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  1. Stocks of Infosys, Wipro, Coal India, Nestle, JP Associates in focus today

Stocks of Infosys, Wipro, Coal India, Nestle, JP Associates in focus today

Indian stock markets opened little higher on Tuesday as investors sentiments were mixed ahead of GDP data due on 30 November.

By: | Updated: November 29, 2017 9:30 AM
The early indicator of NSE Nifty — SGX Nifty Futures — was trading little changed, up 0.25% at 10,396 on the Singapore Stock Exchange. (Image: Wikimedia Commons)

Indian stock markets opened little higher on Tuesday as investors sentiments were mixed ahead of GDP data due on 30 November. The early indicator of NSE Nifty — SGX Nifty Futures — was trading little changed, up 0.25% at 10,396 on the Singapore Stock Exchange. Few companies are lined up with their Q2 earnings report card including Tribhovandas Bhimji Zaveri, Tara Jewels, Atlas Cycles, Kakatiya Cements, Mukta Arts and Safari Industries. Meanwhile, US dollar held firm on Wednesday after Wall Street shares marked another record highs amid signs of progress on US tax cuts. In a major development, Bitcoin topped $10,000 on more exchanges as appetite for digital currencies showed no sign of fading. Asian share markets were not as jubilant, held back by caution over the latest missile test by North Korea and concerns at recent softness in Chinese shares, Reuters reported.

These stocks will be in focus today

Infosys & Wipro: Two of India’s largest information technology companies Infosys and Wipro are slated to open their mega share buybacks from Wednesday onwards offering to collectively return as much as up to Rs 24,000 crore in cash to small and large investors. The two-week long share repurchase programmes running from 29 November to 14 December will improve both companies’ earnings per shares by providing them with an opportunity to return unutilised and surplus cash to shareholders.

Coal India: State-owned Coal India is considering hiking salary of its executives, which may cost the company about Rs 800 crore, PTI reported.

Nestle: The district administration of Shahjahanpur, UP, has slapped a fine on Nestle India and its distributors after its popular noodles brand Maggi allegedly failed to pass the lab test, even as the FMCG major maintained that “it’s a case of application of incorrect standards”, PTI reported.

JP Associates: Debt-ridden Jaiprakash Associates has completed the exercise to exchange its USD 150 million foreign currency convertible bonds (FCCBs) due this year with those maturing in 2020-21.

The Indian rupee on Tuesday

The Indian rupee gained 9 paise to conclude at a fresh 2-month high against the US dollar on Tuesday after trading weak in the opening session. The rupee opened about 7 paise down today but within an hour of trading, the Indian currency regained momentum and settled higher. The Indian rupee gained 9 paise to end at 64.41 against the US dollar at interbank foreign exchange market on Tuesday. During the day, the domestic currency made a high of 64.35 apiece US dollar.

Indian markets on Tuesday

Indian stock markets ended down on Tuesday snapping the eight-day winning streak ahead of the GDP growth data which is slated to be announced on 30 November. BSE Sensex lost 105.85 points or 0.31% to finish at 33,618.59 whereas NSE Nifty concluded down 29.3 points or 0.28% at 10,370.25. The slump in the shares of Infosys, Reliance Industries, ICICI Bank and ITC dragged the key indices down.

US markets on Tuesday

Wall Street surged to record highs on Tuesday led by sharp gains in bank stocks, and boosted by progress for a tax cut bill, strong consumer confidence data and encouraging comments from President Donald Trump’s nominee to lead the Federal Reserve, Reuters reported. The Dow Jones Industrial Average rose 255.93 points, or 1.09 percent, to 23,836.71, the S&P 500 gained 25.63 points, or 0.99 percent, to 2,627.05 and the Nasdaq Composite added 33.84 points, or 0.49 percent, to 6,912.36.

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