Indian benchmark equity indices continued their downward spiral despite recovery in other Asian peers, as investors booked profits for the fourth straight session after the recent upsurge. Other factors like rising crude oil prices, strong US Dollar index and treasury yields along with continuous FII selling have been denting the market sentiment.
The BSE Sensex fell 221.09 points or 0.33 per cent to 66,009.15 and the NSE Nifty fell 68.10 points or 0.34 per cent to Rs 19,674.25.
"Domestic markets closed on a sombre note as mixed cues from US and Asian markets weakened domestic investors’ confidence. Nevertheless, PSU bank stocks outperformed as India's inclusion in JP Morgan's Government Bond Index led to a decline in bond yields. A broad basis, risk-averse sentiment prevailed due to the ongoing ascent of US bond yields and concern over higher rates for a prolonged period," said Vinod Nair, Head of Research at Geojit Financial Services.
Advertisement
Top Stocks To Watch On 25 September:
State Bank of India
The country’s largest bank has raised Rs 10,000 crore at a coupon rate of 7.49 per cent through its fourth infrastructure bond issuance. Investors were across insurance companies, pension funds, mutual funds, provident funds, and corporate. The proceeds will be used for enhancing long-term resources for funding infrastructure and the affordable housing segment.
JSW Steel
The company executed the Termination Agreement with the New Zealand-based National Steel Holdings (NSHL) for termination of the JV agreement for establishing scrap shredding facilities in India. It signed the Securities Purchase Agreement with NSHL to acquire NSHL’s 50 per cent stake held in NSL Green Recycling.
Advertisement
LIC
The state-run insurance firm received an order from Bihar’s Additional Commissioner of State Tax demanding GST along with interest and penalty worth Rs 290.5 crore. The company will file appeal before the GST Appellate Tribunal against the order.
Also Read: Best Stocks to Buy on 26 September
Suzlon Energy
State-owned REC has withdrawn its nominee, Ajay Mathur, from the company board after financial assistance granted by the REC led consortium in terms of the rupee term loan agreement has been paid in full. Mathur has ceased to be the nominee director of Suzlon Energy with effect from 21 September.
Edelweiss Financial Services
The equity shares of Navuma Wealth Management will be listed and admitted for trading on BSE and NSE from 26 September. Navuma Wealth Management was formerly known as Edelweiss Securities, which had previously demerged from Edelweiss Financial Services.
Just one email a week