Sensex, Nifty End Little Changed; Five-Day Winning Streak Ends

Indian equity markets took a breather after a five-day rally that saw the benchmark indices gain between 550 to 2,000 points.

The S&P BSE Sensex ended 0.16% lower at 37,871 while the NSE Nifty 50 index ended 0.27% lower at 11,132. Benchmark indices staged a recovery after hitting the day's low towards the closing minutes of trade.

Gains on the Nifty 50 were led by Axis Bank which reacted positively to its first quarter earnings, ending with gains of 6.7%. Hero MotoCorp, BPCL and Hindustan Unilever were the top laggards on the index, each of them ending over 3% lower.

Most sectoral indices were lower in today's session. The Media index and the Nifty Bank ended with gains of 0.5% while the Auto, I.T. and realty index ended with losses of over 1%. The PSU Bank index underperformed, ending with losses of 1.6%.

Broader markets too remained flat in today's session with the midcap and smallcap indices ending little changed.

The Volatility Index too cooled off from the day's high, ending 1.1% higher at 24.71.

Market breadth ended in favour of the laggards. 1,032 stocks on the NSE ended with losses while 802 stocks posted gains.

The drugmaker informed the exchanges that it has received ANDA approval from the U.S. FDA for its Amiodarone Tablets.

It will market a generic version of CORDARONE tablets of Wyeth Pharma, the company said in an exchange filing.

The drug is used in the treatment of documented, life-threatening recurrent ventricular fibrillation in adults who have not responded to adequate doses of other available antiarrhythmics or when alternative agents cannot be tolerated.

The drug will be commercialised from the company's unit in Ghaziabad.

Shares are little changed after gaining as much as 1.8% to Rs 214.3. The stock has had a three-day winning streak until Tuesday.

Benchmark indices in Europe are consolidating in early trade, snapping a three-day gaining streak.

The Stoxx 600 index has opened 0.5% lower. However, it remains on course for the longest streak of weekly gains this year. Media and healthcare are the top laggards in today's trade while construction and banking stocks are outperforming.

Most Asian markets have ended lower while futures on the Dow Jones are trading 50 points higher.

Brent Crude is little changed at $44.29 per barrel while Gold trades 1% higher at $1,859.7/Oz.

Let's take a look at how benchmark indices across Europe have opened:

• Euro Stoxx 50 down 0.4% at 3,392
• DAX down 0.1% at 13,155
• CAC down 0.4% at 5,082
• FTSE 100 down 0.3% at 6,248
• IBEX 35 down 0.5% at 7,459

• Revenue up 3.9% to Rs 153.1 crore
• Net profit up 2.3 times to Rs 74.1 crore
• Ebitda doubles to Rs 73.3 crore
• Ebitda margin at 24.6% from 23.3%
• Lower employee costs and other expenses aid margins
• Collections from customer down 44% to Rs 94 crore
• All numbers are consolidated and compared on a year-on-year basis

Shares are off the day's high, trading with gains of 4.3%. The stock had gained as much as 13.9% in early trade and is up for the third straight day.

Indian equity markets opened higher for the sixth straight day, despite mixed to flat cues from global markets.

The S&P BSE Sensex opened 0.65% higher at 38,178 while the NSE Nifty 50 index opened above the 11,200 mark at 11,231, up 0.62%.

The Sensex is adding to the 1,900 points it has gained over the last five trading sessions, while the Nifty has gained 550 points over the last five sessions.

All sectoral indices have opened with gains. The Nifty Bank index is up 1.6% while the media index has gained 1%. Other indices trade with modest gains.

Broader markets remain subdued. The midcap index has opened 0.2% higher while the smallcap index has gained 0.6%.

Market breadth is in favour of the gainers at the start of trade. 981 stocks on the NSE have opened with gains while 435 have declined.

• Global cases cross 14.8 million
• Death toll rises to 6.13 lakh
• EU regulator says first vaccine may be approved this year
• CDC finds U.S. infections far exceed reported cases
• Total cases in Tokyo cross the 10,000 mark
• U.S. President Donald Trump warned that the crisis may probably worsen before improving
• Victoria in Australia adds 484 new cases, the worst day of infections
• 63 new cases reported in South Korea, most in two weeks
• 6,859 new cases reported in Mexico with 915 deaths in last 24 hours
• Texas reports second deadliest day with 131 fatalities

• Axis Bank: Net Interest Income up 20% while net profit declines 19% from last year. Provisions rise to Rs 4,416 crore from Rs 3,815 crore. Gross NPA at 4.72% from 4.86% last quarter. Provisions for Covid-19 this quarter at 733 crore. Moratorium amount at 9% of book value as on June 30.
• Hindustan Unilever: Net sales rose 4.4% in the current quarter while Ebitda was flat. Home care and personal care revenue declined. On volume growth, the management responded to BloombergQuint's query saying underlying volume growth was a negative 8% which excludes the impact of nutrition business (GSK acquisition).
• Bajaj Finserv: Revenue up 15.6% while net profit rises 43.8% on account of higher tax reversals. Additional loan provisions at Rs 1,450 crore for Covid-19. Gross Written Premium for General Insurance Business down 19% while that for life insurance business down 7% from last year.
• Reliance Industries: To now consider first quarter results on July 30 instead of the earlier planned date of July 24.
• Dishman Carbogen Amcis: Rakesh and Rekha Jhunjhunwala buy 1.59% stake each, as per the company's shareholding Pattern for the June quarter. Both investors purchased 50 lakh shares each.
• Edelweiss Financial Services: Rakesh Jhunjhunwala increases stake in the company to 1.19% in the June quarter as compared to 1.04% last quarter.
• BEML: Gets order from the government for the supply of 1,512 tanks at an approximate cost of Rs 557 crore.
• Zee Entertainment: IDBI Trusteeship Services acquired 43.48 lakh shares or 0.45% stake in the company through invocation of pledge.
• CSB Bank: Total deposits in the June quarter up 7.5% to Rs 16,338 crore. Advances against gold and gold jewellery up 28.3% to Rs 3,843.5 crore. Liquidity Coverage Ratio at 230% as on June 30. This is as per the lender's first quarter business update.
• Nifty Earnings Today: Bajaj Auto, Larsen & Toubro
• Non-Nifty Earnings Today: JSPL, Alembic Pharma, Dhanuka Agri, Heidelberg Cement, ICICI Securities, Music Broadcast, Network18, Rallis India, TV18 Broadcast

For all that you need to know going into today’s trade, click here.

• Benchmark indices gain for third day
• S&P 500 ended with gains of 0.2% at a four-month high
• Nasdaq ends 1.1% lower dragged by tech stocks; the index has surged 25% this year
• Bloomberg Dollar spot index declined 0.7%
• Euro rose to the highest in 2019
• Yield on the 10-year treasuries slipped to 0.6%
• West Texas Intermediate crude rose 2.8% to $41.96 per barrel. The commodity trades lower today.

Get your daily fix of the global markets here.

Good Morning!

Indian equity markets gained for the fifth straight session on Tuesday, led by banking and auto stocks.

While global cues are mixed, focus will be on a slew of large- and mid-cap earnings.

The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, remained flat at 11,179 as of 8:00 a.m. on Wednesday.

The street will watch out for earnings reported by the Nifty 50 companies like Hindustan Unilever Ltd., Axis Bank Ltd. and Bajaj Finserv Ltd., along with broader market stocks like Polycab India, IIFL Finance and IndiaMART InterMESH after market hours on Tuesday

Bajaj Auto Ltd. and Larsen & Toubro Ltd. are scheduled to report their June-quarter numbers on Wednesday.

Asian markets are mixed at the start of trade. The U.S. dollar has extended losses, while gold has surged past the $1,850/Oz mark.

Markets in Japan are little changed, edged higher in South Korea and are declining in Australia and Hong Kong.

Treasuries are steady, while West Texas Intermediate crude fell 1% to $41.54 per barrel after a surge in the U.S. crude inventories.

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