Nifty, Sensex Still Under Pressure Though a Short-term Bounce Possible - Monday closing report
We had mentioned in Friday’s closing report that Nifty, Sensex were headed lower. The major indices opened low and closed with losses over Friday’s close. On the NSE, there were 557 advances, 1,192 declines and 355 unchanged. The trends of the major indices in the course of Monday’s trading are given in the table below:
The key Indian equity indices opened on a negative note on Monday, with the BSE Sensex losing over 300 points.
InterGlobe Aviation, the parent company of IndiGo, has decided to expand its Board of Directors up to 10 members including 4 independent directors, the company said in a BSE filing. The stock price rose 3.42% today.
The Supreme Court on Monday ruled status quo on the sale of Essar Steel to Arcelor Mittal. A bench headed by Justice Rhinton F. Nariman admitted the appeals by Essar Steel lenders and Arcelor Mittal challenging the order of the National Company Law Appellate Tribunal (NCLAT). The court said it will conduct detailed hearing on the contentions made in the appeal, and also look into the issues emerging from the Essar verdict. The top court will hear the matter at length after two weeks.
State-owned NTPC will seek shareholders' approval to raise Rs15,000 crore through issuance of bonds or debentures and to raise borrowing limit to Rs2 lakh crore, next month. The funds raised will be used for capex, working capital and general corporate purposes, an NTPC notice for AGM said. In addition to capital expenditure requirement, the company also needs to borrow to meet its working capital requirement which is partly proposed to be met through issuance of non-convertible bonds, it added. The stock price rose 0.62% today.
Union Bank of India has tagged Suzlon Energy as a bad loan and more banks are expected to follow suit as the stressed wind turbine maker has struggled to repay its lenders, two people aware of the development said. “Union Bank had to classify Suzlon as a bad loan after repayments were delayed by over 90 days,” the person said on condition of anonymity. The credits database is a repository of borrower-wise data on loan status. The stock price rose 0.88% today.
Drug firm Alembic Pharmaceuticals on Monday said it has received approval from the US health regulator for Pregabalin Capsules, indicated for management of neuropathic pain associated with certain illnesses. The approved product is therapeutically equivalent to the reference listed drug Lyrica Capsules of PF Prism CV. Quoting IQVIA data, Alembic Pharma said Pregabalin Capsules have an estimated market size of USD 5.47 billion for 12 months ending December 2018. The stock price rose 0.72% today.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below: