Benchmark indices did the mixed business on the fourth trading session of the week amid mixed global cues as investors are cautious ahead of Union budget 2017 and fourth coming corporate earnings of the company. Uncertainty is there in market at global front also as Donald Trump will join the office this week and his policies are still not clear regarding the growth of Worlds’ largest economy. Nifty ended the session to close at 8442.95. The Auto stocks were the major gainers of the day while pharma stocks were the losers for the day.
Global Markets Update
Federal Reserve Chair Janet Yellen signaled that the U.S. central bank is poised to pursue a path of steady interest rate hikes. As U.S. economy close to full employment and inflation headed toward the Federal Reserve’s 2 percent goal.
Credit Suisse has formally agreed to pay $5.3 billion to settle with U.S. authorities over claims it misled investors in residential mortgage-backed securities it sold in 2008 financial crisis.
Yes Bank third quarter earnings beat analysts’ expectations, with profit rising 30.6 percent .The growth was driven by strong net interest income that grew by 30.2 percent yoy basis, with loan growth of 38.7 percent at the end of December 2016.The growth in advances and CASA was majorly due to demonetization.
Federal Bank posted a 26.4 percent rise in net profit at Rs 205.65 crore for third quarter ended December 31, as higher interest income and fewer slippages helped in gains. NII grew 30.7% to Rs 791.4 crore against Rs 605.7 crore with strong credit growth of 32 percent.
PNB shares gains after bank announced that they signed MoU with India Post Payments Bank to provide technology platform for pilot launch of IPPB.
KPIT Technologies shares tanks after the dollar revenue of the company for Q3 tanks 0.44 percent to $123 million than September quarter. In constant currency terms there was a marginal growth of 0.2 percent.
Hindustan Copper stock surged by more than 5.46 after the reports in markets that the Mines Ministry seeks to increase the copper import duty to 7.5 percent against 5 percent earlier.
European stocks dipped on Thursday, though Zodiac Aerospace’s shares surged after a takeover offer by France’s Safran and Moneysupermarket.com also jumped after it reported strong results.
Japan’s Nikkei index was almost 0.92 percent high as at close on Thursday. Largely gains in the Mining, Chemical, Petroleum & Plastic and Steel sectors.
Indonesia stocks were higher as gains in the Trade, Miscellaneous Industry and Property sectors led shares higher.
Australia equities were higher as gains in the Healthcare, Utilities and Metals & Mining sectors propelled shares higher.
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