Market Update - RCom shares gain 10%, ADAG stocks in focus, L&T slumps

RCom shares gain 10% - Shares of Anil Ambani-led Reliance Communications surged 10% on Tuesday afternoon to Rs 4.40, after a statement confirmed that RCom has made a payment of Rs 550 crore and interest thereon to Ericsson, in compliance of the judgement of the Supreme Court.

Gainers include Sun Pharma, BPCL, RIL, Bharti Airtel, SBI, Axis Bank, PNB, Canara Bank, while losers are Maruti Suzuki, Eicher Motors, ICICI Bank, Hero Moto, M&M, Bajaj Auto and L&T. Among the sectors, auto, infra and metal are under pressure, while pharma, IT, energy and bank are witnessing buying interest.

L&T slumps - Larsen & Toubro on Monday said it has bought a 20.32 per cent stake in IT services company Mindtree for Rs 3,269 crore. L&T, which is acquiring the shares from Indian coffee baron VG Siddhartha and companies related to him, said it had also placed an order with its broker for an on-market purchase of up to 15 per cent of Mindtree’s shares at Rs 980 per share.

Crude Update: Oil prices hovered just below 2019 highs early on Tuesday, supported by ongoing supply cuts led by producer club OPEC.

Money Market Update: Rupee Opens Little Changed The Indian rupee opened a little changed at 68.58 after rallying for six consecutive trading sessions. The rupee rose nearly 1 per cent on Monday to end at 68.53 on Monday, adding to last week’s 1.5 per cent rise amid rising foreign fund inflows into India's stock and bond markets. Foreigners have bought over $3 billion in Indian assets so far this mo

Torrent Power Gains After Block Deal - Shares of Torrent Power rose as much a 3.1 per cent to Rs 269.40. About 4.6 crore shares of the company changed hands in a block deal during pre-market trade. The stock advanced 11.8 per cent over the past year compared

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Stock Market Update - Avanti Feeds Gains, Tata Group Stocks Trade Mixed

Orient Electric Halts Two-Day Gaining Streak, Shares Fall 6% Shares of Orient Electric fell as much as 5.7 percent to Rs 184.05, halting a two-day gaining streak. The stock advanced 21 percent in the past 12 months compared to a 14 percent gain in the Sensex. Tata Group Stocks Trade Mixed After NCLAT Order Shares of the Tata Group companies traded mixed after the National Company Law Appellate Tribunal ruled that his dismissal as chairman of Tata Sons Ltd. was illegal. While restoring him to his original position as executive chairman of the Tata Group’s holding company, the NCLAT held that the resolution by Tata Sons board removing Mistry was illegal. Essel Propack Surges 16% To Record High Shares of Essel Propack rose as much as 16 percent, the most since Jan. 28, 2019, to hit an all-time high at Rs 175.45. Trading volume was more than seven times its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may...

Stock Market News - Yellow metal hits fresh record high as Iran attacks US forces

On the MCX, gold contracts for February were trading higher by Rs 562, or 1.38 percent, at Rs 41,225 per 10 gram at 0920 hours. It hit a record high of 42,278 per 10 gm. India Gold February futures hit a fresh record high on January 8 tracking gains in international spot prices which surged past $1,600 an ounce mark after Iran fired rockets at Iraqi airbase which hosts US forces that triggered risk-off sentiment. Spot prices hit their highest since March 2013 at $1,610.90 earlier in the session. US gold futures rose 2 percent to $1,605.80. “The jump in the price of what’s viewed by investors as a safer asset in times of political and economic uncertainty came after Iran’s missile attack on US-led forces in Iraq early on Wednesday,” said a Reuters report. “The attack came hours after the funeral of an Iranian commander whose killing in a US drone strike has raised fears of a wider conflict in the Middle-East,” it said. On the MCX, gold contracts for February were trading...

Share market updates: Sensex falls 200 points, Nifty open lower at 10,850;Eicher Motors down 5%

Share market LIVE: The benchmark equity indices – Sensex and Nifty – opened on a lower note Wednesday even as the domestic markets rallied yesterday. The S&P BSE Sensex Index declined 0.6% intraday to 36,035.78 and the NSE Nifty 50 Index fell 0.38 percent to trade near 10,850. IT stocks — Tech Mahindra (1.13%) and Wipro (1.09%) — are the major gainers today. Eicher Motors leads the index losers list with a loss of 5.63%. Coal India, TATA Motors, Jet Airways, NMDC, LIC Housing Finance, Power Grid, and Glenmark Pharma are among the major stocks that will remain in focus throughout the day. Bharti Airtel share price ended the session 2.7% higher to 312.55, while HDFC share price gained by more than 1.9% to Rs 2,008. Yes, Bank share price zoomed more than 2% to hit the day’s high at Rs 185.90. Eicher Motors Worst Performer On Nifty After December Sales Fall 13%. Shares of Eicher Motors fell as much as 5.8 per cent, the most in over two months, to Rs 21,860. The comp...

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