Indian equity benchmarks swung between gains and losses as the escalating trade war between the U.S. and China kept investors edgy even as April-June company earnings began on a positive note.
The S&P BSE Sensex and the NSE Nifty 50 Index gained for the fourth straight session. The Sensex rose as much as 0.19 percent, or 68.38 points, at 36,308 and the Nifty climbed to 10,974.4 as of 10:40 a.m.
The market breadth was tilted in favour of sellers. Four of the 11 sector gauges compiled by the National Stock Exchange fell, the NSE Nifty Metal Index’s 1.8 percent decline. The NSE Nifty IT Index was the top sectoral gainer, up 1.49 percent.
Here Are The Stocks Moving The Market This Morning
Kridhan Infra Gains After Winning Rs 74-Crore Order
Stocks of the engineering company gained as much as 7.4 percent today after it reported that its associate company, Vijay Nirman Company Pvt Ltd., had won an order worth Rs 74.2 crore.
The stock, at Rs 82.65 apiece, trades at 30.4 times trailing the 12-month earnings per share. The trading volume is at 10.5 times its 20-day average, according to Bloomberg data.
Axis Bank Shortlists Three Candidates For CEO Post
Shares of the private lender opened flat before gaining as much as 0.7 percent in early trade at Rs 536.05 apiece.
The bank has shortlisted three candidates who could succeed Shikha Sharma as managing director and chief executive officer after she steps down in December.
The stock trades at 17 times its estimated earnings per share for the coming year, Bloomberg data shows.
Tata Motors Pares Early Gains
The automotive manufacturing company pared its early gains as it declined as much as 1.20 percent to Rs 273.80 apiece.
The company picked up a 26 percent stake in TruckEasy, a tech-based freight aggregator. Besides, Tata Motors, in its exchange filing, said the group’s global wholesales in June 2018, including Jaguar Land Rover, were at 100,135.
The stock is 31 percent below the Bloomberg consensus one-year target price, according to Bloomberg data.
PNB Housing Finance One Of The Top Gainers After Stake Sale Bid
The Punjab National Bank’s housing finance arm was one of the top gainers on the S&P BSE 500 Index. The stock rose as much as 6.40 percent to Rs 1,266.10 apiece—the highest since May 18.
This comes after the bank, along with Carlyle Group, decided to sell at least 51 percent stake of PNB Housing Finance to potential buyers.
The stock trades at 25.4 times trailing the 12-month earnings per share, according to Bloomberg data.
TCS Gains On June-Quarter Earnings
Stocks of the Tata Group’s IT and consultancy arm gained as much as 2.9 percent today to Rs 1,920 apiece.
The company’s profit in the June quarter grew more than estimated to Rs 7,340 crore. It reported $5 billion revenues during the period, its highest ever.
The stock is 4.8 percent above the Bloomberg consensus one-year target price and trades at 27 times trailing the 12-months earnings per share, Bloomberg data show.
IDBI Bank At Three-Week High On Open Offer Expectations
The state-run bank gained as much as 9.90 percent to Rs 56.38 apiece.
This comes on the back of reports that Life Insurance Corporation of India will make an open offer to minority shareholders of IDBI Bank, with the possibility of a preferential allotment of shares to LIC, according to government sources contacted by Bloomberg.
The trading volume was 4.9 times the 20-day average for this time of the day, Bloomberg data show.
JBF Industries Falls To Lowest Level In Over A Year
Shares of the polyster product maker fell to its lowest in over a year to Rs 35.65 apiece.
The stocks, which have been declining from June 20 and gained only on July 9, fell as much as 4.90 percent today.
The scrip offered negative returns of 84 percent so far this year and a loss of 87 percent in the past 52 weeks, according to Bloomberg data.