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Nifty plunges by ~4%, Reliance Industries leads the decline

Markets extended losing streak to second consecutive week as Nifty lost 3.7% in the last five days. Trade tensions between the US & China, global growth concerns and mixed quarterly earnings dragged the markets lower. Market participants turn jittery as we get closer to the Elections verdict, which is scheduled on May 23, 2019. Index heavyweight Reliance Industries was the top laggard as the oil major plunged over 11% losing over Rs1 lakh cr in market capitalisation this week. The…

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GAIL slumps 3% after emerging as highest bidder for IL&FS wind assets

Shares of GAIL were trading 3% down on Tuesday after the company emerged as the highest bidder for Leasing and Financial Services Ltd’s (IL&FS) wind assets portfolio. Accordingly, IL&FS has agreed to sell its 874 megawatts (MW) operational wind energy portfolio to state-run gas utility GAIL (India) Ltd for Rs4,800cr, media reports stated citing a press note released by IL&FS. The sale will close in three weeks. Significantly, GAIL’s offer of Rs4,800cr at 100% enterprise valuation implies that the accumulated debt of…

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Sensex, Nifty trade higher; Infosys, Airtel stocks drop

Equity benchmark indices opened higher on Monday as investors turned their focus on March-quarter earnings and macroeconomic data. Metal and realty indices rose 1%, followed by banking, FMCG, media and pharma. The Sensex was up 55 points at 38,823 and the Nifty50 rose 16 points at 11,659. The market breadth was positive on the NSE with 1,019 shares advancing, 502 shares declining, and 552 remaining unchanged. Shares of Infosys dropped 2.5% after the company reported numbers for Q4FY19. Constant currency (cc) revenue grew by 2.1% qoq and…

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Sensex, Nifty extend gain; RCom surges 10%

Equity benchmark indices extended gains for the seventh consecutive trading session on Tuesday. However, immediately after marking an opening in the green, markets pared gains. The Sensex was trading 52 points up at 38,147 levels, while the Nifty gained 10 points at 11,473 levels, well below its key level of 11,500. ADAG stocks spurted with Reliance Communication gaining 10% followed by Reliance Capital, Reliance Power, and Reliance Naval and Engineering, which gained 5% each on the BSE. Shares spurted after Mukesh Ambani…

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Asian markets trade mixed; Hang Seng index up ~1%

Asian markets opened mixed with a most trading flat after Friday’s extreme sell-off caught everyone off guard. The Chinese index was down over 5% as other markets followed owing to huge profit booking that took place after a stupendous run in 2019. Meanwhile, all eyes on progress & implementation of positive trade talks between US & China. Japan’s Nikkei 225 see-sawed between gains and losses to trade up 0.16%, the Topix index added 0.35%. In South Korea, the Kospi reversed…

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Asian stocks trade lower on Tuesday

Asian stocks tracked US shares lower as investors looked for details of a possible trade deal between the US and China. The dollar edged higher and Treasury yields held declines. Equities fell in Japan, Korea, Australia and Hong Kong after the S&P 500 Index declined the most in a month, though the benchmark did pare the worst of its losses late in the session. US futures retreated. Chinese stocks fluctuated and the yuan drifted after the country lowered its goal…

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Nifty above 10,800 mark; Adani Ports, BPCL stocks slip

Equity benchmark indices opened higher on Monday tracking strong global cues. However, the market erased opening gains and is trading flat due to selling pressure in banking, FMCG, media, and pharma stocks. The NSE Nifty Realty index extended gains for the sixth consecutive trading session, which gained 1.4%. Indiabulls Real Estate, Oberoi Realty, and Godrej Properties were up over 2% each after the GST Council has approved the much awaited and largely expected rate cut for normal under-construction properties to 5% from 12% earlier…

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Sensex, Nifty trade lower; Bank Nifty stocks up

Equity benchmark indices opened lower tracking cues from Asian markets. The Indian rupee opened lower at 70.87 per dollar on Thursday vs. its previous close 70.80/$. Shares of Yes Bank climbed 25% on the BSE in Thursday’s morning trade as the Reserve Bank of India (RBI) has not found any divergence in the asset classification and provisioning done by the lender during 2017-18. Around 0.9% equity worth Rs464cr traded in multiple blocks on the NSE at an average of Rs210…

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Asian markets trade mixed ahead of US-China talks

Asian stock markets were trading mixed on Monday as investors watched for developments on a fresh round of trade talks with the United States this week in Beijing. China and Taiwan markets reopened after a weeklong Lunar New Year break, edged higher on hopes that American and Chinese officials will make progress on a wide-ranging dispute that has weighed on the global economy. Shares in Sydney ticked lower along with those in South Korea. Japan is shut for a holiday,…

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Sun Pharma stock gains 2% after subsidiary Taro posts strong numbers

Shares of Sun Pharma gained 2% on the NSE in morning trade after its US subsidiary Taro Pharma reported strong quarterly results. Taro Pharmaceuticals posted net sales of $176.4 mn, an increase of $20.9 mn, mainly driven by a 13% increase in overall volumes. Its gross profit of $117.5 mn (66.6% of net sales compared to 66.2%) increased $14.6 mn. Net income attributable to Taro was $93.5mn compared to $18mn, a $75.5mn increase, resulting in diluted earnings per share of $2.40 compared…

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