Benchmark indices traded a little higher on the last trading session of the week as investors are little cautious ahead of RBI monetary policy review in next week. The Union budget impact on the markets remained bullish and markets have sustained gains for the second trading session too. Nifty ended the day to close at 8754.35.
The PSU banks and Media stocks were the gainers for the day while Auto stocks were the losers of the day.
Global Markets Update
China’s central bank raised short-term interest rates in a further sign of policy tightening. While the rate increases were modest, they reinforced views that Chinese authorities are intent on containing capital outflows.
Facebook Inc posted quarterly profit of $3.57 billion, more than double the $1.56 billion it reported a year ago, the company showed no signs of slowdown in growth of its mobile ad business.
MRF Ltd’s December standalone net profit declines 30.7 percent yoy this was due to 13.4% yoy increase in finance cost. Revenue for the quarter came in 7 % higher. EBITDA for the quarter fell by 24.1% yoy This margin contraction was due to increase in employee benefits and other expenses respectively.
Strides Shasun’s results for the quarter registered a beat on net profi. Net profit increased by 265.5 percent than the estimated figure of Rs. 53.7 crore. Whereas revenue for the quarter came in at Rs. 933.9 crore as North America showed the best quality performance with healthy sales.
BSE Ltd jumped as much as 49 percent on their market debut on Friday, after the exchange raised about $185 million in an initial public offering that had been heavily over-subscribed.
Axis Bank will raise $10 million (about Rs 67 crore) by issuing floating rate bonds from its Dubai International Financial Centre (DIFC) branch.
Reliance Communications zoomed over 12 percent as there was speculation in the market that Norway’s Telenor has approached Aircel and Reliance Communications to explore a merger via share exchange.
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