Benchmark indices traded lower for the fifth consecutive trading session amid weak global cues ahead of key GDP data of US to be released later today, domestic sentiment was disturbed as country’s cash crunch continued to weigh on corporate earnings expectations for the December quarter. Nifty ended the session to close at 8005. Auto stocks were the major gainers of the day while Metals shares were the losers for the day.
Global Markets Update
European stocks were steady to lower in light trade on Thursday, following the footsteps of US and Asian Markets as traders were beginning to unwind positions ahead of the Christmas holiday.
Nokia Inc tanked 4 percent after its legal battle of patent dispute with Apple Inc could delay for long time royalty payments that are needful to shore up Finnish profits. Nokia will get better licensing deal, though it will take years for new contract.
Tata Steel Ltd tanked 2.84 percent on intraday after a long EGM marathon of six hours, held last evening, ended with 90.8 percent shareholders vote for the removal of Nusli Wadia as Director. Stock has corrected more than 11 percent in last 5 days and has closed at Rs 393.00.
BEML Ltd soared 4.68 percent on Thursday, hitting two month record high, with a total gain of 20 percent in one month. Company as by 30th November 2016 has orders worth Rs 7261 crore. The defence stock marked its closing at Rs 968.00.
SPARC jumped 3.40 percent, as the subsidiary of Sun Pharmaceuticals has received a complete response letter (CRL) from USFDA for New Drug Application (NDA), for Xelpros, Latanprost eye drops. Stock closed at 311.05 adding 0.84 percent.
Metal stocks were under pressure in today’s trading session, NSE Metal Index tanks nearly 3 percent as global base metal prices fall. Jindal steel, Hindalco, VEDL tanks more than 4 percent each in intraday.
Welspun Enterprises tanks 6 percent Board of Directors of the company said its meeting will be held on December 22, to consider the option to buyback the equity shares of the company.
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