Stock Market Highlights: Nifty50 ends 2 pts shy of 17,700 and Sensex rebounds 350 pts from day's low

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Pain trade to continue, markets to squeeze higher: Adrian Mowat

Emerging equity markets strategist Adrian Mowat tells CNBC-TV18 that Capital markets are about second differentials; what is the rate of change, at the beginning of this year it was the story of inflation, constantly surprising negative effect being seen behind the curve. Market having to very rapidly price in a much more hawkish Fed or a Fed that would take rates, if you look at the three on three quarters. And all that was happening with relatively soft economic data. What we have had since the market hit its lows is we have had macroeconomic data that is arguably been better than people were expecting and I would particularly highlight the labour market data in terms of the Non-Farm Payroll. And we finally started to have a few inflation prints, which are moving in the right directions. And this inflation data is coming out from the PMI as well as PPI and CPI. I think this is very important for the overall tone of the market.”

Rupee ends marginally lower at 79.66 vs US dollar

Market At Close | Sensex and Nifty50 scale fresh 4-month closing highs

Here are some highlights: 

--Financial and metal shares lead headline indices higher

--ONGC top Nifty gainer — stock rises five percent ahead of results

--Divi’s Labs and Apollo Hospitals slip after weak results

--Metal stocks gain as global prices rise — Tata Steel and SAIL up over three percent

--Bharat Forge extends gains to a second straight day on strong earnings

--City gas distribution stocks continue to gain momentum on favourable policy

--Aurobindo Pharma gains four percent from day's low on positive management commentary

--India Cements rises amid volatile trade following results

--Paytm falls five percent as proxy advisory firm IiAS demands Vijay Sharma’s removal

--Market breadth favours the bulls — advance-decline ratio at 1:1

Rupa & Co near day's low after reporting earnings

Grasim Q1 earnings

Grasim reported a total capex of Rs 6,720 crore against Rs 2,537 crore in the year-ago period. The capex for paint buisness stood at Rs 3,542 crore against Rs 579 crore in the corresponding period in previous fiscal. 

Cummins shares jump after Credit Suisse raises target price by 28%

Cummins India shares rise as much as four percent to Rs 1,288.4 apiece on BSE. The company's CFO, Ajay Patil, sees an uptick in demand in the Middle East, Europe and Latin America markets. Cummins has taken multiple price hikes in the past 18 months, he tells CNBC-TV18. "What we have been seeing is that from a quarterly results perspective, we do see some kind of a counter to the commodity inflation, which is reflected in the financials and the pricing playing out in the obvious lag effect from a financials point of view," he says. 

Divi's Labs reports April-June earnings

The Divi's stock falls 3.2 percent after the earnings announcement.