Indian stock markets are likely to open lower on Tuesday following the heavy declines in the US stocks with Dow Industrials tumbling as much as 458 points led by a heavy sell-off in technology shares.
Indian stock markets are likely to open lower on Tuesday following the heavy declines in the US stocks with Dow Industrials tumbling as much as 458 points led by a heavy sell-off in technology shares. The early indicator of NSE Nifty, SGX Nifty Futures was trading 0.54% lower at 10,209 on Singapore Exchange on Tuesday.
These shares will be in focus today
ICICI Bank: ICICI Bank board has approved redemption of 350 unlisted preference shares of Rs 1 crore each and decided to reclassify all kinds authorised share capital into equity. The bank will redeem 350, comprising of 0.001% unlisted redeemable non-cumulative, preference shares of Rs 1 crore each allotted on 21 April 1998 with a tenure of 20 years are due for redemption on 20 April 2018.
Bank stocks: RBI has allowed banks to spread their bond trading losses, a change that is likely to boost the profitability of bankers as well as spur a rally in stock and bond markets.
Tata Steel: Tata Steel will pay Rs 35,200 crore in cash to the debt-laden Bhushan Steel’s creditors and convert over Rs 27,000 crore worth of their loans into equity, the company informed NCLT.
Axis Bank: The RBI has asked Axis Bank’s board to reconsider the decision to re-appoint Shikha Sharma as its MD and CEO for a fourth term, amid concerns over rising bad loans at the country’s third largest private sector lender, PTI reported citing unidentified sources.
Hindustan Aeronautics: Hindustan Aeronautics Ltd has recorded a turnover of over Rs 18,000 crore for the 2017-18 fiscal ended 31 March 20178 up by just 2.24% on-year.
DLF: DLF has given on lease about 2.25 lakh sq ft of office space in Gurgaon to US-based co-working major WeWork, PTI reported citing unidentified sources.
Motherson Sumi Systems: Motherson Sumi Systems has inked a pact to acquire interior components and modules manufacturer Reydel Automotive Group for $201 million.
Essar Steel buyout: ArcelorMittal, Vedanta and a consortium of Russia’s VTB Capital-backed NuMetal and JSW put in bids to take over the bankrupt Essar Steel in the second round of bidding today, PTI reported citing unidentified sources.
Indian stock markets on Monday
Indian stock markets closed higher on the first day of the financial year 2018-2019 with Sensex rising as much as 287 points and Nifty resurging above the level of 10,200 led by a sustained uptick in the shares of HDFC Bank, Kotak MahindraBank, Reliance Industries, L&T, TCS, ITC, HDFC, Tata Motors and Maruti Suzuki. These heavyweight shares not only steered the key equity indices to the gains but also diminished the effects of drag due plunging shares of ICICI Bank, Axis Bank and State Bank of India. BSE Sensex added 286.68 or 0.87% to finish at 33,255.36 whereas NSE Nifty rose 103.15 points or 1.02% to conclude above 10,200 at 10,216.85 on Monday. During the day, the benchmark Sensex advanced as much as 320 points to a day’s peak of 33,289.34.
US stock markets on Monday
Wall Street shares plunged on Monday as investors fled technology stocks amid resurgent trade war worries, with key indexes trading below their 200-day moving averages and the S&P 500 closing below that pivotal technical level for the first time since Britain’s vote to leave the European Union in June 2016, Reuters said in a report. The Dow Jones Industrial Average fell 458.92 points, or 1.9 percent, to end at 23,644.19 after dipping below its 200-day moving average. The S&P 500 fell 58.99 points, or 2.23 percent, to 2,581.88 and the Nasdaq Composite dropped 193.33 points, or 2.74 percent, to 6,870.12, Reuters added.