to $41.38 a barrel. The contract rose 3.1% to settle at $40.96 a barrel in the previous trading session.
MCX Gold futures for 5 August 2020 settlement fell 0.78% to Rs 47,197.
Buzzing Index:
The Nifty Auto gained 1.01% to 6,516.30, rising for second trading session.
Maruti Suzuki India (up 5.33%), Escorts (up 4.53%), TVS Motor Company (up 1.64%), Tata Motors (up 1.11%), SML Isuzu (up 0.93%), Eicher Motors (up 0.57%) and Ashok Leyland (up 0.2%) advanced.
Stocks in Spotlight:
HDFC Asset Management Company (HDFC AMC) fell 2.51% to Rs 2474 as its offer for sale (OFS) opened for non-retail investors today. Promoter Standard Life Investment offered to sell a total of 60 lakh shares, or 2.82% stake, through the OFS. The floor price for the OFS was set at Rs 2,362 each, a 6.92% discount to the closing price of Rs 2537.65 on Tuesday. In the event the oversubscription, Standard Life proposes to sell another 60 lakh equity shares. In total, Standard Life plans to sell 1.2 crore equity shares of HDFC AMC representing 5.64% of total paid-up equity capital of the company. The OFS opened on Wednesday (17 June) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Thursday (18 June). As on 14:05 IST, the OFS received subscription for 60,86,700 shares or 113% against the base non-retail offer size of 54 lakh shares.
Titagarh Wagons hit an upper circuit of 5% at Rs 32.75 after it entered into an exclusive cooperation agreement with ABB, a global engineering company based in Switzerland. The agreement aims to address the large and growing business of propulsion equipment (traction converters) for the Indian railway EMU ( electric multiple unit)/ MEMU (mainline electric multiple unit) market. According to the agreement, Titagarh and ABB will work together to design, develop and manufacture IGBT based 3-phase propulsion systems for EMU/MEMU which would be manufactured in Titagarh's plant at Uttarpara, Kolkata with certain components being supplied by ABB. This agreement goes into effect immediately with the first units to be put into revenue service in less than 2 years.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
