The board approved raising of funds by way of issuance of equity shares or such other eligible security for an aggregate amount not exceeding Rs 1,000 crore

Shares of Lakshmi Vilas Bank were locked at 5 percent lower circuit on August 29 after the managing director and chief executive officer of the company resigned.

Parthasarathi Mukherjee, managing director & chief executive officer of the bank has submitted his resignation, owing to personal reasons. The letter was placed before the board in the meeting held on August 28 and the board has accepted the same, as per company release.

There were pending sell orders of 6,303 shares, with no buyers available.

The company board in its meeting approved the increase in the authorized share capital of the bank from Rs 500 crore to Rs 650 crore.

The board also approved raising of funds by way of issuance of equity shares or such other eligible security for an aggregate amount not exceeding Rs1,000 crore and raising of funds by way of issuance of bonds, NCDs for an aggregate amount not exceeding Rs 500 crore.

The bank has also approved the notice of the ensuing 92nd annual general meeting of the Bank to be held on September 27, 2019, and the same will be issued to the shareholders of the Bank.

Lakshmi Vilas Bank was quoting at Rs 38.75, down Rs 2 on the BSE.

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Vedanta Ltd on Tuesday said it has collaborated with government think-tank Niti Aayog to help improve the quality of life of the people of Kalahandi district of Odisha. NITI Aayog and Vedanta will work together to assist the district by reviewing and co-creating strategic action plans to improve lives of local communities through interventions in health and nutrition, education, financial inclusion, skill development and basic infrastructure related aspects as defined in aspirational districts mandate under the overall development policies of the state government, the company said in a statement.

"Vedanta Ltd signed a Statement of Intent (SoI) yesterday with NITI Aayog to help improve the quality of life of the citizens of Kalahandi district, Odisha, through their CSR fund as part of Aspirational Districts' initiative," the company said.

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Media reports suggested that the company, along with Reliance Jio and Bharti Airtel, may not bid for 5G spectrum

Shares of Vodafone Idea tumbled 6 percent intraday on August 28. The scrip has been trading in the red from the past two sessions.

Shares of the telecom major have been performing poorly since it came into existence after the merger of Vodafone India and Idea Cellular in 2018. Year-to-date, the stock had lost about 77 percent of its market value on the BSE.

As per the quarterly revenue data from the Telecom Regulatory Authority of India (Trai) compiled by SBICAP Securities, the company posted a sequential decline in revenues in June quarter, while competitors Bharti Airtel and Reliance Jio Infocomm reported notable expansions, daily Mint reported.

Based on adjusted gross revenues, including receipts from long-distance services, Vodafone Idea’s market share dropped from 32.1 percent in the quarter ended March 2019 to 27.8 percent in the last quarter. Two years ago, the combined market share of Vodafone India and Idea Cellular stood at 42.5 percent, the report added.

As per a report by brokerage Kotak Institutional Equities, Vodafone Idea’s debt and deferred spectrum repayment schedules, basis the company’s FY2019 annual report, suggests a need for another round of equity infusion as early as 2Q/3QFY21E unless there is a quick and steep recovery in ARPU or fibre sale closes and fetches upwards of Rs 10,000 crore or some of the debt due for repayment is refinanced or capex credit increases by a sum materially higher than the Rs 6,000 crore.

Meanwhile, media reports suggested that the company, along with Reliance Jio and Bharti Airtel, may not bid for 5G spectrum, citing high cost and limited availability of the airwaves.

shares of Vodafone Idea traded 3.40 percent down at Rs 5.12 on BSE.

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Maruti Suzuki India Ltd Chairman R.C. Bhargava said on Tuesday the company had not renewed the contracts of 3,000 temporary employees, as the automaker battled rising inventory amid a slowdown in demand

Safety norms and higher taxes have "added substantially" to the cost of cars, affecting their affordability, Bhargava told shareholders at the company's annual general meeting.

With India's auto sales declining for the ninth straight month in July, more automotive manufacturers are laying off workers and temporarily halting production to keep costs in check, Reuters reported on Saturday.

The company is on track to meet the country's new emission norms, adding that the company will move towards manufacturing compressed natural gas (CNG) and hybrid cars.

Maruti plans to increase CNG vehicles by 50% this year, Bhargava said.

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The bottom-out effect along with the government's growth-inducing measures were the prime reasons for the Indian equity markets stellar rise on Monday

Experts have said that key indices had bottomed-out last week as investors waited for the government's measures to shore up growth. The steps were announced after market hours on Friday. 

In stock parlance, the bottom-out effect appears when any scrip or index touches the lowest possible point with respect to various market conditions and time periods. 

"Equity markets had bottomed-out on a near-term basis last Friday. Today's rise has come as a result of that trend," HDFC Securities' Retail Research Head Deepak Jasani told IANS. 

"If further steps are taken to usher in growth then the bottom-out effect will last from immediate to medium term period."

Last Friday, Finance Minister Nirmala Sitharaman gave a major economic boost to diverse sectors such as NBFCs, auto, housing, MSMEs, equity markets and banking via a slew of measures on tax surcharge, GST refunds, easier loans and demand generation.

"Multi RSI (relative strength index) divergence, record FPI futures short position and the subsequent reversal candle indicates that a swing low and bottom is in place," Edelweiss Professional Investor Research Chief Market Strategist Sahil Kapoor told IANS.

"The market rose on positive breadth with the corresponding decline in yields and stoppage of rupee depreciation. This indicates that a break above 200DMA (day moving average) for Nifty is likely to take it from 11,400 to 11,600 range."

On Monday, Indian markets advanced sharply on the back of Finance Minister Sitharaman's measures to combat slowdown and improve foreign investor confidence.

Both the Sensex and Nifty surged over 2 per cent as investors rejoiced over what many analysts are dubbing as Sitharaman's "mini-budget". The single biggest push came via the roll-back of the much-criticized tax surcharge on Foreign Portfolio Investors (FPIs).

The BSE Sensex jumped 792.96 points, or 2.16 per cent, to close on Monday at 37,494.12, while the Nifty gained 228.50 points, or 2.11 per cent, to 11,057.85.

The financial sector and public sectors banks (PSBs) led the charge on Monday. The Nifty Financial Service index closed 4 per cent higher, followed by the Nifty PSB index that was up 3.58 per cent. The Nifty Realty index surged by 3.74 per cent.

"The initial set of actions, though small, has enhanced market sentiment and confidence," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

The market will trade in a positive bias awaiting further developments regarding additional government measures and US-China trade talks, he added.

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Just when realty stocks were beginning to recover lost ground following a decent show in the June quarter, fresh woes have rocked the sector. The Nifty Realty index tumbled 10.8% since Monday’s close as non-disclosure of facts and income tax raids haunt market leaders

On Tuesday, investors were stumped as Oberoi Realty Ltd, a leading real estate firm with strong brand equity in the both residential and commercial property market, came under the Income Tax Department’s scanner. Both Oberoi Realty and one of its large vendors Capacite’ Infraprojects Ltd are currently being questioned on suspicious transactions between the two companies. Besides, there is allegedly a difference between the sale price of housing units reflected in its books and registered prices. While Oberoi Realty stock fell 11% in two trading sessions, opening even lower on Friday, Capacite Infra hit an all-time low after tumbling 28%.

Investors were in for a bigger shock on Thursday as DLF Ltd’s shares slumped 20% in the first hour of trade. This was following a Supreme Court notice based on a plea that the company had hidden key information from shareholders pertaining to pending cases regarding a Haryana land bank. Although some analysts dismissed this as hardly material to earnings, investors were peeved on grounds of failed governance and lack of transparency.

DLF’s management clarified that all disclosures and compliances have been adhered to. However, the event dented sentiment of investors who had regained faith after the company untangled its debt-ridden mess that shook its foundation for nearly a decade. In fact, even June quarter results showed an improvement in sales with the management retaining its guidance of moving towards zero debt in the near term.

To be sure, the last few weeks have been tumultuous for realty firms. Debt-laden Housing Development & Infrastructure Ltd (HDIL) hit an all-time low of 6.33 a piece, with a fall of 20% on Wednesday. The firm that was referred to the NCLT will face insolvency proceedings following a plea by one of its bankers which claimed that the real estate developer had failed to pay dues of 522 crores.

In short, issues of accounting transparency and governance that brought many companies to book in the post-RERA (Real Estate Regulation and Development) Act, 2016, continue to haunt investors in realty stocks.

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The share touched its 52-week high Rs 234.90 and 52-week low Rs 104.05 on 30 May 2019 and 16 August 2018

Shares of IOL Chemicals and Pharmaceuticals rose nearly 4 percent intraday on August 21 as the company made pre-payment of its term loan.

The company has made the pre-payment of the term loan of Rs 9.52 crore due to banks in addition to scheduled repayment, as per BSE release.

The company has made the pre-payment of the term loan of Rs 107.70 crore till date to reduce the term debt, which remains at Rs 123.45 crore as on date.

IOL Chemicals and Pharmaceuticals was quoting at Rs 189.75, up to Rs 5.65, or 3.07 percent on the BSE.

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The company said it plans to conduct a detailed forensic investigation to establish the accountability of wrongdoings

Shares of CG Power and Industrial Solutions were locked at 20 percent lower circuit intraday on August 20 after the company recognised irregularities in its financial statements. unauthorised transactions

The scrip has hit a new 52-week low of Rs 14.75.

The company in a regulatory filing on August 19 said that an internal probe has uncovered some irregularities in the financial statements of the company.

"While working on one of its priority tasks of seeking refinancing of certain facilities and as a part of conducting financial analysis in this regard, the Operations Committee was made aware of some unauthorised transactions by certain employees of the company," the BSE filing said.

An independent legal firm appointed by the board of directors to probe financial wrongdoings pointed out certain misrepresentation in financial statements of the company and unauthorized financial transactions.

The company plans to conduct a detailed forensic investigation to establish the accountability of wrongdoings and will take requisite legal actions to protect its interest.

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State Bank of India (SBI), the country's largest lender, on Tuesday, announced processing fee waiver on car loans during the upcoming festival season in a bid to boost car sales. The bank is also offering the lowest interest rate starting 8.70 per cent on car loans, with no escalation in interest

"The SBI has waived processing fees on car loans during the festival season. The bank is offering the lowest interest rate starting 8.70 per cent to customers opting for a car loan, with no escalation in interest. For customers applying for a car loan online through digital platforms like YONO/ the bank's website, it is providing 25 bps concession on the interest rate. Salaried customers can also avail loan up to 90 per cent of the car's on-road price," the lender said in a statement.

To bring more smiles, the SBI has also announced personal loan up to Rs 20 lakh at the lowest interest rate starting from 10.75 per cent with the longest re-payment tenure of 6 years, reducing the EMI burden on customers. 

Additionally, salary account customers can avail pre-approved digital loans up to Rs 5 lakh through YONO (the SBI's integrated digital banking app) in four clicks, said the statement.

The bank is also offering education loan up to Rs 50 lakh and up to Rs 1.50 crore for studies in India and abroad respectively at an interest rate starting 8.25 per cent. Customers will be offered the longest re-payment tenure of 15 years which will effectively reduce their EMI burden.

Recently, the SBI reduced MCLR (marginal cost of funds based lending rate) by 15 bps due to which overall home loan interest rate is down by 35 bps since April 2019. Currently, the bank offers the cheapest home loan with an interest rate of 8.05 per cent as repo rate linked home loan and this rate will be applicable to all existing and new loan from September 1.

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HCL will acquire 90 acres of land to add to the existing state-of-the-art 50-acre campus in MIHAN, Nagpur

Shares of HCL Technologies gained more than 1 percent intraday on August 19 after the company signed MoU with Maharashtra Airport Development Company.

As per BSE release, HCL Technologies signed a Memorandum of Understanding for expansion of its MIHAN campus in Nagpur, in-line with HCL’s plan for Tier-II cities in the country.

As part of the MoU, HCL will acquire 90 acres of land to add to the existing state-of-the-art 50-acre campus in MIHAN, Nagpur.

HCL also announced the launch of Tech Bee – HCL’s Early Career Program – a work-integrated career program for students who have completed Class XII. After completion of the program, the students will be deployed at HCL Technologies.

Sanjay Gupta, Corporate Vice President, HCL Technologies said, “At HCL, we identify the strongest capabilities in our workforce to ensure the best result for our clients. The expansion of the HCL campus in MIHAN is aligned with our strategic vision to expand and create opportunities in the emerging cities.”

HCL Technologies was quoting at Rs 1,075.00, up to Rs 13.35, or 1.26 percent on the BSE

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Glenmark Pharmaceuticals Ltd perhaps needs a stronger pep pill. Its first-quarter (Q1) results disappointed and fell short of analysts’ expectations. Besides, investors are not expecting its debt reduction plans to be any smooth either

A bigger disappointment came in its overseas businesses, particularly in the US, which clocked revenue growth of just 3.86% year-on-year in the June quarter. Analysts were expecting double-digit growth in the low teens from this important market.

Europe posted a fairly decent increase of about 10.5%, while Latin America saw revenues shrink 17%. Revenue growth in the rest of the world was about 5.4% year-on-year.

The US business was impacted by a decline in sales of its Mupirocin cream. Besides, tropical dermatological and skincare products are seeing significant price erosion, which has been continuing for three quarters now. Thankfully, two generic approvals in the second quarter could shore up its US business.

Besides, the company has launched multiple products in major countries in Europe during Q1, which should aid growth in the coming quarters.

Costs, though, have piled up in Q1. Raw material prices have surged by about 22% year-on-year. As a result, Ebitda margins have dipped from 16% a year ago to 14.7% in the June quarter. This is about 200 basis points below analysts’ estimates. Ebitda is earnings before, interest, taxes, depreciation and amortization.

Besides, Glenmark is undergoing a restructuring exercise. The company plans to reduce debt by about ₹700-800 crore in FY20. On this front, it is seeking a partner for its speciality chemicals business. Additionally, it is also seeking a minority partner in the recently separated active pharmaceutical ingredient business, Glenmark Life Sciences Ltd.

But slow business conditions, particularly in the US, are not convincing the market of this debt reduction programme. “Despite several niche approvals, Glenmark’s US business has failed to take off and restricted the company’s ability to meaningfully reduce debt as parallel investments in speciality/innovation pipeline have continued. Given a tepid outlook, we expect debt reduction to be gradual ( 400 crores vs. 700-800 crore guidance)," said analysts at Emkay Global Financial Services Ltd in a note to clients.

Additionally, its Baddi plant is facing regulatory issues, with the US FDA classifying it as Official Action Indicated, which impedes business from this facility. Much will depend on how soon Glenmark comes out of this and how its US business progresses, going forward.

“Increasing pricing pressure in the US and highly leveraged balance sheet limit the stock’s upside potential," said Reliance Securities Ltd in a recent client note. Little surprise, Glenmark has tumbled over 15% since its results were announced on 13 August.

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The Sensex gained 463.69 points to end at 37,581.91, while Nifty ended at 11,109.7, up 112.35 points last week

Indian markets ended on a positive note in the volatile week ended August 9 amid June quarter earnings, RBI monetary policy, and fresh concerns over Sino-US trade worries.

Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) reduced repo rates by another 35 basis points to 5.4 percent in the August Policy review while maintaining an accommodative stance. It now stands at the lowest level since April 2010.

The Sensex gained 463.69 points to end at 37,581.91, while Nifty ended at 11,109.7, up 112.35 points last week.

The S&P BSE Midcap index rose 1.26 percent, Smallcap Index added 1.10 percent and S&P BSE Largecap index was up 0.68 percent last week.

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The buying was seen across sectors and broader markets traded in line with benchmarks for the second straight day, largely driven by domestic factors.

After a steep fall followed by consolidation in the early part of the week, the market has broken on the upside with full force in later part, as bulls took complete charge of Dalal Street for the second consecutive day on August 9.

Buying has been seen across sectors and broader markets traded in line with benchmarks for the second straight day, largely driven by domestic factors.

The BSE Sensex rallied 254.55 points to 37,581.91, taking two-day gains to nearly 900 points. The Nifty50 climbed 77.20 points to close at 11,109.70.

The market breadth was also in favour of bulls as about two shares advanced for every share falling on the BSE. The Nifty Midcap and Smallcap indices gained 1 percent each.

The five factors driving the market high Optimism on FPI surcharge

Reports that the government could tweak or rollback the surcharge on super-rich has played a big part in the upswing. The controversial tax was one of the main reasons for the outflow of foreign institutional investor (FII) money since July.

Presenting the budget on July 5, Finance Minister Nirmala Sitharaman proposed an increased surcharge of 25 percent for individuals earning between Rs 2 crore to Rs 5 crore annual, and 37 percent for those with an income of for more than Rs 5 crore. It effectively increased the tax rate to 39 percent for those in the Rs 2 crore-5 crore bracket and 42.7 percent for those in the higher bracket.

Given that the Income Tax Act includes the association of persons/ body of the individual, trusts in the definition of an individual, the increased surcharge will also be applicable to a majority of the foreign portfolio investors (FPI).

Since July, FIIs have sold more than Rs 25,000-crore worth of shares in India.

"Market gets a breather due to the expectation that the government is likely to be lenient on a higher surcharge on FPIs, which influenced bears to cover their short positions," Vinod Nair, Head of Research at Geojit Financial Services, said.

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The key positive highlight of UltraTech Cement Ltd’s June quarter earnings is the sharp improvement in operating margin. Cast your eyes on the chart alongside. Ebitda margin surged 26%, exceeding analysts’ estimate of 23-24%

Ebitda is earnings before interest, tax, depreciation and amortization, and is a key measure of profitability.

This improvement in margin was primarily driven by higher price realizations. “Cement realisation/tonne witnessed sharp uptick by 13.5% YoY and 12% QoQ at ₹5,037 (which seems to be the highest compared to peers reported so far)," said analysts from Reliance Securities Ltd. Softening input costs also supported operating performance.

Unfortunately, the margin performance wasn’t enough for investors to shift focus from the company’s weak volume growth. Cement sales volume increased by merely 2% year-on-year to 17.86 million tonnes (mt), much lower than the anticipated 18.5 mt.

In its investor presentation, UltraTech Cement indicated that the cement industry’s volumes declined by 3-4% during the June quarter. At the same time, the industry’s capacity utilization was at 67%, suggesting demand was rather tepid.

In a post-earnings conference call with analysts, the management said that cement demand was impacted by general election code of conduct, but is likely to improve in the second half of the year. The company foresees 6% growth in cement demand for the industry in the fiscal year 2020.

As far as prices are concerned, the management said the June exit price was 3% lower than the average price seen earlier in the month and the demand-supply dynamics would play on prices, hereon. The benefits of the decline in the price of petroleum coke, a key input, will be seen in the quarters ahead, it added.

Going ahead, UltraTech Cement’s focus remains on deleveraging and consolidation of sister firm Century Textiles’ cement assets.

Meanwhile, improved performance of the acquired assets from Binani Cement Ltd and Jaiprakash Associates Ltd (Jaypee Cement), besides sequential reduction in debt were some other positives. But the sour point for the market remained poor volume growth.

Reacting to its earnings, the UltraTech Cement stock swung from the green to red, closing over 2% lower to ₹4,233.15 on Thursday. Nonetheless, it was the second-most expensive pan-India-focused cement stock after Shree Cement Ltd, trading at a one-year forward EV/Ebitda of 15 times. EV stands for enterprise value.

To be sure, analysts have cautioned of some more downside in the UltraTech Cement stock given that September is a seasonally weak quarter for the sector.

The lull in demand, especially from the housing sector, continues to weigh on cement prices. This does not bode well. Cement prices across the country corrected further in July and are likely to remain on a weak footing, at least for now.

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Indian shares rose marginally on Thursday, tracking gains in broader Asia, after the Reserve Bank of India's (RBI) cut interest rates by an unconventional 35 basis points, highlighting its concerns of a slowing domestic economic growth

The broader Nifty was up 0.1% at 10,866.75 as of 0407 GMT, while the benchmark BSE Sensex rose 0.11% at 36,741.69.

Asian shares rallied after China limited the fall in the yuan. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.8%.

The RBI repo rate cut to 5.4% on Wednesday also seemed to bring some cheer to investor sentiment in the local markets, which is grappling a slowdown in consumption and a credit squeeze among shadow banks.

"The expected rate cut has happened and there are signs that the regulator is clearing the NBFC  mess," said Anand James, chief market strategist at Geojit Financial Services.

"We are coming off global challenges and there are signs of things changing."

IT and auto stocks led gains among sectors.

The Nifty IT index was up about 1%, tracking the stronger dollar, after China's move to set its official yuan midpoint below the key seven to the dollar threshold for the first time since the global financial crisis.

The Nifty auto index was up 0.73% after industry executives met with government officials and sought tax cuts and easier access to funds to revive the ailing sector, which contributes 7% to the country's GDP.

Hero Motocorp rose as much as 5% to 2,629 rupees a share in early trading, its highest in more than five weeks, boosting the index the most.

HCL Technologies shares were also up 3.6%, after the IT services company guided to a constant currency revenue growth of between 14% and 16% for this financial year.

Among losers, Cipla fell 2.8% after the generic drugmaker reported a quarterly profit that missed estimates.

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Shares of HCL Technologies Ltd lost about 10% since its March quarter results, underperforming the Nifty IT index, due to concerns over growth and profitability. The June quarter results will reassure investors to some extent

Constant currency revenues grew 4.2% from the March quarter, better than the most optimistic estimate on the Street. From a year ago, they are up 17%, the highest in recent years. Excluding the benefit of a recent acquisition, sequential revenue growth stood at 3.8%, which is healthy.

However, the benefit of revenue acceleration was negated by a steep fall in profitability to 17.1%. It is down a good 1.8 percentage points from the March quarter. As a consequence, operating earnings (earnings before interest and tax ) in dollar terms fell 6.3% sequentially. “Management already guided that Q1 margins will be weak owing to IBM products acquisition led transition costs while revenues would be absent and flow only from Q2. However, the quantum of margin drop is steep," said an analyst on condition of anonymity.

Apart from IBM product acquisition-related costs, a significant part of the incremental growth last quarter is on-site dependent, which has a low margin.

Even so, the company retained the 18.5-19.5% margin guidance for the full year. “I know that there is a bit of a climb from 17.1%, but we have an action plan," said C. Vijayakumar, president and chief executive officer of HCL Technologies.

The plan involves cost rationalization and revenue generation from recent investments. The IBM products acquisition will begin generating revenues from the current quarter, covering the costs of this investment. Investments and spends in the engineering division are projected to moderate. Further, the management plans to optimize the on-site-offshore mix and rationalize several other costs.

The steps will aid HCL Technologies’ profitability. But how well the management will succeed in eking out the gains will be known only when it delivers the September quarter results. Otherwise, it is confident of delivering 14-16% constant currency revenue growth it had guided for FY20.

Deal bookings moderated a bit last quarter, but the pipeline is strong. This should help the HCL Technologies stock, especially given its undemanding valuations and recent underperformance. “Potential acceleration in revenue growth, encouraging investments in applications business and momentum of large deals have been completely ignored," Kotak Institutional Equities said in a note. “To be clear, we do not like the products strategy of HCL, but find valuations at 12 times FY2021 estimated earnings difficult to ignore."

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Autos and the banking index are trading flat while realty stocks have advanced ahead of the RBI monetary policy

Indian stock market is trading on a flat to positive note ahead of the RBI Policy. Nifty is up 18 points to 10,966 while the Sensex has gained 65 points and is trading at 37,042.

Economists expect the RBI to cut the repo rate by 25 basis points. If there is a rate cut, this will be the fourth consecutive repo rate cut.

RBI is also likely to announce a few measures to address the liquidity concerns. NBFCs have been facing a cash crunch that has spilled over to other sectors like auto.

In July, RBI Governor Shaktikanta Das said in an interview that the switch to an accommodative stance in June policy review amounted to 25 basis points cut.

Amar Ambani, President & Research Head, Institutional Equities, YES Securities said that they expect to see a downward revision to RBI’s FY20 GDP growth forecast of 7 percent.

Ahead of the policy decision, the S&P BSE Auto index is trading flat with Hero MotoCorp jumping close to 2 percent followed by TVS Motor, Exide Industries and Ashok Leyland while on the other hand, Mahindra & Mahindra, Motherson Sumi Systems and Tata Motors are trading in the red.

S&P BSE Finance is also flat in this morning session. The top gainers are Allahabad Bank, Bajaj Finance, Bajaj Finserv, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dhanalakshmi Bank, J&K Bank, IndusInd Bank, Karnataka Bank and United Bank of India.

Bank Nifty is trading on a flat to negative note. YES Bank jumped over 7 percent followed by IndusInd Bank, ICICI Bank, Bank of Baroda and PNB. The stocks that are trading in the red include State Bank of India, Kotak Mahindra Bank and HDFC Bank.

Nifty Realty added a percent ahead of the RBI policy, led by Prestige Estates, Sobha, Unitech, DLF, Godrej Properties and Phoenix Mills.

India VIX is down 1.43 percent and is trading at 15.89 levels.

1,103 stocks advanced and 474 declined while 504 remained unchanged on the NSE. On the BSE, 1095 stocks advanced, 540 declined and 70 remained unchanged.

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Mitesh Thakkar of mitesshthakkar.com recommends selling Maruti Suzuki with a stop loss of Rs 5520 and target of Rs 5380 and Shree Cements with a stop loss of Rs 20600 and target of Rs 19000

The BSE Sensex gained 83.88 points to 37,481.12 while the Nifty 50 strongly defended psychological 11,000-mark and rose 32.60 points to close at 11,118.

The broader markets also rebounded to close higher with the Nifty Midcap index rising 1.38 percent and Smallcap index gaining 0.4 percent.

In July, the BSE Sensex lost nearly 5 percent and the Nifty 50 shed 5.7 percent and formed a bearish candle on the monthly charts. It was the worst July for Nifty in the last 17 years.

According to the pivot charts, the key support level is placed at 11,029.83, followed by 10,941.67. If the index starts moving upward, the key resistance levels to watch for out are 11,175.73 and 11,233.47.

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All the sectoral indices are trading in the red led by the metal, pharma, bank, IT, infra, auto, FMCG and energy

Shares of Escorts touched a 52-week low of 452.70, falling nearly 4 percent in the early trade on August 1 on the back of poor sales in the month of July 2019.

Escorts' Agri Machinery Segment (EAM) in July 2019 sold 4,860 tractors against 5,610 tractors sold in July 2018.

Domestic tractor sales in July 2019 at 4,505 tractors against 5,483 tractors in July 2018.

Export for the month of July 2019 at 355 tractors registering a growth of 179.5 percent as against 127 tractors sold in July 2018

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The top gainers from NSE include Hero Moto, IndusInd Bank, YES Bank, Sun Pharma and Grasim Industries while the top losers are Zee Entertainment, Axis Bank, Bharti Infratel, Tech Mahindra and Indiabulls Housing Finance

Indian benchmark indices continue to trade in the red following weak Asian cues with Sensex down 193 points at 37,204 while the Nifty50 is down 69 points at 11,015.

Nifty Realty is down close to 3 percent dragged by Indiabulls Real Estate, DLF, Phoenix Mills, Sobha, Prestige Estates, Godrej Properties and Sunteck Realty.

The IT index is also trading in the red, the top losers were Tech Mahindra which is down over 3 percent followed by Infosys, Tata Consultancy Services and Mindtree.

Nifty Media shed 2 percent in this morning session dragged by Zee Entertainment which shed over 4 percent followed by Eros International Media, PVR, TV Today Network, UFO Moviez, Dish TV and DB Corp.

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