Stocks of Tata Steel, IDFC Bank, Future Retail will be in focus today

By: | Published: October 6, 2017 8:54 AM

Sensex and Nifty are likely to open higher on Friday tracking the Wall Street shares which again closed at record highs on Thursday on the optimism over US tax reform plans

National Stock Exchange building. (Image: NSE)

Sensex and Nifty are likely to open higher on Friday tracking the Wall Street shares which again closed at record highs on Thursday on the optimism over US tax reform plans. The early indicator of NSE Nifty 50 — SGX Nifty Futures — was trading little changed, up 0.09% at 9,929 points on the Singapore Stock Exchange. Meanwhile, Japan’s Nikkei index jumped to two-year highs in the early on Friday.

These stocks will be in focus today

Tata Steel said its saleable steel production in the country rose by 18 per cent to 5.98 million tonnes (MT) in April-September this year compared to 5.06 MT in the same period last year. Steel major also reported higher domestic sales of 3.13 million tonnes (MT) and production of 3.02 MT during the second quarter of the financial year 2018.

IDFC Bank and Shriram Group: Shriram City group said discussions with IDFC group on the merger of certain businesses are still on and the exclusivity period for the talks has been extended till November 8.

Future Retail: The K Raheja Group entered into an agreement with Kishore Biyani to sell their loss-making premium retail chain Hypercity Retail to Biyani’s Future Retail for Rs 655 crore in a stock-and-cash deal, PTI reported.After a brief overnight recovery, the rupee once again turned shaky and ended lower by 13 paise at 65.14 on fresh bouts of dollar demand from importers.

Indian Rupee on Thursday: The rupee ended lower by 13 paise at 65.14 against US dollar.

Indian markets on Thursday

Sensex and Nifty closed lower on Thursday after inching up marginally in the opening trade. The benchmark Sensex lost about 109 points to hit the day’s low of 31,562.25 points while the broader Nifty 50 dipped 33 points to mark the day’s low at 9,881.85 points. BSE Sensex shed 80 points to close at 31,592.03 points and NSE Nifty slipped 26 points to finish at 9,888.7 points. Both the benchmark indices witnessed a dull trade today as stock markets in Hong Kong, China, and South Korea were closed for holidays. The foreign investors’ exit and pessimism about the second quarter earnings continued to hurt the market sentiments as first quarter had seen a lower-than-expected earnings in most of the sectors.

US markets on Thursday

US stocks notched record closing highs again on Thursday as investors cheered increased prospects for a tax overhaul with Congress moving closer to the agreement on a budget resolution. The Dow Jones Industrial Average rose 113.75 points, or 0.5 percent, to close at 22,775.39, the S&P 500 gained 14.33 points, or 0.56 percent, to 2,552.07 and the Nasdaq Composite added 50.73 points, or 0.78 percent, to 6,585.36.

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