On the political front, state assembly elections will be closely watched. Polling in Rajasthan and Telangana will be held tomorrow, 7 December 2018. Assembly elections in Madhya Pradesh and Mizoram were held on 28 November 2018. The election to the 90-member Chhattisgarh Assembly was held in two phases 12 and 20 November 2018. Counting of votes will be held across all the five states on 11 December 2018.
Overseas, Asian stock prices fell Thursday amid growing uncertainty about the global economy and President Donald Trump's tariff policies on China. Sentiment was also impacted after Canada arrested a top executive of Chinese telecom giant Huawei Technologies at the request of the US, a move that is seen as exacerbating tensions between the US and China.
Meanwhile, Bank of Japan Governor Haruhiko Kuroda said economic risks from abroad could be severe. The US Federal Reserve's Beige Book report showed there were concerns about higher tariffs from a widening trade war, rising interest rates and tight labor markets. Trump's get-tough approach to trade was causing rising costs for manufacturers and weaker sales at companies, it said.
Back home,the market ended the volatile trading session yesterday, 5 December 2018 with modest losses. Global stocks dropped as resurgent trade worries worsened investor fears about global economic growth. Volatility rose in late trade after the Reserve Bank of India (RBI) announced monetary policy. The Sensex fell 249.90 points or 0.69% to settle at 35,884.41, its lowest closing level since 28 November 2018.
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 357.82 crore yesterday, 5 December 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 791.59 crore yesterday, 5 December 2018, as per provisional data.
Among corporate news,Power Grid Corporation of India has been declared as the successful bidder under tariff based competitive bidding to establish transmission system for evacuation of power from 2 x 660 MW Jawaharpur Thermal Power Project and construction of 400 kV substation at Firozabad along with associated transmission lines' on build, own operate and maintain (BOOM) basis. The announcement was made after market hours yesterday, 5 December 2018.
The project is an intra-state transmission system of Uttar Pradesh and comprises 765kV, 400kV, 220kV and 132kV lines apart from establishing a new 400/220/132 kV Substation at Firozabad, Uttar Pradesh. The Letter of Intent (LoI) has been received on 5 December 2018. This is the first intra state transmission system project won by Power Grid Corporation of India under tariff based competitive bidding.
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