Nifty, Sensex May Head Higher – Wednesday closing report

We had mentioned in Tuesday’s closing report that Nifty, Sensex were deeply oversold. The major indices of the Indian stock markets rallied on Wednesday and closed with gains over Tuesday’s close. On the NSE, there were 1,470 advances, 298 declines and 291 unchanged. The major trends of the indices in the course of Wednesday’s trading are given in the table below:

 

 
The S&P BSE Sensex vaulted over 400 points, while the NSE's Nifty surged 135 points after last week's hammering. The gains were led by banking, auto and finance stocks. 
 
Maruti Suzuki flagged-off proto-type Electric Vehicles (EVs) for field testing. According to the company, the EVs have been developed by Suzuki Motor Corporation, Japan and built at Maruti Suzuki's Gurugram facility. "This extensive real-life usage of the vehicles in multiple terrains and climatic conditions will help the company get valuable insights that will help in validation and successful launch of Electric Vehicle technology in India," the company said in a statement. "Testing of these vehicles will also help Maruti Suzuki to gather critical inputs based on customer perspectives and will help to create a reliable and suitable Electric Vehicle to delight Indian customers." Maruti Suzuki India shares closed at Rs6,997.00, up 4.44% on the NSE.
 
Honda Cars India (HCIL) launched the fifth generation of sports utility vehicle -- CR-V -- with a diesel engine option. According to HCIL, the petrol variant is priced at Rs28.15 lakh, while the diesel-powered version's cost ranges between Rs30.65 lakh and Rs32.75 lakh. "We strongly believe that the new CR-V has the potential to be a game changer in Premium SUV segment and we foresee a shift in consumer preference towards more luxurious and comfortable SUVs," Gaku Nakanishi, President and CEO, Honda Cars was quoted as saying in a statement. Honda had introduced the CR-V brand in India in 2003. Honda Siel Power Products, a related Honda company, had its share price close at Rs1,139.50, up 7.73% on BSE.
 
The State Bank of India (SBI)'s decision to buy Rs45,000 crore worth asset portfolios from non-banking financial companies (NBFC) will provide them the much-needed liquidity, a top Finance Ministry official said. "SBI stepped up substantially a facility for purchasing portfolio of assets from NBFCs to provide liquidity to NBFCs. SBI would buy such portfolios up to a total amount of Rs45,000 crore. This measure should alleviate liquidity concerns to a great extent," Economic Affairs Secretary Subhash Chandra Garg tweeted. The country's largest lender, which had initially planned for a growth of Rs15,000 crore through portfolio purchase during the current year, on Tuesday announced that it may buy additional portfolio in the range of Rs20,000 crore to Rs30,000 crore. India's NBFC sector has been hit by trust deficit after the Infrastructure Leasing and Financial Services (IL&FS) Ltd, a major infrastructure financing and construction firm, defaulted on its debt obligations leading to constrained liquidity for non-bank lenders. The bank's decision to expand its loan portfolio comes a day after housing finance regulator National Housing Bank (NHB) raised its refinance limit to Rs30,000 crore from Rs24,000 crore to make more funds available to housing finance companies. State Bank of India shares closed at Rs278.10, up 5.88% on the BSE.
 
The state-run Steel Authority of India (SAIL) said the fire at its Bhilai plant, which killed nine workers, has been brought under control. According to the company, the incident occurred at 10.30 a.m when a fire erupted from a gas pipeline of "Coke Oven Battery Complex No. 11". "In an unfortunate incident at around 10.30 a.m today (Tuesday) in SAIL Bhilai Steel Plant, there was a fire in gas pipeline of Coke Oven Battery Complex No. 11 during a scheduled maintenance job. Some persons working at the site sustained burn injuries," the company said in a statement. "Injured persons were immediately rushed to the BSP Hospital for medical care and aid. Meanwhile, the fire has been controlled. So far, nine persons have lost their lives and 14 are undergoing medical treatment. All resources have been mobilised to provide adequate care to the injured." The Bhilai plant, located 30 km west of the state capital Raipur in Durg district, is India's sole producer and supplier of rails for the Indian Railways. Steel Authority of India shares closed at Rs66.85, up 5.36% on the BSE.
 
Dr Reddy’s Laboratories has launched Colesevelam HCI Tablets, USP, a generic version of WELCHOL Tablets of Daiichi Sankyo, in the US market approved by the US Food and Drug Administration. Colesevelam HCl Tablets is available in 625 mg with 180 count bottle size. Dr Reddy’s Laboratories shares closed at Rs2,484.25, up 1.54% on the BSE.
 
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:
 
 

User

Cupid (India): Safe Valuation?
The stock of Cupid, a condom manufacturer with mostly institutional sales and an important player globally in female condoms business, has come down sharply from a high of Rs423 in January 2018 to Rs196 now. Is it worth a value-pick now? 
 
Cupid has a simple business with a high margin and high return on capital employed (RoCE), available at an attractive valuation. Since sales are...
Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital Access

Subscribe

Moneylife Magazine Subscriber or MAS member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
Nifty, Sensex Deeply Oversold – Tuesday closing report

We had mentioned in Monday’s closing report that Nifty, Sensex might rally a bit if today’s low holds. The major indices of the Indian stock markets were volatile and have suffered a correction, as the domestic currency touched a new low against the US dollar. On the NSE, there were 675 advances, 1,089 declines and 291 unchanged. The trends of the major indices in the course of Tuesday’s trading are given in the table below:

 

 

The S&P BSE Sensex lost over 170 points. The National Stock Exchange's Nifty slid, but clung on to the psychologically-important 11,300-point mark. Selling was witnessed in almost all the sectors, led by consumer durables, auto and FMCG (fast moving consumer goods) stocks. 

Lupin launches Clobetasol Propionate Ointment USP, a generic equivalent of Fougera Pharma's's Temovate Ointment, in the US. It is a super-high potency corticosteroid indicated for the relief of the skin from inflammation and dermatosis. Lupin shares closed at Rs867.00, up 2.00% on the NSE.
 
KEC International has secured new order of Rs1,496 crore in its T&D business in Bangladesh for Design, Supply and Installation of 400 kV Meghnaghat - Madunaghat Double Circuit Transmission Line. KEC International shares closed at Rs256.50, down 0.27% on the NSE.
 
Genus Power has won an order from a state-owned utility for implementation of Advanced Metering Infrastructure (AMI) including supply of 4.31 Iakh smart meters. The value of the order is pegged at Rs312 crore. Genus Power Infrastructures Limited shares closed at Rs25.30, down 4.71% on the NSE.
 
BHEL bagged four orders for emission control equipment from NTPC valued at about Rs2,900 crore for its Barh Stage-I & II, Karanpura and Mauda Stage-I power projects. Bharat Heavy Electricals Limited shares closed at Rs70.10, up 0.72% on the NSE.
 
Aban Offshore has entered into a conditional sale and purchase agreement to acquire 100% interest in a United Kingdom (UK) Continental Shelf Production License comprising of 100% interest in two blocks in UK North Sea, for a non-cash consideration of US$ 75 million. Aban Offshore Limited shares closed at Rs73.80, up 0.82% on the NSE.
 
Coal India Limited (CIL) and NLC India Limited (NLCIL), formerly Neyveli Lignite Corporation Limited, on Monday signed a Memorandum of Understanding (MoU) for formation of a joint venture (JV) company for solar power generation of 3,000 MW and thermal power projects of 2,000 MW capacity. CIL is tasked to become a net zero energy company by Ministry of Coal, a move which entails the company to generate 3,000 MW of solar power. The MoU, also extends for 2,000MW of thermal power generation across CIL's subsidiaries. Solar power projects will be set up in the identified barren and reclaimed free land of the coal miner and also across the country where land is available, requiring around 15,000 acres. The estimated cost for CIL's solar power generation is pegged at Rs12,000 crore, a Coal India official said. The JV company to come up on equal equity participation of 50:50 has a time line of 15 months for completion of solar power projects and 60-month period for TPPs. The projects will be financed through debt equity ratio of 70:30 as per the CERC norms. A concept paper has been initiated by both the companies to get clearance from their respective boards. Coal
India shares closed at Rs272.70, up 1.79% on the NSE.
 
JMC Projects has secured new orders of Rs514 crore. Two orders of Rs236 crore are from Andhra Pradesh for construction of educational institutes. Other orders are for Civil Construction & Works of Rs141 crore and Rs137 crore in Telangana & Orissa. JMC Projects India shares closed at Rs68.70, down 6.34% on the NSE.
 
The Central government will issue Sovereign Gold Bonds 2018-19 for public subscription from October 15-19. "Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds-2018-19," a Finance Ministry statement said on Monday.  "The Sovereign Gold Bonds will be issued every month from October 2018 to February 2019." According to the statement, bonds would earn an interest of 2.5 per cent per annum, payable every six months on the nominal value. The bond certificates would be issued on October 23. "Price of bond will be fixed in Indian rupees on the basis of simple average of closing price of gold of 999 purity,  published by the India Bullion and Jewellers Association Limited for the last three working days of the week preceding the subscription period," the statement said. "The issue price of the Gold Bonds will be Rs50 per gram less for those who subscribe online and pay through digital mode." As per the statement, the tenure of the bond will be for a period of eight years, with an exit option from the fifth, sixth and seventh year to be exercised on the interest payment dates. The bonds would be sold through banks, designated post offices, Stock Holding Corporation of India (SHCIL) and recognised stock exchanges -- the National Stock Exchange and the Bombay Stock Exchange.
 
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:
 
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

online financial advisory
Pathbreakers
Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
online financia advisory
The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Online Magazine
Fiercely independent and pro-consumer information on personal finance
financial magazines online
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
financial magazines in india
MAS: Complete Online Financial Advisory
(Includes Moneylife Online Magazine)