Indian stock markets opened marginally higher on Friday following the lifetime high closing Dow Jones Industrial Average and Nasdaq.
Indian stock markets opened marginally higher on Friday following the lifetime high closing Dow Jones Industrial Average and Nasdaq. The Dow Jones breached the psychological 25,000 mark for the first time. The early indicator of NSE Nifty, SGX Nifty Futures was trading up 0.15% at 10,548 on the Singapore Stock Exchange.
These stocks will be in focus today
Airtel: Bharti Airtel held the top position in mobile subscribers with 29.68% market share and added another 40.4 lakh subscribers during November, taking its total subscriber base to 28.95 crore.
Indian Overseas Bank: Indian Overseas Bank said it will utilise the funds in its share premium account to write off accumulated losses of over Rs 6,978 crore at the end of previous fiscal.
Idea Cellular: Idea Cellular unveiled a plan to raise up to Rs 6,750 crore which will alter the shareholding pattern of the company and have a bearing on its merger agreement with Vodafone. The board of Idea Cellular approved raising about Rs 3,250 crore from entities under the promoter Aditya Birla Group (ABG) and constituted a committee to evaluate potential routes for raising further capital of up to Rs 3,500 crore.
Shares of Birla group telecom company Idea Cellular surged 3% after the board of directors approved the plan to raise Rs 3,250 crore by selling shares on a preferential basis. The board of directors of Idea Cellular approved an issuance of 32.66 crore equity shares of face value Rs 10 at a price of Rs 99.5 on a preferential basis to the promoter group entities Birla TMT Holdings Pvt Ltd, Elaine Investments Pte Ltd, Oriana Investments Pte Ltd, Surya Kiran Investments Pte Ltd. The total money mobilised through the preferential allotment would be Rs 3,250 crore. Following the development, the stock Idea Cellular rose as much as 2.97% to the day’s high of Rs 105.6 on BSE.
Punjab National Bank: Public sector lender Punjab National Bank said it has crossed a total business turnover of Rs 11 lakh crore and going forward profit will be the main focus of the bank. “Punjab National Bank, the 123-year-old largest nationalised bank, has achieved another milestone by crossing its total business of Rs 11 lakh crore,” the bank said in a regulatory filing.
The Indian rupee on Thursday
The Indian rupee gained further strength, ending at a fresh 2-1/2 year high against the US dollar on Thursday. The rupee advanced as much as 13 paise to finish at a fresh 2-1/2 year high of 63.41 a piece US dollar at the interbank foreign exchange market on Thursday. The rupee opened down by 5 paise at 63.58, but very quickly pared the morning losses and added as much as 16 paise to hit a day’s high of 63.37 vs the US dollar. During the day, the domestic currency rupee shuttled between the levels of 63.3700 and 63.6125 against the US dollar. The rupee had been on a rising streak from mid-November 2017 since then rupee got strengthened and appreciated by about 200 paise from a level of 65.42 against the US dollar.
Indian stock market on Thursday
India’s stock market ended higher on Thursday in a volatile trade after rising continuously in the afternoon session. The late upsurge in the blue-chip shares such as Tata Steel, L&T, ONGC, Dr Reddy’s, Asian Paints, Sun Pharma, Coal India, Bajaj Finance, Hindustan Petroleum Corporation, Vedanta, and State Bank of India led the benchmark indices higher. Shares of almost all PSU banks rallied up to 10% in the afternoon trade on Thursday as Narendra Modi government sought another Rs 80,000 crore bonds for the recapitalisation of NPA-laden state-run lenders. BSE Sensex gained 176.26 or 0.52% to finish at 33,969.64 whereas NSE Nifty added 61.6 points or 0.59% to conclude at 10,504.8, index settled above the psychological mark of 10,500 for first time in new year 2018.
US stock markets on Thursday
The Dow industrials broke above the 25,000 level for the first time on Thursday and other major indexes hit closing record highs again, propelled by strong global economic data that extended the New Year’s rally for the stock market, Reuters said in a report. The 30-member blue-chip index crossed five 1,000-point marks in 2017 on solid corporate earnings and hopes for a pro-growth agenda by US President Donald Trump, Reuters added. It took less than a year for the Dow to add a 5,000-point milestone, which is the fastest since the index was created in May 1896. The Dow Jones Industrial Average rose 152.45 points, or 0.61 percent, to 25,075.13, the S&P 500 gained 10.93 points, or 0.40 percent, to 2,723.99 and the Nasdaq Composite added 12.38 points, or 0.18 percent, to 7,077.92.