Benchmark indices ended flat today after logging strong gains in the previous session. Sensex rose 14 points to 38,854 and Nifty gained 15 points to 11,464. On Thursday, Sensex rose 646 points to 38,840 and Nifty gained 171 points to 11,449. Market was looking for cues after global equities were trading mildly lower amid rise in coronavirus cases and negligible signs of recovery in major economies from economic slowdown.
Here's a look at market action today.
3: 30 pm: Benchmark indices close flat after trading volatile through the day. Sensex ended 14 points higher at 38,854 and Nifty gained 15 points to 11,464.
3:15 pm: IPOs in India
Keshav Lahoti, Associate Equity Analyst, Angel Broking said,"SBI Cards and Payment Services IPO got a lacklustre listing on the exchange in March'20 against expectation due to COVID-19. Due to COVID-19, there was sharp correction in the market in February'20 and March'20. Even Antony Waste Handling Cell limited, the next lined up IPO post SBI Cards, withdrew its IPO. We have a drought like situation in the mainboard IPO. Companies knew launching IPOs in these times would not make sense as they won't get the desired valuation due to the uncertainty created due to the pandemic. Finally after a wait of four months after SBI Cards IPO, Rossari Biotech launched its IPO in July and it received good response as well as listing. In September also, Happiest Minds Technologies and Route Mobile have received good response and we expect a good listing also. As the market has also bounced well from the lows created in March'20, the economic situation is improving and clarity is also coming with respect to coronavirus. So looking at the current scenario we believe the remaining part of the year will have many IPOs."
2: 30 pm : Expert quote
Sanjeev Zarbade, VP PCG Research at Kotak Securities said,"While the market is not in a bubble zone, we note that global cues (US markets on correction mode) have started to turn negative and FIIs have turned sellers along with domestic MFs. Valuations are not supportive either. So, investors need to be prepared for a minor correction or a side-ways market, going ahead. There are some pockets of value in small caps, but need to be selective."
2: 15 pm: Adani Green Energy share rises 5% to Rs 608.55 against previous close of Rs 579.60 after the firm reported its Q1 earnings. Total income jumped 30% to Rs 878.14 crore in Q1 from Rs 675.23 crore in Q1 June 2019. Other income stood at Rs 99.6 crore in Q1 against Rs 14.42 crore in Q1 June 2019. Adani Green reported pre-tax profit (PBT) of Rs 51.27 crore in Q1 compared with pre-tax loss of Rs 131.24 crore in the corresponding period last year.
1: 45 pm: Max Healthcare Institute share rose 19% after 5.2% equity changed hands on BSE. Shares of Max Healthcare Institute (MHIL) gained 19 per cent to Rs 132.55 on BSE due to heavy block deals. Around 47 million equity shares representing 5.2 per cent of the total equity of Max Healthcare Institute changed hands on BSE. Name of the buyers and sellers were not ascertained immediately.
1:00 pm : Granules India share gains 5% on US FDA approval for ADHD drug. Shares of Granules India rose 5% to Rs 378 against previous close of Rs 361.10.
The firm said it received USFDA approval for complex, Attention Deficit Hyperactivity Disorder (ADHD) Drug.
Jyoti Roy - DVP- Equity Strategist at Angel Broking said "Granules has announced that its US subsidiary has received marketing approval from the US Health Regulator (FDA) for Dexmethylphenidate HCl extended-release capsules for the treatment of attention-deficit hyperactivity disorder. Granules' capsule product is bioequivalent to the reference listed drug (RLD), Focalin XR which is a trademark of Novartis AG. We believe that this is a significant approval for Granules India given significant US sales of Dexmethylphenidate HCl ER Capsules in the U.S.A sales of approximately USD 556 million for the most recent twelve months ending in July 2020 according to IQVIA Health. We continue to maintain our positive outlook on Granules India and the pharma sector."
12: 15 pm : The initial public offer IPO of Route Mobile received bids 14.48 times the issue size so far on the final day of bidding. The Rs 600-crore public offer of Route Mobile, a cloud communications service provider, received bids for 17.63 crore shares against the total issue size of 1.21 crore shares, according to data available with the exchanges.
Route Mobile IPO subscribed 14.48 times on last day; should you subscribe?
11: 30 am : YES Bank share rose 5% after private lender said it repaid Rs 50,000 crore to the Reserve Bank of India (RBI) it borrowed under the SLF (special liquidity facility) window. The bank took the money amid the crisis faced earlier this year.
10: 59 am: On BSE, 73 stocks hit 52 week highs and 33 falls to 52 week lows. 160 stocks touch their upper circuit and 136 plunge to lower circuit.
10: 30 am: Market turns positive. Sensex trades 50 points higher at 38,890 and Nifty rises 21 points to 11,470.
9: 49 am: Of 30 Sensex stocks, 20 are trading in the red. Top Sensex losers are HCL Tech, Nestle India and IndusInd Bank falling over 1%.
9: 45 am: Market breadth is positive with 1030 stocks rising against 704 falling on BSE. 101 stocks were unchanged.
9: 40 am: Sensex was trading 29 points higher at 38,869 and Nifty gains 11 points to 11,460.
9:20 am: Top Sensex gainers were Titan, SBI and HDFC Bank.
9:15 am: Sensex opens 25 points higher at 38,865 against previous close of 38,840. Nifty falls two points to 11,447.
9:00 am : Previous close
Sensex rose 646 points to 38,840 and Nifty gained 171 points to 11,449. Gains were led by share of Reliance Industries which hit all-time high of Rs 2,343 climbing 8.4% on fund infusion from US tech investor Silver Lake.
8:55 am: Global markets
Japan's benchmark Nikkei 225 recouped early losses to rise 0.3% in morning trading at 23,314.98. South Korea's Kospi dropped 0.3% to 2,389.21, while Australia's S&P/ASX 200 lost nearly 0.9% to 5,856.40. Hong Kong's Hang Seng gained 0.3% to 24,377.42, while the Shanghai Composite was little changed at 3,235.07.
The S&P 500 fell 59.77 points to 3,339.19, its fourth decline in five days. The index is on pace for its second straight weekly loss. The Dow Jones Industrial Average dropped 405.89 points, or 1.5%, to 27,534.58. The Nasdaq gave up 221.97 points to 10,919.59. The Russell 2000 index of smaller company stocks lost 18.73 points, or 1.2%, to 1,507.75.
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