Live: Sensex, Nifty Flat; I.T., Realty Stocks Outperform
I.T. Index Up For Four Out Of The Five Sessions This Week
Stock Reaction: Steel Strips Wheels
The company has informed the exchanges that it has received new export orders of nearly 2,700 wheels from the U.S. truck trailer market.
The order is for nearly 2,700 wheels at a cost of $1,14,000, the company said in an exchange filing.
The order will be executed from the company's Chennai plant during the month of October.
The company expects similar orders going forward as well, the statement said.
Shares gained as much as 2.5% to Rs 454, post the announcement. The stock is up for the second straight day.
Markets At Noon
- Benchmark indices remain unchanged in a muted day of trade
- Nifty unchanged at 11,444
- Sensex unchanged at 38,806
- Nifty Bank down 0.4% to 22,371
- Nifty Midcap index up 0.2%
- Nifty Smallcap index up 0.1%
- India Volatility Index down 0.9% to 21.07
- Nifty I.T. index is the top sectoral gainer; up 1.4%
- Nifty Realty is the other major sectoral gainer; up 1.2%
- Nifty Auto and Nifty FMCG up 0.3% each
- Most other sectoral indices trade with a negative bias
- Wipro is the top gainer on the Nifty; up 3%
- IndusInd Bank is the top laggard on the Nifty; down 1.8%
- 944 stocks on the NSE trade with gains while 775 decline
Buzzing Stock: Strides Pharma
- Second best performer on the Nifty Smallcap index
- Gains as much as 6.9% to Rs 649.9
- Biggest single-day gain in three weeks
- Trades at the highest level since April 2018
- Trading near its all-time high level of 653 on August 27, 2020
- Snaps three-day losing streak
- Today's volumes are 68% higher than its 20-day average
- Stock heading towards overbought territory with Relative Strength Index (RSI) at 67
- Has more than doubled from its 52-week low of Rs 268 on March 20, 2020
- All 10 analysts tracking the stock have a buy recommendation
- Return potential of the stock as per Bloomberg data is 1.2%
RBI Sets Compliance Rules For Banks
The Reserve Bank of India has set guidelines for uniform compliance practices at Indian banks to align with rules on supervision.
The rules include a board-approved policy by banks with special emphasis on quality of supervisory reports to the RBI, according to a circular.
A senior executive of a bank must be appointed as the chief compliance officer for a minimum three-year tenure and the offer should not be more than 55-years of age.
The compliance structure should be subject to internal audit and its quality assurance should be subject to an external review.
From Bloomberg