Indian markets opened higher on Friday and inched ahead on the recovery path after yesterday's heavy slump. Stocks of automobile companies such as Tata Motors, Maruti Suzuki, Hero MotoCorp will be in watch today on account of November Auto sales.
Indian markets opened higher on Friday and inched ahead on the recovery path after yesterday’s heavy slump. The early indicator of NSE Nifty, SGX Nifty Futures was trading little changed, up 0.1% at 10,288 on the Singapore Stock Exchange. Meanwhile, most of the Asian shares gained in the early trade today cheering another record closing on Wall Street. Mahindra Logistics is set to announce its second quarter earnings today, the first time after the firm got listed on exchanges last month. Stocks of automobile companies will be in watch today on account of November Auto sales.
These stocks will be in focus today
HDFC: Just days after Deepak Parekh said that Housing Development Finance Corporation is looking to list its mutual fund unit in 2018, HDFC group approved an offer for sale in HDFC AMC via IPO (initial public offering). Post stake dilution, HDFC will hold 50.01% in the AMC business, while Standard Life will hold 24.99% in HDFC AMC upon dilution. “We believe that listing would unlock value of the business for the shareholders and provide investors an opportunity to participate in the emerging asset management space within our group,” HDFC AMC chairman Deepak Parekh said in a statement.
Mahindra & Mahindra: Mahindra & Mahindra has bought over 2 per cent additional stake in its subsidiary Mahindra
Financial Services at an estimated cost of Rs 1,055 crore through preferential allotment of shares.
RCom: Anil Ambani-led RCom claimed that a majority of its lenders are opposing China Development Bank’s (CDB) decision to initiate insolvency proceedings against the embattled telco that’s saddled with over Rs 45,000 crore of debt that has turned dud.
Bank of Baroda: LIC has offloaded over 2 per cent stake in Bank of Baroda in an open market sale during the last 2 months.
The Indian rupee on Thursday: Rupee reversed its spectacular three-day rally and dropped 15 paise to close at 64.46 against the US dollar on growing concerns with regard to fiscal deficit.
Indian markets on Thursday
Earlier yesterday, India’s benchmark index Sensex plunged as many as 453 points. The key equity indices took a heavy blow on Thursday led by a number of factors that triggered one after the other. First of all, the fear among the investors due to uncertainty over the Q2 GDP growth numbers which are scheduled for later yesterday in evening. Indian stock markets traded 300 points down till afternoon session and recovered a bit also, as at 2:27 pm, BSE Sensex pared off partial losses, making an intraday recovery level of 33,438 on Thursday. But soon after India’s government budget value was announced Sensex went on to fall, extending losses. The benchmark Sensex lost 453.41 points or 1.35% to end at 33,149.35 while it tripped 494.04 points to hit the day’s low of 33108.72.
US markets on Thursday
US markets marked another record peak on Thursday with the S&P closing at a record high and the Dow Jones Industrial Average breaking above the 24,000 mark for the first time as investors gained confidence that the Republican party’s push for a US tax overhaul would succeed. The Dow Jones Industrial Average rose 331.67 points, or 1.39 percent, to 24,272.35, the S&P 500 gained 21.51 points, or 0.82 percent, to 2,647.58, and the Nasdaq Composite added 49.63 points, or 0.73 percent, to 6,873.97.