Benchmark indices traded higher on the third trading session of the week on account of strong global cues as the higher US GDP data boosted the domestic sentiments besides the domestic GDP data in evening is also expected to be higher. Nifty gained the momentum for the fourth continuous trading session to close at 8253.60.
Cement and banking shares were the major gainers of the day while Pharma stocks were the top losers of the day.
Global Markets Update:
Toyota Motor Corp appointed its president to lead their newly formed electric car division, flagging its commitment to develop a technology that the automaker has been slow to embrace.
European shares climbed to a three-week high, staying on track to end the month in positive territory, with energy stocks racing higher on expectations of a deal to cut crude oil production to tackle oversupply.
Drug major Lupin gets approval from the USFDA (Food and Drug Administration) to market its Armodafinil tablets, indicated to improve wakefulness; stock ends in red territory.
Idea shares tanks despite Axiata is looking to sell its 20% stake in Idea Cellular as the Malaysian company believes the Indian telecom provider’s valuation will remain subdued for at least the next three years given the likelihood of a pricing onslaught stemming from the entry of Reliance Jio Infocomm.
Torrent Pharma shares gains in early trades after gets nod from USFDA for Amlodipine & Olmesartan Medoxomil tablets that are used to treat hypertension. Meanwhile, CLSA has upgraded the stock to buy from outperform.
JSW Steel Ltd gains after the company has joined one of two investor groups vying to take over Italy’s loss-making Ilva steel plant.
Eros Media board of directors meeting will be held on 2 December, to consider and approve the proposal to raise funds through issue and offer of secured/unsecured, redeemable, non convertible debentures on public/private placement basis, in one or more tranches, upto the limit as may be decided by the board.
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