We had mentioned in Tuesday’s closing report that Nifty, Sensex could log more gains. The major indices of the Indian stock markets rallied on Wednesday and closed with gains over Tuesday’s close. On the NSE, there were 593 advances, 1,131 declines and 340 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
The benchmark S&P BSE Sensex advanced 200 points on Wednesday, extending its third straight session of gains led by strong gains in the IT (information technology) stocks. In addition, the markets also took cues from an appreciating rupee and retreating foreign fund inflow as India's macro-economic conditions improved largely owing to declining crude oil prices. However, the Brent Crude prices logged a slight increase which comes ahead of the OPEC (Organisation of Petroleum Exporting Countries) meeting next week. The benchmark crude price traded at $61 a barrel. The local currency strengthened to Rs70.66 against a US dollar from its previous close of 70.76. IT stocks led the gains on Sensex, followed by Teck (technology, entertainment and media). In contrast, healthcare, oil and gas stocks witnessed selling pressure.
Appearing before the Parliamentary Standing Committee on Finance, RBI (Reserve Bank of India) Governor Urjit Patel said that the effect of demonetisation was temporary while he will respond to issues related to the RBI's autonomy and reserves in the next 10 to 15 days in the midst of differences with the government.
YES Bank's foreign currency issuer ratings have been downgraded to Ba1 from Baa3 by Moody's Investors Service. The outlook, where applicable, has been changed to negative from stable. YES Bank’s shares closed at Rs162.00, down 11.31% on the NSE.
Cadila Healthcare reported that Zydus Cadila has received final approval from the USFDA (Food and Drug Administration) to market Baclofen Tablets (US RLD- Lioresal®). Baclofen is used to treat muscle spasms caused by certain conditions such as multiple sclerosis, spinal cord injury/ disease. Cadila Healthcare shares closed at Rs342.65, down 0.90% on the NSE.
Orient Electric has entered into a strategic partnership with De'Longhi Group, Italy for launching three international premium small appliances brands in India - De'Longhi, Kenwood and Braun. Orient Electric will have exclusive rights to market and sell these brands in India. Orient Electric shares closed at Rs140.50, down 1.92% on the NSE.
Atul Auto has signed the term-sheet with JBM Industries for entering into a JV (joint venture) Agreement to expand/develop the business of 3-Wheeler Electric Autos with the blend of respective expertise. The existing company Atul Green Automotive will be utilised for this purpose. Atul Auto shares closed at Rs333.35, down 0.89% on the NSE.
Majesco reported that Majesco USA has entered into a SPA for acquiring 100% equity holding in Exaxe Holdings. It has paid the sellers EUR 6.39 Mn for 90% and it has agreed to pay EUR 0.72 Mn for balance 10% by Aug-19. Exaxe is a SaaS solutions provider for life, pension & wealth management products. Majesco shares closed at Rs474.00, up 0.20% on the NSE.
Dr Reddy's launched Chlorthalidone Tablets USP in the US markets. The drug is a generic version of Hygroton (chlorthalidone) Tablets, approved by the U.S. FDA. Dr Reddy’s Laboratories shares closed at Rs2,572.35, down 0.63% on the NSE.
Capacite Infraprojects has received maiden order from BSNL (Bharat Sanchar Nigam Limited) for a total contract value of Rs335.38 crore for construction of buildings for Unified Network Management System. Capacite Infraprojects shares closed at Rs234.50, up 2.56% on the NSE.
Apollo Hospitals has joined hands with Kerala's Adlux Group to develop a 250-bedded super-speciality hospital in the suburb of Kochi. Apollo Hospitals Enterprise shares closed at Rs1,229.65, down 0.29% on the NSE.
Automobile manufacturer Maruti Suzuki India announced that its premium hatchback Swift has registered the two million sales landmark since its first launch in May 2005. At the same time, Maruti Suzuki increased production of iconic Swift by 45 per cent to 1.39 lakh units during April-October 2018-19, as against previous year. This has helped us delight our customers by reducing the waiting period of the car." Maruti Suzuki shares closed at Rs7,550.20, down 1.27% 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: