Nifty, Sensex under Relentless Selling Pressure – Wednesday closing report-The Total Investment & Insurance Solutions

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19 September 2018

I had mentioned in Tuesday’s closing report that Nifty, Sensex were awaiting government action on forex front. The major indices of the Indian stock markets suffered a correction on Wednesday and closed with losses over Tuesday’s close. On the NSE, there were 582 advances, 1,139 declines and 347 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:

Broadly negative global cues on the back of escalation in trade tensions dragged the key Indian equity indices into the red on Wednesday. On a provisional basis, the two key indices closed in the negative territory for the third consecutive session, with the S&P BSE Sensex losing over 150 points. 

The NSE Nifty50 dropped around 50 points to end below the 11,300 mark. Sector-wise, selling pressure was witnessed in banking, FMCG (fast moving consumer goods) and consumer durables counters.

Reliance Infrastructure (RInfra) Chairman Anil Ambani said that he expects the company to become debt-free by next year with the best credit ratings to match following the sale of its Mumbai power business to Adani Transmission for Rs18,800 crore earlier this year. Reliance Infrastructure shares closed at Rs405.00, down 5.34% on the NSE.

Himachal Futuristic bagged Advance Purchase Order worth Rs611 crore approx. from BSNL for OFC laying project, supply of its Accessories and GPON Equipment in Madhya Pradesh under BharatNet Phase-II (for MP-1 Package). This includes O&M at a cost of Rs159 crore for 7 years. Himachal Futuristic Communications Limited shares closed at Rs23.30, up 4.72% on the NSE.

Sun Pharma has received European Commission (EC) approval for ILUMETRI® for the treatment of adults with moderate-to-severe chronic plaque psoriasis. According to studies, more than 92% of patients who responded to ILUMETRI® within 28 weeks maintained a 75% skin clearance response. Sun Pharmaceutical Industries Limited shares closed at Rs647.90, up 0.84% on the NSE.

VarrocCorp Holdings, Netherlands, a wholly owned subsidiary of Varroc Engineering has signed a JV agreement (Varroc-70%) with ELBA SA, a lighting & electronics company-based in Romania. The JV to be located in Timisoara, Romania and will focus on electronics manufacturing. Varroc Engineering shares closed at Rs989.00, down 2.21% on the NSE.

The construction arm of L&T has won orders worth Rs2,048 crore across two business segments. The Power T&D business has secured Rs1,633 crore. The Water & Effluent business has won an order worth Rs415 crore from Tamil Nadu Water Supply & Drainage Board. Larsen & Toubro shares closed at Rs1,333.10, up 0.39% on the NSE.

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:

Major Indices (The Total Investment & Insurance Solutions)