A dull close for the Nifty after market resumed trade following the national holiday. The excitement was only seen in the broader markets, where renowned midcap IT and NBFC companies made smart gains for traders. The Sensex closed at 17657.21, down 70.99 points or 0.40% at 17657.21 and the Nifty ended at 5362.95 down 17.40 points or 0.32%.
Goldman Sachs says Reliance Industries can potentially become a USD 100 billion stock by fiscal 2017 from its current market capitalization of around USD 46.6 billion. The stock closed at 5-month high and above psychological mark of 800.
The US markets moved mostly higher over the course of the trading day on Thursday after initially showing a lack of direction. The markets benefited from a positive reaction partly due to remarks by German Chancellor Angela Merkel who said that Germany is committed to doing everything it can to maintain the Euro. The US commerce department released a mixed batch of US economic data, showing a drop in housing starts by 1.1% but a substantial increase in building permits to 6.8%. The Labor Department released a report showing that initial jobless claims came in slightly higher than anticipated in the week ended August 11, 2012. The Dow Jones industrial average gained 85.33 points, or 0.65 %, to 13,250.11. The Standard & Poor's 500 Index rose 9.98 points, or 0.71 %, to 1,415.51. The NASDAQ Composite Index added 31.46 points, or 1.04 %, to 3,062.39.
Asian shares started off higher today as Angela Merkel comments to help ECB kept hopes for more stimulus measures by the central bank. Japan 's Nikkei 225 index was trading 0.6 % higher at 9,148.75 and Hong Kong 's Hang Seng index was trading higher at 20,073.12, up 0.5 %. South Korea's Kospi index was trading 0.6 % lower at 1,946.45. China's Shanghai index was trading flat at 2,112.12.
Indian equity rebounded today and pared yesterday's losses following a rally in US and European markets. The BSE Sensex rose 79 points to 17,735.97 and the NSE Niftywent up 20 points to 5,382.45. The Rupee is down at 55.70 against the dollar extending its two-week low losses.
Commercial vehicle major Tata Motors surged 2.6% after global sales numbers in July. Total sales jumped 21% YoY to 1,01,605 units. Maruti Suzuki is up over 1 percent after the company announced plans of opening the Manesar plant on 21 August after the plant was shutdown after the riots on 18 July.
Other Economic and Political News:
- Interest rate decision will depend on inflation situation: RBI
- India IncRs.s July M&A deals down 43% at US$2bn y-o-y
- PE investments in India plunge 35% to US$1,616mn in Apr-Jun
- Forex reserves down to 7 months import cover: RBI
- NalcoRs.s foray into energy sector, to invest Rs.40,000cr
- BGR Energy-Hitachi JV cuts investment in Tamil Nadu by 20%
- Santarus sues Dr ReddyRs.s over heartburn drug