Sensex, Nifty End With Muted Gains As Tech Shares Drag 

Indian equity benchmark NSE Nifty 50 rose for the fifth consecutive trading session, its longest stretch of gains in nearly six months.

Besides, the S&P BSE Sensex extended gains for the third consecutive trading session.

The benchmark indices closed marginally higher as gains in Reliance Industries Ltd. and Maruti India Ltd. were offset by losses in Infosys Ltd. and Tata Consultancy Services Ltd.

The 31-stock index closed 0.34 percent higher at 37,270.82 and the NSE Nifty 50 ended 0.3 percent higher at 11,035.70. The broader markets represented by the NSE Nifty 500 Index closed 0.48 percent higher.

“It is too early to conclude that the markets are turning in favour of investors,” Valentis Advisors’ Fund Manager Daljeet Singh Kohli said as Indian equity benchmark extended gains.

“The recovery in market is good. However, it is difficult to say that the movement has turned the tide at present. There are a lot of structural and fundamental changes required as markets are ultimately ‘the slave’ of earnings,” Kohli told BloombergQuint in an interaction.

Kohli foresees more earnings pain in September quarter than what was witnessed in the previous quarter.

The Nifty is expected to touch 11,100-11,180 soon, considering the Monday’s move in the broader markets, according to Angel Broking.

“The immediate supports for the index are placed around 10,950 and 10,880 in the downside,” the homegrown research firm said in a note today.

The 500-share index extended gains for the fourth consecutive trading session. It had ended 0.58 percent higher on Monday.

The market breadth was tilted in favour of buyers. About 1,337 stocks advanced and 472 shares declined on National Stock Exchange.

Eight out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Realty index’s 4 percent advance. On the flipside, the NSE Nifty IT Index was the top sectoral loser, down 1.4 percent.

Blackstone Group is in talks to invest $209 million in a venture with Allcargo Logistics to build warehouses in India, Bloomberg reported quoting people familiar with the matter.

“A real estate unit of the U.S. private equity firm is considering owning 51 percent of the venture,” unidentified sources told Bloomberg.

It is too early to comment that the markets are turning in favour of investors, according to Valentis Advisors’ Fund Manager Daljeet Singh Kohli.

“The recovery in market is good. However, it is difficult to say that the movement has turned the tide at present. There are a lot of structural and fundamental changes required as markets are ultimately ‘the slave’ of earnings,” Kohli told BloombergQuint in an interaction.

Kohli foresees more earnings pain in September quarter than what was witnessed in the previous quarter.

Kalpataru Power Transmission

• Stock rose as much as 5.2 percent to Rs 474.
• Trading volume was more than 60 times its 20-day average.

ICICI Lombard

• Stock fell as much as 4.9 percent to Rs 1,148.90
• Trading volume was 50 times its 20-day average.

KPR Mill

• Stock rose as much as 1.1 percent to Rs 559.65.
• Trading volume was more than 17 times its 20-day average.

Eris Lifescience

• Stock rose as much as 6.6 percent to Rs 394.70.
• Trading volume was more than 10 times its 20-day average.

Emami

• Stock fell as much as 1.6 percent to Rs 290.
• Trading volume was more than eight times its 20-day average.

Indian equity benchmark NSE Nifty 50 is set to extend gains for the fifth consecutive trading session.

The 50-stock index rose 0.35 percent to 11,041 as of 3 p.m.

Besides, The S&P BSE Sensex is set to extend gains for for the third consecutive trading session and rose 0.45 percent to 37,312. The broader markets represented by the NSE Nifty 500 Index rose 0.54 percent.

Meghmani Organics

• Stock rose as much as 9.7 percent to Rs 56.
• Company plans to set up project for Epichlorohydrin with capacity of 50,000 TPA at a capex of Rs 275 crore and is expected to generate a revenue of Rs 460 crore.
• At present, the product in imported entirely for domestic consumption

Jindal Steel & Power

• Stock rose as much as 11.2 percent to Rs 106.15.
• “The company has orders to manufacture more than 3.5 lakh tonnes of railway tracks. The business amounts to about a quarter of Indian Railways’ planned purchase in the current financial year,” Bloomberg reported quoting JSPL’s Managing Director VR Sharma.

Wockhardt

• Stock hit 20 percent upper circuit at Rs 291.30
• Trading volume was more than six times its 20-day average.

Escorts

• Stock rose as much as 5.1 percent to Rs 529.90.
• Fresh longs seen with high open interest of 21 percent.

Shares of Tata Consultancy Services extended declined for the sixth consecutive trading session, their longest losing streak since April 2017.

The stock fell as much as 16 percent to Rs 2,146. The scrip declined 4.6 percent in four trading sessions.

Indian equity benchmarks traded in a narrow range with marginal gains.

The S&P BSE Sensex traded 0.4 percent higher at 37,291 as of 2 p.m. and the NSE Nifty 50 traded 0.32 percent to 11,038. The broader markets represented by the NSE Nifty 500 Index traded 0.49 percent.

The market breadth was tilted in favour of buyers. About 1,308 stocks advanced and 447 shares declined on National Stock Exchange

The yield on the 10-year benchmark rose as much as 6 basis points to 6.63 percent. It had gained over 10 basis points so far this month.

Indian equity benchmarks were trading in a narrow range.

The S&P BSE Sensex traded 0.33 percent higher at 37,268 as of 1 p.m. and the NSE Nifty 50 traded 0.27 percent higher at 11,032. The broader markets represented by the NSE Nifty 500 Index traded 0.41 percent higher.

Shares of Jindal Steel & Power rose as much as 8.6 percent, the most since Aug. 14, to Rs 103.75.

“The company has orders to manufacture more than 3.5 lakh tonnes of railway tracks. The business amounts to about a quarter of Indian Railways’ planned purchase in the current financial year,” Bloomberg reported quoting JSPL’s Managing Director VR Sharma

“Investors see the company gaining from India’s plans to invest Rs 100 lakh crore in infrastructure,” Sharma told Bloomberg in an interview,” Sharma said in an interview.

Shares of Tata Motors extended gains for the fourth consecutive trading session. The stock rose as much as 8.3 percent to Rs 132.

The scrip was the second-best performer on Sensex and Nifty. It advanced 21 percent in four trading sessions.

India’s equity benchmark NSE Nifty 50 is expected to touch 11,100-11,180 soon, considering the Monday’s move in the broader markets, according to Angel Broking.

“The immediate supports for the index are placed around 10,950 and 10,880 in the downside,” the homegrown research firm said in a note today.

The broader markets represented by the NSE Nifty 500 Index extended gains for the fourth consecutive trading session. It ended 0.58 percent higher on Monday.

Shares of Reliance Nippon Life Asset Management recovered from day’s low and traded 0.5 percent lower at Rs 284.50. The stock had declined 4.1 percent intraday.

The company’s Promoter Reliance Capital plans to sell up to 1.93 crore shares or 3.15 percent of equity via offer-for-sale for over Rs 505 crore. Reliance Capital held 32.12 percent stake in the company as of June 30. The offer opens today for non-retail investors. The sale for retail investors will open on Sept. 12.

Trading volume was almost seven times its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought.

Shares of Bharat Heavy Electricals Ltd. pared losses and rose as much as 1.1 percent to Rs 51.95.

The company has commissioned the 1,320 megawatt IB Thermal Power Station at Jharsuguda, Odisha, according to its statement on the exchanges.

The stock rose 4.8 percent in the past five days and fell 9.1 percent in the past 30 days, Bloomberg data showed.

Nine out of 11 sectoral gauges compiled by National Stock Exchange traded higher, led by the NSE Nifty Realty Index’s 3 percent gain. On the flipside, the NSE Nifty IT Index was the top sectoral performer, down 1.16 percent.

Indian equity benchmarks continued to trade higher, led by the gains in Reliance Industries Ltd. and Larsen & Toubro Ltd.

The S&P BSE Sensex rose 0.39 percent to 37,290 as of 11 a.m. and the NSE Nifty 50 rose 0.32 percent to 11,038. The broader markets represented by the NSE Nifty 500 Index rose 0.45 percent.

Shares of Indiabulls Real Estate erased opening gains to trade little changed at Rs 425.40. The stock gained 1.5 percent intraday.

The company plans to sell stake in four joint-ventures at an aggregate equity value of Rs 4,420 crore to Blackstone Group as part of the company’s plan to be debt free in the ongoing financial year. The deal is subject to closing adjustments and is expected to complete soon.

The stock traded 5.6 times its estimated earnings per share for the coming year, according to Bloomberg data.

Nifty’s 11,000 put option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the weekly contract, which is set to expire on Aug. 12, fell 42.82 percent to Rs 30.85. Over 14.55 lakh shares were added to the open interest which stood at over 27.95 lakh shares.

• Cox & Kings: About 1.4 percent equity changed hands in a large trade.
• ITC: About 10 lakh shares changed hands in a single large trade.
• Kalpataru Power Transmission: About 69 lakh shares changed hands in two large trades.

Buyers and sellers were not known immediately.
Source: Bloomberg

Shares of Strides Pharma Science fluctuated between gains and losses to trade 0.21 percent higher at Rs 399.65

The company’s unit Strides Pharma Global Pte. Ltd. acquired a majority stake in Fairmed Healthcare AG, according to its statement on the exchanges.

“Under the terms of the agreement, Strides Pharma Global will hold 70 percent of the issued capital of Fairmed. Strides has infused CHF 2.2 million into the entity in lieu of the equity stake,” the statement added.

The stock traded at 16 times its estimated earnings per share for the coming year, according to Bloomberg data.

Shares of Yes Bank rose as much as 7.8 percent to Rs 68.

Yes Bank is close to securing a deal to sell a minority stake to a global technology company to help boost the Indian private lender’s capital, Reuters quoted Chief Executive Officer Ravneet Gill as saying.

The Press Trust of India, citing unidentified sources, said former CEO Kapoor and his family are in preliminary discussions to sell their entire stake in Yes Bank to Paytm.

The Mumbai-based lender, however, on Tuesday termed as “speculative in nature” on separate news reports regarding stake sales by the private sector lender and its co-founder Rana Kapoor.

Besides, about 17.3 lakh shares of Yes Bank changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

The stock was the best performer on Sensex and Nifty. Trading volume was more than four times its 20-day average, Bloomberg data showed. The stock declined 81 percent in the past 12 months compared to a 2 percent decline in the Sensex.

Shares of ICICI Lombard fell as much as 5 percent to Rs 1,120.

About 1.23 crore shares or 2.7 percent equity of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

Trading volume was more than double its 20-day average, according to Bloomberg data. Of the shares traded, 7 percent were at the ask price and 89 percent were at the bid.

Indian equity benchmarks opened higher in today’s trade.

The S&P BSE Sensex rose 0.23 percent to 37,237 and the NSE Nifty 50 rose 0.19 percent to 11,029. The broader markets represented by the NSE Nifty 500 Index rose 0.27 percent.

The market breadth was tilted in favour of buyers. About 1,192 stocks advanced and 639 shares declined on National Stock Exchange.

All the 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Metal Index’s 1.15 percent gain.

September Futures

• Nifty Sep futures closed at 11,025, premium of 22 points versus 27.4 points.
• Nifty futures OI down 2 percent, sheds 3.4 lakh shares in open interest.
• Bank Nifty Sep futures closed at 27,551, premium of 47 points versus 58 points.
• Bank Nifty futures OI up 5 percent, adds 78,000 shares in open interest.

Options

• Nifty PCR at 1.41 versus 1.30 (across all series)

Nifty Weekly Expiry: Sept. 12

• Max open interest on call side at 11,000 (17 lakh shares)
• Max open interest on put side at 10,900 (30.2 lakh shares)
• Open interest addition seen at 10,900P (+9.2 lakh shares), 11,000P (+7.8 lakh shares)
• Open interest shedding seen at 10900C (-3.6 lakh shares)

Nifty Monthly Expiry: Sept. 26

• Max open interest on call side at 11,500 (20.6 lakh shares)
• Max open interest on put side at 10,800 (33.4 lakh shares)

• Elpro International promoter International Conveyors acquired 4 lakh shares on Sept. 5.
• Anant Raj promoters acquired 3.3 lakh shares from Sept. 5-6.
• Panama Petrochem promoter group Ittefaq Ice and Cold Storage acquired 84,000 shares from Sept. 5-6.
• Jindal Stainless Steel promoter Ratan Jindal acquired 1.56 lakh shares from Sept. 5-6.

• Exclerx Services to meet ICICI Pru MF on Sept. 13.
• Bharat Forge to meet Walter Scott and East Bridge Capital from Sept. 11-13.
• MCX to meet White Ok, O3 Capital and other investors from Sept. 11-13.
• Ceat to meet BOB Capital on Sept. 13.

The Indian rupee opened lower against the U.S. dollar. The home currency depreciated as much as 0.23 percent to 71.87 against the greenback.

Indian equity benchmarks are set to open higher.

The S&P BSE Sensex rose 0.47 percent 37,308 during the pre-market trade and the NSE Nifty 50 rose 0.35 percent to 11,041.50.

• Elpro International promoter International Conveyors acquired 4 lakh shares on Sept. 5.
• Anant Raj promoters acquired 3.3 lakh shares from Sept. 5-6.
• Panama Petrochem promoter group Ittefaq Ice and Cold Storage acquired 84,000 shares from Sept. 5-6.
• Jindal Stainless Steel promoter Ratan Jindal acquired 1.56 lakh shares from Sept. 5-6.

• Rajratan Global Wire ex-date for bonus issue at 4:3.
• Jaypee Infatech to move into ASM Framework.
• Essar Shipping, Kirloskar Electric, Prabhat Dairy, Prakash Industries, Puravankara, Ludlow Jute & Specialities to move into short term ASM Framework.
• Balaji Telefilms to move out of short term ASM Framework.
• Alembic price band revised to 20 percent.
• Ludlow Jute & Specialities, Shankara Building Products, RattanIndia Power price band revised to 10 percent.
• Shilpa Medicare, Hathway Cable & Datacom price band revised to 5 percent.

• Reliance Capital called off its general insurance unit’s sale to Hero Fincorp, forcing Anil Ambani to look for options as he seeks to reduce debt, Bloomberg reported quoting people familiar with the matter.
• DSP Mutual Fund said that DHFL has paid the balance amount of Rs 75 crore, resulting in the complete recovery of CPs held by various schemes of DSP Mutual Fund. Company stated that it has honoured payment obligations in due course as original repayment schedule until July 5.
• DFM Foods: AI Global Investments (Cyprus) PCC Ltd., a subsidiary of U.S.-based private equity firm Advent International Corporation, will acquire the company for Rs 852 crore. To comply with the market regulator’s guideline, AI Global Investments also made an open offer for 1.3 crore shares, or 26 percent of the voting share capital, at Rs 249.5 apiece, aggregating to Rs 326.1 crore. The offer price is at 9 percent discount from its current market price.
• Reliance Nippon Life Asset Management: Promoter Reliance Capital plans to sell up to 1.93 crore shares or 3.15 percent of equity via offer-for-sale for over Rs 505 crore. Reliance Capital held 32.12 percent stake in the company as of June 30. The offer opens today for non-retail investors. The sale for retail investors will open on Sept. 12.
• Meghmani Organics’ arm said that it will set up project of Epichlorohydrin with a capacity of 50,000 tonne per annum. The project will be setup with a capex of Rs 275 crore and is expected to generate revenue of Rs 460 crore per annum at optimum operating rate. At present, the aforementioned product is imported entirely for domestic consumption.
• Sun Pharma unit has increased its stake in PJSC Biosintez (Russia) from 96.96 percent to 100 percent for $8.2 lakh.
• Tata Motors: JLR sales down 6.7 percent year-on-year to 34,176 units.
• HCL Technologies plans to acquire 100 percent stake in Sankalp Semi-Conductors for Rs 180 crore.
• Quess Corp: Fair trade regulator Competition Commission of India has approved Amazon Group’s investment arm’s application to invest in equity shares of the company by preferential allotment.
• Future Lifestyle Fashions: Board approved allotment 64.8 lakh shares at an issue price of Rs 463 per share aggregating to Rs 300 crore to Apollo India Private Equity (Mauritius).
• Inox Leisure: HDFC MF increased its stake from 5.2 percent to 7.4 percent in the company.
• Eveready Industries clarified that on the report of Duracell buying its assets, stating that no definitive decisions around such possible option has been made by the company.
• Bharat Road Network: NCLAT withdrew Religare Finvest’s application for insolvency against the company, as amicable settlement has been reached between both the parties.
• Goa Carbon: August Production of Calcined Petroleum Coke at 16,627 million tonnes.
• Punjab & Sind Bank to consider capital infusion of Rs 800 crore by Government of India on Sept. 19.
• Indian Overseas Bank to keep MCLR unchanged across various tenors at current levels with effect from Sept. 10.
• Oriental Bank of Commerce has reduced MCLR by 15 to 20 basis points across various tenors with effect from Sept. 10. One Month MCLR at 8 percent and one-year MCLR at 8.4 percent.
• Varun Beverages to increase its stake from 35 percent to 55 percent in Lunarmech Technologies for Rs 15 crore.
• Essel Propack: Promoter Epsilon created pledge of 75 percent stake in the company in favor of DB International Trust (Singapore)
• Indiabulls Real Estate plans to sell stake in four joint-ventures at an aggregate equity value of Rs 4,420 crore to Blackstone Group. The stake sale will help achieve the company its target of being zero net debt. The deal is subject to closing adjustments and is expected to complete soon.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.49 percent to 11,025 as of 8:25 a.m.

Asian stocks edged higher following a late rally in their U.S. counterparts. The Treasury selloff eased as yields ticked lower.

Shares gained in Japan, South Korea and Hong Kong, though Chinese stocks were little changed. U.S. futures slipped after the S&P 500 erased losses in late trading as the recent trend of selling growth shares and buying value continued.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.