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Trend-Today (23 Feb 2018)
Trend-Today (23 Feb 2018)
Trend-Today (23 Feb 2018)
Husains
MARKET WRAP
After trading in the red for the greater part of the day, benchmark indices have ended the day
on a flat note.
The Sensex is down 25.36 points or 0.07% at 33819.50, while the Nifty is down 14.75 points or
0.14% at 10382.70. The market breadth is negative as 1019 shares have advanced, 1694 shares
declined, and 217 shares are unchanged.
Sun Pharma, Adani Ports, and Aurobindo Pharma were the top gainers, while Dr Reddy’s Labs,
ONGC and BPCL lost the most.
Royal Orchid Hotels is in focus on the back of opening a new resort in Nashik. In an interview to
CNBC-TV18, Amit Jaiswal, CFO of the company spoke at length about the same.
The Indian rupee declined in the early trade on Thursday. It has opened lower by 29 paise at
65.05 per dollar versus 64.76 Wednesday.
"US FOMC minutes caused market volatility with US treasury yields touching a new high, US
stock markets reversing early gains and dollar strengthening further."
Patran, Punjab, and transmission lines that connect Kaithal-Patiala. InvITs are investment
vehicles that own operating infrastructure assets in India.
"Recent negative developments in Indian banking sector has put pressure on the rupee. The
USD-INR is expected to trade in a range of 64.75-65.05 for the day."
"RBI MPC minutes for February highlighted upside risk to inflation due to rising crude prices,
MSP increases, fiscal slippage and Pay Commission implementation."
"The G-Sec market is expected to continue to be bearish with low demand and falling trading
volumes. The 10-year benchmark bond yield is expected to trade in a range of 7.74-7.79 percent
for the day," he added.
The US dollar wobbled last night after minutes from the Federal Reserve's policy meeting
pointed to more rate hikes in months to come.
The dollar index, dropped about 0.20 percent after the release of the minutes, before regaining
much of its losses.
The scam-hit Punjab National Bank (PNB) will move out of the NSE's Nifty Midcap 100 index from
April.
Besides, Ambuja Cements, Aurobindo Pharma and Bosch Ltd will be excluded from the Nifty 50
index, while Bajaj Finserv, Grasim Industries and Titan Company will find a place in the index.
The changes were announced today by India Index Services and Products Ltd (IISL), an arm of the
National Stock Exchange (NSE) as part of its periodic review.
"These changes shall become effective from April 2, 2018 (close of March 28, 2018),― IISL said
in a notice.PNB is among the 46 companies that will be excluded from the Nifty free float Midcap
100 index (which will be renamed to Nifty Midcap 100) from April.
The bank's stock has been battered in the past few trading sessions following the revelations of
the Rs 11,400 crore frauds at PNB involving billionaire jeweller Nirav Modi and others.
That apart, seven companies- Bajaj Finserv, Tata Power, Titan Company, GlaxoSmithKline
Consumer Healthcare, GlaxoSmithKline Pharmaceuticals, Glenmark Pharmaceuticals and Torrent
Pharmaceuticals would be excluded from Nifty Next 50 index.
These firms would be replaced by Aditya Birla Capital, Ambuja Cements, Aurobindo Pharma,
Bosch, General Insurance Corporation of India, L&T Finance Holdings and SBI Life Insurance
Company. Further, changes have been announced in Nifty 500, Nifty 200, Nifty 100, Nifty Midcap
150 and Nifty Small cap 250 among others.