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10 October 2018
I had mentioned in Tuesday’s closing report that Nifty, Sensex were deeply oversold. The major indices of the Indian stock markets rallied on Wednesday and closed with gains over Tuesday’s close. On the NSE, there were 1,470 advances, 298 declines and 291 unchanged. The major trends of the indices in the course of Wednesday’s trading are given in the table below:
The S&P BSE Sensex vaulted over 400 points, while the NSE's Nifty surged 135 points after last week's hammering. The gains were led by banking, auto and finance stocks.
Maruti Suzuki flagged-off proto-type Electric Vehicles (EVs) for field testing. According to the company, the EVs have been developed by Suzuki Motor Corporation, Japan and built at Maruti Suzuki's Gurugram facility. "This extensive real-life usage of the vehicles in multiple terrains and climatic conditions will help the company get valuable insights that will help in validation and successful launch of Electric Vehicle technology in India," the company said in a statement. "Testing of these vehicles will also help Maruti Suzuki to gather critical inputs based on customer perspectives and will help to create a reliable and suitable Electric Vehicle to delight Indian customers." Maruti Suzuki India shares closed at Rs6,997.00, up 4.44% on the NSE.
Honda Cars India (HCIL) launched the fifth generation of sports utility vehicle -- CR-V -- with a diesel engine option. According to HCIL, the petrol variant is priced at Rs28.15 lakh, while the diesel-powered version's cost ranges between Rs30.65 lakh and Rs32.75 lakh. "We strongly believe that the new CR-V has the potential to be a game changer in Premium SUV segment and we foresee a shift in consumer preference towards more luxurious and comfortable SUVs," Gaku Nakanishi, President and CEO, Honda Cars was quoted as saying in a statement. Honda had introduced the CR-V brand in India in 2003. Honda Siel Power Products, a related Honda company, had its share price close at Rs1,139.50, up 7.73% on BSE.
The State Bank of India (SBI)'s decision to buy Rs45,000 crore worth asset portfolios from non-banking financial companies (NBFC) will provide them the much-needed liquidity, a top Finance Ministry official said. "SBI stepped up substantially a facility for purchasing portfolio of assets from NBFCs to provide liquidity to NBFCs. SBI would buy such portfolios up to a total amount of Rs45,000 crore. This measure should alleviate liquidity concerns to a great extent," Economic Affairs Secretary Subhash Chandra Garg tweeted. The country's largest lender, which had initially planned for a growth of Rs15,000 crore through portfolio purchase during the current year, on Tuesday announced that it may buy additional portfolio in the range of Rs20,000 crore to Rs30,000 crore. India's NBFC sector has been hit by trust deficit after the Infrastructure Leasing and Financial Services (IL&FS) Ltd, a major infrastructure financing and construction firm, defaulted on its debt obligations leading to constrained liquidity for non-bank lenders. The bank's decision to expand its loan portfolio comes a day after housing finance regulator National Housing Bank (NHB) raised its refinance limit to Rs30,000 crore from Rs24,000 crore to make more funds available to housing finance companies. State Bank of India shares closed at Rs278.10, up 5.88% on the BSE.
The state-run Steel Authority of India (SAIL) said the fire at its Bhilai plant, which killed nine workers, has been brought under control. According to the company, the incident occurred at 10.30 a.m when a fire erupted from a gas pipeline of "Coke Oven Battery Complex No. 11". "In an unfortunate incident at around 10.30 a.m today (Tuesday) in SAIL Bhilai Steel Plant, there was a fire in gas pipeline of Coke Oven Battery Complex No. 11 during a scheduled maintenance job. Some persons working at the site sustained burn injuries," the company said in a statement. "Injured persons were immediately rushed to the BSP Hospital for medical care and aid. Meanwhile, the fire has been controlled. So far, nine persons have lost their lives and 14 are undergoing medical treatment. All resources have been mobilised to provide adequate care to the injured." The Bhilai plant, located 30 km west of the state capital Raipur in Durg district, is India's sole producer and supplier of rails for the Indian Railways. Steel Authority of India shares closed at Rs66.85, up 5.36% on the BSE.
Dr Reddy’s Laboratories has launched Colesevelam HCI Tablets, USP, a generic version of WELCHOL Tablets of Daiichi Sankyo, in the US market approved by the US Food and Drug Administration. Colesevelam HCl Tablets is available in 625 mg with 180 count bottle size. Dr Reddy’s Laboratories shares closed at Rs2,484.25, up 1.54% 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 Investment & Insurance Solutions) |
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