The Dow Jones Industrial Average rose 96.31 points, or 0.36%, at the open to 26,924.78. The S&P 500 opened higher by 13.75 points, or 0.42%, at 3,320.26. The Nasdaq Composite gained 26.71 points, or 0.24%, to 10,967.87 at the opening bell.
The government had earlier this year granted a six-month extension to Tyagi, ahead of the expiry of his three-year tenure on March 1. Tyagi took charge from his predecessor, U K Sinha, on March 1, 2017.
If Nifty manages to hold above 11,050 zone, then buying interest could emerge towards 11,250 level, while on the downside, support exists in the 10,900-10,880 zone.
RBI monetary policy outcome to set tone for market action tomorrow: Ajit Mishra, Religare Broking
"Participants are keeping a close eye on the RBI monetary policy outcome which is scheduled tomorrow and that would set the tone for the rest of the day as well. While the expectations are mixed on key rates, we feel commentary on the moratorium and future outlook would hold importance. We would suggest maintaining extra caution before the event and advise preferring hedged bets," said Ajit Mishra, VP - Research, Religare Broking Ltd.
"It gives me confidence that money is coming even at difficult times for banks which are well managed and given the fact that the banks are trading at a discount to below their five year average price to book value, I think investor will grab the opportunity to subscribe to the issue. I am positive on this and I feel a potential 15% to 20% upside on the stock in the near term cannot be ruled out. I stay positive post the announcement of the deal," said Siddharth Purohit, Research Analyst, SMC Global Securities.
Insurance stocks trade on a mixed note
Price as on 05 Aug, 2020 01:21 PM, Click on company names for their live prices.
SC: Centre may ask insurance cos to expedite claims payment during pandemic
Shares of Godrej Properties cracked over 3 per cent after the company reported a consolidated net loss of Rs 20.23 crore for the quarter ended June 30. The real estate major had posted a profit of Rs 89.87 crore in the corresponding quarter last year. Consolidated revenue from operations declined 88.63 per cent YoY to Rs 72.29 crore during the quarter under review against Rs 635.88 crore in the same period last year.
Pharma stocks rally up to 8% in early afternoon session
Price as on 05 Aug, 2020 12:41 PM, Click on company names for their live prices.
Apollo Tyre can edge higher: CK Narayan
After a long while, we are seeing some action in Apollo Tyres. The stock shows a big build up in open interest and also witnessed a surge in volume yesterday. More gains are likely in future. The stock can look for a target at Rs 125-130 in the near term.
Lupin launches COVID-19 drug Favipiravir in India at Rs 49 per tablet
Price as on 05 Aug, 2020 12:15 PM, Click on company names for their live prices.
Sensex erases over 400 points gain, slips into the red
Zydus Cadila to commence phase II clinical trials of COVID-19 vaccine
Drug firm Zydus Cadila on Wednesday said the phase I clinical trial of its COVID-19 vaccine candidate, ZyCoV-D, has been completed and it will commence phase II clinical trials from August 6. "ZyCoV-D was found to be safe and well tolerated in the phase I clinical trial. The company will now commence phase II clinical trials from the 6th of August, 2020.
Anand Rathi maintains BUY on KPIT Tech, target price at Rs 90
KPIT’s Q1 FY21 performance was better than LTTS’ (down 12.5%q/q, 12%y/y) and Tata Elxsi’s (down 11%q/q, up 2%y/y). Besides, it secured another large deal of over $60m through Tier-1 (Europe) after a $50m deal signed in Q4. Realisations dropped 10% q/q largely on account of higher offshoring. Europe (39% of revenue, down 19.3% q/q) was weak but expected to grow as the large deals ramp up from Q3. Two large deals in the last two quarters establish its competitiveness. The stock trades at 10.2x FY22e EPS and 11% FCF yield, attractive given the anticipated H2 FY21 recovery and better margin delivery. Risk: Dependence on one vertical.
Axis Bank climbs 3% as QIP kicks off; floor price set at Rs 442.19
Shares of Axis Bank climbed 3 per cent in Wednesday's trade after the private lender launched its Rs 10,000 crore qualified institutional placement (QIP) with a floor price of Rs 442.19 per share. The floor price was at 3 per cent premium to Tuesday's closing price of Rs 428.90 on BSE. The bank, however, said its committee of whole-time directors at its absolute discretion may offer a discount of not more than 5 per cent to the said floor price.
JUST IN: India July services PMI at 34.2 Vs 33.7 in June
YES Bank, RBL Bank among top 10 gainers in the banking space
Price as on 05 Aug, 2020 10:36 AM, Click on company names for their live prices.
RIL, HDFC twins, TCS, ICICI Bank among top Sensex contributors
RIL can rise up to Rs 2,250: CK Narayan
A 7% rise in a single day for a stock like Reliance is no mean feat and shows a determined comeback by the bulls here. Chart (Source: Tickerplant) shows that with minimal efforts the stock can move to all-time new highs once again. The Cumulative OI is seen to be above average so the longs in the stock, created a couple of months ago, continue to remain intact. The RSI got into bull mode around early June and continues to remain there indicating that the bulls never really conceded the ground for last two months. Next target for RIL could be around Rs 2,250.
Gold prices scaled another new peak on Wednesday, tracking the trend in the global market and amid rising worries over fast spreading Covid-19 outbreaks. Silver, meanwhile, took a breather and traded in the red. Gold futures on MCX were up 0.33 per cent or Rs 180 at Rs 54,731 per 10 grams--hovering at record highs. Silver futures dipped 0.25 per cent or Rs 53 to Rs 69,623 per kg.
YES Bank, Voda Idea, Tata Consumer among most active stocks
Price as on 05 Aug, 2020 09:21 AM, Click on company names for their live prices.
Pre-open session: Sensex up 308 points, Nifty tops 11,150
SGX Nifty signals positive start
Nifty futures on the Singapore Exchange traded 15 points, or 0.14 per cent higher at 11,087, in signs that Dalal Street was headed for a positive start on Wednesday.
Tech View: Nifty forms bullish candle, hints at reversal
Nifty50 surged 2 per cent to snap a four-day losing streak on Tuesday. The index formed a bullish candle on the daily chart and negated the formation of lower highs and lows of last four sessions. The index had ended near its 200-day moving average in the previous session, which played a role in its comeback on Tuesday. Analysts said follow-up buying would confirm the upside momentum.
Hong Kong, China stocks mixed in early trade
Hong Kong stocks started slightly higher Wednesday morning following another record on Wall Street as investors grow hopeful US lawmakers will reach agreement on a new stimulus. The Hang Seng Index added 0.33 percent, or 82.76 points, to 25,029.39. The benchmark Shanghai Composite Index eased 0.25 percent, or 8.36 points, to 3,363.33, while the Shenzhen Composite Index on China's second exchange was flat, inching down 0.60 points to 2,299.90.
Japan stocks open lower
Tokyo stocks opened lower on Wednesday after two days of rallies, as investors sought to lock in profits while watching corporate earnings and key US data. The benchmark Nikkei 225 index was down 0.49 percent, or 111.24 points, at 22,462.42 in early trade, while the broader Topix index slipped 0.49 percent, or 7.69 points, to 1,547.57.
White House seeks virus relief deal this week
White House negotiators late Tuesday vowed to work "around the clock" to reach a spending deal by the end of the week, but the Treasury Secretary warned they were not "going anywhere close" to the $3.4 trillion Democratic leaders sought. US lawmakers missed a deadline last week to extend the $600 per week enhanced unemployment payments. The payments are key element of the Democrats' proposal, but Senate Republicans have proposed to significantly slash the benefits.
US stocks settled higher
US stocks finished higher on Tuesday, underpinned by solid gains in the energy sector.The Dow Jones Industrial Average rose 164.07 points, or 0.62 per cent, to 26,828.47. The S&P 500 increased 11.90 points, or 0.36 per cent, to 3,306.51. The Nasdaq Composite Index was up 38.37 points, or 0.35 per cent, to 10,941.17.
Rupee slips 3 paise to 75.04 against US dollar
The rupee pared some of its initial losses and settled 3 paise down at 75.04 against the US dollar on Tuesday amid a weakening greenback overseas. The rupee opened weak at 75.13 at the interbank forex market and shuttled between a high of 74.85 and a low of 75.17 against the American currency. It finally finished at 75.04, down 3 paise over its previous close of 75.01.
Sensex, Nifty on Tuesday
Equity benchmarks made an emphatic comeback on Tuesday after four straight sessions of losses as market heavyweights Reliance Industries and HDFC Bank saw robust buying amid firm global cues. The BSE Sensex soared 748.31 points or 2.03 per cent to close at 37,687.91, while the NSE Nifty rallied 203.65 points or 1.87 per cent to 11,095.25.
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