Benchmark indices traded higher after opening gaped up backed by firm global cues. Domestic investor’s sentiments remained bullish on sustained capital inflows and widespread buying by retail investors amid expectations of encouraging third quarterly earnings, to be announced this week. Nifty ended at record closing high at 10631.40. Pharma and IT shares were the major gainers of the day while PSU bank stocks were the major losers of the day.
Global Markets Update
World stock markets hovered close to all-time highs on Monday as the best start to a year in eight years showed little sign of running out of steam, with the combination of strong global growth and low inflation powering the appetite for risk.
German industrial workers staged strikes at companies across the metals and engineering sectors on Monday as part of a campaign by union IG Metall for higher pay.
Shares of Jindal Steel & Power hit fresh high as company will raise Rs 1,000 crore through qualified institutional placement (QIP) route in February. They are going to be raising only about Rs 1,000 crore and utilising it mostly for some debt repayment and to clear payments of all our suppliers and creditors.
Shares of Larsen and Toubro surged as it has won orders worth Rs 2,265 crore. The Transportation Infrastructure and Water & Effluent Treatment businesses of L&T Construction have jointly bagged three EPC orders worth Rs 2,265 crore from Andhra Pradesh Capital Region Development Authority (APCRDA).
Karur Vysya Bank has cut overnight and one month marginal cost of funds based lending rates (MCLR) by 35bps each to 8.30%. The rates are now in the range of 8.3-9% effective Sunday. The Reserve Bank of India had asked banks to update their lending rates as per the marginal cost of funds, on a monthly basis.
Shares of Sun Pharmaceutical Industries rose 4 percent following media reports saying that USFDA will inspect the company’s Halol, Gujarat facility in the second half of February. The Halol facility, the company’s largest unit, has been under USFDA’s warning letter since 2015.
Asian shares crept toward all-time peaks after Wall Street boasted its best start to a year in over a decade, with brisk economic growth and benign inflation proving a potent cocktail for risk appetites.
Indonesia stocks were higher after the close on Monday, as gains in the Mining, Property and Agriculture sectors led shares higher.
European shares hit their highest level in more than two years on Monday as confidence over global economic growth continued to boost investor appetite for world stocks. A buoyant auto sector, fresh dealmaking activity and a better-than-expected update from chipmaker Dialog Semiconductor also buoyed sentiment, lifting the STOXX 600 (STOXX) index up as much as 0.4 percent to levels last seen in August 2015.
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