The Indian equity market closed lower on Wednesday ahead of U.S. Federal Reserve meet to decide on interest rate. Indices surged in mid-afternoon trades tracking a sharp bounce in the Nikkei index in japan after Bank Of Japan kept its interest rates unchanged. The BOJ said it planned to continue making bonds purchases of current 80-trillion annual pace of expansion of its holdings. However markets were unable to hold on to their gains as selling pressure in the power, banking, capital goods and FMCG stocks dragged indices lower. On the other hand, telecom, metals and consumer durables stocks ended with gains. Nifty closed almost unchanged at 8,777, while BSE Sensex ended with a loss of 16 points at 28,507.
On the global front, Japan’s Nikkei gained 1.9%. China’s Shanghai Composite and Hong Kong’s Hang Seng closed higher.
In Europe, the FTSE 100 was marginally up 0.37%. The CAC 40 and DAX gained 1% each.
Welspun Corp rallied 3% after the company announced that manufacturing unit at Anjar, Gujarat has been awarded with the following awards in the 27th Annual Convention on Quality Concepts organized by the Quality Circle Forum of India, Secunderabad (Vadodara Chapter).
Shriram EPC climbed 8.4% to Rs.25.15 on BSE. The company announced that it has been awarded contract of over Rs.74 crore. The company received an order from Chennai Metropolitan Water Supply and Sewage Board for providing comprehensive water supply scheme in Chennai city.
Prestige Estates Projects gained 1.3%. The company is planning to raise at least $300 million, around Rs.2,000 crore, by selling up to 40% stake in its rent-yielding commercial assets and has drawn interest from Canadian Pension Plan and GIC of Singapore, as per media reports.
Monsanto India gained 2%. German chemicals conglomerate Bayer made an open offer to buy 26% in Monsanto India as part of a global deal. Bayer is acquiring the U.S. based seed major Monsanto for $66 billion, as per media report.
Trent Ltd slipped 1.3%. Trent Ltd has informed BSE that the Company has redeemed 3,000 rated listed unsecured redeemable non – convertible debentures (“NCDs”) of face value Rs.10 lakhs each at par on due date i.e. September 20, 2016. Total redemption amount was Rs.300 crore.
NBCC advanced 0.50% to Rs.253.40 on the BSE. NBCC (India) said that it has secured work orders amounting to about Rs.440 crore.
Vardhman Textiles climbed 4.8%. Vardhman Textiles will consider proposal to buy-back the fully paid-up equity shares of the company, as per media reports.
TeamLease Services zoomed 2%. The company signed a definitive agreement to acquire NichePro Technologies Pvt Ltd for an enterprise value of up to Rs. 29.5 crore.
Adani Ports closed marginally lower on BSE. Abbot Point Operations Pty Ltd (APO), the Australian subsidiary of Adani Ports and Special Economic Zone Limited (APSEZ) has entered into an agreement to acquire ownership of Abbot Point Bulkcoal Pty Ltd (APB).
The rupee was trading down one paise at 67.01 per US dollar.
Out of 1,483 stocks traded on the NSE, 710 declined and 718 advanced today.
Top 5 Nifty Gainers: Hero Motocorp (2.74%), Adani Portz and Sez (2.39%), SBI (2.25%), ICICI Bank (2.08%) and Reliance Ind. (1.99%)
Top 5 Nifty Losers: TCS (-0.57%), Hind. Unilever (-0.41%), Infosys Ltd. (-0.33%), Wipro (-0.32%) and Lupin Ltd (-0.25%)
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