The market ended with decent gains on Friday, reversing early losses after media indicated that finance minister Nirmala Sitharaman will hold a press briefing at 5:00 pm today. It boosted expectations that the government would announce a rollback of higher taxes for foreign portfolio investors (FPIs).
The Nifty opened below 10,700 for the first time since 20 February 2019. It quickly regained that level and advanced further. After facing some resistance, the Nifty breached 10,800 level to hit a fresh intraday high. Despite some profit selling in last hour of trade, the index managed to close above 10,800 mark.
The barometer index, the S&P BSE Sensex, rose 228.23 points or 0.63% to 36,701.48, as per the provisional closing data. The Nifty 50 index rose 88 points or 0.82% to 10,829.35 as per the provisional closing data.
Recovery was broad based. The S&P BSE Mid-Cap index was up 0.93%. The S&P BSE Small-Cap index was up 0.55%.
The market breadth was positive. On the BSE, 1319 shares rose and 1132 shares fell. A total of 133 shares were unchanged.
Reliance Industries (up 2.37%) and TCS (up 1.41%) advanced, lifting the benchmarks higher.
Zee Entertainment Enterprises (up 6.99%), Vedanta (up 6.47%), UPL (up 5.19%) and Yes Bank (up 4.88%) jumped.
IndusInd Bank (down 1.71%), ITC (down 1.7%), Eicher Motors (down 1.07%) and Power Grid Corporation of India (down 0.84%) were major losers.
Future Retail lost 6.4%. Amazon has agreed to make an equity investment in Future Coupons Limited for acquiring a 49% stake comprising both, voting and non-voting shares. Kishore Biyani on behalf of the existing shareholders forming part of the promoter group and Future Coupons Limited (Promoters) said that they have entered into a share subscription agreement and a shareholders' agreement with Amazon.Com NV Investment Holdings LLC (Amazon). The announcement was made after market hours yesterday, 22 August 2019.
Infosys rose 0.75% after the IT major announced a strategic partnership with University of Illinois Urbana-Champaign (UIUC) to develop new technologies and systems in precision medicine. Through this partnership Infosys also becomes a member of the Center for Computational Biotechnology and Genomic Medicine (CCBGM). The announcement was made after market hours yesterday, 22 August 2019. The stock also hit a 52-week high of Rs 809.95 today.
Pidilite Industries reported that a manufacturing plant of Pidilite Speciality Chemicals Bangladesh Private Limited (PSCBL) was formally commissioned at Bhaluka in Mymensingh on 21 August 2019. PSCBL is a subsidiary of Pidilite Industries. The announcement was made after market hours yesterday, 22 August 2019. The stock was trading 0.22% down at Rs 1357.80.
Shares of road construction company MEP Infrastructure Developers fell 4.36% to Rs 28.5. The company announced that it has received Letter of Acceptance (LoA) from Public Works Department, Government of Maharashtra on 22 August 2019. The company said that it has been appointed as a contractor for collection of toll at approved rates on all specified vehicles at Thane-Bhiwandi-Wadpa road Thane District in the State of Maharashtra. The contract is for the period of 3 years. The total contractual amount for the said project is Rs. 36.63 crore payable on quarterly upfront basis.
Shares of 63 Moons were locked in an upper circuit of 10% at Rs 115.5 after the company won MPID case in Bombay High Court. Bombay High Court ruled that National Spot Exchange was not a financial establishment and hence, the attachment of assets of its promoter (63 Moons Technologies), under the Maharashtra Protection of Interests of Depositors in Financial Establishments Act (MPID) Act was not valid.
HDFC Bank fell 0.45% to Rs 2,163.90 after the bank said it appointed Srinivasan Vaidyanathan as the chief financial officer (CFO), with immediate effect. The incumbent CFO of the bank, Sashidhar Jagdishan, would continue to head the finance function, and shoulder additional responsibilities as in charge of the verticals of legal & secretarial, human resources, corporate communications, infrastructure, administration, corporate social responsibility and 'change agent of the bank'. Vaidyanathan would continue to report to Jagdishan. Vaidyanathan and Jagdishan would be 'key managerial personnel' of the bank pursuant to Companies Act, 2013 and the Regulations. The announcement was made after the market hours yesterday, 22 August 2019.
Shares of telecom companies advanced. Bharti Airtel (up 1.06%) and Vodafone Idea (up 9.13%) advanced.
Gartner Inc reported that in 2020, worldwide 5G wireless network infrastructure revenue will reach $4.2 billion, an 89% increase from 2019 revenue of $2.2 billion. Additionally, Gartner forecasts that investments in 5G NR network infrastructure will account for 6% of the total wireless infrastructure revenue of communications service providers (CSPs) in 2019, and that this figure will reach 12% in 2020. Furthermore, Sylvain Fabre, senior research director at Gartner stated that the 5G wireless network infrastructure revenue will nearly double between 2019 and 2020.
Overseas, European markets were trading higher while Asian markets closed on a mixed note on Friday before US Federal Reserve Chair Jerome Powell's address at the Jackson Hole summit. US stocks ended mixed on Thursday as a fall in US jobless claims offset data showing a contraction in US manufacturing activity while investors awaited Federal Reserve Chair Jerome Powell's speech on Friday for clues on the central bank's monetary policy.
In economic data, the number of Americans filing applications for unemployment benefits fell sharply last week, suggesting the labor market was holding firm despite a manufacturing slowdown and concerns the economy is on a path toward recession.
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