Benchmark indices traded lower on the fourth trading session of the week giving its reaction on the FED interest rate hike in US economy and remained choppy for the day as investors remained cautious on US Federal Reserve’s hawkish outlook for 2017.Global sentiments remained mixed for the day as European Stocks jumped but the Asian markets traded lower. Nifty ended the session to close at 8177.90.
FMCG, telecom, pharma and auto stocks were under pressure while technology stocks continued to support the market.
Global Markets Update
US Markets slumped down 0.50 percent on Wednesday, after the Federal Reserve announced 25 basis pts hike in interest rates. Wall Street took a breather from an ongoing bull run of more than 20 days.
Euro Markets inched higher on the backs of steep rally seen in bank and financial stocks, after Fed rate hike. Traders watched for Britain’s monetary policy summary due later today.
YES Bank as collaborated with FortyTwo42 Labs, a Global Cyber Security Research Lab setup in India (Vizag and Pune) and Israel (Tel Aviv) as a co-innovation partner for developing next generation Fintech and Cyber security Solutions.
ONGC has moved higher bouncing back nearly 4 percent from intra-day low in otherwise volatile market as stock turned today ex-bonus in the ratio of 1:2. The stock price factored in the issuance of bonus shares to the existing investors.
Gitanjali Gems rallied more than 6 percent today on NSE (National Stock Exchange) after its subsidiary has decided to raise funds through initial public offering.
Indraprastha Gas Ltd surged 4.33 percent on intraday, climbing to a record high of Rs 911.70. Stock has surged about 70 percent in 2016. It has recently been authorized for Rewari geographical area in the recent 6th round of bidding by Petroleum and Natural Gas Regulatory Board (PNGRB). Stock closed at Rs 907.50.
Cipla Ltd closed on downside with a loss of 0.70 percent, after its subsidiary, Cipla Holdings B.V, Netherlands has entered into a joint venture agreement with Ahran Tejarat Company. Stock closed at Rs 564.
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