We had mentioned in Wednesday’s closing report that Nifty, Sensex might rise if today’s low holds. The major indices of the Indian stock markets suffered a correction on Thursday and closed with losses over Wednesday’s close. On the NSE, there were 473 advances, 1,282 declines and 303 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 closed 218 points down and the NSE's Nifty50 closed lower by 69 points as investors turned cautious ahead of the September futures and options (F&O) contracts’ expiry. Almost all the sectors led by finance, banking and capital goods stocks came under selling pressure on Thursday. However, IT (information technology) stocks gained due to a weakening rupee.
Private airline SpiceJet on Thursday announced a daily non-stop flight between Delhi and Hong Kong starting from November 22. The airline would deploy Boeing 737 MAX on the route, SpiceJet said in a statement. Spicejet shares closed at Rs68.05, down 1.95% on the BSE.
Tata Power on Thursday said it has signed an MoU with state-run oil marketer Hindustan Petroleum Corp (HPCL) for setting up electric vehicle (EV) charging stations at HPCL's retail outlets and other locations across the country. Tata Power Co shares closed at Rs68.90, down 1.99% on the BSE.
The US Federal Reserve has raised its key interest rate by 0.25% for a third time in 2018 bringing it to the 2-2.25% range. In a statement on Wednesday, following its two-day meeting in Washington, the Federal Open Market Committee also dropped its earlier "accommodative" stance on monetary policy. The majority of Fed members also said they expect another hike in rates before the end of 2018. The nine-member committee voted unanimously for the hike. In continuing with its policy of gradual rate rises, the latest one marks the Fed's eighth rate hike since 2015, indicating its favourable assessment of the US economy. The Fed statement said that growth and employment gains in the domestic economy have been strong and inflation has remained near the US central bank's target of 2%. "The committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labour market conditions and inflation near the committee's symmetric 2% objective," the statement said. America's GDP in the second quarter of 2018 grew at over 4%, while the unemployment rate continued to stay below 4%. According to Fed projections released after the meeting, the US economy was expected grow by 3.1% in 2018.
Lender Punjab National Bank's Board will consider a proposal for capital infusion of Rs5,431 crore from the central government by way of preferential issue of equity share. According to a BSE filing made on Wednesday, PNB's Board of Directors will meet on September 27 "for considering infusion of Rs5,431 crore by Government of India by way of preferential issue of equity share". Punjab National Bank shares closed at Rs62.85, down 6.40% on the BSE.
Budget carrier IndiGo will operate its daily non-stop flights between Kuala Lumpur-Bengaluru and Kuala Lumpur-Delhi from November 15. InterGlobe shares closed at Rs842.00, down 1.27% on the BSE.
Cochin Shipyard signs MoU with Andaman & Nicobar Administration for ‘Operation & Maintenance of the Marine Dry-Dock” at Port Blair. CSL will be assisting in the setting up of Ship repair Eco-system, Augmentation & Modernization of Marine Dockyard and Skill Development & Training schemes. Cochin Shipyard shares closed at Rs399.45, down 0.15% on the NSE.
Amara Raja Batteries has entered into an agreement with Johnson Controls Technology Company, USA for acquiring the license for manufacturing advanced stamped grid plate making technology. Also, it entered into a technology collaboration to manufacture advanced lead acid batteries. Amara Raja Batteries shares closed at Rs771.45, down 1.91% 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: