Indian equity indices logged gains for third day in a row led by gains in index pivotals Infosys, TCS and Reliance Industries. IT stocks gained. Realty stocks declined. Positive global cues boosted investors sentiment.
The barometer index, the S&P BSE Sensex, rose 203.81 points or 0.57% to settle at 35,716.95. The index hit high of 35,822.16 and low of 35,605.34 during the day.
The Nifty 50 index rose 43.25 points or 0.40% to settle at 10,728.85. The index hit high of 10,757.80 and low of 10,699.85 during the day.
Broader market succumbed to selling pressure. Among secondary barometers, the BSE Mid-Cap index fell 0.5%. The BSE Small-Cap index fell 0.48%.
The market breadth, indicating the overall health of the market, was weak. On BSE, 1,002 shares rose and 1,604 shares fell. A total of 164 shares were unchanged.
IndusInd Bank (up 1.96%), Reliance Industries (up 1.66%) and ICICI Bank (up 1.33%), were the major Sensex gainers.
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Tata Motors (down 3.14%), ONGC (down 2.49%), Larsen & Toubro (down 1.95%), State Bank of India (down 1.7%) and Coal India (down 1.61%) were the major Sensex losers.
IT stocks gained. TCS (up 4.67%), Infosys (up 4.61%), HCL Technologies (up 1.7%), Oracle Financial Services Software (up 1.43%), Tech Mahindra (up 0.69%), MindTree (up 5.95%), Hexaware Technologies (up 1.06%) and Mphasis (up 5.34%) edged higher. Wipro (down 0.48%) fell.
Yes Bank slumped 11.71% 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.
Telecom major Bharti Airtel fell 3.81%. 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.
Dr Reddy's Laboratories shed 0.76%. The company during trading hours today, 28 November 2018, announced the launch of Chlorthalidone Tablets USP, 25 mg and 50 mg, a therapeutic equivalent generic version of Hygroton (chlorthalidone) Tablets, approved by the US Food and Drug Administration (USFDA). The Hygroton brand and generic had US sales of approximately $122 million MAT for the most recent twelve months ending in September 2018 according to IMS Health. Dr. Reddy's Chlorthalidone Tablets, USP are available in 25 mg tablets in the bottle-count sizes of 100 and 1000, and 50 mg tablets in the bottle-count size of 100.
Realty stocks declined. Indiabulls Real Estate (down 4.21%), Sunteck Realty (down 3.35%), Godrej Properties (down 5.07%), D B Realty (down 4.06%), DLF (down 1.15%), Housing Development and Infrastructure (HDIL) (down 3.54%), Phoenix Mills (down 2.64%) and Oberoi Realty (down 3.13%) edged lower. Sobha (up 3.02%) and Prestige Estates Projects (up 6.37%) edged higher.
AXISCADES Engineering Technologies (AXISCADES) gained 6.25%. AXISCADES Aerospace & Technologies, a wholly owned subsidiary of AXISCADES Engineering Technologies (AXISCADES), announced winning of two key contracts - one with Global OEM for design to build of Test Equipment and Maintenance of Strategic Systems and the other for building subsystems of Full Motion Full Mission Simulator. Both these contracts have initial value of USD 20 million with potential to multiply. The announcement was made after market hours yesterday, 27 November 2018.
Inox Wind rose 2.76%. The company has signed an exclusive agreement with AMSC, a global solutions provider serving the wind and power grid industry, to launch the 3MW wind turbine which is especially suitable for low wind regimes in India. The announcement was made after market hours yesterday, 27 November 2018.
Orient Electric rose 1.97%. The company has entered into a strategic partnership with De'Longhi Group, Italy. This partnership paves way for the entry of three international premium small appliances brands in India - De'Longhi, Kenwood and Braun. Orient Electric Limited will have exclusive rights to market and sell these brands in India. 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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