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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open lower on Thursday ahead of the announcement of the Reserve Bank of India’s (RBI) monetary policy later today, tracking weakness in global markets.
Gift Nifty was trading around the 24,175 level, a discount of nearly 200 points from the Nifty futures’ previous close, indicating a gap-down start for the Indian stock market indices.
The US stock market ended lower on Wednesday, with the Nasdaq falling 1%, dragged by selling in technology shares.
The Dow Jones Industrial Average declined 234.21 points, or 0.6%, to 38,763.45, while the S&P 500 fell 40.53 points, or 0.77%, to 5,199.5. The Nasdaq Composite ended 171.05 points, or 1.05%, lower at 16,195.81.
Asian markets traded lower on Thursday tracking overnight losses on Wall Street. Japan’s Nikkei 225 fell 1.7%, while the Topix declined over 1%. South Korea’s Kospi dropped 1.2%, and the Kosdaq fell 1%. Hong Kong’s Hang Seng index futures indicated a lower opening.
STOCKS TODAY
NTPC: Subsidiary NTPC Renewable Energy has commenced operations of the first part capacity of 60 MW out of the 150 MW Gujarat Solar PV project in Radhanpur, Gujarat, through its wholly owned subsidiary NTPC Green Energy. With this, the total installed and commercial capacity of the NTPC group has now reached 76,134 MW.
Marico: Operating conditions in the Bangladesh market are gradually improving, though the company remains watchful of the evolving situation. After a brief interruption, a large majority of its retail sales force and distributors have now resumed operations. The company expects manufacturing operations to resume soon.
Sapphire Foods India: Kotak Mahindra Mutual Fund has bought a 0.94% stake in the company at an average price of Rs 1,650 per share. However, Arinjaya (Mauritius), part of the promoter group, sold a 3.7% stake in the company at an average price of Rs 1,649.94 per share.
TVS Supply Chain Solutions: The supply chain solutions provider has secured a new business contract from JCB in India for managing their in-plant warehousing and logistics operations at the Vadodara facility in Gujarat for three years.
UPL: The High Court of Australia has dismissed the appeal and decided the matter in favor of Advanta, a subsidiary of UPL in Australia. The High Court has upheld the judgment of the Court of Appeal, stating that Advanta was not liable for the economic loss to the growers. This marks the end of the Class Action as there are no further avenues of appeal available.