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21 February 2019
I had mentioned in Wednesday’s closing report that Nifty, Sensex would head higher. The major indices of the Indian stock markets rallied on Thursday and closed with gains over Wednesday’s close. On the NSE, there were 1,218 advances, 568 declines and 94 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:
The Finance Ministry had announced capital infusion of Rs 48,239 crore in the 12 public sector banks on Wednesday, following which PSU Bank Nifty index surged up to 1.6% in today’s trading session. During afternoon, Central Bank of India traded over 7% higher while Union Bank and Punjab National Bank (PNB) surged 4%. Corporation Bank, the biggest recipient of the infusion, gained close to 20 per cent.
Tata Motors led the gains in the Sensex pack and was followed by Vedanta, Tata Motors(DVR), ONGC and Bajaj Finance, while Yes Bank, Infosys, Maruti Suzuki, Coal India and IndusInd Bank settled lower, slipping up to 1.50%. However, the export-oriented IT stock closed lower both on BSE and NSE. The BSE Sensex closed 142.09 points or 0.40% higher at 35,898.35, while the Nifty gained 54.40 points or 0.51% at 10,789.85.
The Employees' Provident Fund Organisation (EPFO) board has recommended an interest rate of 8.65% for 2018-19, 10 basis points higher over the previous fiscal. In the financial year 2017-18, the interest rate was 8.55%. This is the first time since 2015-16 that the interest rate has been raised.
The Anil Ambani-led Reliance Group's financial services flagship company Reliance Capital on Thursday said it has invited its partner Nippon Life Insurance Company to make an open offer for its 42.88% stake in Reliance Nippon Life Asset Management Ltd (RNAM). It is said Reliance Capital can realise about Rs 7,000 crore out of this deal and it would be used to reduce its debt, industry sources said.
Nippon Life Insurance Co Ltd already holds 42.88% stake in RNAM. An open offer by Nippon Life Insurance will be triggered if the above transaction goes through. While the RNAM scrip was locked in the upper circuit at about Rs 187 per share, Reliance Group will be expecting a sizeable "control premium" for its stakes. The RNAM came out with an IPO at a price of about Rs 252 and the sale price now was expected to be more than that as it would include the "control premium".
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 Investment & Insurance Solutions) |
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