Indian benchmark equity indices Sensex and Nifty rebounded from day’s low to close higher for the second consecutive session on Wednesday, on the back of fag-end buying in index majors Infosys L&T, and Mahindra & Mahindra amid a mixed trend in global markets.
In a volatile session, the BSE Sensex surged 137.50 points or 0.21 per cent to settle at 65,539.42. The NSE Nifty added 30.45 points or 0.16 per cent to close at 19,465.
“The initial apprehension stemming from an above-expected surge in domestic CPI inflation, driven by higher food prices, induced volatility in the Indian market. However, the market found some relief as the likelihood of this inflation surge being transitory alleviated concerns, leading to a recovery in the latter part of the trading session,” said Vinod Nair, Head of Research at Geojit Financial Services.
Advertisement
“Moreover, as core inflation continued to moderate, the market did not anticipate a rate hike, although the possibility of an extended rate pause seemed more probable. Stronger-than-anticipated retail sales data in the US and concerns about further rating downgrades of US banks contributed to choppiness in Western markets, while Asian markets reacted to the rate cut initiated by the Chinese central bank," he added.
Top Stocks To Watch On 17 August:
Adani Power
GQG Partners, the Australia-listed investment firm GQG Partners on Wednesday invested Rs 9,000 crore ($1.1 billion) in Adani Power by buying an 8.1 per cent stake from the Adani Power though multiple block deals.
Advertisement
JSW Energy
GQG Partners bought shares of JSW Energy for the second straight day in the open market on 16 August, reported Economic Times. GQG Partners Emerging Market Fund acquired a 0.6 per cent stake or 10,284.024 shares of JSW Energy at Rs 341.70 per share for Rs 351 crore, as per the report. On Monday, the investment firm acquired over 1.2 crore shares at Rs 345 per share, for Rs 411 crore.
Vodafone Idea
The telecom company is expected to finalize agreements to raise external equity and bank-led funding in the upcoming quarter, as discussions with potential investors are reaching the due diligence stage, said CEO Akshaya Moondra. “I think we are making good progress. We expect to conclude the discussions in the coming quarter, as far as equity funding is concerned," he said in response to queries during an earnings call following the June quarter results on Wednesday.
Cipla
The pharma major received an order of suspension of FDA license issued to its manufacturing facility in Patalganga, Maharashtra for 10 days in December for non-conformance of good manufacturing practices. The company is in the process of appealing the order to the state government.
Just one email a week