Indian stock markets are likely to open higher on Thursday as the worries of a possible trade war between two of the biggest economies of the world -- the United States and China.
Indian stock markets are likely to open higher on Thursday as the worries of a possible trade war between two of the biggest economies of the world — the United States and China. The equity market in the United States also shrugged off the jitters of China’s retaliatory move of imposing additional tariffs as Wall Street posted a healthy recovery on Wednesday with Dow Industrials rising nearly 231 points. The early indicator of NSE Nifty, SGX Nifty Futures was also trading 1.53% higher at 10,285 on the Singapore Exchange on Thursday. The domestic markets are also likely to be steered by the upcoming repo rate decision by the Reserve Bank of India.
Natco Pharma: Natco Pharma has launched a generic version of Teriflunomide tablets in India which are used for the treatment of relapsing and remitting forms of multiple sclerosis.
Adani Enterprises: Adani Group has forayed into transport infrastructure with a Rs 1,140-crore highway project won by a consortium led by its Adani Enterprises from the National Highways Authority of India.
Mahindra Lifespaces: Mahindra Lifespaces has sold more than 400 units in a housing project at Palghar in Maharashtra within 45 days of the launch.
ICICI Securities: Shares of ICICI Securities Ltd ended down 15% after crashing over 17% at the opening on stock market listing on Wednesday after the research and brokerage firm of ICICI group recently winded up the IPO in which the company has to reduce to IPO size after it received lesser number of bids from HNI clients. The stock of ICICI Securities closed 15.1% down at Rs 441.5 on NSE whereas the stock settled 14.41% lower at Rs 445.05 on BSE from the issue price of Rs 520.
Arvind: Arvind has launched its ready-to-wear private label for men announcing plans for expanding its retail footprint by adding 60 stores this fiscal year, PTI reported citing an unidentified company executive.
Reliance Power: Reliance Power has got shareholders’ approval to raise up to Rs 2,000 crore by issuance of securities through Qualified Institutional Placement for paring its debt.
BHEL: BHEL has fully commissioned the 330 MW Kishanganga Hydro-Electric Project in Jammu and Kashmir with the synchronisation of its third unit.
ICICI Bank: ICICI Bank has launched a cross-border remittance facility that can be used by NRIs for sending money to their friends and family in India through social media like WhatsApp and e-mail. Further, ICICI Bank said that it hasn’t received any communication from the anti-fraud agency SFIO in the matter relating to Videocon-Kochhar-ICICI Bank.
The Indian rupee on Wednesday: The rupee ended down by 14 paise at 65.15 against the US dollar.
Indian stock markets on Wednesday
Indian equity markets collapsed in the afternoon session witnessing a sudden sell-off after China imposed fresh tariffs on the imports worth $50 billion from the United States following a counterattack on Trump’s tariffs which were announced on Tuesday. China’s move to impose additional tariffs on the imports of products ranging from aircraft, cars to frozen beef, whiskey triggered an abrupt sell-off in the equities worldwide from Europe to Asia. Indian stock markets faced a heavy jolt in the intraday dealings with Sensex slipping as much as 398.07 points to a day’s bottom of 32,972.56 whereas Nifty tripped below 10,150 to 10,111.3, down by 133.7 points on Wednesday. The S&P BSE Sensex crashed 351.56 points or 1.05% to end the day at 33,019.07 whereas NSE Nifty dived 116.6 points or 1.14% to conclude at 10,128.4 on Wednesday.
US stock markets on Wednesday
Wall Street’s three major indexes staged a comeback to close around 1 percent higher on Wednesday as investors turned their focus to earnings and away from a trade conflict between the United States and China that wreaked havoc in earlier trading. The Dow Jones Industrial Average rose 230.94 points, or 0.96 percent, to close at 24,264.30, the S&P 500 gained 30.24 points, or 1.16 percent, to 2,644.69 and the Nasdaq Composite added 100.83 points, or 1.45 percent, to 7,042.11.