Indian equity benchmarks rose, snapping a three-day losing streak as recovery in the gross domestic product carried a positive sentiment in the market. GDP stood at 6.3 percent compared to 5.7 percent in the first quarter of the financial year.
The S&P BSE Sensex Index rose as much as 0.46 percent to 33,330.81, while the NSE Nifty 50 Index also rose as much as 0.45 percent to 10,272.7.
The market breadth was tilted in favour of the buyers. Eighteen of the 19 sector gauges compiled by the BSE Ltd. rose led by the S&P BSE Industrials Index rising 0.83 percent. On the flip side, the S&P BSE Telecom Index fell 0.24 percent, making it the worst performer.
Here Are The Stocks Moving The Market This Morning:
Mahindra And Mahindra Financial Services: Record High On Money Raised Via QIP
Shares of the financial services firm rose to a record high of Rs 461.2 after rising as much as 5.2 percent.
Mahindra And Mahindra Financial Services Ltd. opened a QIP on Nov. 30, to raise up to Rs 1,056 crore at a floor price of Rs 439.63.
Trading volume of the stock was 18.8 times the 20-day average during early trade.
Biocon: At Record High After EMA Accepts Review
Shares of the Indian biopharmaceutical company rose to a lifetime high of Rs 447.6 after rising as much as 3.58 percent in intra day trade.
Mylan N.V. and Biocon Ltd. announced today that European Medicines Agency has accepted to review an application made by the two partners for marketing two proposed biosimilars: trastuzumab and pegfilgratism, according to the Biocon’s exchange filing. These are aimed at treating certain types of cancer.
The company’s stock is 20 percent above the Bloomberg consensus target price.
McLeod Russel: Rises As Nomura Buys Stake
Shares of the Kolkata-based tea producer rose as much as 4.17 percent to Rs 244.70 after international brokerage Nomura picked up stake in McLeod Russel India Ltd.
Nomura Trust and Banking Co bought 60.58 lakh shares or 5.53 percent stake at Rs 205.08 each and Nomura Funds Ireland India Equity bought 23.13 lakh shares or 2.11 percent stake at Rs 205.09 each.
In the previous session, Promoter Kamal Kishore Baheti announced the sale of 1 crore shares or 9.1 percent stake at Rs 205.26 each.
Bank of Baroda: Rises After LIC Dilutes Stake
Shares of the Vadodara based bank rose as much as 1.71 percent to Rs 172.
Life Insurance Corporation of India (LIC) reduced its stake in Bank of Baroda to 5.2 percent from 7.2 percent, according to the company’s exchange filing.
Trading volume was 66 percent of the 20-day average during early trade.
Warren Tea: Rises After Profit Surge
Shares of the Kolkata-based tea producer extended a two-day gaining streak and rose as much as 7.5 percent to Rs 181.80.
- Revenue up 33 percent at Rs 44 crore.
- Net profit up 10 percent at Rs 14.6 crore.
- EBITDA up 18 percent at Rs 16 crore.
- Margin at 36.4 percent versus 41.2 percent.
The relative strength index of Warren Tea Ltd.’s stock is 75, indicating that the stock may be overbought. Trading volume was 74 percent of the 20-day average.
Stocks Reacting To Auto Sales
Maruti Suzuki: Shares of Maruti Suzuki India Ltd rose 0.76 percent to Rs 8,665 after its total sales rose 14.6 percent to 1,54,600 units from 1,35,500 units in the same period last year, the company said in a stock exchange filing.
Bajaj Auto: Shares of Bajaj Auto Ltd. were little changed at Rs 3,323 after its sales in November rose 1 percent to 2,66,866 units from 2,652,794 units during the same month last year.
Fore more on auto sales, click here!