Opening Bell

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International Market Update (25 Feb 2019)

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Positive start for indices with Sensex up over 100 pts; Adani Ports falls 4%

Market Opens: It is positive start for the benchmark indices on Monday with Sensex is trading around 36,000 level.

At 09:18 hrs IST, the Sensex is up 124.38 points at 35995.86, while Nifty up 27.00 points at 10818.70. About 600 shares have advanced, 226 shares declined, and 43 shares are unchanged. 

Indiabulls Housing, JSW Steel, Yes Bank, Maruti Suzuki, Hero Moto, Tech Mahindra, Tata Steel, DLF, Sobha, Oberoi realty, Sunteck Realty, GVK Power, Reliance Capital, Godrej Properties are among major gainers on the indices, while losers are Adani Port, Mindtree, Jet Airways, IIFL Holding and Motilal Oswal.

Rupee Opens: The Indian rupee gained in the early trade on Monday. It opened higher by 12 paise at 71.02 per dollar versus previous close 71.14.

Source:https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-positive-start-for-indices-with-sensex-up-over-100-pts-adani-ports-falls-4-3577531.html

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Opening Bell

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PM Modi sees India as $10-trillion economy with countless startups

Prime Minister Narendra Modi on Sunday laid out his vision for making India a USD 10-trillion economy, and the third-largest in the world, saying he wants the nation to have countless startups, and be a global leader in electric vehicles.

Speaking at the Global Business Summit here, he said his government inherited an economy in complete policy paralysis, plagued by runaway inflation and rising current account deficit.

Reforms in the last four and half years have changed the picture. "Change is clearly visible today," he said.

BJP-led NDA rule witnessed highest post-liberalisation growth rate of 7.4 percent, and lowest inflation of less than 4.5 percent, he said adding that reforms like goods and services tax (GST) have laid solid foundation for higher gross domestic product (GDP) growth.

Source:https://www.moneycontrol.com/news/business/economy/pm-modi-sees-india-as-10-trillion-economy-with-countless-startups-3574701.html

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Closing Bell: Sensex, Nifty end a rangebound session flat; metal stocks outperform

Market Close: Benchmark indices ended flat on Friday after trading in narrow range throughout the day.

The Sensex was down 26.87 points at 35871.48, while Nifty was up 1.80 points at 10791.70. About 1602 shares have advanced, 906 shares declined, and 148 shares are unchanged. 

IOC, HPCL, JSW Steel, Vedanta and Yes Bank were the top gainers on the Nifty, while losers include Kotak Mahindra Bank, GAIL, HDFC Bank, Reliance Industries and Cipla.

Among the sectors, except energy and bank all other sectoral indices ended in green.

Source:https://www.moneycontrol.com/news/business/markets/sensex-nifty-end-a-rangebound-session-flat-metal-stocks-outperform-3570331.html

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Kotak Mahindra Bank falls over 4% on block deals; ING may have sold stake

Kotak Mahindra Bank shares fell over 4 percent in morning trade as 8.3 crore shares worth Rs 10,307 crore traded on both indices.

"5.87 crore shares (3% stake) equity trade in multiple blocks. ING may have sold stake in Kotak Mahindra Bank via block deal," said CNBC-TV18.

There were media reports which suggested that ING Mauritius Investments is likely to sell 1.2 percent in Kotak Mahindra Bank (KMB) via block deal at ~3-5 percent discount.

ING Group may sell 23 lakh shares, or 1.20 percent equity, at the price of Rs 1,125-1,250 per share, said multiple media reports.

On February 21, the Kotak Mahindra stock closed marginally lower at Rs 1,288.90 on the BSE.

ING Group merged its banking unit, ING Vysya Bank, with Kotak Mahindra Bank in November 2014. After the deal, the former held 6.5 percent stake in the merged entity, but offloaded some its stake later.

At 10:00 hrs, the Kotak Bank stock was trading at Rs 1,242, down 46.90 points or -3.64%, on the BSE.

Source:https://www.moneycontrol.com/news/business/markets/kotak-mahindra-bank-falls-over-4-on-block-deals-ing-may-have-sold-stake-3570881.html

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