Benchmark indices traded flat with bearish biasness on the third trading session of the week continuing their bear move for the fourth consecutive trading session. Investors are waiting for the minutes of the Reserve Bank of India’s monetary policy committee (MPC) meeting earlier this month, expected later in the day, for clues about the economy and the central bank’s stance after demonetization. Nifty ended the session to close at 8077.
Metals and Reality stocks were the major gainers of the day while FMCG shares were the losers for the day.
Global Markets Update
US Markets hits a 14 year record high along with dollar prices as markets shrugged off risk aversion and continued their bull run which has been elevated since Election Day.
Anheuser-Busch In-Bev has agreed to sell its majority stake in Africa’s largest Coke bottler to the Coca Cola Company, a deal agreed at USD 3.15 billion. The final planned divestment following its purchase of rival brewer SABMiller.
Reliance Communications Ltd will be receiving an upfront cash payment of USD 1.60 billion, mainly for reducing its debt. Company’s collaboration with Aircel, for its wireless business will reduce overall debt by Rs 31,000 crore, which is nearly 70 % of total debt. Stock soared 6.28 percent at close at Rs 37.25.
IRB Infrastructure Developers Ltd surged 0.56 percent on intraday as the company received Rs 20.55 crore by National Highway Authority of India (NHAI) against the bank guarantee. Stock closed at Rs 199.00.
Future Enterprise Ltd has planned to sell 16 percent stake in Future Lifestyle for Rs 3800 crore. Stock surged 3.63 percent on intraday to close at Rs 16.95.
Oil and Natural Gas Corporation (ONGC) added 0.93 percent on Wednesday as the company ties up with Hughes Comm. to upgrade satellite network across India. Stock closed at Rs 201.70.
8K Miles Software Services Ltd has announced to acquire Cornerstone Advisory Group LLC for USD 10.25 million through its US subsidiary and is expected to conclude the deal by 31st March 2017. Stock closed on downside with a loss of 0.31 percent at Rs 668.00.
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