Indian stock markets are likely to open lower on Thursday following the caution as major indices of Wall Street inched lower in yesterday’s session. The early indicator of NSE Nifty, SGX Nifty Futures was also trading 0.45% down at 10,355.5 on Singapore Exchange. In a major announcement on Wednesday, IISL said that the scam-hit PNB will be excluded from the top 100 stocks on National Stock Exchange from April 2018. Earlier yesterday, shares of PNB managed to hold the losses for the first time after five days of massive decline while the stock of Gitanjali Gems continued to lose taking the five-day plunge to 56%.
These stocks will be in focus today
Ambuja Cements, Aurobindo Pharma and Bosch: Shares of Ambuja Cements, Aurobindo Pharma and Bosch Ltd will be excluded from the Nifty 50 index, while Bajaj Finserv, Grasim Industries and Titan Company will find a place in the index. The changes were announced by India Index Services and Products Ltd (IISL), an arm of the National Stock Exchange (NSE) as part of its periodic review.
Allahabad Bank: State-owned Allahabad Bank said it has an exposure of Rs 516.79 crore to crisis-hit Rotomac group and the lender has made required provisioning for the same as per RBI norms.
Sun Pharmaceutical: Shares of Sun Pharmaceutical Industries tanked over 8% on Wednesday emerging as the biggest drag on the benchmark Sensex and pharma index. The shares of Sun Pharmaceutical topped the turnover on both National Stock Exchange and Bombay Stock Exchange. The stock of Sun Pharmaceutical plunged as much as 8.61% to the day’s low of Rs 511.3 before settling down 6.36% at Rs 523.9 on NSE.
The Indian rupee on Wednesday: The rupee ended higher by 3 paise at 64.76 against the US dollar.
Indian stock markets on Wednesday
India’s stock markets closed higher in a rangebound trading session on Wednesday with Sensex rising about 141 points and Nifty settling below 10,400-level for the third consecutive day while the shares of the scam-hit PNB closing flat after a five-day plunge. The S&P BSE Sensex gained 141.27 or 0.42% to end the day at 33,844.86 and NSE Nifty added 37.05 points or 0.36% to conclude at 10,397.45 on Wednesday. Shares of Tata Consultancy Services, ITC, SBI, HDFC, ONGC, Yes Bank, Infosys were the lead gainers while the stocks of Sun Pharma, IndusInd Bank, Tata Motors, Tata Steel, Bajaj Auto, NTPC, and HDFC Bank were the major laggards.
US stock markets on Wednesday
US stocks closed lower on Wednesday in a rocky session after the release of the minutes from the Federal Reserve’s January meeting pushed yields on the benchmark 10-year US Treasury note to a four-year high, Reuters said in a report. The Dow Jones Industrial Average fell 166.97 points, or 0.67 percent, to 24,797.78, the S&P 500 lost 14.93 points, or 0.55 percent, to 2,701.33 and the Nasdaq Composite dropped 16.08 points, or 0.22 percent, to 7,218.23.