Sensex, Nifty End Higher For Second Session Despite Volatile Start
India’s equity benchmarks shrugged off a volatile start to close higher for the second consecutive session, aided by gains in oil & gas, energy, power, telecom and information technology stocks.
The S&P BSE Sensex Index added 0.75% to 59,744.88 while the NSE Nifty 50 Index advanced by similar magnitude to 17,822.30, highest closing level since September 27. Reliance Industries Ltd. contributed the most to the index gain, increasing 2.1%. Oil & Natural Gas Corp. had the largest increase, rising 10.9%. Today, 30 of 50 shares rose, while 20 fell.
The broader indices underperformed their larger peers with the S&P BSE MidCap rising 0.3% and S&P BSE SmallCap gaining over 0.5%. Fifteen of the 19 sectoral indexes compiled by BSE Ltd. advanced, with the S&P BSE Oil & Gas index rising over 3.2%. The S&P BSE Energy and Telecom indexes also added over 2%.
The market breadth was skewed in favour of bulls. About 2,081 stocks advanced, 1,202 declined and 166 remained unchanged.
“Heavyweight Reliance Industries continued to move higher and supported market rally. However, pharma and FMCG stocks were laggards. Further, buying momentum remained visible in midcap and smallcap stocks, while value stocks continued to outperform growth stocks”, Binod Modi, Head Strategy at Reliance Securities, wrote in a note, before adding that “festive demand, recovery in rural demand, COVID-19 positivity rates, vaccination ramp-up, September quarter earnings and RBI policy meeting outcome will be in focus in the near term”.
Invesco, OFI Global vs Zee Entertainment: NCLT Begins Hearing
Invesco's counsel Janak Dwarkadas says the board meeting rejecting EGM requisition was a formality.
On September 30, the company pretended it is not aware what the board is going to do the next day. On October 1, the company has already obtained legal advice, Dwarkadas says.
Please see how they are treating this tribunal. They have no faith in you, Dwarkadas says.
Zee is engaging in forum shopping. There is an overlap in what Zee is requesting the tribunal and what they are asking the high court, Dwarkadas argues.
GAIL Restarts LNG Imports At Dabhol In Post-Monsoon Startup
GAIL India Ltd. unloaded a LNG cargo at Dabhol on the country’s west coast over the weekend to restart the import terminal that’s been shut since May because of the monsoon, E.S. Ranganathan, director for marketing at the state-run gas utility, said in an interview.
The company will bring in another shipment at Dabhol this week GAIL has also booked regasification slots at Shell’s Hazira LNG import terminal in Gujarat state for processing 1 LNG cargo each in October and November.
S&P BSE Oil & Gas Index Up 3%
Glenmark Pharma Confirms Recall Of Some Products In U.S Markets
Glenmark Pharmaceuticals Ltd. has clarified that its U.S. entity, Glenmark Pharmaceuticals Inc. USA, has voluntarily recalled products such as Fulvestrant injection, Naproxen Sodium tablets, Chlorzoxazone tablets, Zonisamide capsules and Arformoterol Tartarate inhalation solution, as a matter of abundant caution.
Glenmark Pharma’s clarification comes after the exchanges sought information on media report on the recall. Glenmark also added that it will take all necessary action to ensure quality of products and operational compliance.
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Broader Indices Outperform Their Larger Peers
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S&P BSE Telecom Index Up Over 2%
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IHS Markit India September Composite PMI At 55.3 Vs 55.4 In August
IHS Markit India September Services PMI Signals Expansion Ahead Of RBI Rate Decision
Rupee Drops To Lowest Since July As Crude Spikes
HFCL Shares Jump On Rs 287.96 Order Win
Jindal Steel & Power Reports Highest Ever Quarterly Sales
Adani Green Climbs After Gautam Adani Announces Plans To Invest $20 Billion In Green Value Chain Over The Next Decade
SREI Infra Sheds 5% After RBI Superseded The Board Of Directors
Pharma Stocks Decline, Cipla Shares Down Nearly 2.5%
ONGC Shares Rise The Most In Seven Months
Rail Vikas Nigam Climbs 5% After Entering Into MoU With Tata Steel
Oil & Gas Stocks Advance After Natural Gas Price Hike & Surge In Crude Price
Opening Bell: Sensex, Nifty Open Lower; Banking, I.T. Stocks Decline
Sona Comstar Collaborates With IRP Nexus Group To Manufacture Magnet-Less Drive Motor For Performance Two- & Three-Wheelers
In Focus: India Power Stocks On Coal Shortage Situation
Rupee Bond Traders To Await RBI's Reverse Repo
In Focus: Telecom Stocks On Report Of Out-Of-Court Case Settlement
Mistry's Firm Seeks To Raise Debt Secured By Tata Sons Stock: Economic Times Report
In Focus: Financial Stocks As RBI Takes Control Of SREI Group
Covid Pills Of Merck & Redhill Send Asian Vaccine Stocks Lower
SpiceJet Plans Fleet Expansion As Carrier Nears Break-Even
SGX Nifty Hints At Losses; Adani Green, SREI Infra In Focus
- Oil-Related Stocks Climb Across Asia As Brent Crude Rises To Near 3-Year High
- RBI Drains Rs 2 Lakh Crore At 3.61% Cutoff, Lower Than Expected
- Apex Court Grants 3 Weeks To Govt To Consider Stand On Imposition Of One-Time Spectrum Usage Charge
- TVS Motor Signs MoU With Tata Power To Collaborate On Electric Two-Wheeler Charging Ecosystem
- ONGC Shares Rise The Most In Seven Months