We had mentioned in Monday’s closing report that Nifty, Sensex might log in more gains. The major indices of the Indian stock markets suffered a correction on Wednesday and closed with losses over Monday’s close. On Tuesday, the stock markets had a holiday on account of Gandhi Jayanthi. On the NSE, there were 1,033 advances, 753 declines and 276 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
Owing to a weak rupee and broadly negative global cues the S&P Sensex tanked over 500 points and the Nifty50 slipped by 130 points on Wednesday.
Automobile major Maruti Suzuki India has recalled over 600 Super Carry vehicles to inspect for a possible defect in the fuel pump assembly. According to the company, 640 vehicles in the domestic market, manufactured between January 20 and July 14, 2018, will be covered in this recall campaign. Maruti Suzuki India shares closed at Rs7,217.00, down 3.31% on the NSE.
Tata Communications, a leading global digital infrastructure provider, on Wednesday said it was acquiring Teleena, a Netherlands-based Internet of Things (IoT) connectivity specialist and mobile virtual network enabler (MVNE). This acquisition follows Tata Communications' investment in Teleena in January 2017, when the company became the single largest shareholder in Teleena with a 35% stake. Tata Communications shares closed at Rs486.20, down 3.38% on the NSE.
Software major Tech Mahindra on Wednesday announced a strategic partnership with ELTA Systems Ltd., a subsidiary of Israel Aerospace Industries (IAI), to provide next generation cyber solutions and services to state and enterprise customers in India and globally. Tech Mahindra shares closed at Rs750.20, down 1.23% on the NSE.
Public sector bank, Bank of Maharashtra (BoM) has announced the closure of 51 branches across the country as part of cost-cutting measures being implemented in the banking industry, an official said on Wednesday.
This is the first such measure initiated by any PSB in Maharashtra. The BoM has around 1,900 branches all over India. In a terse announcement on Monday, the BoM said that it has closed down and merged these 51 branches for public convenience. Bank of Maharashtra shares closed at Rs11.40, up 0.88% on the NSE.
Telecom major Bharti Airtel on Wednesday said it had acquired AuthMe ID Services, a Bengaluru based start-up focused on Artificial Intelligence (AI)-based solutions. As part of the "acquihire" deal, the core team of AuthMe will join Airtel and will be a part of Airtel X Labs in Bengaluru, the company said, without disclosing the transaction amount. In addition, Airtel has acquired the intellectual property rights for two flagship solutions developed by AuthMe. Bharti Airtel shares closed at Rs316.35, down 3.18% 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: