Indian equity indices ended higher despite a volatile trade session with gains led by private banks, IT, and financial services stocks.
The Nifty ended up by 0.95% or 142.20 points and closed above the 15,000-mark at 15,098.40 points, while S&P BSE Sensex gained 1.16% or 584.41 points and closed at 51,025.48 points. Around 1,254 shares advanced and 1,693 shares declined whereas 190 shares remained unchanged.
SBI Life Insurance (4.97%), Kotak Mahindra Bank (3.08%), HDFC Bank (2.93%), Tech Mahindra (2.76%), and HDFC (2.70%) were among the top Nifty gainers. In contrast, BPCL (4.55%), Tata Steel (3.90%), GAIL India (3.31%), IOC (2.90%), and PowerGrid Corporation (2.11%) were among the top Nifty losers.
All sectoral indices except Nifty Bank and IT ended in the red. BSE Midcap and BSE Smallcap declined by 0.66% and 0.41% respectively.
Steel Strips Wheels Ltd.
Steel Strips Wheels, a leading wheel manufacturing firm, is targeting an EBITDA margin of over 15% while the revenue target is kept at Rs. 3000 crore for the next year. The firm’s stocks surged 5.14% and traded at Rs. 745.95.
Indoco Remedies Ltd.
Indoco Remedies’ stock went up by 3.92% and traded at Rs. 287.50 after the firm announced the launch of Brinzolamide Ophthalmic Suspension 1% in the U.S., which will be manufactured in its Goa facility for TEVA. Brinzolamide drops are used for treating high pressure inside the eye due to ocular hypertension and open-angle glaucoma.
JMC Projects (India) Ltd.
JMC Projects’ shares went up by 8.24% and traded at Rs. 85.35 after the firm signed an agreement with Fahi Dhiriulhun Corporation of Maldives for a project worth Rs. 1,000 crores.
Larsen & Toubro Ltd.
L&T’s shares dipped 0.34% and traded at Rs. 1510.00 after the firm dispatched its first order of four 700 MWe Steam Generators for the Gorakhpur Haryana Anu Vidyut Pariyojna Project 1 and 2.
Lupin Ltd.
Lupin Limited’s Canada-arm announced a partnership with Endoceutics for the commercialization of ‘Intrarosa’ - a women’s health-focused innovative Canadian biotech company. Lupin Limited’s stocks, however, tripped 1.66% and traded at Rs. 1033.00.
Indian Rupee
The Indian rupee opened marginally higher at Rs. 73.22 per dollar and ended at day’s high gaining 32 paise at Rs. 72.93 against the U.S. Dollar amid buying seen in the domestic equity markets.
Global stocks recover
Global stocks recovered with stronger U.S. equity futures and a decline in U.S. and European bond yields. FTSE 100 rose by 0.92%, FTSE MIB rose by 0.45%, and Nikkei 225 surged 0.99% while Hang Seng rose by 0.81%.