Key equity benchmarks ended with decent gains on Wednesday, tracking positive global cues. Easing US-China tensions buoyed trading sentiment across the global stock markets.
The barometer index, the S&P BSE Sensex, rose 110.53 points or 0.3% to 37,255.98, as per the provisional closing data. The Nifty 50 index rose 17.45 points or 0.16% to 11,020.50, as per the provisional closing data.
The Nifty opened above 11,000 level and hovered in a narrow range for most part of the day. A dash of volatility was witnessed in last hour of trade along with some profit booking. The Nifty, however, managed to end above 11,000 mark with realty, metal and banking stocks in the lead.
Buying was broad based. The S&P BSE Small-Cap index rose 1.43%. The S&P BSE Mid-Cap index rose 1.04%.
The market breadth was strong. On the BSE, 1845 shares rose and 708 shares fell. A total of 153 shares remain unchanged.
On domestic front, Fitch Ratings on Tuesday forecasted India's economic growth at 6.6% during the current year, down from 6.8% in the previous year, and said the government has only limited room to ease fiscal policy because of high debt. It said GDP growth is likely to rebound to 7.1% next year.
Eicher Motors (up 5.17%), Maruti Suzuki (up 4.21%) and Tata Steel (up 3.45%) were top gainers for the day.
Wipro (down 2.9%), GAIL (down 2.69%) and ONGC (down 2.28%) were top losers for the day.
Tata Motors jumped 10.05%. The auto major's wholly-owned UK-based unit Jaguar Land Rover (JLR) said that retail sales in August 2019 stood at 34,176 vehicles, down 6.7% compared to August 2018. The announcement was made after market hours on Monday, 9 September 2019. Jaguar retail sales in August 2019 were 9,702 vehicles, down 17.8% year-on-year and Land Rover retailed 24,474 vehicles, down 1.4% compared to August 2018. Felix Brautigam, Jaguar Land Rover Chief Commercial Officer, said that while the global market remains challenging, the company has seen a second month of consecutive growth in China.
Yes Bank jumped 13.23%. Media reports indicated that mobile payments major Paytm-owner One97 Communications is in discussions for a deal to pick up a stake in Yes Bank.
The private sector lender, however, termed media reports as speculative. The bank in the usual and ordinary course of its business continues to explore various means of raising capital/funds through issuance of securities to diverse set of investors, in order to meet its business/ regulatory requirements, Yes Bank said.
Sun Pharmaceutical Industries declined 1.7%. The drug major said that the wholly owned subsidiary of the company has increased its shareholding in PJSC Biosintez, Russia, by way of purchase of 8698 shares (2391 ordinary shares and 6307 preferred shares) equivalent to 3.04% of PJSC Biosintez under Mandatory Tender Offer. Post completion of this purchase of shares, the total holding of wholly owned subsidiary company was increased from 96.96% to 100% in PJSC Biosintez. The announcement was made after market hours on Monday, 9 September 2019.
Indiabulls Housing Finance rose 1.53% to Rs 430.75. The rating committee of the rating agency CRISIL has revised the long-term rating of Indiabulls Housing Finance to 'CRISIL AA+' and reaffirmed short-term rating at 'CRISIL A1+' The announcement was made yesterday, 10 September 2019.
Indiabulls Real Estate was down 0.16% to Rs 64.15 after the company divested commercial assets to Blackstone for Rs 4,420 crore.
Glenmark Pharmaceuticals rose 0.03%. Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (U.S. FDA) for Clobetasol Propionate Foam, 0.05% (Emulsion Formulation), a generic version of Olux E Foam, 0.05%, of Mylan Pharmaceuticals Inc. The announcement was made yesterday, 10 September 2019.
IG Petrochemicals jumped 18.39%. India Ratings & Research assigned 'INDA+/Stable' to the company's term loan, 'INDA+/Stable' to its long-term borrowings and 'INDA+/Stable/INDA1+' to its bank facilities. The announcement was made during market hours today, 11 September 2019.
Larsen & Toubro (L&T) edged 0.45% higher after the company announced a 'significant' order win. The buildings and factories business of L&T Oman has been awarded the main works contract of The Mandarin Oriental, Muscat. The project involves the construction of the Mandarin Oriental Hotel and the residences at the Mandarin Oriental, Muscat.
Premier Explosives jumped 9.22% after it announced that the company has received an order from Vikram Sarabhai Space Centre (VSSC) for production of PSOM-XL segments (solid propellant) for their satellite launch vehicles. The order is to be executed within a period of 18 months.
State owned Bharat Heavy Electricals (Bhel) was up 3.09% after the company successfully commissioned the 1320 MW IB Thermal Power Station. The supercritical power plant is based in Jharsuguda district, Odisha. BHEL's work in the project encompassed design, engineering, manufacturing, supply, erection and commissioning of steam turbines, generators, boiler, associated auxiliaries and electrical.
MTNL jumped 6.09% to Rs 6.1 after media reported that the government is likely to infuse capital in two telecom public sector undertakings, BSNL and MTNL. The reports added that the funds infusion in both BSNL and MTNL will be through bonds as has been the case of PSU bank recapitalizations.
Overseas, European markets traded higher ahead of key central bank meetings. Asian markets closed higher on hopes of diminishing US-China tensions and reduced risk of no-deal Brexit.
US markets ended on a mixed note on Tuesday, with a rally in energy and industrial shares countering a drop in the technology and real estate sectors as investors favoured value over growth
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