Local stocks snapped two-day losing streak and ended with modest gains on positive global cues. Intraday volatility was high. The market breadth was positive.
The barometer index, the S&P BSE Sensex, rose 161.83 points or 0.44% to 36,724.74, as per the provisional closing data. The Nifty 50 index rose 46.75 points or 0.43% to 10,844.65, as per the provisional closing data.
The S&P BSE Small-Cap index rose 0.14%. The S&P BSE Mid-Cap index rose 0.29%.
The market breadth was positive. On the BSE, 1202 shares rose and 1188 shares fell. A total of 167 shares were unchanged.
Bharti Airtel (up 2.87%), Tata Steel (up 2.85%), SBI (up 2.35%), Vedanta (up 2.24%) and NTPC (up 1.79%) were top gainers in Sensex pack.
Tata Motors (down 2.62%), Asian Paints (down 2.52%), IndusInd Bank (down 2.17%) and Mahindra & Mahindra (down 1.71%) were top losers in Sensex pack.
Infosys rose 0.83% to Rs 821.05. The stock hit an intraday high of Rs 822.70, which is also a record high for the counter.
Sun Pharmaceutical Industries lost 2.97%. Sebi has reportedly ordered a forensic audit after media reported allegations of financial irregularities and lapses in corporate governance standards.
Maruti Suzuki India lost 3.64%. The company decided to shut down the passenger vehicle manufacturing operations in its Gurugram plant and Manesar plant in Haryana for two days, i.e., on 7 September 2019 and 9 September 2019. The automobile company has announced that both the days will be observed as no production days.
Shares of ICICI Lombard General Insurance Company dropped 3.86%. The Insurance Regulatory and Development Authority of India (IRDAI) vide its letter dated 30 March 2016 had imposed lock in for a period of five years i.e. till 29 March 2021 on 40,278,460 shares (constituting 9% of the issued and paid-up capital of the company) held by FAL Corporation, an affiliate of Fairfax Financial Holdings Limited (Fairfax).
The company was communicated by IRDAI vide its letter dated 3 September 2019 that pursuant to request received from Fairfax and as a matter of exception taken, the conditions of lock in period on the equity shares held by Fairfax in the company, may not be insisted upon. The announcement was made after market hours yesterday, 3 September 2019.
On the domestic macro front, data released today showed that the IHS Markit India Services Business Activity Index declined to 52.4 in August from 53.8 in July, pointing to a slower rate of increase in output.
Overseas, European markets were trading higher. Meanwhile, a cross-party alliance defeated British Prime Minister Johnson in parliament in an effort to block a no-deal Brexit. The vote led Johnson to push for a snap election.
Asian markets closed higher on Wednesday after a private survey showed China's services sector activity jumping to a three month high in August. The Caixin/Markit Services Purchasing Managers' Index came in at 52.1 in August, the highest since May.
Hong Kong's Legislative Assembly would formally withdraw the controversial bill which created the outrage for the last three months. This report comes ahead of China's 70th anniversary of Communist Party of China's victory in the civil war.
US stocks fell on Tuesday as investors worried about global growth prospects after a private survey showed US factory activity shrank in August for the first time since 2016 and the United States and China imposed new tariffs on each other over the weekend.
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