It is strong start for the indices on Wednesday with Nifty trading above 10,650 level.
The Nifty50 is likely to open higher on Wednesday following positive trend seen in other Asian markets. The index closed 36 points lower at 10,604 on Tuesday.
At 09:17 hrs IST, the Sensex is up 196.95 points at 35549.56, while Nifty is up 63.50 points at 10,667.90. About 595 shares have advanced, 249 shares declined, and 49 shares are unchanged.
Shriram Trasport, ITI, Yes Bank, Indiabulls Housing, Vedanta, Power Grid, Dr Reddy's Lab, Grasim, Bajaj Finserv, are among major gainers, while losers include Zee Entertainment, Reliance Capital.
All the sectoral indices are trading in green led by realty, energy, metal, infra, pharma and FMCG.
Rupee Opens:
The Indian rupee opened marginally higher at 71.29 per dollar versus Monday's close 71.34.
Rupee on Monday came under pressure against the US dollar after trade deficit for January widened compared to the previous month. In January, merchandise exports rose 3.7% from a year earlier to USD 26.36 billion, while imports were up 0.01% to USD 41.09 billion. Gold imports in January rose 38% (YoY) to USD 2.31 billion, widening the trade deficit to USD 14.73 billion compared to USD 13.08 billion in the previous month
Global Market :
Wall Street ends higher:
US stocks gained ground on Tuesday as upbeat results from Walmart boosted investor sentiment and high-level US-China trade talks resumed in Washington, said a Reuters report.
global crude oil prices has also weighed on the overall market sentiment.
Trade talks with China going very well, says Donald Trump
Earlier, during a summit meeting, Chinese President Xi Jinping and Trump had agreed to give temporary pause to their trade war and negotiate a trade deal by March 1.
The date is not a magical date, a lot of things can happen, the real question will be if we raise the tariffs because they automatically kick in at 25% as of on 200 billion dollars worth of goods that they send...China would like for that not to happen...so I think they're trying to move fast so that doesn't happen...we'll see what happen," said the US President.
Trump said the two sides are going to be having "very detailed discussions or subjects that had never really been even been discussed by people that sat in this chair and they should have been very important subjects."
Asian markets trade higher:
Asian stocks gained a tad on Wednesday after USChina trade talks resumed while investors awaited minutes from the US Federal Reserve for clues on policymakers’ thinking on interest rates and its balance sheet reduction policy, it said.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 51.5 points or 0.49 percent. Nifty futures were trading around 10,665 - level on the Singaporean Exchange.
Domestic Markets :
Results on February 20: Mahindra CIE Automotive, Mayur Leather Products, Metalyst Forgings, Rollatainers, Sang Froid Labs (India)
Here are stocks that are in the news today:
Private lender Yes Bank on Tuesday said the disclosure of 'nil divergence' was as per the regulatory guidelines, days after the RBI threatened to take action for making a confidential report public.
Crisis-hit Jaiprakash Associates has once again submitted a proposal to lenders of its subsidiary Jaypee Infratech for settling dues worth Rs 10,000 crore, amid bids for taking over the realty firm under the insolvency process.
Tyre maker MRF said on Tuesday a large number of workmen at its manufacturing plant near Chennai are on strike since February 2. The strike is illegal and the notice of the strike, including reasons for the same, has not been served on the company, MRF Ltd said.
Essel Propack: Company further received Rs 40 crore towards repayment of outstanding dues of Inter corporate deposit. It has already received Rs 25.30 crore in last month. The balance amount is expected to be received by March 2019.
Duke Offshore: The company received a prestigious contract from Daewoo - Tata projects Limited JV to provide one initial high speed vessel to support construction for the Mumbei Trans Harbour Link project.
ICICI Bank allotted 59,891 equity shares under ESOS
Ramco Cements - Green Products and Services Council of Confederation of Indian Industry has renewed the GreenPro Certification for our Company's flagship product - RAMCO SUPERGRADE
Seya Industries to hold EGM on March 12, 2019
Aarti Industries collaborates with Global Chemical Conglomerate to develop and supply High Value Specialty Chemical Intermediate worth USD 125 million for a 10 year supply period
Prism Johnson issued a LOI (Letter of Intent) for EPC (Engineering, Procurement and Construction) contract for setting up a Waste Heat Recovery based Power Generation System of peak capacity 22.50 MW to be located at its cement manufacturing facility near village Mankahari, District Satna, Madhya Pradesh.
Genus Power Infrastructures: India Ratings and Research affirmed the company's long-term issuer rating at A+ with stable outlook.
The Investment Trust of India: Company approved revised Scheme of Arrangement between United Petro Finance Limited (demerged company) and Fortune Credit Capital Limited (resulting company).
Bajaj Healthcare: Board approved issue of bonus shares in the ratio of one equity share for every one existing equity share held by the members.
Vedanta: The company is not in the process of submitting any revised bid for Essar Steel under the IBC process. Company will proceed with next steps of filing a writ petition before Madras HC to reopen company's Tamil Nadu unit.
Yes Bank clarified on RBI's Risk Assessment Report for FY18: The bank said the release on RBI Report made with an intention to be fully compliant with SEBI regulations.
Maharashtra Seamless: Company paid Rs 477 crore for acquisition of United Seamless Tabulaar.
JK Tyre: Sanjeev Aggarwal appointed as CFO. Ashok K Kinra ceased to be CFO but will continue with the company as a financial advisor.
Jaypee Infratech: Promoters offer to withdraw company from insolvency U/Sec 12A of IBC. Jaiprakash Associates offers Rs 1,500 crore to creditors versus Rs 8,125 crore owed as principal amount, offers Rs 4,858 crore as debt asset swap, offers Rs 2,000 crore as optionally convertible debentures and seeks a waiver of Rs 1,425 crore interest payment from financial creditors.
Bulk Deals on February 19
NSE
Engineers India: ICICI Prudential Mutual Fund bought 33,08,000 shares of the company at Rs 107.63 per share.
NALCO: ICICI Prudential Mutual Fund bought 94,45,000 shares of the company at Rs 50.09 per share.
Sarda Energy: Asia Minerals Limited sold 3,50,000 shares of the company at Rs 236.2 per share.
Spencer's Retail: Rainbow Investments Limited purchased 6,00,000 shares of the company at Rs 138.65 per share.
Punj Lloyd: IFCI sold 50,00,000 shares of the company at Rs 1.66 per share.
BSE
Punj Lloyd: IFCI sold 1,02,72,641 shares of the company at Rs 1.45 per share.
Enkei Wheels (India): Neerav Apurva Parekh bought 1,25,000 shares of the company at Rs 416 per share.
Analyst or Board Meet/Briefings
Just Dial: Representative of the company will attend investors meeting viz. Chasing Growth 2019, Kotak Institutional Equities' Annual Global Investor Conference on February 20 at Mumbai.
IIFL Holdings: Company's officials will be meeting analysts/investors on February 20 and 22.
Mahindra Logistics: One-on-one conference call is scheduled to be held with Stewart Investors (First State Investments), Investor on February 20.
Quick Heal Technologies: Company will be attending a group meeting of Investors and Analysts on February 20 in Pune.
Jindal Stainless: Company's officials will be meeting certain funds/investors on February 20.
Vyapar Industries: Board meeting to be held on February 22 to consider the proposal for buyback of equity shares of the company.
Shreyas Shipping & Logistics: Company's officials will be meeting Goldman Sachs on February 20.
Aurionpro Solutions: Officials of the company will be meeting investors and analysts (participants) on February 21.
Cummins India: Company's officials will be meeting analysts/investors on February 20, 21 and 28, 2019.
Rallis India: Investor / Analyst meet is scheduled to be held on February 21 & 22, 2019.
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