Nitesh Estates shot up 20 percent on a media report that Chinese company Fosun is looking for Rs 800 crore stake in company.
BSE Sensex opened higher on Thursday against the previous session’s closing. The NSE Nifty also rose in the morning hours. The Indian rupee on Thursday was trading marginally lower against US dollar tracking losses in its Asian peers. The 10-year bond yield rose ahead of a fresh 10-year bond
offering on Friday and as investors await details of bond sales by state governments this quarter. ONGC, IndusInd Bank and Dr. Reddy’s Labs shares rose, whereas shares of Tata Motors, ICICI Bank and Yes Bank fell.
9:56 am Management Speak: Ashok Leyland is on a tear with a record number of commercial vehicle sales in December 2017. In an interview to CNBC-TV18, Gopal Mahadevan, CFO of the company spoke at length about the same. We are seeing new truck demand from chemical industry, fast moving consumer goods (FMCG) sector and e-commerce, said Mahadevan. According to him, goods and services tax (GST) has had a positive effect on demand. He expects 10 percent growth in industry volume by the end of FY18.
9:50 am Buzzing Stock: Shares of SJVN and Unichem Laboratories zoomed to their 52-week high, gaining 15 percent and 6 percent respectively in the early trade on Thursday as the companies are going to consider buyback of shares on January 8.
The board meeting of SJVN will be held on January 08, 2018, to consider the proposal for buyback of the fully paid-up equity shares of the company.
For prevention of insider trading in dealing with securities of SJVN, the trading window shall remain closed from Jan 03, 2018 to Jan 10, 2018 (both days inclusive), in connection with the above scheduled meeting.
9:40 am Market Outlook: Dharmesh Shah of ICICI Direct.com Research said the research house believes that any correction from hereon should be used as an incremental buying opportunity as Q3FY18 earnings expectations and Budget expectations would influence investor sentiment.
Prior to the Nifty hitting a record high last week, broader markets were already quoting at their life-time highs, as replicated by the NSE Midcap 100 and Smallcap 100 indices.
Moreover, while the Nifty made a lower low between mid-November and early-December, neither the midcap nor the Smallcap index confirmed these developments in the Nifty as they formed higher lows.
All these points to a robustness in the bullish trend of the broader markets. This is something which we believe also bodes well for benchmark indices.
9:31 am Stake Sale: Public sector lender Dena Bank has invited bids to sell its 1.56 percent stake in NSDL, reports CNBC-TV18 quoting Cogencis.
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