After a volatile start, the Indian indices closed on a positive note. Both indices stabilised as the day progressed and with impetus from ITC, Tata Motors, Reliance and HDFC.
Earlier in the day, the Asian Development Bank slightly lowered its 2016 growth forecast for developing Asia, reflecting slower-than-expected expansion in India. The new estimate for India has been adjusted to 7.0% from 7.4% due to weak investment, agricultural slowdown and the government’s recent demonetisation.
Nifty closed with a gained 51 points and closed at 8,221, while BSE Sensex ended with a gain of 182 points at 26697.
The strong Chinese economic data provided the right impetus to the Asian indices before the end of the day. On one of the key parameters, Industrial output, China rose 6.2% YoY in November, which was higher than earlier projections. However, the positive burst was cut short by the anxiousness over the outcome of the US Fed Monetary Policy, the meeting for which commences today.
The markets widely expect the US central bank to raise interest rates by 25 basis points. When the markets closed Japan’s Nikkei 225 was at 19250.52 gaining 0.50%, China’s Shanghai Composite ended 0.07% higher at 3155.04, Hong Kong’s Hang Seng signed off at 22446.70 up 0.06% while Singapore’s Straits Times closed at 2953.49 up 0.04%.
While on the other side of the continent, the European indices started off on a positive note and were trading in green. The markets in the European region are also expecting US Central Bank to raise the interest rates by 25 bps. At the time of writing this report, FTSE 100 was up 0.02%, DAX was up 0.45 while CAC-40 had gained 0.06%, all three indices were in green.
HDIL reported 35% fall in consolidated net profit to Rs 37.01 crore for the September quarter of the current fiscal.
Artson Engineering shares were up 11.25% on winning a Rs 108 crore order.
Gammon India Limited reports de growth of 61.66%.
Swan Energy shares were up 19.99%, after bagging an order from GMB.
Inox Wind Limited was up 1.4% after bagging an order from NTPC Limited for 50 MW Wind Power Project.
Malvinder and Shivinder Singh were in talks with TPG Capital to sell 26% in India’s Fortis Healthcare (ET).
Bank of Baroda is in talks to buy a majority stake in Cent Bank Home Fin (CBHFL).
After agreeing to a deal to sell 3.9% stake in SBI Life Insurance, its joint venture with BNP Cardiff, State Bank of India will begin the process for re-valuation of the arm, for a plan to sell a further 10% stake to the partner.
Tata Motors said it will hike the prices of its passenger vehicles by up to Rs 25,000 from next month in order to offset the increased input costs.
Natco Pharma has launched generic Tamiflu capsules, used for the treatment of influenza, in the American market after the final nod from the US health regulator in Aug 2016.
Alkem Laboratories said the US health regulator has issued three observations after inspection of the company’s API facility at Ankleshwar in Gujarat.
Axis Bank slammed a regional newspaper report stating authorities were preparing to revoke the bank’s license as “false and malafide”, saying it had strong systems and controls in place as per central bank rules.
Sun Pharma and Moebius Medical have entered into an exclusive worldwide licensing deal to further develop MM-II, a novel pharmaceutical candidate for the treatment of pain in osteoarthritis.
Glenmark’s US business has received a boost with the launch of generic version of cholesterol drug Zetia in that market.
Morgan Stanley will buy 50mn shares (1.73% stake) in Tata Motors on behalf of an undisclosed client. The shares will be bought at an upper cap of Rs 499.8, nearly 10% premium to last closing price of Rs 454.55. At the top end, the deal size translates into Rs 25 bn.
Petroleum and Natural Gas Regulatory Board (PNGRB) last week gave GAIL four more years till February 2019 to complete the 1104 km Kochi-Koottanad-Bengaluru-Mangaluru natural gas pipeline. The Rs 44.93 bn project was originally to be completed in March 2013.
Gold was trading at Rs 27,532 per 10 gms and silver was trading at Rs 41,491 per kg.
The Indian rupee was trading at 67.49 per dollar.
Out of 1500 stocks traded on the NSE, 732 declined and 686 advanced today.
Top 5 Nifty Gainers: Reliance Ind. (1.74%), Axis Bank (1.57%), NTPC (0.85%), Asian Paints (0.83%) and Wipro (0.68%).
Top 5 Nifty Losers: Coal India (-3.25%), HDFC (-1.10%), Cipla (-1.05%), L&T (-0.88%) and Hero MotoCorp (-0.62%)
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