Infosys surged 4 percent as CLSA upgraded the stock to buy from underperform and raised target price to Rs 1,070 from Rs 940 after co-founder Nandan Nilekani joined the company again as non-executive chairman.
1:20 pm Market Check: Equity benchmarks remained positive in afternoon trade, with the Sensex rising 159.67 points to 31,755.73 and the Nifty up 49.50 points at 9,906.55.
The rally was backed by Infosys (up 3.78 percent), L&T (1.38 percent) and HDFC (0.7 percent), which were leading contributors. However, Tata Motors, TCS, SBI, Dr Reddy's Labs and Tata Steel were under pressure.
The rally was backed by Infosys (up 3.78 percent), L&T (1.38 percent) and HDFC (0.7 percent), which were leading contributors. However, Tata Motors, TCS, SBI, Dr Reddy's Labs and Tata Steel were under pressure.
The broader markets continued to outperform benchmarks as the BSE Midcap and Smallcap indices gained 0.8-0.9 percent. About 1,517 shares advanced against 858 declining shares on the BSE.
1:10 pm Doklam border issue ends: Two months after the Doklam standoff, both India and China have finally decided to withdraw troops from the tri-junction.
In a statement, the Ministry of External Affairs said on Monday that in recent weeks India and China have maintained diplomatic communications on Doklam.
According to sources, the troops withdrawal process was still on at the time of filing this report.
“In recent weeks, India and China have maintained diplomatic communication in respect of the incident at Doklam. During these communications, we were able to express our views and convey our concerns and interests,” the statement said.
"On this basis, expeditious disengagement of border personnel at the face-off site at Doklam has been agreed to and is on-going," the MEA statement further said.
1:00 pm USFDA nod: The US Food and Drug Administration has cleared Glenmark's Indore facility with zero 483s observations, according to sources of CNBC-TV18.
The inspection by the US health regulator at company's Indore unit was lasted for one week.
Glenmark manufactures oral solids at its Indore facility for US market.
Glenmark has no comment to make w.r.t US FDA inspection outcome.
12:45 pm Essar Steel in focus: Sources told CNBC-TV18 that Essar Steel's committee of creditors and its IRP will hold first meeting on August 31 as lenders are keen to rope in new investor for the company and change promoter.
Turnaround advisory firm Alvarez & Marsal is appointed a interim resolution professional for Essar Steel.
Sources said more than 6 companies, including JSW Steel, Tata Steel etc informally expressed interest in acquiring controlling equity stake of Essar Steel.
Global firms ArcelorMittal, SSG International, Posco, Liberty House also expressed interest in acquiring stake in the company.
Essar Steel has a debt of approximately Rs 45,000 crore to 22 lenders led by SBI.
Tata Steel told CNBC-TV18 that it is evaluating various strategic opportunities on an ongoing basis and would not like to comment on market speculation.
12:40 pm Europe trade: European markets opened on a negative note, as investors gear up for the next round of Brexit talks in Europe, while keeping a close eye on the moves in oil.
The pan-European Stoxx 600 was 0.5 percent lower with all sectors moving south. The UK's FTSE 100 will be closed today due to a public holiday.
12:30 pm Market Outlook: "Market will continue to be rangebound & move sideways," Ajay Bodke of Prabhudas Lilladher said in an interview to CNBC-TV18.
He feels the market will wait for Q2 earnings before decisively breaking recent highs. Downside on Infosys looks limited, according to him.
1:10 pm Doklam border issue ends: Two months after the Doklam standoff, both India and China have finally decided to withdraw troops from the tri-junction.
In a statement, the Ministry of External Affairs said on Monday that in recent weeks India and China have maintained diplomatic communications on Doklam.
According to sources, the troops withdrawal process was still on at the time of filing this report.
“In recent weeks, India and China have maintained diplomatic communication in respect of the incident at Doklam. During these communications, we were able to express our views and convey our concerns and interests,” the statement said.
"On this basis, expeditious disengagement of border personnel at the face-off site at Doklam has been agreed to and is on-going," the MEA statement further said.
1:00 pm USFDA nod: The US Food and Drug Administration has cleared Glenmark's Indore facility with zero 483s observations, according to sources of CNBC-TV18.
The inspection by the US health regulator at company's Indore unit was lasted for one week.
Glenmark manufactures oral solids at its Indore facility for US market.
Glenmark has no comment to make w.r.t US FDA inspection outcome.
12:45 pm Essar Steel in focus: Sources told CNBC-TV18 that Essar Steel's committee of creditors and its IRP will hold first meeting on August 31 as lenders are keen to rope in new investor for the company and change promoter.
Turnaround advisory firm Alvarez & Marsal is appointed a interim resolution professional for Essar Steel.
Sources said more than 6 companies, including JSW Steel, Tata Steel etc informally expressed interest in acquiring controlling equity stake of Essar Steel.
Global firms ArcelorMittal, SSG International, Posco, Liberty House also expressed interest in acquiring stake in the company.
Essar Steel has a debt of approximately Rs 45,000 crore to 22 lenders led by SBI.
Tata Steel told CNBC-TV18 that it is evaluating various strategic opportunities on an ongoing basis and would not like to comment on market speculation.
12:40 pm Europe trade: European markets opened on a negative note, as investors gear up for the next round of Brexit talks in Europe, while keeping a close eye on the moves in oil.
The pan-European Stoxx 600 was 0.5 percent lower with all sectors moving south. The UK's FTSE 100 will be closed today due to a public holiday.
12:30 pm Market Outlook: "Market will continue to be rangebound & move sideways," Ajay Bodke of Prabhudas Lilladher said in an interview to CNBC-TV18.
He feels the market will wait for Q2 earnings before decisively breaking recent highs. Downside on Infosys looks limited, according to him.
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