Sensex, Nifty Snaps 4-Day Losing Run; Divis Laboratories and ICICI Bank Among Top Gainers

Fri, 2 Jul Closing

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Indian share markets witnessed volatile trading activity throughout the day today and ended higher.

Benchmark indices snapped their four-day losing run and ended near day's high in today's session, helped by gains in pharma and banking counters, and select heavyweights lent support to the indices.

At the closing bell, the BSE Sensex stood higher by 166 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 42 points (up 0.3%).

Divis Laboratories and ICICI Bank were among the top gainers today.

Tata Steel and JSW Steel, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,748, up by 21 points, at the time of writing.

The BSE MidCap index and the BSE SmallCap index ended up by 0.1% and 1%, respectively.

Sectoral indices ended on a mixed note with stocks in the energy sector, healthcare sector and consumer durables sector witnessing most of the buying interest.

Metal and power stocks, on the other hand, witnessed selling pressure.

Shares of Vinati Organics and Redington hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng and the Shanghai Composite ended the day down by 1.8% and 2%, respectively.

The Nikkei ended up by 0.3% in today's session.

US stock futures are trading on a flat note today with the Dow Futures trading up by 14 points.

The rupee is trading at 74.74 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.7% at Rs 47,350 per 10 grams.

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In news from the IT sector, TCS was among the top buzzing stocks today.

Tata Consultancy Services (TCS) has partnered with American multinational publishing company John Wiley & Sons to modernize its ecommerce platform.

TCS will modernize Wiley's e-commerce platform for the North America region and later, to the UK, Europe and Asia, TCS said in a regulatory filing to the stock exchanges.

According to Akhilesh Tiwari, global head, enterprise application services, TCS said,

• With this reimagined e-commerce platform, we believe that Wiley will take their commerce experience to the next level, drive business growth, and improve customer satisfaction and loyalty.

Wiley helps researchers, learners and universities to deliver content in new ways to enrich the learning experience.

Meanwhile, in a separate release to the stock exchanges, TCS said it has expanded its strategic partnership with Royal London to help the latter transform its pensions platform estate and deliver market-leading services to members and customers.

The company has been engaged with Royal London in various consulting, innovative, thought leadership engagements as well as strategic programs like DevOps initiatives, platform simplification and migration, and run transformation to enable the insurer to adapt swiftly to future needs.

As part of the expanded partnership, TCS will work collaboratively with Royal London to support its ambition to transform into a data-driven and digitally nimble insurer.

Royal London is the largest mutual life insurance, pensions, and investment company in the UK.

TCS share price ended the day down by 0.5% on the BSE.

Moving on to news from the banking sector...

Canara Bank to Raise Funds Via Additional Tier-I Bonds

Public sector lender Canara Bank is planning to raise up to Rs 34 bn in capital by issuing fresh Additional Tier-I bonds (AT1) to replace maturing bonds and support growth.

The bonds worth around Rs 25 bn are maturing in the current financial year.

The bank has not fixed the time for fresh AT1 bonds for now, bank officials said.

India Ratings (Indi-Ra) has assigned 'AA\stable' rating for proposed offering of AT1 bonds.

The bank is also likely to raise equity capital of up to Rs 25 bn from institutional investors in the current quarter.

The bank had raised Rs 20 bn through another qualified institutional placement (QIP) in December 2020.

Its capital adequacy ratio (CAR) stood at 13.2% with tier I at 10.1% at end of March 2021.

In May 2021, its board approved a plan to raise up to Rs 90 bn in the fiscal 2022, out of which Rs 25 bn will be through a QIP.

Meanwhile, the rating agency also revised Canara Bank's outlook from 'Negative' to 'Stable'.

The upgrade reflects the bank's ability to absorb the impact of asset quality deterioration in the year 2021 without material deterioration in credit profile and demonstrated equity raising ability.

Canara Bank share price ended the day up by 0.2% on the BSE.

Speaking of stocks, here is an illustration of the four phases that a stock goes through during its life cycle. The cycle repeats itself after the stock goes through all these for stages.

INCLUDEPICTURE "https://www.eqimg.com/profit-hunter/images/2020/10232020-chart1-equitymaster.gif" \* MERGEFORMATINET

This cycle defines everything in markets. If you can master this cycle, then nothing can stop you from making huge profits.

If you're interested to know how a stock's life cycle can offer you the opportunity to make money in every phase, you can read about it in one of the recent editions of Profit Hunter: One Cycle That Defines Everything in the Markets

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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