Markets bounce back

Nifty50: 17,562 ▲+165 (+0.9%)
Sensex: 59,005 ▲+514 (0.8%)

• It was a volatile session wherein the markets recovered from a weak opening and ended with gains. 
• The market breadth was positive, with 40 of the Nifty50 stocks ending in the green.

For more updates on F&O, click here.

Here are the top stories of the day.

Tata Motors to raise truck prices

TATAMOTORS (NSE): ₹301.60 ▲2.65 (+0.89%)

India’s leading commercial vehicle (CV) maker, Tata Motors has announced a price hike of up to 2% on its commercial vehicles, effective from October 1.

Continuous rise in the price of commodities such as steel and precious metals have led the company to pass on a part of it to the customers. Meanwhile, it is seeing a recovery in its sales volumes wherein domestic CV sales grew 66% on a year-on-year basis. Today, shares of the company were up by 0.9%.

Glenmark Pharma gets approval for antibiotic

GLENMARK (NSE): ₹507.35 ▲12.75 (+2.58%)

Mumbai-based pharma company has received an approval from the US Food and Drugs Administration (USFDA) for Clindamycin Phosphate Foam. This is an antibiotic which is used to treat bacterial infections such as acne. 

The antibiotic is a generic version of Mylan Pharmaceuticals’ Evoclin foam. According to the IQVIA data, the annual market size in the US for this product is $12 million. Meanwhile, shares of Glenmark Pharma were up 2.5% today.     

HCL Tech jumps on a deal win

HCLTECH (NSE): ₹1,298.80 ▲22.65 (+1.77%)

India’s leading IT company, HCL Technologies shares hit a new lifetime high as it announced a five-year deal with US-based MKS Instruments.

The company said that it will enable MKS instrument’s digital and cloud transformation with help of Artificial intelligence and Machine learning automation and IT transformation among other services. Today, the shares of the company were up almost 2% post announcement and are up almost 10% so far this month. 

Closing bell

• After an indecisive start, Indian markets took cues from their European peers and staged a recovery in the second half. 
• The bounce back from yesterday’s correction suggests that the markets are now willing to look beyond the Chinese real estate company’s debacle. 
• The focus is on the outcome of the US Fed's two-day meeting starting today. Markets are keen to get an update on Fed’s bond-buying programme and when its tapering begins. 
• Further, later this week, traders would be eyeing global IT major Accenture’s quarterly results which could impact the movement of Indian IT stocks.  

Learn with Upstox

What is a buyback?

A buyback of shares is a corporate action under which a company buys back its shares from the current shareholders. A buyback is conducted at a higher price than the current market price of the shares. After the buyback, the numbers of outstanding shares reduce leading to an increase in the earnings per share (EPS). As a dividend, a buyback is also a way to reward the shareholders. 

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