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Live Markets Commentary
Sify Editors @3:50 PM
Nifty edges up; snaps six-day losing streak
The NSE Nifty rose 0.14 percent on Thursday, its first gain in seven sessions, as value-buying boosted lenders such as Axis Bank , but trading was volatile because of the expiry of monthly derivative contracts at the end of the session.
The broader Nifty rose 0.14 percent to 9,504.10. The benchmark BSE Sensex closed 0.08 percent higher at 30,857.52.
Sify Editors @2:50 PM
"Sentimentally, markets are up. We were expecting some bounceback from the 9450 level," says KK Mittal, Vice President at Venus India Asset Finance.
Sify Editors @2:15 PM
Cadila Healthcare says Zydus' Nesher Pharmaceuticals gets US FDA approval for Dextroamphetamine Sulfate, used in treatment of Attention Deficit Hyperactivity Disorder and in treatment of narcolepsy. Cadila shares, though, are down 0.82% at Rs 522.75.
Sify Editors @1:45 PM
Nifty snaps six-day losing streak; banks recover
The NSE Nifty rose on Thursday, heading for its first gaining session in seven, as banks and information technology stocks jumped in a broader recovery led by value buying.
Strong Asian markets, following a drumbeat of hawkish comments from major central banks signalling the era of easy money might be coming to an end, also boosted sentiment.
The MSCI's broadest index of Asia-Pacific shares outside Japan climbed as much as 0.9 percent to hit its highest level since May 26, 2015.
But trading could turn volatile in the latter part ahead of the expiry of monthly derivatives contracts.
"Sentimentally, markets are up. We were expecting some bounceback from the 9,450 level," said K K Mittal, Vice President at Venus India Asset Finance.
The broader Nifty was up 0.83 percent at 9,569.75 as of 0635 GMT, its biggest intraday percentage gain in over a month, while the benchmark BSE Sensex was 0.82 percent higher at 31,087.91.
Bank shares recovered, with the Nifty PSU Bank index rising as much as 1.2 percent after three consecutive sessions of losses. Canara Bank Ltd rose as much as 3.8 percent.
Axis Bank Ltd , up as much as 4.6 percent, was the top gainer on both the indexes. The stock recorded its biggest intraday gain in over four months.
Sify Editors @1:15 PM
Mutual funds managers need to improve due diligence: SEBI
Mutual funds need to improve their due diligence before investing in corporate bonds and not rely only on credit ratings given rising concerns about potential defaults, the chairman of Securities and Exchange Board of India (SEBI) said on Thursday.
The warning by SEBI Chairman Ajay Tyagi comes as several companies, including Amtek Auto, Jindal Steel and Power Ltd, Ballarpur Industries, have defaulted on their debt coupon payments over the past few years.
"Mutual funds need to further strengthen their own due diligence and evaluation mechanism and not only depend on credit rating agencies," Tyagi said in a speech at a mutual funds conference.
Sify Editors @11:15 AM
Crisil shares rise after CARE ratings share purchase
The ratings market has seen some buzz today.
CRISIL, whose majority shareholder is Standard & Poor's, has acquired 2.6 million equity shares of CARE Ratings at Rs 1659.79 per share.
CRISIL shares have risen by as much as 1.38% to Rs 1946.55.
Sify Editors @10:35 AM
Eris Lifesciences shares rise in debut after $ 264 million IPO
Drugmaker Eris Lifesciences Ltd's shares rose as much as 4.2% on their trading debut on Thursday, after its initial public offering raised 17 billion rupees ($263.8 million).
The shares were up 1.2% at Rs 610.45 rupees by 1005 IST on the National Stock Exchange, compared with their IPO price of 603 rupees.
The IPO was subscribed more than three times on the last day of the sale on June 20.
Sify Editors @ 9:30 AM
Sensex open higher
Asian indices were showing a positive trend.
Japan's Nikkei 225 was trading in green, up by 0.58 per cent, Hang Seng was up by 0.85 per cent while South Korea's Kospi was also up by 0.63 per cent.
China's Shanghai Composite index was quoting in green, up by 0.26 per cent.
Nasdaq closed in green, up by 1.41 per cent while FTSE 100 was down by 0.63 per cent at the closing on Wednesday.