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Market spurts on upbeat Asian stocks

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Domestic stocks saw a gap-opening on firm Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 333.18 points or 0.85% at 39,379.52. The Nifty 50 index was up 96.10 points or 0.82% at 11,787.60.

The S&P BSE Mid-Cap index was up 0.48%. The S&P BSE Small-Cap index was up 0.42%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 807 shares rose and 441 shares fell. A total of 46 shares were unchanged.

Overseas, Asian stocks were trading higher on Wednesday on growing investor confidence that the Fed will cut interest rates this year.

US stocks logged strong gains on Tuesday after Washington rekindled trade talks with Beijing, boosting sentiment along with growing investor confidence that the Fed will cut interest rates this year.

The Fed is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year.

U.S. President Donald Trump on Tuesday reportedly said that there will be an extended meeting with President Xi Jinping of China at the Group of 20 meeting in Japan.

Back home, HDFC Bank rose 0.75%. HDFC Bank said that the Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on the bank for non-compliance with directions issued by RBI on Know Your Customer (KYC)/ Anti-Money Laundering (AML) Norms and on reporting of frauds. The announcement was made after market hours yesterday, 18 June 2019.

NMDC gained 2.95% after the company said that total production of iron ore on a provisional basis rose to 3.04 MT in May 2019 from 2.12 MT in May 2018. Total sales of iron ore on a provisional basis rose to 3.37 MT in May 2019 from 2.31 MT in May 2018. The announcement was made after market hours yesterday, 18 June 2019.

Canara Bank rose 1.29% after the bank said its board of directors, permitted to initiate the process of stake sale in part/full in Can Fin Homes (CFHL), as per the disinvestment policy of the bank. The permission is subject to disinvest at appropriate time depending on the market conditions and available options. The announcement was made after market hours yesterday, 18 June 2019.

Cochin Shipyard rose 0.78% after the company has entered into a long term wage settlement with its workmen which will be effective from 1 April 2017 and valid for 10 years. The earlier wage settlement entered into with the trade unions was valid upto 31 March 2017. The company has already catered to the increase in wages in its books of accounts through creation of appropriate provisions. The announcement was made after market hours yesterday, 18 June 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 19 2019. 09:31 IST
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