Nifty Clocks Longest Winning Streak In Over Seven Months
Weak GDP, Rising Crude Triggers Rupee Slide
The Indian rupee closed 1.2 percent lower against the U.S. dollar, recording its worst decline since Aug. 13.
The rupee was the worst performing emerging market currency today after crude oil prices advanced and India’s economic growth in the second quarter missed estimates. The local unit closed at 70.46 against the dollar.
Closing Bell: Sensex, Nifty Rise For Sixth Straight Day
Indian equity benchmarks rose for sixth straight day, with NSE Nifty 50 Index clocking its longest winning streak since April. However, the gains were capped as Sun Pharma, Reliance Industries and Mahindra & Mahindra came under selling pressure.
The S&P BSE Sensex rose 0.13 percent or 47 points to 36,241 while the NSE Nifty 50 Index was little changed at 10,884.
Fifteen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Power Index's 2.5 percent gain. On the other hand, the S&P BSE Healthcare Index was top loser, down 1.2 percent.
The mid- and small-cap shares outperformed their larger peers as the S&P BSE MidCap and S&P BSE SmallCap Indices rose 0.46 percent each.
Maharashtra Seamless Surges After Winning Pipe Supply Contract
The Raigad-based pipe maker rose as much as 5.41 percent to Rs 500 after it won contract valued Rs 420 crore for supply of casings, line pipes, etc to ONGC.
Hindustan Unilever Surges On GSK Consumer Merger Deal
Shares of Hindustan Unilever surged as much as 4.62 percent, the most since Feb. 15, to record high of Rs 1,835 after its board approved acquiring GSK Consumer Healthcare.
HUL Board Approves GSK Consumer Healthcare's Merger With Itself
Hindustan Unilever's board approved merger of GSK Consumer Healthcare with itself pending requisite approvals from statutory authorities and shareholders, Hindustan Unilever said in an exchange notification.
- GSK Consumer Healthcare shareholders will be allotted 4.39 shares of Hindustan Unilever for every one share held.
- Transaction values GSK Consumer Healthcare at Rs 31,700 crore.