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11
September 2018
I had
mentioned in Monday’s closing report that Nifty, Sensex were under pressure.
The major indices of the Indian stock markets suffered a correction on Tuesday
and closed with losses over Monday’s close. On the NSE, there were 468
advances, 1,282 declines and 315 unchanged. The trends of the major indices in
the course of Tuesday’s trading are given in the table below:
Broadly
negative global cues subdued the key Indian equity indices during the pre-noon
trade session on Tuesday. According to analysts, investors feared that high
petrol and diesel prices and a weak rupee would pump up the retail and
wholesale inflation rates, thereby mitigating chances of a rate cut by the
Reserve Bank of India in the near term. Selling pressure was witnessed in the
consumer durable, FMCG (fast moving consumer goods), telecom and capital goods
stocks. On the currency front, the rupee traded over 72.30 against the US dollar
around 11.35 a.m. at the Inter-Bank Foreign Exchange Market.
Inflationary
risks along with broadly negative global cues depressed the Indian rupee to a
new low of 72.74 to the US dollar during late afternoon session on Tuesday. At
3.35 p.m. the rupee traded around 72.64 per dollar, against the previous close
of 72.45 per dollar at the Inter-Bank Foreign Exchange Market. According to
analysts, expectations of higher overall inflation rate, growing protectionism
in global trade and an increasing outflow of foreign funds from the country's
equity market have subdued the Indian currency.
Software
major Tech Mahindra announced to open two 5G Centre of Excellence (CoEs)
powered by Intel technology in Redmond, Washington State and Bengaluru. The
CoEs will help communication service providers (CoSPs) optimise their capital
expenditure on 5G migrations and accelerate new revenue-generating services
that will lead the transformation journey, the company said in a statement.
"We continue to build on our strategic partnership with Intel,
collaborating to develop and co-create 5G solutions. 5G as an innovation
platform will unlock unprecedented opportunities in every industry
vertical," said Manish Vyas, President, Communications, Media &
Entertainment Business, and the CEO, Network Services, Tech Mahindra. The
company has over 926 global customers including Fortune 500 companies across
diverse industry verticals like healthcare, manufacturing, banking, automotive
and energy. Tech Mahindra shares closed at Rs746.70, down 2.51% on the BSE.
Budget
airline SpiceJet announced the launch of its dedicated air cargo services and
inducted the first freighter aircraft in its fleet. The company has created a
separate division christened "SpiceXpress". It will commence operations
on September 18, 2018. The current cargo capacity of SpiceJet's existing fleet
is about 500 tonnes per day and this would go up to 900 tonne a day in a phased
manner with the addition of four freighters by March 2019. SpiceJet shares
closed at Rs79.35, down 0.06% on the BSE.
Automobile
major Tata Motors Group's global wholesales in August 2018, including Jaguar
Land Rover (JLR) rose by 14%, as compared to August 2017. According to the
group, global wholesales in August 2018, including JLR stood at 107,030 units.
Tata Motors shares closed at Rs267.20, down 3.03% on the BSE.
Cadila
Healthcare - Zydus received a tentative approval from the USFDA for Sitagliptin
Tablets uSP, an equivalent to US RLD — Januvia® Tablets. Sitagliptin is used in
treating type-2 diabetes by lowering the blood sugar levels when it is high.
Cadila Healthcare shares closed at Rs408.65, down 2.89% on the BSE.
YES
Bank has successfully closed USD 400 million syndicated loan facility, borrowed
out of the Bank’s IFSC Banking Unit (IBU) in Gujarat International Finance Tec
City (GIFT) and will be utilised to support the IBU’s growing business. YES
Bank Board has approved issue of Basel III compliant Tier 2 Bonds aggregating
upto Rs3,000 crore with Green Shoe Option of upto Rs1,000 crore. Yes Bank
shares closed at Rs316.70, down 2.18% on the BSE.
The
top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices
are given in the table below: The Total
Investment & Insurance Solutions
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Major Indices (The Total
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