Stocks

Equities rally for third day in a row; Sensex up 258 points led by IT, Healthcare

BL Internet Desk Mumbai | Updated on September 16, 2020 Published on September 16, 2020

Trading in the stock market had been disrupted for three days this week, with pay-in and pay-out getting delayed for the first time in 25 years on the NSE   -  Paul Noronha

Nifty ends above 11,600 mark

Domestic equity benchmark indices Sensex and Nifty on Wednesday continued their upward journey for the third straight session in a row. While the Sensex closed above 39,300 level, the Nifty held above 11,600 mark mailnly lead by IT, Healthcare and Auto stocks. 

Earlier, equities opened on a cautious note tracking mixed cues from other Asian peers amid strong gains in overnight US markets. However, some persistent buying in select large-cap and mid-cap stocks provided necessary fillip to the key indices.

After opening higher by 116 points, the 30-share BSE index witnessed some choppy moves intraday before closing higher by 258.50 points, or 0.66 per cent, at 39,302.85

On the NSE, the Nifty rose 82.75 points or 0.72 per cent to 11,604.55.

M&M was the top gainer in the Sensex pack, rising around 4 per cent, followed by Bajaj Auto, Sun Pharma, HDFC Bank, Infosys, L&T, Nestle, UltraTech Cement and ICICI Bank.

On the other hand, IndusInd Bank, NTPC, sbi, ONGC, Bharti Airtel, Axis Bank, ICICI Bank, ITC and PowerGrid were among the laggards.

The market breadth was almost even. On the BSE, 1,416 shares rose and 1,315 shares have declined. A total of 206 shares were unchanged.

Exchange data showed that foreign institutional investors bought equities worth Rs 1,170.89 crore on a net basis on Tuesday.

 

BirlaSoft climbs 11% on insurance solution to AmCap

 

Shares of BirlaSoft over 11 per cent to Rs 199.45 on the BSE today after the software company, which is part of the USD 2.4 billion diversified, The CK Birla Group, announced it has successfully gone live with the Submission Automation Portal for American Capital Assurance Corp (AmCap Insurance).

Shilpa Bhandari, SVP & Global Head, BFSI, Birlasoft congratulating AmCap Insurance for the smooth release of Submission Automation Portal, has said: "We are proud to partner with AmCap Insurance in their journey to innovate and achieve excellence in underwriting operations. This platform provides a strong foundation for AmCap Insurance to generate high underwriting profitability and superior customer service to their agency partners and customers.”

AmCap Insurance was looking to transform their underwriting operations around submission intake and management. There has been a steady rise in submissions volume and with state expansion planned, AmCap Insurance ealized that process automation in conjunction with an intuitive web portal would alleviate the challenges in submission handling workflow.

The Submission Automation Portal automates the intake process, data extraction, submission prioritization, and routing with OCR and eligibility. Integration with email and other internal systems facilitates better underwriter- agent collaboration and seamless data exchanges.

Sterlite Technologies shares jump over 3 per cent

 

Shares of Sterlite Technologies on Wednesday gained over 6 per cent intrady after the company announced a partnership with Bharti Airtel to build an optical fibre network.

The scrip jumped 6 per cent to Rs 166.80 on the BSE during intraday. At close, the stock was traded at Rs 163.25, up by Rs 5.95, or 3.78% over yesterday's closing level.

On the NSE, the stock rose Rs 5.70, or 3.62 per cent to Rs 162.95 per share.

On Tuesday, the company said it would build a modern optical fibre network for Bharti Airtel across 10 telecom circles.

The modern optical network will enable Airtel to deliver enhanced customer experience through scalability, reduced latency, and improved bandwidth, it had said.

Vedanta up 2% on SC order on Ravva oil fields

 

Share price of Vedanta gained 2.32 per cent to Rs 134.35 on the BSE after The Supreme Court has rejected government's plea challenging $499 million arbitral award for Ravva Oil Fields in company's favour. The Court has uphold Delhi High Court Order which refused to interfere with arbitral award.

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Published on September 16, 2020
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