We had mentioned in Tuesday’s closing report that Nifty, Sensex continued to be under pressure. The major indices of the Indian stock markets were range-bound on Wednesday and closed with losses over Tuesday’s close. On the NSE, there were 625 advances, 1,125 declines and 321 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
Amid further fall in the rupee and weak global markets, the key Indian equity indices pared all its initial gains made during the morning session to trade in the red on Wednesday afternoon. The benchmark S&P BSE Sensex lost over 200 points to trade below the psychological mark of 38,000 points. According to market observers, selling pressure was witnessed in consumer durables, banking and capital goods stocks. Globally, markets broadly traded on a negative note due to the persistent trade tensions.
Weak demand conditions decelerated the growth of India's service sector in August, a key economic data point showed on Wednesday. Accordingly, the seasonally adjusted Nikkei India Services Business Activity Index dipped from 54.2 in July to 51.5 in August. Consequently, the headline seasonally adjusted Nikkei India Composite PMI Output Index which fell to 51.9 in August from July's 21-month high of 54.1, driven by weaker growth in both the manufacturing and service sectors. An index reading of above 50 indicates an overall increase in economic activity and below 50 an overall decrease.
Reliance Infrastructure's credit profile has improved with debt liability payoffs. Ratings agency Crisil has withdrawn its 'D' ratings for the NCDs (Non-Convertible Debenture) of the company totalling to Rs710 crore. "The company has repaid the NCDs from the funds received from the sale of Integrated Mumbai Distribution Business to Adani Transmission," Reliance Infrastructure (RInfra) said in a statement. "The company had informed the NCD holders that they would be paid out of the proceeds of the transaction." Earlier, Brickwork Ratings (BWR) had also withdrawn its 'D' rating for the NCDs amounting to Rs418.70 crore and BWR 'C' for the NCD amounting to Rs50 crore of Reliance Infrastructure. Reliance Infrastructure shares closed at Rs478.25, up 5.50% in the BSE.
SpiceJet announced the launch of its operations for a daily direct flight on the Delhi-Kishangarh-Delhi sector from October 8. The marble city of Kishangarh in Rajasthan, marks SpiceJet's eighth destination under the regional connectivity scheme. The airline was awarded the route under Ude Desh ka Aam Naagarik (UDAN II). The new daily flight will provide pilgrims and tourists much better access to Ajmer and Pushkar. SpiceJet shares closed at Rs75.45, down 3.82% on the BSE.
Centrum Financial Services Ltd, the NBFC arm of the Centrum Group, signed an agreement to acquire L&T Finance's Supply Chain Finance business. The business has a loan book of approximately Rs800 crore with a combined customer base of 800 (approx). L&T Finance Holdings shares closed at Rs165.95, down 1.95% on the NSE.
Cadila Healthcare - Zydus has received final approval from the USFDA (US Food and Drug Administration) for Acyclovir Sodium Injection, an equivalent drug to US RLD - Zovirax. Acyclovir is an antiviral drug used to treat severe infections caused by herpes viruses. Cadila Healthcare shares closed at Rs404.00, up 2.92% on the NSE.
Strides Shasun's subsidiary in Singapore, Strides Pharma Global Pte. Limited has received USFDA approval for Potassium Chloride Extended Release Tablets USP. The drug is used to treat patients with hypokalemia. Strides Pharma Science shares closed at Rs489.00, up 1.90% on the NSE.
Mcnally Bharat Engineering has received one order valued at Rs107.97 crore from NLC India for the work of construction of 544 nos of colony houses and community hall including internal Electrification at Khinda, Odisha. Mcnally Bharat Engineering shares closed at Rs38.95, up 4.99% on the NSE.
Goldiam International has received export orders worth Rs140 crore from its International clients for manufacturing of diamond studded designed gold jewellery. The order was to be delivered within three months. Goldiam International shares closed at Rs81.50, up 4.42% 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: