Indian stock markets are likely to open flat on Wednesday as a minimal uptick was observed in most of the Asian markets while the US markets continued their bull run on Tuesday.
Indian stock markets are likely to open flat on Wednesday as a minimal uptick was observed in most of the Asian markets while the US markets continued their bull run on Tuesday. The early indicator of NSE Nifty, SGX Nifty Futures was trading unchanged at 10,639 on the Singapore Stock Exchange.
These stocks will be in focus today
Motherson Sumi: Automotive firm Motherson Sumi Systems through its arm Samvardhana Motherson Automotive
Systems Group B V (SMRP BV) announces Joint Venture with Ossia Inc to provide continuous wireless power inside vehicles, PTI reported.
IL&FS Technologies: IT firm IL&FS Technologies has bagged a rate contract for surveillance project of Rs 200 crore from a large state government.
Coal India: Shares of the state-run and world’s largest coal miner Coal India were the top gainers on Sensex on Tuesday after the PSU said its board has approved a hike in non-coking coal prices. Due to this revision, CIL will earn an incremental revenue of Rs 1,956 crores for the balance period of the financial year 2017-18. The projected annual incremental revenue would be Rs 6,421 crores. Following the development, shares of Coal India surged as much as 8.19% to the day’s high of Rs 311 before settling up 5.76% at Rs 304.
NMDC: Shares of state-run iron ore miner NMDC tanked nearly 5% on Tuesday as the government begun the disinvestment at a discount of 5% and the company lost about Rs 2,200 crore. The President of India, acting through and represented by the Ministry of Steel, Government of India, is the promoter of NMDC Limited proposed to sell up to 4.74 crore equity shares (1.5%) at a floor price of Rs 153.5. The floor price set by the government for the disinvestment was at a discount of 5.15% from the Monday’s closing price of Rs 161.85 on BSE. Following this, the stock of NMDC posted its biggest intraday fall since 18 December 2017 and the first decline in last seven sessions. NMDC shares tumbled as much as 4.78% to the day’s low of Rs 154.1 before closing down 4.48% at Rs 154.6. The offer for sale for retail investors will open on Wednesday.
State Bank of India: India’s largest lender State Bank of India proposed to raise Rs 5,000 crore through long-term bonds to fund affordable housing.
The Indian rupee on Tuesday: The rupee drifted sharply by 20 paise to end at a fresh one-week low of 63.71 against the US dollar.
Indian stock markets on Tuesday
Indian stock markets closed higher in a volatile trade on Tuesday after making fresh record highs in the morning session. BSE Sensex gained 90.4 points or 0.26% to end at 34,443.19 while NSE Nifty inched up 13.4 points or 0.13% to conclude at 10,637. The benchmark equity indices Sensex and Nifty kissed fresh peaks on Tuesday but quickly pared off the gains as investors turn cautious ahead of major Q3 earnings due tomorrow and the macroeconomic data scheduled for later this week. BSE Sensex rose as much as 134.73 points to hit an all-time high of 34,487.52 while NSE Nifty added 35.55 points to mark the record high of 10,659.15. Shares of heavyweight companies such as Coal India, Yes Bank, Wipro, ITC, Reliance Industries were the notable gainers among the Sensex stocks.
US stock markets on Tuesday
Wall Street’s major indexes extended the New Year rally to close at record levels on Tuesday on investor optimism ahead of quarterly earnings reports and hopes for easing tensions with North Korea, Reuters said in a report. The Dow Jones Industrial Average rose 102.8 points, or 0.41 percent, to 25,385.8, the S&P 500 gained 3.58 points, or 0.13 percent, to 2,751.29 and the Nasdaq Composite added 6.19 points, or 0.09 percent, to 7,163.58