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Market Snippet

Benchmark indices traded higher after wholesale inflation eased for the second consecutive month, growing at 2.84 percent in January.World markets too traded bullish neglecting the US inflation report and ended higher. Nifty closed at 10551.20. Oil marketing companies’ shares were the major gainers of the day while Media and Realty shares were the major losers of the day.

Global Markets Update

Amazon will create 2,000 permanent contract positions this year in France, its largest market in Europe after Britain and Germany.That will bring its total number of permanent local staff to 7,500 after investing over €2B in France since 2010. A recovery rally in European stocks gathered pace for a second day on Thursday after investors brushed off a spike in U.S. inflation, turning their focus back to strong company earnings from heavy hitters including Europe’s largest aerospace firm, Airbus.

Stock Snippets

Grasim Industries, an Aditya Birla Group company, has reported 17 per cent fall in December quarter net profit at Rs 787 crore (Rs 952 crore), largely due to wider loss in its subsidiary Idea Cellular. The company’s net revenue was up 60 per cent at Rs 15,291 crore (Rs 9,577 crore).

Adani Enterprises Ltd is looking to buy mines in countries such as Indonesia, despite its struggles to develop a controversial coal project in Australia.

Bodal Chemicals’s quarterly result reflected a sequential improvement in operational performance aided by higher offtake from the textile end market.Bodal Chemicals Q3 FY18 sales were up 10 percent YoY aided by higher domestic sales (72 percent vs 65 percent in Q3 FY17) and dyestuff contribution i.e.31 percent vs 26 percent in Q3 FY17.

Allahabad Bank reported a loss of 1,263.8 crore in the third quarter ended December 31, 2017 against a net profit of 75.26 crore in the corresponding period of 2016. During the quarter, the bank made higher provisioning for NPAs at 2,044.23 crore, as against 795.82 crore made in the corresponding period of the previous year.

Global Markets

Japan’s Nikkei share average rose significantly on Thursday as investors bought back recently-battered stocks after U.S. markets climbed overnight, shrugging off stronger-than-expected inflation data.

Philippines stocks were higher after the close on Thursday, as gains in the Mining & Oil, Holding Firms and Industrials sectors led shares higher.At the close in Philippines, and the PSEi Composite rose 0.17%. Australian stocks climbed 1.15 percent and South Korea’s KOSPI added 1.1 percent.

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