Benchmark indices recouped all morning losses and Nifty is trading above 10,600 mark. The recovery was led by HDFC Bank, Mahindra & Mahindra, Kotak Mahindra Bank and Reliance Industries.
At 1:24 PM, the BSE Sensex was trading at 34,948, down by mere one point, while the Nifty50 index was trading at 10,627, down 8 points.
On the global front, Italian bonds rebounded, with the 10-year yield falling as much as 19bps.
The BSE MidCap index rose 0.1% and the BSE SmallCap index gained 0.17% .
Shares of Reliance Communications zoomed 11% after the company has offered an upfront payment of Rs500cr to its operational creditor Ericsson, which has got an insolvency order against the Anil Ambani group firm.
Manpasand Beverages continued trade lower for the third consecutive day as investors could have chosen to be cautious of its auditor’s abrupt exit ahead of Board meeting.
Shares of Marksans Pharma advanced 1% after the company posted profit at Rs4cr for March quarter against loss of Rs2cr in same period last year.
The rupee recovered from its initial losses to trade higher by 29 paise at 67.58 against the greenback afternoon following sustained bouts of dollar-selling from banks and exporters.
Shares of BHEL rose 2% on the BSE after the company’s net profit grew by 112% yoy to Rs457.2cr during the quarter as compared to Rs215.6cr in Q4FY17.
Volatility index India VIX gained 2.63% to 13.4150.
Shares of Glenmark Pharma dropped 3%. The company’s consolidated revenue for Q4FY18 declined by 7.2% yoy to Rs2,279.8cr. Its net profit decreased 17.5% yoy to Rs151.6cr for Q4FY18 vs Rs183.8cr in Q4FY17.
Coal India (+2.6%), M&M (+2.2%), Power Grid (+1.4%), Bajaj Finance (+1.3%) and Tech Mahindra (+1.1%) were the top gainers on Nifty50.
HPCL (-2.4%), Hindalco (-2.2%), ICICI Bank (-1.6%), Vedanta (-1.6%) and Grasim (-1.5%) were the top losers in today’s trade.
Out of 2,049 stocks traded on the NSE, 722 advanced, 935 declined and 392 remained unchanged today.
A total of 14 stocks registered a fresh 52-week high in trade today, while 58 stocks touched a new 52-week low on the NSE.
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