Mr. Rajesh Sinha, Sr. Research Analyst, BONANZA PORTFOLIO LTD
Indian indices opened flat amid weak global cues. At the time of closing the Sensex was up 169.87 points or 0.28% at 60,300.58, and the Nifty was up 44.30 points or 0.25% at 17,813.60.
During the day, in a move that will add to the working capital requirements of stockbrokers, the Securities and Exchange Board of India (SEBI) has prohibited the utilization of clients' funds for the creation of bank guarantees. Adani Ports and Special Economic Zone (APSEZ) decision to buy back as much as USD 130 million of its July 2024 bonds is an opportunistic exchange, reflecting the company's proactive management of upcoming debt maturities in advance. Oil and Natural Gas Corp is planning to invest Bs 1 lakh crore by 2030 to expand its petrochemicals manufacturing capacity, which will include new facilities to produce chemicals directly from crude oil. The plan is part of the larger government thrust to help India emerge as a major petrochemical hub in the world.
India's largest domestic carrier IndiGo is in talks with aircraft makers to buy up to 20 wide-body planes as it seeks to expand its international operations. This will be the first time Interglobe Aviation will be ordering wide-body aircraft. The Board of Directors of Union Bank of India, considered and approved raising of equity capital not exceeding R$ 8,000 crore in tranche(s) within the overall limit of Rs 10, 100 crore, through Public Issue and/or Rights Issue and/or Private Placements. On the sectoral front, Metal index down 0.5%, while realty, capital goods, auto, FMCG, PSU Bank, IT indices up 0.4-1%.
Nifty 50 top gainers are Powergrid, Tatat Consumers, Nestle India, Indusind Bank, and SBI Life while Hindalco, Adani Ports, Bajaj Auto, Bajaj Financial Services, and NTPC were among the top losers.