Gap-up opening for Sensex, Nifty

India Infoline News Service | Mumbai | September 22, 201608:32 IST

Asian markets opened higher on Thursday. Shanghai Composite and Hang Seng are up by 1% each.

Stock Market Jump
The indices are set to open on a positive note. The current account deficit (CAD) narrowed sharply to just USD 300 million, or 0.1% of GDP, in the June quarter, driven by lower trade deficit on deeper import contraction, the Reserve Bank said.

On the economy front, the Union cabinet also approved the finance ministry’s proposal to advance the general budget’s presentation by a month from the end of February.

Asian markets opened higher on Thursday. Shanghai Composite and Hang Seng are up by 1% each.

Wall Street closed sharply higher on Wednesday after the Federal Reserve kept interest rates unchanged. The Dow Jones industrial average gained 0.90% to close at 18,293.7 points. The S&P 500 rose 1.09% to end at 2,163.12 points, while the Nasdaq advanced 1.03% to close at 5,295.18 points.

The US Federal Reserve left interest rates unchanged on Wednesday but strongly signalled it could still tighten the monetary policy by the end of this year as the labour market improved further.

The Rs.6,057-crore IPO of ICICI Prudential Life Insurance Company has oversubscribed 10.47 times on Wednesday, the last day of subscription.

Among other stocks in focus:

Tata Motors:
Tata Motors-owned Jaguar Land Rover (JLR) launched all new Jaguar XF priced between Rs 49.50-62.10 lakh. The deliveries of the new XF will begin from the month-end, the company said in a statement here.

Orient Paper and Industries Ltd: Orient Paper has decided to demerge its electrical appliances division to unlock shareholder value.

SAIL: SAIL is planning to increase sales by 20% to 14.52 million tonnes (MT) this fiscal from 12.1 MT a year-ago.

M&M: Mahindra and Mahindra Ltd is recalling new generation Scorpio and Nuvo Sport vehicles manufactured until June 2016 “for a pro-active inspection of fluid hose ”, the company said.

IOC: Indian Oil Corp wants to buy Gujarat State Petroleum Corp.’s (GSPC) entire stake in the GSPC-Adani liquefied natural gas (LNG) terminal being built in Mundra, Gujarat.

Nestle India: Nestle India on Wednesday moved Supreme Court seeking its nod to destroy about 550 tonnes of Maggi Noodles, the stock which was recalled from the markets last year after reports that it contained lead beyond the permissible limit, as per media reports.

Union bank of India: Union Bank of India has completed the acquisition of 49% shareholding in Union KBC Asset Management Company and Union KBC Trustee Company from KBC Participants Renta and its affiliates.

REC: The company has informed BSE that in the 47th Annual General Meeting of the Company which was held on September 21, 2016, board has decided to raise authorized capital to Rs 5,000 crore from Rs.1200 crore and announces 1:1 bonus.

TCS: Tata Consultancy Services has been awarded the Gold rating certificate by EcoVadis, an independent CSR advisory firm. This is the third year in a row that TCS has received the top accolade from the Paris-headquartered firm.

Reliance Defence & Engineering: Reliance Defence and Engineering is in talks with the Indian Coast Guard to finalise a long-pending Rs 920-crore contract for 14 Fast Patrol Vessels.

Aurobindo Pharma, Cadila Healthcare: Aurobindo Pharma and Cadila Healthcare have recalled over 25,500 bottles of two different drugs in the US due to the presence of foreign tablets and failed dissolution specifications, as per media reports.

United Breweries: United Breweries said private lender Yes Bank has invoked 19 lakh of its shares worth Rs. 156 crore which were pledged by McDowell Holdings, a unit of Vijay Mallya-led UB Group, as per media reports.

Godrej Properties: The company has acquired a land parcel measuring approximately 12 acres off Sarjapur Road in South Bangalore.

ABG Shipyard: ABG Shipyard on Wednesday rejected its lenders' proposal to invoke strategic debt restructuring (SDR) in the company.

Byke Hospitality: Byke Hospitality informed BSE that it has acquired properties in Jaipur and Mumbai on long term lease.

BOSCH: Bosch expects its mobility business to grow by 5% this year riding on the technology products in the commercial vehicle segment while it gears up to meet new emission standards in India and China.

GNFC: Gujarat Narmada Valley Fertilisers and Chemicals Ltd (GNFC) said it has entered into a joint venture to set up a wet lime project in Bharuch at a cost of Rs 50 crore.

Global Data: JPY Autumnal Equinox Day, AUD RBA's Governor Philip Lowe Speech SPEECH, EUR Business Climate (Sep), EUR Economic Bulletin REPORT, GBP CBI Industrial Trends Survey - Orders (MoM) (Sep), USD Chicago Fed National Activity Index (Aug), USD Initial Jobless Claims (Sep 16),USD Continuing Jobless Claims (Sep 9),USD Housing Price Index (MoM) (Jul), EUR ECB President Draghi's Speech SPEECH,GBP MPC Member Cunliffe Speech SPEECH,USD Existing Home Sales (MoM) (Aug),USD Existing Home Sales Change (MoM) (Aug), USD CB Leading Indicator (MoM) (Aug),EUR Consumer Confidence (Sep)PRELIMINAR,USD EIA Natural Gas Storage change (Sep 16), USD Kansas Fed manufacturing activity (Sep).

Trends in FII flows: The DIIs were net sellers of Rs.2.30 bn in the cash segment on Wednesday. The foreign institutional investors (FIIs) were net buyers of Rs.1.83 bn as per the provisional figures released by the NSE.


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