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26 February 2019
The
major indices of the Indian stock markets suffered a correction on Tuesday
because of Indian Air Force (IAF) strike early morning in Pakistan Occupied
Kashmir (PoK). On the NSE, there were 605 advances, 1115 declines and 340
unchanged. The trends of the major indices in the course of Tuesday’s trading
are given in the table below:
The
benchmark index Sensex fell over 500 points on Tuesday after Pakistan claimed
that Indian Air Force (IAF) fighter jets crossed the Line of Control (LoC) and
returned after dropping a payload. The Nifty also slipped below the 10,800
mark. All the sectoral indices witnessed heavy selling pressure both on NSE and
BSE. At 10.31 a.m., the Sensex traded 351.42 points or 0.97% lower at 35,861.96
while the Nifty declined over 107.95 points at 10,772.15. Banks and metal
companies faced the brunt of the selling pressure in the morning session.
However. both Nifty and Sensex trimmed their losses to some extent after
tanking in the early morning trade.
Global
markets continued to gain on easing trade tension between US and China and
declining crude oil prices. Among the sectors which gained were auto, IT and
and media stocks.
The
Enforcement Directorate (ED) on Tuesday said it has attached properties of absconding
diamantaire Nirav Modi and his associate companies to the tune of Rs 147 crore
in connection with its ongoing probe into the Punjab National Bank (PNB) fraud
case. The agency in a statement said that the action was taken under sections
of the Prevention of Money Laundering Act (PMLA) 2002. The ED claimed that
during investigation, it was revealed that substantial proceeds of crime
obtained fraudulently by the Nirav Modi-owned group of firms Solar Exports,
Stellar Diamonds, Diamond RUS from PNB were diverted to the absconding
diamantaire, his relatives and entities controlled by him. The ED had
earlier attached properties in India and abroad to the tune of Rs 1,725.36
crore. Besides the properties, the ED had also attached gold, diamond, bullions,
jewellery and other valuables worth Rs 489.75 crore.
Foreign
direct investment (FDI) into India in April-December 2018 declined by 7% to
$33.5 billion over $36 billion received during the same period of the last
fiscal, according to latest official data. The Department for Promotion of
Industry and Internal Trade (DPIIT) data showed that India's total FDI inflows,
including reinvested earnings and other capital flows, was $46.62 billion in
April-December of the current fiscal.
Kotak
Mahindra Bank has raised the limit on total shareholding of foreign
institutional investors and foreign portfolio investors in the company to 45%
from 43%. The hike in the shareholding limit is due to the central bank
directive on reducing its Chief Executive Uday Kotak's stake in the bank.
The
Indian drug regulator may give partial and full waiver on clinical trials to
companies developing specific orphan drugs. The government is expected to come
out with a clear policy on approvals of orphan drugs in the New Drugs and Clinical
trials Rules, 2018. Currently, medicines used in treatment of rare diseases
with less than five lakh patients typically fall under the category of orphan
drugs.
The
top gainers and top losers of the major indices are given in the table below:
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| Major Indices (The Total Investment & Insurance Solutions) |
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