Key equity indices extended gains for third straight session and ended with decent gains. The barometer index, the S&P BSE Sensex, rose 203.81 points or 0.57% to 35,716.95, as per the provisional closing data. The Nifty 50 index rose 43.25 points or 0.40% to 10,728.85, as per the provisional closing data. Positive global cues boosted investors sentiment. The Nifty ended above the 10,700 mark. IT shares were in demand.
Broader market succumbed to selling pressure. Among secondary barometers, the BSE Mid-Cap index fell 0.50%. The BSE Small-Cap index fell 0.48%.
The market breadth, indicating the overall health of the market, was weak. On BSE, 1009 shares rose and 1599 shares fell. A total of 162 shares were unchanged.
TCS (up 4.75%), Infosys (up 4.36%), IndusInd Bank (up 2.07%), Reliance Industries (up 1.84%) and ICICI Bank (up 1.31%), were the major Sensex gainers.
Tata Motors (down 3.06%), ONGC (down 2.63%), Larsen & Toubro (down 2.04%), State Bank of India (down 1.94%) and Coal India (down 1.73%), were the major Sensex losers.
Telecom major Bharti Airtel fell 4.69%. The company announced during trading hours today, 28 November 2018, that its subsidiary, Bharti Airtel International (Netherlands) B.V., settled its previously announced tender offer to purchase for cash any and all of its outstanding US$1,500,000,000, 5.125% Guaranteed Senior Notes due 2023 (the Notes). The tender offer was made pursuant to the Tender Offer Memorandum. Capitalized terms used in this announcement but not defined herein have the meanings given to them in the Tender Offer Memorandum. The company hereby announces that payment of the Consideration plus Accrued Interest for all Notes validly tendered (and not validly withdrawn) and accepted for purchase by the Company has been made on 27 November 2018.
Pursuant to the settlement of the tender offer, US$995,085,000 in principal amount of the notes were purchased and redeemed by the company on 27 November 2018 and cancelled pursuant to the terms and conditions of the Notes. US$504,915,000 in principal amount of the Notes remain outstanding.
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Yes Bank slumped 11.66% after the bank said that its foreign currency issuer ratings have been downgraded to Ba1 from Baa3 by Moody's Investors Service. The outlook, where applicable, has been changed to negative from stable. At the same time, Moody's has affirmed the bank's counterparty risk assessment (CR Assessment) of Baa3(cr)/ P-3(cr) and domestic and foreign currency counterparty risk rating (CRR) of Baa3/ P-3. The announcement was made after market hours yesterday, 27 November 2018.
On the political front, state assembly elections will be closely watched. Assembly elections in Madhya Pradesh and Mizoram were underway today, 28 November 2018. Polling in Rajasthan and Telangana will be held on 7 December 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, European stocks were trading higher Wednesday, as investors looked ahead to an all-important G-20 summit later this week. US President Donald Trump and Chinese premier Xi Jinping are expected to have dinner together when they meet at the G-20 summit in Argentina this weekend.
Asian shares ended higher on Wednesday as investors wait for an important meeting between US President Donald Trump and Chinese leader Xi Jinping later this week. The two leaders are expected to talk trade after Washington and Beijing applied additional tariffs on billions of dollars' worth of each other's imports. Those moves prompted concerns about slowing global economic growth.
US stocks bounced back from early losses to close higher Tuesday as gains in so-called defensive sectors helped to offset anxieties that a near-term resolution to trade tensions between the US and China remain elusive.
On the US data front, home prices across the country are rising at the slowest pace in nearly two years, according to the S&P/Case-Chiller 20-city Index.
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