Indian Oil Corporation shares fell nearly 5 percent intraday after the stock adjusted for bonus share issue. The state-owned oil marketing company, on January 30, recommended issue of bonus shares in the ratio of 1:1 i.e. one new equity bonus share of Rs 10 each for every one existing equity share of Rs 10 each fully paid up. The record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares has been fixed as March 17, 2018. Continue reading
The market recovered sharply from day’s low driven by short covering in banks but the benchmark indices failed to close in the green. The 30-share BSE Sensex fell 276 points intraday following weakness in Asia and US and amid increase in the PNB fraud amount but the recovery in banks in later part of the session helped the index close off day’s low. The index was down 21.04 points at 33,835.74 while the 50-share NSE Nifty manages to close above 10,400 amid volatility, falling 16 points to 10,410.90. Continue reading →
Public sector banks shares hit the most, with the PSU Bank index itself falling more than 2 percent intraday after the increase in PNB fraud amount for the second time. Punjab National Bank and Canara Bank were biggest losers among PSBs, shedding 4 percent each. Bank of India, IDBI Bank, Allahabad Bank, OBC, Syndicate Bank, Union Bank of India, Andhra Bank, Bank of Baroda and SBI slipped 1-3 percent. PSU Bank index lost 13 percent in last one month, especially after PNB detected biggest banking fraud while Nifty Bank index shed 3.6 percent and Nifty 50 was down 1.6 percent in same period. Continue reading →
It was a consolidation day for the market on Tuesday after nearly 2 percent rally in previous session, following sluggish global cues ahead of US inflation data due later today. The market was steady with mild gains after flat opening, but suddenly in last couple of hours of trade wiped out all gains and turned volatile, before closing on a mixed note. PSU banks, select private banks and oil marketing companies gained while technology and infra stocks were in the red.
Market Live : Sensex up 500 pts, Nifty inches towards 10,400; Bharti Airtel gains 4%. United Spirits, MOIL, SpiceJet, Ashok Leyland, Castex Technologies, Reliance Communications, Adani Power, Gammon Infra, HDIL, Shree Renuka and Suzlon Energy gained up to 4 percent.
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Thursday Market Commentary
Indian Equity benchmark indices opened gap down today tracking week global cues and was again driven by external and internal both economic news, both Nifty future and Bank Nifty future were down by 0.75% in early trade today after US President Donald Trump shows concerns of a global trade war. After gap down opening indices were traded in sideways movement throughout the day. Heavy looses in Metal, Auto and FMCG sector causes Nifty future to close in red for fourth consecutive trading day. Apart from PSU Banks and IT sector which marginally gained by 0.06% and 0.69% and rest of the indices ended today session in red in which Metal sector fell most by 3.28% followed by Auto sector which fall by 1.57% today. Continue reading →