We had mentioned in Wednesday’s closing report that Nifty, Sensex may try to rally. The major indices of the Indian stock markets rallied on Thursday and closed with gains over Wednesday’s close. On the NSE, there were 1,118 advances, 665 declines and 310 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:
The key Indian equity market indices opened lower on Thursday even after the US Federal Reserve left interest rates unchanged. However, the markets soon rallied throughout the entire trade session and closed with gains. On Thursday, Asian indices were showing a positive trend. Japan’s Nikkei 225 was quoting in green, up by 0.61%, Hang Seng was up by 1.23%. China’s Shanghai Composite was shot up by 2.38%.
Software and business re-engineering services firm Tech Mahindra on Thursday announced signing of a multi-year contract with Airbus for cabin and cargo design engineering. "This will strengthen our aerospace engineering portfolio, especially in areas like cabin engineering and customer services," Natarajan said. Tech Mahindra said it is aiming to grow its cabin engineering business over the next few years.
Yes Bank shares fell into double digits extending the bear run after credit agency Moody's put the company under review for a downgrade. The shares later recovered sharply and outperformed the broad market.
Shares of United Phosphorus Limited (UPL) fell 12.31% intraday after HSBC Research raised concerns on declining soyabean demand, pricing pressure from the US-China trade tensions and the African swine fever (ASF).
Jet Airways shares shot up 150% intraday ahead of order from National Company Law Tribunal on insolvency plea filed by State Bank of India. “Market is expecting a positive outcome at the NCLT hearing. As a result, short covering and fall in open interest mainly supported the stock on Thursday,” said Chandan Taparia, derivative and technical analyst at Motilal Oswal Securities.
Adani Renewable Energy Park (Gujarat) has bagged a 130-megawatt (MW) wind power project in an auction by state-owned Solar Energy Corporation of India (SECI). The company has received a letter of award from SECI for the project, it said. The fixed power purchase agreement tariff is Rs 2.83 per kilowatt hour for 25 years. The project is expected to be commissioned by the fourth quarter of 2020-21.
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: