Benchmark indices consolidated after losing morning gains and remained choppy throughout the day despite positive global cues. The government is going to unveil its 2018-19 budget in early February, which will be followed by the Reserve Bank of India’s policy meeting. Nifty closed at 10472.20. Metal shares were the major gainers of the day while Realty and PSU banks were the major losers of the day.
Global Markets Update
China’s central bank injected a net 212.36 billion yuan ($32.7 billion) into the financial system via short- and medium-term liquidity tools in December, rising sharply from November as it sought to ease tight cash conditions before the year-end.
European stocks faltered at the start of the trading year on Tuesday as autos stocks fell and an impressive run-up in metals and mining stocks reversed, while strength in oil companies and banks was not enough to stop the slide.
Shares of Ashok Leyland moved higher as the company has registered 79 percent growth in December 2017 sales volume. The company has sold 19,253 vehicles in December 2017 against 10,731 vehicles in December 2016, growth of 79 percent.
TVS Motor total December sales up 39 percent which stood at 2,56,909 units from 1,84,944 units (YoY). Meanwhile, the 2-wheeler sales are up 37.9 percent stood at 2,47,630 units from 1,79,551 units (YoY).
Bajaj Auto’s total sales in December registered a healthy 30 percent growth, driven by exports and strong three-wheeler sales. Total sales increased to 2.92 lakh units in last month of passing year, from 2.25 lakh units sold in year-ago.
Dr Reddy’s Laboratories has received approval from the US Food and Drug Administration for Guaifenesin; Pseudoephedrine hydrochloride tablets. Guaifenesin is indicated to treat acute respiratory tract infection.
JSW Energy said its deal with Jaiprakash Power Ventures to acquire 500 MW Bina thermal power plant is terminated following lapse of time for completion of the transaction
Asian shares scaled a decade peak after a survey of Chinese manufacturing proved surprisingly upbeat, while the euro lurked within striking distance of its 2017 top against an ailing U.S. dollar. Sentiment was also helped by news that North Korea had offered an olive branch to South Korea, with Kim Jong Un saying he was “open to dialogue” with Seoul.
U.S. stock index futures pointed to a mixed to slightly higher, as investors await what the coming year could bring for markets. U.S. markets finished last Friday’s session — and ended 2017’s last trading day — on a negative note, although the S&P 500 posted its best year since 2013.
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