The Indian stock market carried on with its northward journey and rallied for the third straight session tracking a positive trend seen in Asian markets after weak US data reduced the already low chance of an interest rate hike by the Federal Reserve at next week’s meeting. The domestic market came off their intra-day highs as investors booked profits at higher levels amid weak European cues. The Nifty50 gave up its gains of the day slipping below the 8,800 mark. Nifty closed with a gain of 37 points at 8,780, while BSE Sensex ended with a gain of 186 points at 28,599.
On the global front, Asian stocks closed on a mixed note. The Nikkei 225 ended higher by 0.69%. Markets in China, Hong Kong, Taiwan, South Korea and Malaysia were closed for the Mid-Autumn festival.
European stocks were trading lower on Friday. The FTSE 100 was trading marginally lower. DAX and the CAC 40 were trading down by 0.5% each.
Polyplex Corporation soared 2.8% after the company completed acquisition of its entire equity stake in its step down subsidiary Peninsula Beverages and Foods.
Suzlon Energy advanced 1%. Suzlon Group, one of the leading renewable energy solutions providers in the world, today announced its maiden order win from Oil India Ltd (OIL) for 52.50 MW project capacity.
United Breweries inched up 1% to Rs.828 on the BSE. Around 18.5 lakh shares were traded in a single block at Rs. 822 on the BSE.
Punjab National Bank slipped 0.61% on the BSE. The bank has informed BSE that consequent to receipt of capital funds to the tune of Rs.2112 crore from the Government of India on September 14, 2016, the Bank has issued and allotted 16,43,70,768 equity shares of face value of Rs.2 each at a premium of Rs.126.49 i.e. at a price of Rs.128.49 per equity share on a preferential basis.
Hero MotoCorp climbed 2%. Hero FinCorp has raised Rs 1,000 crore from ChrysCapital, Credit Suisse, and the group promoters to expand finance to retail and corporate customers.
ONGC Ltd gained 1.4%. ONGC signed agreements with Russia’s national oil company Rosneft PJSC to acquire an additional 11% stake in its unit, JSC Vankorneft, which has a licence to produce hydrocarbons from the Vankor field in Siberia.
Den Networks zoomed 7.8%. The company informed BSE that a meeting of the Board of Directors of the Company will be held on September 20, 2016, inter alias, to discuss and approve the proposal for Preferential Issue of Equity Shares.
Reliance Defence and Engineering Ltd surged over 2% after media reports said that the company can participate in Rs.3 Lakh crore worth Indian Navy projects after the Defence Acquisition Council cleared its capacity assessment.
The rupee was trading up four paise at 66.98 per US dollar.
Out of 1,356 stocks traded on the NSE, 714 declined and 596 advanced today.
Top 5 Nifty Gainers: Maruti Suzuki (2.25%), Axis Bank (2.11%), ITC Ltd (2.08%), Hero Motocorp (2.06%) and Adani Portz and Sez (1.98%)
Top 5 Nifty Losers: BHEL (-2.40%), Tata Steel (-2.14%), Tata Motors (-1.50%), Asian Paints (-1.23%) and ICICI Bank (-1.15%)
To qualify NCFM Capital Market Dealers Module certification examination, register with Intelivisto.com and buy Capital Market comprehensive question bank which features mock test, chapter-wise and full length test as per NCFM standards. It also includes performance analysis tools to analyze the performance. For more information call on: +91-9582000102.