Indian stock markets opened flat on Thursday as most of the Asian markets fell in the early morning session today. The early indicator of NSE Nifty, SGX Nifty Futures was trading little changed, up 0.05% at 10,077.5. Shares of Jet Airways, BPL, Hotel Leela will be in watch ahead of their second-quarter earnings announcement. As the formulation of budget 2018 going ahead day after day, earlier yesterday, Indian corporates sought lower tax and more incentives for investments while, on the other hand, exporters called for quicker GST refunds at a meeting with Finance Minister Arun Jaitley. The budget of 2018 will be the last full-year Budget of the NDA government before Lok Sabha elections of 2019. Meanwhile, Asian shares hovered near two-month lows on Thursday as softer oil and copper prices and uncertainty over US policy kept many investors on the sidelines, even as some high-tech bellwethers bounced back after a searing sell-off.
These stocks will be in focus today
United Bank of India: State-owned United Bank of India will raise Rs 1,190 crore through issuance of Basel III
compliant additional tier I bonds.
Wipro: Tech giant Wipro Limited is going to expand its operations in London by setting up its third office in the UK capital.
Indian markets on Thursday
Indian stock markets closed lower on Wednesday after the Reserve Bank of India kept the key repo rate unchanged. BSE Sensex lost 205.26 points or 0.63% to settle at 32,597.18 whereas NSE Nifty tripped 74.15 points or 0.73% to conclude at 10,044.1. During the day, the benchmark Sensex fell 237.28 points to hit the day’s low of 32,565.16 while the broader Nifty dropped 84.9 points to mark the day’s low at 10,033.35. In a major development, the Reserve Bank of India kept the repo rate unchanged at 6% in its latest credit and monetary policy review, as was widely expected given the concerns on the rising headline inflation and firm global crude oil prices. The RBI’s 6% repo rate, last revised in August, is lowest in seven years since November 2010.
The GVA (gross value added) forecast for FY18 also kept unchanged at 6.7%. RBI maintains status quo; repot rate unchanged at 6%, reverse repo rate at 5.75%, bank rate at 6.25%. “On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0 per cent,” the central bank said in its policy statement.
US markets on Thursday
The S&P 500 fell a tiny bit on Wednesday, with Microsoft and other technology stocks making modest gains but not quite offsetting losses in energy shares after oil prices dropped more than 2 percent, Reuters reported. The Dow Jones Industrial Average ended down 0.16 percent at 24,140.91 while the S&P 500 lost 0.01 percent to 2,629.27. The Nasdaq Composite added 0.21 percent to 6,776.38.