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11
October 2018
I had
mentioned in Wednesday’s closing report that Nifty, Sensex might head higher.
However, thanks to a huge decline in US markets yesterday and Asian markets
today, the major indices of the Indian stock markets suffered a severe
correction on Thursday and closed with big losses over Wednesday’s close. On
the NSE, there were 539 advances, 1,198 declines and 318 unchanged. The trends
of the major indices in the course of Thursday’s trading are given in the table
below:
International
Monetary Fund head Christine Lagarde's comments that stock market valuations
had been "extremely high", spurred a meltdown in the US markets
overnight, spilling over to Asia on Thursday. In a volatile trading session on
Thursday, the barometer index, Sensex, had crashed over 1,000 points at one
point. Expectations that the US Federal Reserve would continue to tighten rates
also hurt demand for the Indian currency and equities. Selling was witnessed in
banking, IT (information technology), metals, auto and capital goods stocks.
All 19 sector-based indices on the BSE, except the energy index, traded in the
red.
The
rupee plunged to a fresh low on Thursday, as Indian equities joined a global
sell-off amid mounting concerns growth would slow in the face of a trade war
between the United States and China. Concerns that the US Federal Reserve would
continue to tighten interest rates amid strengthening economy and labour market
also sparked fears about capital outflows, hurting the rupee.
Reliance
Nippon Life Asset Management on Thursday announced it has received a mandate
from the Employees' State Insurance Corporation (ESIC) to manage its funds. The
fund manager received the mandate from ESIC after a competitive technical and
financial bidding process. RNAM is currently managing, among others, funds of
state-tun Employees' Provident Fund Organization and The Coal Mines Provident
Fund Organization. As of June, the company had total assets worth Rs4.10 lakh
crore under its management. The company’s shares closed at Rs153.00, down 0.91%
on the NSE.
Automobile
manufacturer Tata Motors launched the next generation of compact sedan -- Tata
Tigor -- in both petrol and diesel variants. According to Tata Motors, the
petrol variant is priced between Rs5.20 lakh and Rs6.65 lakh, while the
diesel-powered version's cost ranges between Rs6.09 lakh and Rs7.38 lakh.
"The compact sedan segment has been an important space for the customers
seeking premium-ness at best value coupled with bold and attractive looks,"
Guenter Butschek, CEO and MD, Tata Motors said in a statement. Tata Motors
shares closed at Rs182.50, down 3.31% on the NSE.
Automobile
major Mahindra & Mahindra (M&M) launched the leasing service for retail
buyers of its personal range of vehicles. According to the company, the lease
rental service starts at Rs13,499 per month for KUV100NXT and Rs32,999 per
month for XUV500. The lease offer will cater to individual leasing for working
professionals and SMEs and will be available across 6 cities namely- Pune,
Ahmedabad, Bangalore, Hyderabad, Mumbai and New Delhi in the first phase of
launch. "In its next phase, the lease offering will be extended to 19 more
cities across India. The lease offer will be available on Mahindra's personal
portfolio of vehicles such as the KUV100, TUV300, Scorpio, Marazzo and
XUV500," the statement said. Mahindra & Mahindra shares closed at
Rs730.00, down 4.46% on the NSE.
Kakinada
SEZ, a subsidiary of GMR Infra, signed an MoU with the Andhra Pradesh Gas
Development Corporation to get access to piped domestic natural gas for its
upcoming 10,500-acre zone. The company’s shares closed at Rs15.90, down 3.05%
on the NSE.
Aurobindo
Pharma has received final approval from the US FDA (Food & Drug
Administration) to manufacture and market Azithromycin Oral Suspension 100, a
generic version of Pfizer’s Zithromax® oral suspension. The drug is used to
treat mild to moderate infections. The company’s shares closed at Rs751.00,
down 3.67% 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:The Total Investment & Insurance Solutions
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