Stocks of Mahindra & Mahindra, NALCO, HPCL, BPCL, IOC will be in focus today

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Updated: September 19, 2017 8:54:36 AM

Sensex and Nifty are likely to open lower on Tuesday as most of the Asian shares except Japanese Nikkei fell in the early trade today.

The early indicator of NSE Nifty 50 — SGX Nifty Futures — was trading little changed, down 0.14% at 10,165 points on Singapore Stock Exchange. (Image: Wikimedia Commons)

Sensex and Nifty are likely to open lower on Tuesday as most of the Asian shares except Japanese Nikkei fell in the early trade today as market participants await the outcome of Federal Reserve meeting starting from today for clues on US monetary policy. Meanwhile, the early indicator of NSE Nifty 50 — SGX Nifty Futures — was trading little changed, down 0.14% at 10,165 points on Singapore Stock Exchange.

Muthoot Finance: Muthoot Finance said it has completed the acquisition of Muthoot Homefin (India) by buying additional 88 lakh shares for Rs 38.72 crore and has made a further investment by subscribing to 2.27 crore equity shares.

NALCO: National Aluminium Company ltd (NALCO), Hindustan Copper Ltd (HCL) and Mineral Exploration Corporation Ltd (MECL) have signed a pact to explore a joint venture formation.

Indiabulls Real Estate: Indiabulls Real Estate’s promoter firm Kritikka Infrastructure yesterday sold 2.3 crore shares of the company for over 542 crore through open market transactions. According to the bulk deal data available with NSE, the promoter offloaded 1.45 crore shares, or 3.05 per cent stake, of the realty firm.

Mahindra and Mahindra: Mahindra and Mahindra (M&M) and Ford Motor Company yesterday announced plans to join hands again, after nearly two decades of parting ways, as they prepare to meet challenges arising out of new technologies and tap opportunities in a fast-changing environment. Under the agreement, teams from both companies will collaborate and work together for up to 3 years to leverage benefits of Ford’s global reach and expertise and Mahindra’s scale in India, the two companies said in a statement.

Shares of IOC, HPCL, and BPCL will be in watch after Petroleum and Natural Gas Minister Dharmendra Pradhan yesterday said that fuel prices may come down by Diwali. The comments come amid criticism by opposition parties of a sharp rise in oil prices after the daily rate revision mechanism was introduced by the government recently.

Indian Rupee on Monday: The rupee surrendered its initial gains against the US dollar and ended lower by 5 paise to 64.13.

Indian markets on Monday

The equity benchmark Nifty 50 which opened at a record high yesterday also settled at a lifetime high of 10,153.1 points on Monday. The 30-share barometer advanced 151 points to close at 32,423.76 points. The banking stocks benchmark of NSE — Nifty Bank — advanced over 1% to breach 25,000 point mark again on Monday with HDFC Bank and Yes Bank marking a fresh lifetime high.

US markets on Monday

The S&P 500 ended slightly higher on Monday as financial stocks rose ahead of a Federal Reserve meeting, but the Nasdaq pared gains sharply as technology stocks lost ground late in the session. The Fed meeting, which starts Tuesday, is expected to yield details on how the central bank will unwind its $4.2 trillion portfolio of Treasuries and mortgage-backed securities, nearly a decade after the global financial crisis. The Dow Jones Industrial Average rose 63.01 points, or 0.28 percent, to 22,331.35, the S&P 500 gained 3.64 points, or 0.15 percent, to 2,503.87 and the Nasdaq Composite added 6.17 points, or 0.1 percent, to 6,454.64.

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