Thank you readers! Here are the key highlights from today's session

- Market Closes Higher For Fifth Straight Day; Financials Outperform

- Infosys, ICICI Bank and Bajaj Finance Help Nifty Close In The Green

- Sensex Gains 187 Points To 36,675 and Nifty 36 Points To 10,800

- Nifty Bank Advances 429 Points To 22,628; ICICI Bank The Biggest Contributor

- Nifty IT Gains The Most Amongst Indices, Led By Infosys

- Infosys Gains Over 3 percent After Goldman Sachs Adds The Stock To Its Conviction List

- Bajaj Finance Top Nifty Gainer After Q1 Business Updates; Bajaj Finserv Up As Well

- Bajaj Auto Slips 2 percent As Waluj Plant May Be Shut Down Due To Lockdown

- Midcap Financials Gain On Recovery In Rural India; M&M Finance, Equitas Up 10 percent Each

- Bandhan Bank Moves 8 percent Higher After deposits Grew 35 percent In Q1

- Market Breadth Favours Declines; Advance-Decline Ratio At 4:5

Jul 7, 2020 3:42 PM

Closing Bell: Sensex, Nifty end higher after a volatile session; IT, financials lead

Indian indices ended a volatile session nearly half a percent higher on Tuesday led IT stocks and financials. The Sensex ended 187 points higher at 36,674 while the Nifty rose 36 points to settle at 10,800. Bajaj Finance, IndusInd Bank, Bajaj Finserv, Infosys, and ICICI Bank were the top gainers for the day while Powergrid, ITC, Tata Steel, ONGC, and NTPC led the losses. Broader markets were also in the green with the Nifty Midcap and Smallcap indices up 0.4 percent and 1 percent, respecively. Among scetors, Nifty Bank and Nifty IT surged around 2 percent while Nifty Auto rose 0.4 percent. However the FMCG, metal and pharma indices were in the red for the day.

Jul 7, 2020 3:33 PM

Bank of Maharashtra reduces Marginal Cost of Funds based Lending Rates with effect from today

Jul 7, 2020 3:18 PM

Nifty50 index weightage: Only 3 in top 10 stocks saw uptick in June quarter

The past three months also witnessed fluctuations in the top 10 weighted stocks of the index. Nirmal Bang highlighted these changes in a recent report along with the shifts in sectoral weights.Get…

Jul 7, 2020 3:04 PM

Just In | Unichem Laboratories gets USFDA nod for Cyclobenzaprine Hydrochloride tablets, used to treat muscle spasms

Unichem Laboratories announced that it has received ANDA approval for its Cyclobenzaprine Hydrochloride Tablets USP, 5 mg, 7.5 mg and 10 mg from the United States Food and Drug Administration (USFDA) to market a generic version of FLEXERIL (Cyclobenzaprine HCl) Tablets of Janssen Research and Development LLC.

The Cyclobenzaprine HCl Tablets are indicated for the treatment as an adjunct to rest and physical therapy for relief of muscle spasm associated with acute, painful musculoskeletal conditions. The product will be commercialized from Unichem’s Goa Plant, the company said in an exchange filing.

Jul 7, 2020 2:50 PM

Bajaj Auto announces 50% salary cut at Waluj plant

Bajaj Auto said it will cut salaries and wages of the staff at its Waluj Aurangabad plant by 50 percent "if authorities declare a lockdown and the plant is forced to shut down". Authorities have already said they will implement a strict lockdown in Aurangabad between July 10 and 18 following a rise in COVID-19 cases but Bajaj Auto said it was still awaiting lockdown notification from authorities. The company added that only employees who are present on July 8 and 9, as well as on the first day working post lockdown will receive the remaining 50 percent salary. The pay cut will not be applicable to COVID-19 positive cases, those who remain under quarantine as well as those who are called for emergency work. Read more.

Jul 7, 2020 2:39 PM

Rupee at close: The Indian rupee ended near the day's low level at 74.94 per dollar, amid volatility in the domestic equity market. The rupee had opened flat at 74.70 per dollar against the previous close of 74.67.

Jul 7, 2020 2:22 PM

Companies seen slashing capex 12% this year, deeper than in 2009: data

Big and mid-cap firms globally are expected to slash capital spending by an average 12 percent this year as they reel from the fallout of lockdowns and other measures imposed to rein in the coronavirus pandemic, analysts’ estimates show. The predicted cut is bigger than the 11.3 percent decline that occurred in 2009 in the wake of the global financial crisis and would be the steepest drop in the 14 years for which data compiled by Refinitiv is available.

Jul 7, 2020 2:16 PM

If interest rates are at 6%, NPA's will double in 6 years: KV Kamath

Jul 7, 2020 2:01 PM

Tata Power subsidiary completes sale of 3 ships for $212.76 million

Tata Power on Tuesday said its Singapore-based subsidiary Trust Energy Resources completed the transaction for the sale of its three ships for USD 212.76 million (around Rs 1,592 crore). "Singapore-based Trust Energy Resources Pte Ltd (TERPL), a wholly-owned subsidiary of Tata Power has announced completion of sale of its three ships -- MV Trust Agility, MV Trust Integrity and MV Trust Amity to Oldendorff Carriers GmbH & Co. KG, Germany -- for a consideration of $212.76 million," Tata Power said in a regulatory filing.

Jul 7, 2020 1:47 PM

Defence stocks hit 52-week high for third consecutive session; surge up to 8%

Shares of public sector defence companies rallied for the third consecutive session on Tuesday, hitting 52-week highs on bullish sentiment after the Ministry of Defence approved the purchase of missiles, ammunition and weapon systems. The MoD purchase order is worth Rs 38,900 crore amidst heightened tensions with China, which is fuelling positive sentiment amongst investors. Hindustan Aeronautics' share price rallied as much as 7.75 percent and hit a 52-week high price of Rs 1,028 apiece on the NSE. Bharat Dynamics also touched its 52-week high at Rs 455, up 6 percent.

Jul 7, 2020 1:33 PM

Investing in July: Reliance Securities makes changes in portfolio, maintains sectoral weightage

The brokerage maintains its sectoral weightage with 30 percent in BFSI, 15 percent in pharma space, and 9-10 percent in automobile, consumer and telecom sectors each.Get latest Market online at…

Jul 7, 2020 1:18 PM

Infosys brings back over 200 employees, their families from US via chartered flight

IT services major Infosys has brought back over 200 of its employees and their families, who were stranded in the US amid the COVID-19 pandemic and the lockdown, according to a senior company executive. The company brought these people back from San Francisco via a special chartered flight that landed in Bengaluru on Monday morning. "Infosys chartered flight took off from SFO (San Francisco) last night bringing hundreds of employees and families home to Bangalore," Infosys Associate Vice President - Retail, CPG and Logistics Samir Gosavi said in a LinkedIn post. Infosys did not comment on the development.

Jul 7, 2020 1:05 PM

Suzlon loss widens to Rs 834.22 crore in March quarter

Wind turbine maker Suzlon Energy has posted a consolidated net loss of Rs 834.22 crore for the March quarter mainly due to lower revenues and high finance cost. The consolidated net loss of the company was Rs 294.64 crore in the quarter ended on March 31, 2019, a regulatory filing said. Total income from operations of the company declined to Rs 658.89 crore in the quarter under review from Rs 1,450.47 crore in the year-ago quarter. The consolidated net loss of the company in 2019-20 was Rs 2,691.84 crore as against Rs 1,537.19 crore in 2018-19. Total income from operations in 2019-20 dropped to Rs 3,000.42 crore from Rs 5,074.64 crore in?2018-19.

Jul 7, 2020 12:51 PM

Is COVID-19 changing the way you think about financial stability?

The ongoing COVID-19 pandemic and its economic impact have taken a major toll on businesses, jobs and incomes all across the globe, forcing people to reconsider their financial situation and shift…

Jul 7, 2020 12:39 PM

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