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Stock Market Highlights: Market ends nearly 1% higher, RIL hits Rs 13 lakh crore market cap; Rossari Biotech up 12% over listing price

Stock Market Highlights: Market ends nearly 1% higher, RIL hits Rs 13 lakh crore market cap; Rossari Biotech up 12% over listing price

Stock Market Highlights: Market ends nearly 1% higher, RIL hits Rs 13 lakh crore market cap; Rossari Biotech up 12% over listing price
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Summary

Stock Market Highlights: Indian benchmark indices Sensex and Nifty extended gains to end the day higher on Thursday after Reliance Industries' market capitalisation hit Rs 13 lakh crore, just after 8 sessions of hitting Rs 12 lakh crore. Rossari Biotech ended 12.51 percent higher over its listing price. The stock received a total of about 75 percent premium over its issue price. At close, the Sensex ended 269 points higher to 38,140 while the Nifty50 index ended at 11,215, up 82 points. Broader markets outperformed the benchmarks, Nifty Midcap 100 index ended 0.96 percent higher while the Nifty Smallcap 100 index closed 1.03 percent higher. 

Live Updates

Here are the key highlights from today's trading session:

1. Sensex & Nifty back in the green after a day of pause

2. Market closes at over 4-month high, Sensex & Nifty up nearly 1% each

3. Nifty Bank & Midcap Index gain for 6th consecutive session

4. Reliance Industries contributes 44 points to Nifty's gain of 83 points

5. Sensex gains 269 points to 38,140 & Nifty 83 points to 11,215

6. Nifty Bank moves 201 points higher to 23,084 & Midcap index 148 points to 15,572

7. Except IT, all indices end higher; pharma & energy top gaining indices

8. 39 Nifty stocks close in the green; Eicher Motors, SBI, ICICI Bank & RIL top gainers

9. Reliance Industries surges to record high with market cap rising to Rs 13 lakh crore

10. Reliance Industries gains market cap of Rs 1 lakh crore in a week & Rs 2 lakh crore in a month

11. Bajaj Auto gains 1.6% after company says margin will improve going forward

12. L&T ends with a cut of 0.5% after reporting weak operational performance

13. Rossari Biotech makes a strong debut; closes at Rs 752 v/s issue price of Rs 425/share

Jul 23, 2020 3:57 PM

Closing Bell: Market ends with gains led by RIL, stock hits Rs 13 lakh crore market cap; Rossari Biotech up 12% over its listing price

Indian benchmark indices Sensex and Nifty extended gains to end the day higher on Thursday after Reliance Industries' market capitalisation hit Rs 13 lakh crore, just after 8 sessions of hitting Rs 12 lakh crore. Rossari Biotech ended 12.51 percent higher over its listing price. The stock received a total of about 75 percent premium over its issue price.

At close, the Sensex ended 269 points higher to 38,140 while the Nifty50 index ended at 11,215, up 82 points. Broader markets outperformed the benchmarks, Nifty Midcap 100 index ended 0.96 percent higher while the Nifty Smallcap 100 index closed 1.03 percent higher. 

Barring IT index, all sectors ended in the green. Nifty Pharma was the biggest gainer, up 1.44 percent followed by Nifty Realty and Nifty Auto, ending 1 percent higher. 

Eicher Motors, ICICI Bank, Reliance Industries, Tech Mahindra and SBI remained the Nifty50 top gainers while Axis Bank, Shree Cement, Hindustan Unilever, TCS and Infosys were the index top losers.

Jul 23, 2020 3:40 PM

Stock Update: Reliance Industries' market capitalisation hit Rs 13 lakh crore on Thursday just after 8 trading sessions of hitting the Rs 12 lakh crore mark. The stock gained as much as 2.47 percent to Rs 2,053.50 per share on the NSE. 

Jul 23, 2020 3:17 PM
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Stock Market Highlights: Market ends nearly 1% higher, RIL hits Rs 13 lakh crore market cap; Rossari Biotech up 12% over listing price
Jul 23, 2020 3:04 PM

Stock Update: Rossari Biotech made a stellar debut on stock exchanges on Thursday with the specialty chemicals manufacturer's shares listing at Rs 670 apiece. The listing price is at about 58 percent premium from the issue price of Rs 425. The Rossari Biotech stock opened at Rs 670 on the BSE, up by Rs 245 over the issue price of Rs 425 per share, while on the NSE, it debuted at Rs 669.25.

At 2:38 PM, the stock was trading 11 percent higher to Rs 741.10 per share on the NSE, 74 percent over its issue price.

Jul 23, 2020 2:48 PM

Tax relief for Vodafone Idea, SC directs Income-Tax Dept to refund Rs 833 crore

The Supreme Court on Wednesday dismissed a special leave petition filed by the Income Tax Department, directing it to refund a sum of Rs. 833cr to Vodafone Idea. The apex court has directed the taxman to issue the refund immediately.

The court has upheld the Bombay high court order of June 26 directing refund of 833 crore within 2 weeks. In dismissing the plea by the I-T Department, the SC has held the department does not have power to withhold tax refund in anticipation of future demands against the assesse.

The issue revolves around the refund claims made by Vodafone for the Assessment Year 2014-15. After a long winding battle, on April 29, the Supreme Court had allowed Vodafone a tax refund of 733 crore. Click here to read more

The stock gained half a percent to Rs 8.60 per share on the NSE, at 2:37 PM. 

Jul 23, 2020 2:37 PM

HDFC Asset Management Company Q1FY21 | The company reported 3.6 percent rise in Q1FY21 net profit to Rs 302.4 crore from Rs 291.8 crore while revenue fell 18.4 percent to Rs 411.5 crore from Rs 504.4 crore, YoY.

Jul 23, 2020 2:34 PM
Jul 23, 2020 2:21 PM

Flipkart acquires Walmart India's wholesale business, to launch Flipkart Wholesale in August

Flipkart Group, on Thursday, announced the acquisition of Walmart India and launch a new digital marketplace - Flipkart Wholesale to tap into the retail market in India. The e-commerce platform has acquired a 100 percent stake in Walmart India, which operates the Best Price cash-and-carry business. This acquisition was announced with the launch of Flipkart Wholesale, a new digital marketplace to help transform the Kirana retail ecosystem in India.

Flipkart Wholesale will launch its operations in August 2020 and will pilot services for the grocery and fashion categories. It will be headed by Adarsh Menon, a veteran at Flipkart. Sameer Aggarwal, Chief Executive Officer at Walmart India, will remain with the company to ensure a smooth transition, after which time he will move to another role within Walmart. Read more here.

Jul 23, 2020 2:11 PM

Expect #silver to outperform gold in percentage terms:  Ed Morse of Citi 

Jul 23, 2020 2:02 PM

This agri stock surged over 140% in just 4 months

Agri seems to be the new favourite theme for investors. At a time when other sectors have seen demand disruptions due to the coronavirus-induced lockdown, Rallis India, a crop care company, has surged more than 100 percent. The stock has risen nearly 141 percent in the last four months.

The stock had fallen nearly 30 percent in the first three months of 2020. However, it rebounded and jumped as much as 140.9 percent from its 52-week low of Rs 127 hit on March 24, 2020. Overall in 2020, this stock has surged over 70 percent. Continue reading

Jul 23, 2020 1:48 PM

Stock Update: UCO Bank's share price rose as much as 1.76 percent to Rs 14.40 apiece on the NSE after it approved the proposal to raise equity capital aggregating Rs 3,000 crore. In its exchange filing, the state-run lender said that the capital raising will done via follow-on public offer (FPO), QIP, preferential issue among others. However, this will be subject to necessary approval from the government, SEBI and the RBI, added the filing.

Jul 23, 2020 1:35 PM

Stock Update: Glenmark's shares rose as much as 4 percent to Rs 422.25 apiece on the NSE after the company informed the exchanges that the phase-3 clinical trial of Favipiravir in patients with mild to moderate COVID-19 demonstrated statistically significant faster time to clinical improvement as compared to control. It further said that the medicine has a 40% faster clinical cure. 69.8% of patients in the Favipiravir treatment arm achieved clinical cure by day 4, which is statistically significant compared to 44.9% observed in the control arm, added the release. 

Jul 23, 2020 1:22 PM
SpiceJet can now operate flights to the US
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Stock Market Highlights: Market ends nearly 1% higher, RIL hits Rs 13 lakh crore market cap; Rossari Biotech up 12% over listing price
Jul 23, 2020 1:02 PM

Punit Goenka steps down from Zee Media's board of directors; stock up over 4%

Zee Media Corporation on Wednesday announced the resignation of Punit Goenka as the company's non-executive director, citing preoccupation as the reason.

The company in its exchange filing said, "This is to inform that Mr. Punit Goenka, non-executive, non-independent director, has tendered his resignation from the directorship of the company with effect from the close of business hours on July 22, 2020."

However, Goenka will continue to be Zee Entertainment's MD & CEO. He was reappointed as the company's MD & CEO last year.

Zee Media gained as much as 4.42 percent to Rs 5.90 per share on the NSE. Meanwhile, Zee Entertainment was the Nifty50 top gainer and rose as much as 6.36 percent to Rs 166.80.

Jul 23, 2020 12:46 PM

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