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Indian equity benchmarks traded mixed on Tuesday following Asian peers as beaten-down tech shares led the strongest session for U.S. stocks in two weeks. The S&P BSE Sensex and the NSE Nifty 50 Index traded flat at 35,409.57 and 10,638.10, respectively, as of 10:40 a.m.
The market breadth was tilted in favour of buyers. Six of the 11 sectoral gauges advanced, led by a 1.28 percent gain in the Nifty Realty Index. The NSE Nifty Metal Index was the top loser, down 1.88 percent.
Here Are The Stocks Moving The Market This Morning
Sun Pharma Pares Early Gains, Falls 6%
Shares of the country’s largest drugmaker pared opening gains and fell as much as 6 percent to Rs 480.3 apiece.
Sun Pharma entered into an agreement to acquire a 100 percent stake in Japan based-Pola Pharma for $1 million, according to its exchange filing. This acquisition, it said, will provide a commercial presence in the dermatology segment in Japan. The company also entered into settlements with certain plaintiffs in the Modafinil antitrust litigation in the U.S. It, however, didn’t disclose any details of the settlement saying the terms are confidential.
The stock declined 7.1 percent in the past 12 months compared to a 5 percent gain in the benchmark Sensex.
Linde India Hits All-Time High
Shares of gasmaker and distributor rose as much as 3.9 percent to hit an all-time high of Rs 684.80 apiece. The Relative Strength Index was above 70, indicating that the stock may be overbought.
NIIT Technologies Gains On Report Of Promoters Mulling Selling Stake
Shares of the IT services company rose nearly 2.5 percent to Rs 1,104 apiece.
NIIT Technologies’ promoters are said to be exploring options to sell stake in the company. The promoters hold 30.62 percent stake in the company, of which NIIT owns 23.54 percent stake.
The stock trades at 16 times its estimated earnings per share for the coming year, Bloomberg data showed.
IFCI Gains After NCLT Settlement
Shares of the state-run consumer finance company rose close to 7 percent to Rs 14.60 apiece.
IFCI received Rs 491.84 crore via National Company Law Tribunal on account of resolution passed by Binani Cements, according to an exchange filing. The company holds 42.16 lakh security receipts in the Binani Cements of face value of Rs 1,000 each.
The trading volume is almost 13 times the 20-day average.
JSW, JSPL Decline After Rating Downgrade
Shares of the Jindal Group’s steel ventures declined after Morgan Stanley lowered its ratings on the stocks. Jindal Steel & Power fell 4.4 percent to Rs 153 apiece, while JSW Steel declined 4.6 percent to Rs 303.15 a share.
Jindal Steel & Power was downgraded to ‘Equalweight’ from ‘Overweight’ and the price target was cut to Rs 174 from Rs 314. Also, JSW Steel was downgraded to ‘Underweight’ from ‘Equalweight’ and the price target was cut to Rs 278 from Rs 369.
Nava Bharat Ventures Jumps After Winning Tata Power Contract
Shares of the Hyderabad-based power generator rose as much as 4.3 percent to Rs 125.25 apiece.
Nava Bharat Ventures and its arm signed a contract with Tata Power Trading for power supply of 125 megawatt to Telengana State Grid, according to its exchange filing. The contract commences from Jan. 15 to April 30 next year at a price of Rs 5.75 a unit.
The stock, however, trades 55 percent below the Bloomberg consensus target price.
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