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Nifty, Sensex Headed Higher Still – Thursday closing report

We had mentioned in Wednesday’s closing report that Nifty, Sensex might rally a bit. The major indices of the Indian stock markets rallied on Thursday and closed with gains over Wednesday’s close. On the NSE, there were 998 advances, 742 declines and 318 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:

 

 
Sensex and Nifty logged strong gains on Thursday amid a surge in global markets as the US Federal Reserve decided to keep the interest rates unchanged. Shares of IT (information technology) companies led the gains as BSE IT index rose close to 2%. Key sectors banking, finance as well as oil and gas stocks also surged over 1%. US Fed's decision to keep the interest rates unchanged is good for the emerging markets. Investors are also upbeat owing to the healthy Q3 results by large caps, according to market analysts. Also, the short covering ahead of the F&O expiry due later in the day gave a push to the markets. 
 
Finance Minister Piyush Goyal will present the Interim Budget in the Lok Sabha on Friday that could virtually be a full-fledged budget of the Modi government ahead of the Lok Sabha elections in which tax sops for the middle class and the corporates could be expected along with a relief package to address agrarian distress and the stressed small scale industry sector.
 
Stocks of Dewan Housing Finance Corp (DHFL) plunged further on Thursday after reports emerged that the Ministry of Corporate Affairs (MCA) may probe allegation of a Rs31,000 crore scam. Stock exchanges have also sought clarification from the company over reports of the likely probe. Around 10.20 a.m., the share price of DHFL on the National Stock Exchange slumped nearly 20% to touch an intra-day low of Rs129.50. On Tuesday, the investigative media organisation Cobrapost alleged that DHFL promoters routed around Rs31,000 crore through dubious companies and parked it outside India to acquire assets. The company on Tuesday rejected the allegations. DHFL said it had met all its obligations to its lenders by paying them back over Rs17,000 crore in the last three months. Dewan Housing Finance Corporation Limited shares closed at Rs134.95, down 16.41% on the NSE.
 
Thermax Limited, a leading energy and environment solutions provider, on Thursday inaugurated its new manufacturing facility in Andhra Pradesh's Sri City. The facility will manufacture a wide range of vapour absorption machines comprising chillers, heat pumps and heaters in its first phase, the company said in a release. Thermax shares closed at Rs1,092.35, down 1.69% on the NSE.
 
US stocks closed higher after the Federal Reserve left interest rates unchanged. The Dow Jones Industrial Average jumped 434.90 points, or 1.77%, to 25,014.86. The S&P 500 was up 41.05 points, or 1.55%, to 2,681.05. The Nasdaq Composite Index increased 154.79 points, or 2.20%, to 7,183.08. The US central bank said in a statement that the Federal Open Market Committee decided to maintain the target range for the federal funds rate at 2.25% to 2.5% in support of the goals to foster maximum employment and price stability. Major indexes surged after Fed released its statement. 
 
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:
 
 

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COMMENTS

nagaraju lanka

3 months ago

Please clarify why Sterlite technology shares are dropping every day .
Whether we can buy the stock at this point

DHFL stocks end 16% lower; company denies MCA probe
Stocks of Dewan Housing Finance Corp (DHFL) closed 16% lower on Thursday after reports emerged that the Ministry of Corporate Affairs (MCA) may probe allegation of a Rs 31,000-crore scam involving the company.
 
The company in a BSE filing on Thursday, however, denied receiving any communication from the Ministry of Corporate Affairs with regard to a probe against the company.
 
Stocks of the private housing finance company slumped nearly 20 per cent at one point during the day's trading and closed at Rs 135.85 per share, down 15.93 per cent.
 
The reports of an alleged MCA probe comes days after the investigative media organisation Cobrapost alleged that DHFL promoters routed around Rs 31,000 crore through dubious companies and parked it outside India to acquire assets.
 
 
The company on Tuesday rejected the allegations. DHFL said it had met all its obligations to its lenders by paying them back over Rs 17,000 crore in the last three months.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

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COMMENTS

Ramesh Poapt

3 months ago

it involves lacs of small depositors. pl take up with Crisil immediately.

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