Sensex and Nifty are likely to open lower on Thursday as most of the Asian shares slipped in the early trade today after the US Federal Reserve announced a plan to start shrinking its balance sheet. The early indicator of NSE Nifty 50 — SGX Nifty Futures — was trading little changed, down 0.17% at 10,150.5 points on the Singapore Stock Exchange.
Reliance Industries: Reliance Industries, the operator of the world’s largest refining complex, is considering expanding its oil processing capacity by over 40 percent by 2030, Reuters reported citing unidentified sources.
Tata Steel: Shares of Tata Steel yesterday rose nearly 2 per cent after the company said its deal with German steel giant Thyssenkrupp to merge their steel operations in Europe in a 50:50 joint venture. Earlier in the day, the domestic steelmaker announced signing of an agreement with Thyssenkrupp to merge their steel operations in Europe in a 50:50 joint venture company.
Reliance Capital: Reliance Capital yesterday said its housing finance unit — Reliance Home Finance — will list on the stock exchanges this Friday. The move is expected to unlock value for the existing shareholders of the firm, Reliance Capital said in a statement. All shareholders of Reliance Capital have already received one free share of Reliance Home Finance for every share held in Reliance Capital as on record date — 6 September.
Mahindra & Mahindra: Mahindra & Mahindra has signed pacts with the Turkey-based Erkunt group to acquire its tractor manufacturing and foundry businesses for about Rs 735 crore, which will help it enhance its product portfolio.
NBCC: State-owned construction firm NBCC Ltd has bagged Rs 3,200 crore project from the union finance ministry to develop a residential-cum-office complex in Mumbai.
Indian Rupee on Wednesday: The rupee today logged its first gain in three sessions by rising 6 paise to 64.27 against the US dollar.
Indian markets on Wednesday
Key Indian stock indices settled near the baseline on Wednesday, mainly due to passive foreign investors, as all eyes turned to US Federal Reserve’s policy decision. Geo-political issues returned after US President Donald Trump, in his speech to UN General Assembly, threatened to “totally destroy” North Korea if it persists with its ballistic missile and nuclear program. The benchmark BSE Sensex ended flat at 32,400.51 points. The Nifty after shuttling between 10,171.05 and 10,134.20, ended the day lower by 6.40 points or 0.06 per cent at 10,141.15.
US markets on Wednesday
The S&P 500 and the Dow ended slightly higher on Wednesday, adding to their string of closing records after the Federal Reserve signaled it expects another interest rate hike by year-end and disclosed timing for reducing its balance sheet. The Fed left rates unchanged for now, as was widely anticipated, but investors’ expectations changed for December after the U.S. central bank signaled one more rate hike by year-end despite recent weak inflation readings. In line with expectations, the Fed said it would begin in October to cut its roughly $4.2 trillion in U.S. Treasury bonds and mortgage-backed securities holdings by initially cutting up to $10 billion each month from the amount of maturing securities it reinvests.
The Dow Jones Industrial Average rose 41.79 points, or 0.19 percent to end at 22,412.59, its seventh straight record close.
The S&P 500 gained 1.59 points, or 0.06 percent, to 2,508.24, clocking its sixth record closing high in the last seven sessions. The Nasdaq Composite dropped 5.28 points, or 0.08 percent, to 6,456.04, with Apple Inc as its biggest drag.