Tuesday’s Indian indices of finance and metal stocks ended higher. Improved domestic income reports by most corporations have also helped to keep the mood on track. The Sensex ended 225 points above 38,407, and the Nifty hit 11,322 points.
Tuesday’s Indian indices of finance and metal stocks ended higher. Improved domestic income reports by most corporations have also helped to keep the mood on track. The Sensex ended 225 points above 38,407, and the Nifty hit 11,322 points. The losses are driven by Zee, JSW Steel, Axis Bank, BPCL and the IndusIn Bank, while the losses have been led by Shree Cement, Titan, UPL, Cipla and Dr. Reddy. The economic growth in metal stocks, with the Nifty Metal index rising 1.7%, is a sign of recovery in Chinese industries. Amongst others. Even, Nifty Bank increased by 1.5%. Nevertheless, the indices of IT and pharmaceuticals for the day were 0.5-1%.
Highlights-
— Sensex & Nifty End At 5-month highs in the midst of optimistic world issues.
— Midcaps, Index Gives Up to 180 Top Points, Losses Led By Ipca & Edge
— Contributes most to nifty benefit with HDFC twins – Reliance Recovers 1.5 percent
— HDFC Bank, Axis & ICICI Bank contributing 80 percent more to the net income of Nifty Bank
— ICICI ends 1 % higher after sources say bids Worth Rs 62,000 Cr Got in respect of the QIP
— Strength of demand in Q2 after a loss in Q1; 8 percent off-low stock ends-Motherson Sumi Management
— 2nd day FMCG Stocks Gain; 4-week peak ends, 30% in 2 sessions ITC Stocks gain
— Fast Recovery in Ashok Leyland Ahead From Q1 Results
— Advance market width at 3:2 Advance-Decline rate.
As part of its divestment, according to knowledgeable people, the Narendra Modi administration intends to discharge some of the LIC stakes in the IDBI bank. Nevertheless, no decision was taken and during the consultations, the matter came up concerning the government’s intention to exit the IDBI Bank. Sources claim that valuations direct any such decision. The question is possibly also the IDBI Bank’s small public float, with the government holding approximately 47% and the LIC shareholding at 51%. The possibility of a government-provided LIC riding piggyback could help. The government continues to determine whether it should sell its equity in tranches in IDBI Bank.
