Market recoups early morning losses to close higher, NIFTY50 scales new peak, SENSEX gains over 530 points: Highlights

The NIFTY Financial Services (-0.1%) index closed lower today, with HDFC Bank and Kotak Bank being the top losers.

The BANK NIFTY (-0.2%) index closed marginally in red. Weakness in HDFC Bank, IndusInd Kotak Bank weighed on the index.

The benchmark indices – NIFTY50 (+0.7%) and SENSEX (+0.7%) – closed higher rebounding from weak start. Out of the NIFTY50 space, 35 stocks closed in the green. Gains in heavyweight stocks like ITC (+2.8%), TCS (2.2%), Reliance Industries (+0.9%) supported the index.

• Listed space technology stocks saw strong traction today after the government allowed up to 100% Foreign Direct Investment (FDI) in the space sector.

• Following the announcement, shares of space-related companies like MTAR Technologies, Apollo Micro Systems, Paras Defence rose in the range of 2 to 6.5% intraday.

• Under the amended FDI policy, up to 100% FDI is allowed in the space sector. The liberalised entry routes under the amended policy are aimed to attract potential investors into Indian companies in the sector.

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• Reliance Jio adds 39.9 lakh users versus 34.5 lakh new additions in previous month
• Vodafone Idea loses 13.7 lakh users versus loss of 10.7 lakh, MoM
• Bharti Airtel adds 18.5 lakh users versus 17.5 lakh addition MoM

Source: BSE

Mahindra Lifespaces share rose more than 2% today after the company recorded sales of over ₹800 crore within three days of launch of its new residential project Mahindra Vista, located in Kandivali East, Mumbai.

• Shares of Olectra Greentech rose more than 6% intraday with a 52-week high of ₹2,221 per share. This rise comes after the company received a letter of award from Brihanmumbai Electric Supply & Transport Undertaking (BEST) for supply, operation and maintenance of 2,400 electric buses.

• As per company, the value of these 2,400 electric buses would be approximately ₹4,000 crore. Meanwhile, these buses will be delivered in 18 months.

• This order for supply of 2400 electric buses will be on gross cost contract (GCC) basis for a period of 12 years (contract period). During this contract period, Olectra Greentech will undertake maintenance of these buses.

Shares of Grasim Industries traded over 2% lower today. The company has forayed into the decorative paint business by launching Birla Opus brand. For this business the company will inaugurate as many as three paints plants at Panipat Haryana), Ludhiana (Punjab) and Cheyyar (Tamil Nadu) today.