Benchmark indices traded lower on the very first trading session of the week and continued their streak of making lower highs and lower lows on account of uncertain impact of currency demonetization on economy; moreover the mixed global cues did not hold the market as increasing bond yield of USA bonds may drain the liquidity from the emerging market. Oil and Gas sector shares saw the major buying momentum while Banking shares were the major losers of the day. Nifty closed below the psychological mark of 8000 at 7959.
Global Markets Update
Deutsche Bank’s supervisory board unanimously nominated chairman Paul Achleitner for a second term, a spokesman of Germany’s biggest lender confirmed on Monday.
Asian shares were on the defensive on Monday, undermined by fears that the strength in the U.S. dollar and rising U.S. bond yields since Donald Trump’s election to president could accelerate fund outflows from the region back to U.S. markets.
Reliance Infra EPC Division has won a prestigious EPC order for Rs 3675 crore (Rs 2,302 crore plus USD 205 million) from NLC India Limited (formerly known as Neyveli Lignite Corporation Limited) for setting up two nos. of Lignite based CFBC.
Adani Group has taken its first steps towards replicating that ranking in Australia as announced that it proposes to commence construction of two major solar projects in Australia next year, each with an output of 100-200 MW.
Punjab National Bank (PNB) as cut interest rate on fixed deposits by up to 0.25 percent in line with competition. stock tanks more than 8 percent today on NSE (National Stock Exchange).
Bharat Forge tanks despite announced the acquisition of US-based Walker Forge Tennessee, for a total consideration of USD 14 million. Bharat Forge has made this acquisition through its US subsidiary.
Arvind Ltd ends on negtaive note as company wholly owned Subsidiary Arvind Fashions Limited has completed the transaction and raised equity capital of Rs 740 crore pursuant to Share Subscription and Shareholders Agreement dated October 25, 2016 signed with three funds managed by Multiples.
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