Indian stock markets are likely to open higher on Thursday following the upsurge on Wall Street as the key equity index Dow Industrials inched up 1% yesterday.
Indian stock markets are likely to open higher on Thursday following the upsurge on Wall Street as the key equity index Dow Industrials inched up 1% yesterday. The early indicator of NSE Nifty, SGX Nifty Futures was trading 0.72% higher at 10,538 on Singapore Exchange. Shares of Punjab National Bank will be in a close watch on Thursday after the state-run lender detected a fraud worth Rs 11,400 crore in a Mumbai branch. Domestic markets are likely to be steered by the WPI data due later today.
These shares will be in focus today
Tata Power: The board of Tata Power gave its nod to raise funds up to Rs 3,500 crore through non-convertible debentures (NCDs).
Religare Enterprises: Religare Enterprises said Malvinder Mohan Singh and Shivinder Mohan Singh have resigned from the company’s board with effect from yesterday.
Grasim Industries: Aditya Birla Group firm Grasim Industries has received board approval for a Rs 3,523-crore viscose staple fibre (VSF) brownfield expansion plan to meet the growing demand.
Jet Airways: Jet Airways Group said that its net profit declined by 37 per cent to Rs 186 crore year-on-year for the three months through December.
Punjab National Bank: State-owned Punjab National Bank detected a $1.77 billion (about Rs 11,400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from a branch in Mumbai to secure overseas credit from other Indian lenders. PNB has suspended 10 officers and referred the matter to CBI for investigation. According to a PTI report, Financial Services Secretary Rajiv Kumar said the finance ministry has taken proactive steps by asking the lender to report the matter to CBI and Enforcement Directorate (ED) so that action can be taken quickly.
Indiabulls Real Estate: Indiabulls Real Estate plans to sell its housing and commercial assets in Chennai as part of strategy to exit the non-core market and restructure its business.
Allahabad Bank: State-owned Allahabad Bank reported a net loss of Rs 1,263.79 crore in the third quarter ended December on rising bad loans.
Nestle India: FMCG major Nestle India reported an increase of 59.57 per cent in its net profit to Rs 311.83 crore for the fourth quarter ended December 2017, led by volume growth.
DLF: Realty major DLF will sell completed rental assets and commercial land parcels worth about Rs 9,300 crore to its joint venture with Singapore’s sovereign wealth fund GIC.
Punj Lloyd: Infrastructure player Punj Lloyd reported narrowing of net loss to Rs 183.95 crore for the quarter ended December 31, 2017.
Dena Bank: State-run Dena Bank reported a loss of Rs 380.07 crore for the third quarter ended December 31, due to surge in bad loans and provisioning.
Bhushan Steel: Bhushan Steel reported a net loss of Rs 1,607 crore for the quarter ended December 2017.
Gitanjali Gems: Major jewellers Gitanjali, Ginni and Nakshatra have also come under the scanner of various investigating agencies following PNB’s declaration of Rs 11,400 crore fraud, committed allegedly by Nirav Modi, PTI reported.
The Indian rupee on Wednesday: The rupee extended its gains rising by 23 paise to close at 64.09 a dollar.
Indian stock markets on Wednesday
Indian stock markets closed lower on Wednesday with Sensex losing as much as 144 points and Nifty managing to finish at 10,500. Up until 2:40 pm on Wednesday, the headline indices traded around the previous closing but in the last one-hour session, a vertical decline was observed in Sensex, following which the index shed about 271.79 points to a day’s low of 34,028.68. Shares of Coal India, RIL, Wipro, Bharti Airtel, Adani Ports and Tata Motors emerged as the only notable gainers among the Sensex components. The S&P BSE Sensex ended 144.52 points or 0.42% lower at 34,155.95 and NSE Nifty lost 38.85 points or 0.37% to conclude at 10,500.9 on Wednesday. Among the sectors, PSU banks shares were the worst hit in Wednesday’s trade with Nifty PSU Bank plunging as much as 4.78% to close at 3,307.05. The stock of Punjab National Bank was the worst hit among the PSU banks on the news of fraud transactions found in Mumbai branch. Shares of PNB lost 10.4% to end at Rs 144.85 while State Bank of India plummeted as much as 4.59% to Rs 275.5.
US stock markets on Wednesday
Wall Street surged on Wednesday as investors shrugged off stronger-than-expected inflation data and snapped up shares of Facebook, Amazon.com and Apple, Reuters said in a report. The fourth straight day of gains in the S&P 500 saw a return to the “fear of missing out” mentality that accompanied Wall Street’s rally in recent months ahead of a slump last week into correction territory, Reuters added. Facebook jumped 3.7 percent while Amazon.com and Apple both rose more than 1.8 percent. The Dow Jones Industrial Average jumped 1.03 percent to end at 24,893.49 while the S&P 500 rose 1.34 percent to finish at 2,698.63. The Nasdaq Composite surged 1.86 percent to 7,143.62.