Sensex, Nifty Close Higher Aided By Pharma & Banking Stocks
India's stock benchmarks advanced in trade and recovered from morning lows, aided by gains in pharma, consumer durables and select banking stocks.
The S&P BSE Sensex rose 0.52% to 57,420.24. The 30-stock gauge fell 1% to 56,543.08 in intraday before recovering nearly 900 points. The NSE Nifty 50 index also rose by similar magnitude to 17,086.25. Tech Mahindra Ltd. had the largest increase, rising 3.6%. Today, 38 of 50 shares rose, while 12 fell.
The broader indices almost mirrored their larger peers with S&P BSE MidCap gaining nearly 0.3% and S&P BSE SmallCap adding over 0.5%. Fifteen of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Healthcare gaining nearly 1.5%.
The market breadth was skewed in the favour of bulls. About 2,153 stocks advanced, 1,319 declined and 148 remained unchanged.
"Today Bank Nifty hit a 6 month low but we still maintain a positive outlook on the Indian Banking sector and see a better risk reward ratio looking at the current valuation. Over the past few quarters, banks have strengthened their balance sheet through higher provisioning, fundraising, cautious lending and strengthened risk metrics", Mohit Nigam, head - PMS, Hem Securities wrote in a note. He added "recovery post Covid-19 disruption has been good and the capital levels are at all-time highs. Overall asset quality started improving, which will be reflected in the GNPA levels in the coming quarters. We believe banking stocks are at the start of another growth phase from H2FY22".
Paras Defence Shares Rise The Most In Two Months
Shares of Paras Defence & Space Technologies rose over 8%, the biggest intraday gain in over two months, to Rs 742.9 apiece.
Paras Defence chosen by DRDO to handle the technology of Border Surveillance Systems.
These systems are developed by Instruments Research & Development Establishment and DRDO and will provide all weather surveillance for day and night monitoring of the border areas. It consists of radar, EO sensors, mounted on Pan Tilt platforms.
Source: Exchange Filing, Bloomberg
Tata Group To Focus On Four Key Themes, Says N Chandrasekaran, Chairman, Tata Sons
Our (Tata Group) strategy, looking ahead, has four themes: digital, new energy, supply chain resilience, and health. Our companies are already adapting to these changes, and we are witnessing stronger performance. Our new pilots and businesses, from 5G to TataNeu and Tata Electronics, are poised to benefit from these four themes going forward.N Chandrasekaran, Chairman, Tata Sons
Ashoka Buildcon Shares Rise The Most In 11 Weeks
Shares of Ashoka Buildcon Ltd. rose nearly 11%, the biggest intraday gain in nearly 11 weeks, to Rs 102.4 apiece.
In an exchange filing on Saturday, the company said that its subsidiary Ashoka Concession Ltd. entered into share subscription and share purchase agreements with Galaxy Investments II Pvt.
Galaxy Investments is an affiliate of funds, vehicles and entitites managed or advised by Kohlberg Kravis Roberts & Co. The share subscription and share purchases agreements were done for the sale of entire share capital held in the subsidiaries
Ashoka Highways (Bhandara) Ltd.,
Ashoka Highways (Durg) Ltd.,
Ashoka Belgaum Dharwad Tollway Ltd.,
Ashoka Sambalpur Baragarh Tollway Ltd. and
Ashoka Dhankuni Kharagpur Tollway Ltd., for an aggregate consideration of Rs 1,337 crore.
Of the 18 analysts tracking the company, 17 maintained 'buy' and one maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 54.7%.
Source: Exchange filing, Bloomberg
NSE Nifty Bank Recovers 800 Points From Day's Low
Vedanta Approves Raising Up To Rs 1,000 Crore Via Debentures
Natco Pharma Jumps The Most In Over Two Weeks
Zee Entertainment Leads The Losses In Media Stocks; NSE Nifty Media Index Down Over 1.5%
MSTC Approves Rs 6 Crore Investment In Joint Venture Mahindra MSTC
Gateway Distriparks Fixes January 6 As Record Date For Gateway Rail Freight Shares
Analysts Action: Bayer CropScience, PI Industries
European Markets Open Lower
Navin Fluorine Jumps The Most In Over Nearly Four Weeks As Analysts Remain Bullish On The Company's Growth Prospects
Broader Indices Almost Mirror Their Larger Peers
RBI Says RBL Bank's Financial Health Remains Stable
Mid-Day Market Update: Sensex, Nifty Recover; Tech Mahindra Advances
Adani Group Set To Export Coal From Carmichael Mine In Australia After Long Delay
Ajanta Pharma Jumps Over 3%; Firm To Consider Share Buyback Proposal On Tuesday
Campus Activewear Files For IPO Via Sale Of Secondary Shares
ICICI Securities On Aviation Sector
Rupee Set To Snap Seven-Day Gains On Virus Fears
Vedanta, Hindalco, JSPL Lead The Decline In Metal Stocks
Bandhan Bank, IndusInd Bank, AU Small Finance Bank Decline
Greenpanel Jumps Nearly 2.5% After Company Resumes Manufacturing At Uttarakhand Plant
India Yield Curve Steady, Stocks Down
HFCL Bags Approval As Trusted Source From National Security Council Secretariat (NSCS)
Foxconn India Plant Shut For Three More Days After Closure, Reports Reuters
GMR Infrastructure Shares Jump Nearly 2% After Subsidiary Signs Agreement To Develop Medan Airport In Indonesia
IndusInd Bank Partners With NPCI To Offer Cross-Border Payments Via UPI
RBL Bank Shares Tumble 25%
Kabra Extrusiontechnik Surges Over 13%; Firm To Raise Rs 300 Crore To Expand Battery Division
Analyst Actions: PI Industries, UPL, Bayer CropScience
HP Adhesives Lists At 15% Premium On Market Debut
Lupin Receives U.S. FDA Nod For Sevalamer Carbonate
HP Adhesives Pre-Market Discovery Price At Rs 319
Pharma Stocks Buck The Trend
RBL Bank Declines 15% As Analysts Find Lender's Explanation For RBI Intervention 'Unsatisfactory'
Banking Stocks Tumble, All Constituents Of Nifty Bank Decline
Opening Bell: Sensex, Nifty Open Lower; RBL Bank Sheds 10%
Essel Group Founder Subhash Chandra Set To Lose Prime Delhi Property To Bank, Reports Mint
Rupee Bonds May Remain Under Pressure As RBI Sells
Analyst Actions: Apollo Hospitals, Thyrocare Technologies
Analyst Actions: Balkrishna Industries, RBL Bank, Aster DM Healthcare
Analyst Actions: JK Cement, Ceat, Apollo Tyres
In Focus: India's Private Banks After RBI's Intervention At RBL Bank
SGX Nifty Hints At Opening Losses; RBL Bank, HP Adhesives Debut, Adani Trans In Focus
- GMR Infrastructure Shares Jump Nearly 2% After Subsidiary Signs Agreement To Develop Medan Airport In Indonesia
- Kabra Extrusiontechnik Surges Over 13%; Firm To Raise Rs 300 Crore To Expand Battery Division
- HP Adhesives Lists At 15% Premium On Market Debut
- Lupin Receives U.S. FDA Nod For Sevalamer Carbonate
- RBL Bank Declines 15% As Analysts Find Lender's Explanation For RBI Intervention 'Unsatisfactory'