Indian stock markets opened marginally higher on the first trading day of FY19, Monday, 2 April 2018, tracking the upbeat Wall Street with Sensex reclaiming 33,000-mark and Nifty firming above 10,150 levels.
Indian stock markets opened marginally higher on the first trading day of FY19, Monday, 2 April 2018, tracking the upbeat Wall Street with Sensex reclaiming 33,000-mark and Nifty firming above 10,150 levels. Going ahead, Indian equities will likely to be steered by the outcome of the upcoming RBI’s first bi-monthly policy in the financial year 2018-2019, macroeconomic data and global cues. BSE Sensex gained 62.19 points or 0.19% to start at 33,030.87 while NSE Nifty began the day at 10,151.65, up by 37.95 points or 0.38%. Shares of ICICI Bank were the biggest loser among the Sensex components today on the uncertainties of alleged matter of between Videocon Group and ICICI Bank’s CEO Chanda Kochhar’s husband Deepak Kochhar.
The stock of ICICI Bank tanked over 4% to a day’s low of Rs 267.1 on Monday even after Venugopal Dhoot, Chairman, Videocon Group has said he knew all the 12 members of the panel that had cleared the loan amount and asserted that personal ties between two people do not always result in criminal acts. Meanwhile, the capital market watchdog, SEBI has begun looking into the matter for any possible disclosure and corporate governance-related lapses.
Shares of automaker such as Tata Motors and Maruti Suzuki emerged as the top gainers on Monday after posting double-digit growth in the vehicle sales in the month of March. Shares of Tata Motors, Maruti Suzuki, Kotak Mahindra Bank, Adani Ports, Dr Reddy’s, Bajaj Auto, Reliance Industries rose up to 3%. The stock of Tata Steel jumped 1.11% to Rs 577.25 after the Tata group steelmaker posted a rise of 11% as it achieved highest-ever annual sales of 12.13 million tonnes in the financial year 2017-2018.
Shares of Punjab National Bank gained 1% to Rs 96.4 after the second-largest state-run lender decided to honour LoUs amounting Rs 6,500 crore, issued fraudulently to 7 lenders in favour of Nirav Modi and associates in connivance with bank officials. Shares of Allahabad Bank jumped 2.5% to Rs 49.55 after the reduced the base rate and benchmark prime lending rate by 45 basis points each. Shares of Vedanta advanced 1.8% to Rs 283.25 after Anil Agarwal-led metals and mining giant won the bid to acquire bankrupt Electrosteel Steels Ltd in an insolvency auction.
Wall Street surged on Thursday, bringing an upbeat end to a tumultuous, holiday-shortened week as technology stocks rebounded, but the S&P 500 and the Dow Jones Industrial Average posted their biggest quarterly declines in more than two years, Reuters said in a report. The Dow Jones Industrial Average rose 254.69 points, or 1.07 percent, to close at 24,103.11, the S&P 500 gained 35.87 points, or 1.38 percent, to 2,640.87 and the Nasdaq Composite added 114.22 points, or 1.64 percent, to 7,063.45.