Indian stock markets are likely to open lower on Monday following the massive declines in the US stocks on Friday last week with Dow Industrials shedding as much as 572 points.
Indian stock markets are likely to open lower on Monday following the massive declines in the US stocks on Friday last week with Dow Industrials shedding as much as 572 points. The early indicator of NSE Nifty, SGX Nifty Futures was trading little changed, down 0.07% at 10,335 on the Singapore Exchange on Monday.
These stocks will be in focus today
ICICI Bank: The Central Bureau of Investigation had questioned Umanath Vaikunt Nayak, a director in the NuPower Renewables, founded by Deepak Kochhar, the husband of ICICI Bank MD and CEO Chanda Kochhar, in connection with the bank’s Rs 3,250-crore loan to the Videocon group in 2012, PTI reported citing unidentified officials. Mahesh Chandra Punglia, closely associated with Videocon group in connection with ICICI banks Rs 3,250 crore loan to the Group in 2012 was also questioned and the examination of Rajiv Kochhar, ICICI Bank MD and CEO Chanda Kochhar’s brother-in-law stretched for the three days, PTI report added.
Tata Chemicals: Tata Chemicals has entered into a business transfer agreement with Allied Silica to acquire their business of precipitated silica for Rs 123 crore on a slump sale basis.
ONGC: ONGC has opened its $5.07 billion KG oil and gas project by spudding the first of the 34 wells.
PNB: PNB has hired lawyers to represent itself in the bankruptcy proceedings of the US-based Firestar Diamond, a group company of billionaire diamantaire Nirav Modi.
PNB & SBI: State Bank of India and Punjab National Bank have put their 15 non-performing assets worth Rs 1,063 crore for sale.
Indiabulls Real Estate: Indiabulls Real Estate will acquire a commercial building in Gurugram with a leasable area of 2.5 lakh sqft for an undisclosed amount.
Adani Ports: Adani Ports and Special Economic Zone inaugurated the phase II expansion of Dhamra Port in Odisha.
Dewan Housing Finance Corporation: Dewan Housing Finance Corporation is planning to raise up to Rs 1,000 crore through non-convertible debentures on private placement basis.
Wipro: Wipro has sold 63% of its stake in Wipro Airport IT to Antariksh Softtech in a Rs 3.15 crore deal.
Reliance Communications: Reliance Communications has been allowed to proceed with Rs 25,000 crore asset monetisation plan, as the National Company Law Appellate Tribunal (NCLAT) has lifted the stay on sale of its tower and fibre assets.
Cigarette stocks (ITC & VST Industries): The commerce and industry ministry has convened a meeting on 11 April of all stakeholders, including farmer associations, private companies and government departments to deliberate upon issues pertaining to foreign direct investment (FDI) in the tobacco sector.
Bank of Baroda: Bank of Baroda had hiked benchmark lending rate by 0.1%.
The Indian rupee on Friday: The rupee ended flat at 64.97 against the US dollar on Friday.
Indian stock markets on Friday
Indian equity markets closed on a flatter note on Friday with the key benchmark index Sensex finishing marginally higher in green while the broader share indicator Nifty settled unchanged as the investors turned cautious on Trump’s direction to consider additional tariffs $100 billion on Chinese imports. Shares of Bharti Airtel were the top losers among the BSE Sensex components and ICICI Bank stock emerged as the lead gainers among the same stack. BSE Sensex finished at 33,626.97, up by 30.17 points or 0.09% whereas NSE Nifty concluded flatly at 10,331.6. During the day, the 30-share barometer Sensex shuttled between the range of 33,697.51 and 33,501.37.
US stock markets on Friday
US stocks dropped about 2% on Friday, with the Dow falling more than 570 points, as US President Donald Trump’s latest tariff threat on Chinese imports fueled increasing concern over a US trade war with China, Reuters said in a report. The Dow Jones Industrial Average fell 572.46 points, or 2.34 percent, to 23,932.76, the S&P 500 lost 58.37 points, or 2.19 percent, to 2,604.47 and the Nasdaq Composite dropped 161.44 points, or 2.28 percent, to 6,915.11.