Sensex, Nifty End Little Changed; Vodafone Idea Gains 30%
Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.
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Closing Bell: A Subdued Session
Indian equity markets ended the weekly options expiry session little changed, having stayed in a narrow range throughout the day.
The S&P BSE Sensex ended 0.2% lower at 38,990 while the NSE Nifty 50 ended almost unchanged at 11,527.
Banks were the major underperformers in today's session. The Nifty Bank index ended 1.2% lower and was the key contributor in keeping the Nifty's move in check.
I.T. and Pharma stocks outperformed. The Nifty I.T. inde ended 1.5% higher while the Nifty Pharma index ended with gains of 1%.
The Nifty FMCG and Nifty Auto index too ended with gains of 0.7% and 0.8% respectively.
Broader markets also outperformed the benchmarks in today's session. The Midcap index ended with gains of 0.9% while the smallcap index gained 0.7%.
The India Volatility Index fell 2.7% to 20.53.
Market breadth stayed in favour of the gainers. 1,023 stocks on the NSE ended with gains while 790 stocks posted losses.
How Did The Sectoral Indices Fare
Vodafone Idea Plans $1.5 Billion Fundraise
Vodafone Idea is planning to raise about $1.5 billion as it seeks to turn around its fortunes in the telecom market, Bloomberg News report.
The company is discussing a funding plan that can include a share sale, according to sources, who asked not to be identified. It is working with advisers, including New York-based investment bank PJT Partners as it seeks potential strategic partners to buy stakes in the company, sources said.
The sources also added that the telecom operator is working to identify potential investors in the U.S.
Shares gained as much as 30% to Rs 12.85.
Stock Reaction: Strides Pharma
The drugmaker has announced that its step-down wholly-owned subsidiary Strides Pharma Global Pte. Ltd., Singapore has received an approval for Prednisone Tablets USP, 1 mg.
The product is a generic version of Meticorten Tablets, 1 mg of Schering Corporation.
As per IQVIA data of July 2020, the U.S. market for Prednisone Tablets USP, 1 mg is nearly $12 million.
The product will be manufactured at the company's flagship facility in Bengaluru.
Shares are recovering from the day's low after falling as much as 1.9% to Rs 600.3, post the announcement.
Buzzing Stock: Bharti Infratel
- Top gainer on the Nifty 50 index
- Gains as much as 12.3% to Rs 220.2
- Biggest single-day gain in six months
- Trades at the highest level in two months
- Up for the second straight day
- Today's volumes are more than five times higher than its 20-day average
- Breaks above its 200-Day Moving Average of 213.5
- Has gained more than 80% from its 52-week low of Rs 120 on March 19, 2020
- 17% out of the 2.9 crore shares traded on the stock are marked for delivery as of 2 p.m.
- 11 out of the 23 analysts tracking the stock have a buy recommendation; six sell calls
- The stock trades 5.2% higher than its 12-month consensus price target of Rs 207.7, implying a negative return potential
RBI Buys Lesser Bonds Than Planned
The Reserve Bank of India bought bonds worth Rs 7,1300 crore as compared to its plan of purchasing bonds worth Rs 10,000 crore, Bloomberg News reports.
The central bank did not buy 2025 and 2027 bonds at the special open-market-bond-purchase operation or OMO, the statement said.
The RBI however managed to sell bonds worth Rs 10,000 crore, as per planned.
The central bank plans to hold another two operation twists totalling to Rs 20,000 crore on September 10 and September 17, as part of the slew of measures it announced on August 25.