While the market trend is up, there is a chance of a decline after 8 consecutive days of rally
We had mentioned Monday that while NSE’s CNX Nifty may give up some gains, the trend is distinctly higher. As expected, most indices were in the green with favourable macroeconomic news in India.
Arvind Subramanian, Chief Economic Advisor (CEA), said he does not see oil prices going beyond $80 to $85, a price, which will help India manage its macro economy reasonably. India’s current account deficit (CAD) is not likely to worsen in this context.
Japanese telecoms giant Softbank has announced plans to invest around $20 billion in solar-energy-power projects in India. Softbank joined forces with India’s Bharti Enterprises and Taiwan’s Foxconn as the Indian government targets a massive expansion in the country’s solar output to 100 gigawatts by 2022 from about 3GW at present.
The Indian government on Monday proposed tax benefits for people making payments through credit cards, debits cards or via any other mode of online transaction. The initiative aims at building transaction history of an individual to enable improved credit access and financial inclusion, reduce tax avoidance and stop counterfeiting of currency. This, it was hoped, could give impetus to the banking industry as a whole.
In a move to keep a close tab on the quality of product categories that are widely consumed, the Food Safety and Standards Authority of India (FSSAI) has decided to step up quality checks of packaged drinking water, milk and milk products and edible oil. This is in the wake of the government ruling on Nestle Maggi noodles. Manufacturing costs can be expected to rise to maintain higher quality. Nestle India stock closed at Rs6,126.60, down 2.5%.
Engineering and construction company Larsen & Toubro (L&T) will list its IT services unit L&T Infotech by year-end. Its shares closed Tuesday at Rs1,765.05, up 1.96%.
Shares in Jyoti Ltd, a Vadodara-based electrical equipment company, jumped by its maximum daily limit of 20% to Rs76.20 after two individual shareholders made an open offer to acquire 1.28 crore shares in the company at Rs63 per share. "Lavjibhai Dungarbhai Daliya and Anjani Residency Pvt Ltd have made an open offer to acquire 1.28 crore fully paid-up shares of Rs10 each representing 75% of fully paid-up and voting capital of Jyoti Ltd from equity shareholders of target company," said Inga Capital, the manager of the open offer, in a filing to the BSE.
Shares of Venus Remedies surged nearly 14% today after the company said it would issue shares to promoters on a preferential basis. The stock ended the day 2.80% higher or Rs4 at Rs146.7. Venus Remedies had informed BSE yesterday that a meeting of the Board of Directors of the company will be held on 30 June 2015 to consider and approve the issue of fully convertible warrants/ equity shares to promoters on a preferential basis.
Diversified group Hero said it had entered the electronics segment with plans to invest Rs500 crore in the next few years and had acquired majority stake in set-top box maker Mybox Technologies. It announced the formation of a new company, Hero Electronix, which will spearhead the group’s activities in the segment. Suman Kant Munjal, who has been named the chairman of the new company, said Hero Electronix would add associated business lines to its portfolio over the next few years. Hero MotoCorp shares closed at Rs2,523.20, down 2.22%.
Among the S&P BSE Sensex stocks, the top gainer was Coal India, which closed at Rs415.15, up 3.85%. The top loser was Infosys, which closed at Rs1,001.15, down 2.27%.
Among BSE-100 stocks, the top gainer was Union Bank of India that closed at Rs159.15, up 5.68%. The top loser was JP Associates was Rs12.50, down 4.58%.
Among 50-stock Nifty stocks, Coal India, which closed at Rs414.90, up 3.80% was the top gainer while Hero MotoCorp that closed at Rs2,522.00, down 2.31% was top loser.
Among US indices, NASDAQ Composite closed at 5,153.97, up 0.72%. Dow Jones closed at 18,119.78, up 0.58%.
Among Asian indices, Shanghai Composite closed at 4,576.49, up 2.19% after being down sharply during the day and Hang Seng closed at 27,333.46, up 0.93%.
Among European indices, FTSE 100 was at 6,841.61, up 0.23%.
DAX was at 11,629.23, up 1.46%. Athex Composite Share Price Index was at 781.56, up 4.44%.
The US index futures were in the green.