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PremiumMUMBAI :Mumbai: Benchmark indices posted gains on Thursday, snapping a six-day losing streak as worries surrounding trade war eased. US President Donald Trump’s import tariff plan may spare select countries from much of the impact, reports Bloomberg. BSE Sensex closed higher by 318 points, while the NSE’s Nifty 50 settled 88.45 points up led by banking stocks. Meanwhile, domestic investors had net bought shares worth Rs409.34 crore, while foreign portfolio investors sold shares worth Rs719.78 crore on Wednesday, as per provisional data. Here are the latest updates from the markets:
BSE Sensex closed higher by 318.48 points, or 0.96%, to 33,351.57, while the Nifty 50 rose 88.45 points, or 0.87%, to close at 10,242.65. Among the sectoral indices on BSE, realty was up 1.63%, bankex 1.43%, energy 1.30% and finance 1.21%, whereas metal fell 0.45%, telecom 0.30% and healthcare 0.25%. SBI, ICICI Bank, Adani Ports and M&M were among the top gainers, while Tata Steel, Sun Pharma, Yes Bank and TCS were major gainers.
BSE Sensex traded higher by 376.70 points, or 1.14%, to 33,409.79, while the Nifty 50 rose 103.30 points, or 1.02%, to 10,257.50.
The government is committed to expediting the process of Air India’s disinvestment and is likely to invite Expressions of Interest (EoIs) from interested parties in the next few weeks, an official said on Thursday. Speaking here at the inaugural ceremony of the four-day aviation event ‘Wings India 2018’, civil aviation secretary R.N. Choubey said a revised EoI for disinvestment in Pawan Hans is also expected to be floated around the same time.
Europe’s main stock markets steadied at the start of trading awaiting a regular policy meeting of the European Central Bank. London’s benchmark FTSE 100 dipped a few points to 7,153.24. In the eurozone, Frankfurt’s DAX 30 and the Paris CAC 40 opened flat at 12,237.94 and 5,189.14 points respectively. (AFP)
BSE Sensex traded higher by 250.31 points, or 0.76%, to 33,283.40, while the Nifty 50 rose 67.40 points, or 0.66%, to 10,221.60. BSE MidCap and SmallCap rose 0.07% and 0.04%, respectively. Among the sectoral indices on BSE, energy, auto, bankex and IT traded higher, while metal, basic materials and healthcare fall.
Cigniti Technologies Ltd said that its board of directors approved a nonbinding memorandum of understanding entered by the company and AutonomiQ Inc. for exploring a possible sale of Blue Swan suite of products. Shares gained nearly 5% to Rs261.80
Ashoka Buildcon Ltd said that unit Ashoka Concessions Ltd has received a letters of award from NHAI for three projects in Karnataka under NHDP Phase-IV on hybrid annuity mode. Shares rose 0.18% to Rs227.75
The Indian rupee weakened marginally against US dollar, tracking losses in its Asian peers. At 2pm, the rupee was trading at 65.03, down 0.15% from its previous close of 64.89. The home currency opened at 64.93 a dollar and touched a high and a low of 64.90 and 65.05 respectively. Yields on 10-year government bonds were at 7.688% compared to Wednesday’s close of 7.678%.
Jet Airways India Ltd said the company is weighing legal action after the Competition Commission of India imposed a penalty of Rs39.81 crore on the airline. The company “shall pursue all available legal steps to defend its position as it believes that it is not in contravention of the provision of the Competition Act 2002,” said Jet Airways in a BSE filing. Shares traded 3.48% lower at Rs683.50. Intraday, the stock fell 7.41% to Rs655.65.
Donald Trump’s economic advisers defend US plans to impose steel tariffs while leaving the door open for exempting some countries and downplaying the fallout of a possible trade war.
White House defends tariffs that some nations may still escape https://t.co/bqWTUjKu19
— Livemint (@livemint) March 8, 2018
Adani Group stocks extend its fall after BJP MP Subramanian Swamy on Tuesday called industrialist Gautam Adani the “biggest NPA (Non-Performing Asset) trapeze artiste in PSUs . Adani Transmission Ltd declined 9%, Adani Enterprises Ltd 2%, Adani Ports 0.5%, Adani Power Ltd 6%.
BSE Sensex traded higher by 166.52 points, or 0.50%, to 33,199.61, while the Nifty 50 rose 41.10 points, or 0.40%, to 10,195.30.
Inox Leisure Ltd said that it has completed the acquisition of 50% equity shares of Swanston Multiplex Cinemas Pvt. Ltd from Reliance Mediaworks Ltd. Shares gained 0.85% to Rs259.70.
Inox Wind Ltd said that the company has won 50MW order in the Maharashtra State auctions. Shares traded 1.65% lower at Rs122.35.
Foods and Inns Ltd said the board will consider sale of factory land in Chembur, Mumbai, and acquisition of additional stake in Finns Frozen Foods India Ltd. The company’s shares traded 0.97% lower at Rs1,436.
Bandhan Bank will launch an up to Rs4,473 crore initial public offering (IPO) of shares on 15 March. The Kolkata-based bank and its shareholders will be selling up to 119.3 million shares in a price range of Rs370-375 each in the IPO, according to a prospectus and public notice on Thursday.
Lupin Ltd said the company signed an agreement with CSIR-National Chemical Laboratory (CSIR-NCL, Pune) and Department of Science and Technology, (DST, Delhi) for conducting research on a continuous purification process development of a biosimilar monoclonal antibody therapeutic. Shares rose 0.18% to Rs762
Videocon Industries Ltd said media reports about raids on the company’s offices by any investigating agency are false. “The contention of the said reports regarding chairman Mr. Venugopa Dhoot is totally false and malicious,” said the company in a BSE filing. Shares traded 4.85% down at Rs12.56
BSE Sensex traded higher by 43.50 points, or 0.13%, to 33,076.59, while the Nifty 50 rose 4.85 points, or 0.05%, to 10,159.05. Meanwhile, BSE MidCap was down 0.86% and SmallCap fell 1.02%. All the sectoral indices on BSE, except IT and teck, traded lower with metal, basic materials, realty, power and helthcare falling around 1%.
Sugar stocks are trading lower after Indian Sugar Mills Association estimates record output . Balrampur Chini Mills Ltd fell 7%, Bajaj Hindustan Sugar Ltd fell 1%, Shree Renuka Sugars 0.8%, Mawana Sugars Ltd 4.2%, Dwarikesh Sugar Industries Ltd 6%, Dalmia Bharat Sugar and Industries Ltd 6%, Dhampur Sugar Mills Ltd 5%, Avadh Sugar & Energy Ltd 6%
Sun Pharmaceuticals Industries Ltd shares fell 1% to Rs519.70 after brokerage firm IIFL has downgraded the stock to reduce from buy. It also reduced its price target to Rs500 a share from Rs550 apiece.
Amtek Auto Ltd shares rose 5% to Rs23.80 after UK-based Liberty House says it is preferred bidder for auto parts maker Amtek Auto India.
Telecom stocks trading higher after Mint reported that the government approved relief package for debt-ridden telecom sector. Bharti Airtel Ltd rose 2.6% to Rs 413.90, Idea Cellular Ltd 4%, Reliance Industries Ltd 1%, Reliance Communications Ltd 4%.
Bhushan Steel Ltd shares rose 18% to Rs48.70 after a Mint report said that Tata Steel emerged highest bidder. In a regulatory filing on Wednesday, Tata Steel said that it has been identified as the highest bidder under the corporate insolvency resolution process by the committee of creditors of Bhushan Steel on 6 March.
Social mores, rising incomes of men, and gender-based segregation in the job market may be limiting women’s economic empowerment in India.
What prevents women from working in India? https://t.co/LX14qSWv2n
— Livemint (@livemint) March 8, 2018
The Indian rupee weakened marginally against US dollar in the opening trade. The home currency opened at 64.93 a dollar. At 9.15am, the rupee was trading at 64.93, down 0.04% from its previous close of 64.89. Yields on 10-year government bonds were at 7.678% compared to Wednesday’s close of 7.779%. Bond yields and prices move in opposite directions.
BSE Sensex traded higher by 233.14 points, or 0.71%, to 33,266.23, while the Nifty 50 rose 75.45 points, or 0.74%, to 10,229.65.
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