Indian Stock Markets Sensex & Nifty Shows Some Positive Signs of Recovery

Indian Stock Markets Sensex & Nifty Shows Some Positive Signs of Recovery

The Sensex and Nifty opened on slight high on Friday, showing some signs of recovery in the Asian market. We try to highlight some key attractions for stock market investors. Today’s list includes, ICICI Bank, Titan, IDBI, Vedanta, Fortis Healthcare and others.

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The Sensex and Nifty opened on slight high on Friday, showing some signs of recovery in the Asian market, but remained near nine-month lows despite small gains on Wall Street overnight, as ongoing concerns over global trade frictions dampened sentiment, though a move to ease foreign investment curbs in China could boost markets there.

At 7:50 am, SGX Nifty was trading at 10,597.50, up 23 points or 0.22 per cent.

MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, Australian shares were 0.1 percent higher, while Japan’s Nikkei stock index was down 0.2 percent.

Stocks on Wall Street posted small gains on Thursday, helped by financial and technology shares, but broader market sentiment remained subdued on lingering concerns over U.S.-driven trade tensions.

The Dow Jones Industrial Average rose 98.46 points, or 0.41 percent, to 24,216.05, the S&P 500 gained 16.68 points, or 0.62 percent, to 2,716.31, and the Nasdaq Composite added 58.60 points, or 0.79 percent, to 7,503.68.

Today’s Stars of Stock Market

Titan Company: Ace investor Rakesh Jhunjhunwala sold 2.67 percent stake in Titan Company between May 22 and June 28. Jhunjhunwala and eight other connected entities offloaded around 12.5 million shares for around Rs 10.8 billion, according to a disclosure made to BSE. Before selling, Jhunjhunwala & Family held 8.78 percent in Titan, now Hold 7.37 percent in the company.

IDBI Bank: Reports say IRDA will conduct a board meeting on Friday to discuss a possible easing of rules to facilitate IDBI Bank sale to LIC. For now, LIC can hold not more than 15 percent in companies. This rule could be eased in the meeting later today.

Vedanta: Vedanta Ltd on Thursday said it plans to raise up to Rs 1,500 crore through issuance of non-convertible debentures (NCDs). “The company proposes to offer rated, secured, redeemable, non-cumulative, non-convertible debentures aggregating up to Rs 1,500 crore in one or more tranches,” Vedanta Ltd said in a BSE filing.

Fortis Healthcare: The date for submission of the bids have been revised to Tuesday, July 3.

Kalpataru Power: Kalpataru Power Transmission Limited (KPTL) said it has secured new orders worth 1,235 crore. These include an order for railway infrastructure construction from Bangladesh Railways in a Consortium wherein KPTL’s share is Rs 553 crore, a company statement said.

ICICI Bank: ICICI Bank today said it has appointed Walker Chandiok & Co as statutory auditors of the bank as the term of the previous auditor expired. B S R & Co LLP, Chartered Accountants, the statutory auditors of the bank for the past four consecutive years will retire at the conclusion of the 24th Annual General Meeting on completion of the maximum period of four consecutive years as per prevailing RBI guidelines, ICICI Bank said in a regulatory filing to stock exchanges.

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