Sensex, Nifty Clock Third Weekly Gain On RBI’s Neutral Stance
Closing Bell: Sensex, Nifty Cap Weekly Gain
Indian equity benchmarks capped a third week of advances as gains in Sun Pharma, Reliance Industries, State Bank of India and Infosys were offset by losses in HDFC twins, ITC and Larsen & Toubro.
The benchmarks S&P BSE Sensex and NSE Nifty 50 closed little changed but over 0.6 percent higher for the week. The indices managed to reverse losses after the RBI kept its neutral stance despite hiking interest rates.
Ten out of the 19 sector gauges compiled by BSE Ltd. ended higher today, led by the S&P BSE Healthcare index’s 3.6 percent surge. On the other hand, the S&P BSE Power index was the top loser, down 0.74 percent.
PSU Banks Surge Ahead Of Outcome Of FM-PSU Bank Heads Meet
Shares of the state-owned lenders surged as the meeting of heads of PSU banks and Finance Minister Piyush Goyal was underway in Mumbai.
The gauge of PSU banks on the National Stock Exchange — Nifty PSU Bank index rose 1.7 percent led by Andhra Bank and Allahabad Bank.
Fab Four Stocks Of The Day
Aurobindo Pharma: The Hyderabad-based drugmaker rose as much as 5.5 percent to Rs 577.80 after it received U.S. FDA approval for Omeprazole DR tablets.
Shriram EPC: The Chennai-based infrastructure construction company rose as much as 10.51 percent to Rs 20.50 after it resolved customer dispute in Iraq. Order of $230 million was restored with its joint venture Iraqi company.
Usha Martin: The Kolkata-based steel wire maker rose as much as 20 percent to Rs 28.95 after Tata Steel placed bid of Rs 6,000 crore for Usha Martin’s specialty steels business, The Hindu BusinessLine reported.
Bajaj Finance: The Pune-based consumer finance company rose as much as 2.3 percent to record high of Rs 2,220. The stock rose for eighth day in a row and in the course of last eight sessions stock has risen 8 percent.
Emerging Markets With Weak Fundamentals Punished Amid Rout, Says SBI Securities
“Investors have already started to cut holdings of emerging-market assets where fundamentals are weaker than peers or performances are worse as the Fed continues to raise the rate,” Bloomberg reported quoting Tsutomu Soma at SBI Securities in Tokyo.
The investors seem to be shifting their funds from weaker emerging markets to U.S. assets now, Soma told Bloomberg in a telephonic interview.
Omax Autos Aims To Increase Railway Business' Revenue To Rs 500 Crore
Omax Autos expects to increase its revenue from railway business to Rs 500 crore from Rs 150 crore going forward, its Vice President Devashish Mehta told BloombergQuint in an interaction.
Key highlights from the conversation:
- Railways are looking to improve passenger safety.
- New capex to cater to Railway orders for improving passenger safety.
- Total of 45,000 wagons needs modification for better safety.
- Capex to add capacity only by March quarter of the current financial year.
- Don't see sporadic orders in the railways' safety segment.
- Strategy to grow railways, passenger and commercial vehicle segment.