Closing Bell: Nifty ends below 10,850, Sensex up 82 pts; metal stocks shine, Godfrey Phillips up 5%

Sep 18, 4:08 PM (IST)
Ajit Mishra Vice President, Research, Religare Broking:

The Indian markets traded with a positive bias throughout the session amidst high intraday volatility. The correction in crude oil prices has definitely provided respite to investors. Nonetheless, geo-political developments would still be one of the key factors on investors’ radar as any further escalation would have an adverse impact on markets and economy.

Apart from this, the FOMC meet outcome tonight would be a key factor as there is a wide expectation of a rate cut. However, commentary on growth and rate outlook would be a crucial.

On the domestic front, the recommendations of GST Fitment committee to not reduce rates in certain sectors has impacted sentiments, however the final decision would be taken at the GST Council meet on September 20.

Sep 18, 03:53 PM (IST)
Rupee near day’s high: The Indian rupee is trading near day’s high at 71.26, up 52 paise against aprevious close 71.78.

Sep 18, 03:34 PM (IST)
Market Close: Benchmark indices ended higher but off day’s high after no major announcement from the Cabinet.

At close, the Sensex was up 82.79 points at 36,563.88, while Nifty was up 23.10 points at 10,840.70. About 1236 shares have advanced, 1227 shares declined, and 156 shares are unchanged

Tata Steel, BPCL, Vedanta, JSW Steel and IOC were among major gainers, while losers were Britannia Industries, Coal India, ONGC, Eicher Motors and Yes Bank.

Except pharma, all other sectoral indices ended in the green led by the metal, IT, infra, energy, auto and bank.

Sep 18, 03:20 PM (IST)
July Telecom data: Bharti Airtel loses 25.8 lakh users against loss of 29,883 users, Reliance Jio added 85.4 lakh users against 81.8 lakh users, while Vodafone Idea loses 33.9 lakh users versus loss of 41.5 lakh users, MoM.

Sep 18, 03:17 PM (IST)
Paper stocks rally 2-10%: Paper stocks remained on buyers’ radar since the Prime Minister Narendra Modi, in his Independence speech, urged people and companies to stop using single use plastic on October 2, the Gandhi Jayanti onwards.

Prime Minister Narendra Modi announced a ban on the use of single-use plastics by Gandhi Jayanti in 2022. The proposed ban covers plastic bags, cups, plates, small bottles, straws, and certain types of sachets.

Sep 18, 03:05 PM (IST)
Cabinet approves wages for 78 days (an amount of Rs 2,024 crore) this year as bonus for railway staff.

Sep 18, 03:04 PM (IST)
Indian Bank approved amalgamation of Allahabad Bank into Indian Bank and capital infusion of upto Rs 5,000 crore by Government of India through preferential allotment to Government of India subject to necessary regulatory approvals.

Sep 18, 03:01 PM (IST)
The National Company Law Tribunal (NCLT) has sanctioned the scheme of amalgamation of Mahindra Defence Naval Systems, a wholly owned subsidiary of Mahindra Defence Systems, an unlisted wholly owned subsidiary of M&M, with MDSL and their respective shareholders and creditors.

Sep 18, 02:50 PM (IST)
Endurance Technologies commenced commercial production at the company’s new plant in Kolar, Karnataka from today i.e. 18th September, 2019.

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