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20
February 2019
I had mentioned in Tuesday’s closing report
that Nifty, Sensex were still under pressure. The major indices of the Indian
stock markets rallied on Wednesday and closed with gains over Tuesday’s close.
On the NSE, there were 1,117 advances, 674 declines and 103 unchanged. The
trends of the major indices in the course of Wednesday’s trading are given in
the table below:
A
slight ease in crude oil prices along with value buying aided the benchmark
Sensex to snap its longest consecutive sessions fall in the last eight years on
Wednesday. Accordingly, the benchmark index closed with handsome gains of over
400 points while the Nifty50 jumped past the 10,700 mark after struggling in
the past sessions.
Adding
to the positive momentum were the gains made by the rupee and healthy domestic
investment which were supported by expectations that the US and China may
resolve their trade tensions. "Positive global markets lifted the domestic
market sentiments after 2 weeks of under performance. Dovish minutes from US
Fed and resumption of dialogue between US and China added positive vibes to the
global market," said Vinod Nair, Head of Research, Geojit Financial
Services. "Strong inflows from DIIs, appreciation of rupee and value
buying in mid and small caps helped the domestic market." The S&P BSE
Sensex closed 403.65 points or 1.14 per cent higher at 35,756.26 from its
previous close of 35,352.61, while the NSE Nifty50 ended 131.10 points or 1.24
per cent higher at 10,735.45.
Among
the top gainer were Vedanta, which inched up 4.67 per cent, followed by Tata
Steel, up 4.13 per cent. ONGC, NTPC and Yes Bank came next. Sensex saw only
four stocks ending in the red led by Hero Moto Corp, Hindustan Uniliver, Bajaj
Auto and IndusInd Bank
The
Supreme Court on Wednesday directed Reliance Communications to pay Rs453 crore
to Ericsson India within four weeks failing which its chairman will have to
undergo a three-month sentence. A bench of Justice Rohinton Fali Nariman and
Justice Vineet Saran directed the court's Registry to give Ericsson Rs118 crore
that were earlier deposited by RCOM. The court said that the entire amount that
RCOM has to pay to Ericsson is Rs550 crore plus the interest that was
generated. The court also imposed a fine of Rs1 crore each on RCOM, Reliance
Telecommunication and Reliance Infratel that would be deposited with the
Supreme Court Legal Services Committee (SCLSC). In case of default the Chairman
of all three companies would have to undergo sentence of one month each. The
bench ordered this as it did not accept the "unconditional apology"
tendered to the court by the RCOM Chairman. RCOM Chairman Anil Ambani was
present in the court when the order was announced. Reliance Communication
shares closed at Rs6.00, without change on the NSE.
After
bagging 255 e-buses' orders from six state transport undertakings (STUs) under
the first phase of incentive scheme for electric vehicles in public transport,
Tata Motors is betting big on the segment, said an official here on Wednesday.
The company is also working on developing complete range, including electric
mini buses. Tata Motors shares closed at Rs164.70, up 0.58% 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:
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Major Indices (The Total
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