Indian equity benchmarks hovered between gains and losses in early trade today with the S&P BSE Sensex trading flat at 35,637 and the NSE Nifty 50 Index at 10,771.80.
The market breadth was tilted in favour of buyers. Six of the 11 sectoral gauges compiled by the National Stock Exchange fell, led by a 1.3 percent decline in the NSE Nifty Metal Index. The NSE Nifty Bank Index was the top sectoral gainer, up 0.4 percent.
Here Are The Stocks Moving The Market This Morning
Reliance Industries Gains Ahead of AGM
Shares of the country’s second-largest firm by market capitalisation extended gains for the third straight session at Rs 1,002 apiece. The stock of Reliance Jio-owner rose as much as 1.3 percent ahead of its annual general meeting today.
Reliance Industries trades at 16.7 times trailing 12-month earnings per share and 14 times its estimates for the coming year, Bloomberg data showed. The stock returned 9 percent so far this year and a gain of 40 percent in the past 12 months.
Titan Drops On Expectations Of Muted Jewellery Demand In June Quarter
Shares of the country’s largest branded jewellery maker fell as much as 4.1 percent today to Rs 850.40 apiece.
The company in an exchange filing said its jewellery sales in the three months ended June were expected to be impacted by a weak demand and decline in gold imports.
The stock fell 6.8 percent between January and March compared to a 5.9 percent advance in the Nifty.
Force Motors Gains After June Sales Rise
Shares of the light commercial vehicle maker today snapped their three-day decline and rose as much as 4.7 percent to Rs 2,510 apiece.
The company’s June sales rose 8.2 percent year-on-year to 2,669 units, according to its exchange filing.
The trading volume was 13 times its 20-day average, Bloomberg data showed. The stock declined 33.2 percent so far this year compared to a 5.3 percent advance in the Sensex.
Yes Bank Gains After Receiving SEBI Nod
Shares of the Mumbai-based lender rose as much as 3.2 percent today to trade at their one-month high at Rs 346.30 apiece.
The bank received an approval from the Securities and Exchange Board of India to launch its mutual fund business, according to its regulatory filing.
The stock is 20 percent below the Bloomberg consensus one-year price target.
Tata Motors Slips After JLR CEO’s Comment
Shares of the owner of Jaguar Land Rover fell as much as 5.4 percent today to Rs 252.55 a share as investors are worried about a likely loss to the company due to Brexit.
JLR Chief Executive Officer Ralf Speth cautioned Theresa May’s government that a ‘bad Brexit’ deal without frictionless access to the European Union would cost as much as $106 billion in investments over the next five years, Bloomberg reported, quoting Speth’s emailed statement.
Tata Motors trades at 11.5 times trailing 12-month earnings per share and 8.2 times its estimates for the coming year, according to Bloomberg data.