Shares in focus today: RIL, MMTC, Union Bank, Religare, Indiabulls Real Estate, Vedanta, STC, Fortis, Yes Bank

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Published: March 26, 2018 8:51:42 AM

Indian stock markets are likely to open in deep red on Monday following the heavy declines in the major US stock indices on Friday last week with Dow Industrials falling 424 points and Nasdaq slipping 174 points.

The early indicator of NSE Nifty, SGX Nifty was also showing signs of further correction as it was trading 0.41% down at 10,031 on Singapore Exchange. (Image: Wikimedia Commons)

Indian stock markets are likely to open in deep red on Monday following the heavy declines in the major US stock indices on Friday last week with Dow Industrials falling 424 points and Nasdaq slipping 174 points. The early indicator of NSE Nifty, SGX Nifty was also showing signs of further correction as it was trading 0.41% down at 10,031 on Singapore Exchange.  Meanwhile, most of the Asian stock markets also collapsed in the morning deals on Monday on the back of ongoing trade wars between the United States and China. Japanese Nikkei index lost 0.6% after falling to nearly six-month low while Chinese Shanghai Composite index declined about 1%.

These shares will be in focus today

MMTC & STC: A merger of state-run trading firms MMTC and STC is on the cards and the matter is under process, PTI reported citing Commerce and Industry Minister Suresh Prabhu.

Tata Chemicals: Tata Chemicals had received board’s approval to merge its Mauritius-based wholly owned subsidiary firm Bio Energy Venture with itself.

Union Bank of India: Union Bank of India said the bank had made 100% provision against Totem Infrastructure Limited fraud case, so there is no material impact.

Indiabulls Real Estate: Indiabulls Real Estate along with global private equity investor Blackstone has inked a definitive agreement Group to divest 50% stake in its prime commercial properties in the megapolis for Rs 4,750 crore.

Reliance Industries: Reliance Industries signed an agreement for the combination of digital music service Saavn with JioMusic to create a digital media platform with global reach having a total value of over $1 billion.

Vedanta: Vedanta has approved a proposal to raise up to Rs 4,500 crore by issuing non-convertible debentures.

Religare Enterprises & Fortis Healthcare: The Serious Fraud Investigation Office is probing Religare Enterprises and its group company Fortis Healthcare for alleged frauds, PTI reported citing Union Minister P P Chaudhary.

Canara Bank & Dena Bank: The Finance Ministry said that there is no proposal for merger of four public sector banks, including Canara Bank, and Dena Bank.

Yes Bank: Yes Bank had clarified that it has no exposure to gems and jewellery sector and it is de-risking its portfolio of big borrowers.

Jindal Steel and Power: Jindal Steel and Power said it has raised Rs 1,200 crore via issue of equity shares through qualified institutional placement.

The Indian rupee on Friday: The rupee close 10 paise higher at a one-week high of 65.01 against the US dollar.

Indian stock markets on Friday

Indian stock markets closed in negative territory on Friday with Sensex shedding 410 points to settle at a six-month low as US President Donald Trump’s imposition of tariffs on Chinese imports rattled investors around the globe. The S&P BSE Sensex lost as much as 409.73 points or 1.24% to close at a six-month low of 32,596.54 whereas NSE Nifty declined by 116.7 points or 1.15% to conclude below 10,000-mark for the first time in 2018 at 9,998.05 on Friday.

US stock markets on Friday

Wall Street tumbled on Friday with more than 1,000 points knocked off the Dow in two days as investors, increasingly nervous about a potential US trade war with China, shied away from risk ahead of the weekend and sought shelter from further losses, Reuters said in a report. In a volatile session, the S&P 500 came within a hair of its 200-day moving average, a key technical level. The benchmark index also nudged closer to its February low, which marked a correction, ending 9.9 percent lower than its 26 January record, Reuters added. The Dow Jones Industrial Average fell 424.69 points, or 1.77 percent, to 23,533.2, the S&P 500 lost 55.43 points, or 2.10 percent, to 2,588.26 after hitting an intraday low that was barely above its 200-day moving average of 2585.22. The Nasdaq Composite dropped 174.01 points, or 2.43 percent, to 6,992.67.

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