We had mentioned in Wednesday’s closing report that Nifty, Sensex were again under bear attack. The major indices of the Indian stock markets suffered a sharp correction on Thursday and closed with losses over Wednesday’s close. On the NSE, there were 445 advances, 1,323 declines and 295 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:
The S&P BSE Sensex, plunged over 800 points on Thursday, as a steady decline in the domestic currency and concerns that the central bank would raise the policy interest rate soured investor sentiments. The wider Nifty50 of the National Stock Exchange also lost 240 points. The Indian rupee earlier on Thursday sunk to its fresh low of 73.77 to a dollar, as global crude oil prices continued to climb. India imports nearly 80% of its crude requirements, and a higher price will potentially worsen the current account deficit of Asia's third-largest economy. The Reserve Bank of India will unveil its monetary policy on Friday, where it is likely to raise the repurchase rate by 25 basis points. The repo rate currently stands at 6.5%.
Global software major Tata Consultancy Services (TCS) on Thursday said it signed a Memorandum of Understanding (MoU) with the Institute of Industrial Science (IIS) at University of Tokyo to collaborate on technology research and facilitate inter-personnel exchange. Tata Consultancy Services shares closed at Rs2,063.00, down 4.62% on the NSE.
State-run ONGC has awarded a major work package worth Rs11,740.86 crore ($1,694.45 million) to a consortium of companies for integrated development of "KG-DWN-98/2" project located on the East Coast. According to the company, the consortium of BHGE, McDermott and L&T hydrocarbon has been awarded the contract. "This tender is one of the biggest integrated tenders awarded globally in recent years," the company said in a statement on Wednesday. "ONGC envisages commencement of first gas production by December 2019, first oil by March 2021 and overall project completion by August 2021." ONGC shares closed at Rs163.35, down 9.98% on the NSE.
NBCC has received LoA (Letter of Assurance) worth Rs400 crore (approx.) from IIM Ranchi to provide Project Management Consultancy for development of permanent campus (Phase-1 works). NBCC (India) Limited shares closed at Rs56.20, down 2.43% on the NSE.
L&T Hydrocarbon Engineering in consortium with Baker Hughes, a GE company and McDermott International, Inc. has been awarded the subsea contract for ONGC's (Oil and Natural Gas Corporation) largest deep-water oil & gas project - 'Development of block DWN-98/2 in the Krishna Godavari basin'. Larsen & Toubro shares closed at Rs1,256.00, up 0.85% on the NSE.
GMR Infra has emerged as the highest bidder for the Development, Operations and Management of Dr Babasaheb Ambedkar International Airport, Nagpur on a Public Private Partnership (PPP) basis. GMR Infrastructure shares closed at Rs16.15, down 3.29% on the NSE.
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: