Indian stock markets likely to trade mixed; telcos, Tata group stocks in focus2 min read . Updated: 18 Sep 2020, 08:53 AM IST
- Asian shares were mostly higher on Friday following pledges by central bankers globally to do whatever it takes to support the economic recovery while oil perked up as OPEC threatened to clamp down on members that did not cut output
MUMBAI: Indian equities are expected to trade on a mixed note following global peers on Friday. Trends in SGX Nifty suggest a positive opening for benchmark indices.
On Thursday, the BSE Sensex ended at 38,979.85, down 323 points or 0.82%. The 50-share index Nifty was at 11,519.25, losing 85.30 points or 0.74%.
Asian shares were mostly higher on Friday following pledges by central bankers globally to do whatever it takes to support the economic recovery while oil perked up as OPEC threatened to clamp down on member states that did not cut output.
The Bank of England on Thursday said it was considering negative interest rates as the UK economy faces rising COVID-19 cases, higher unemployment and a possible new Brexit shock. It also kept its main stimulus programs on hold, citing a faster-than-expected economic recovery from pandemic lows.
US stocks fell on Thursday as technology-related shares slid for a second day and data suggested the labor market had shifted into low gear amid fading fiscal stimulus.
Back home, Epsilon Bidco Pte. Ltd, a Blackstone entity which owns 75% of Essel Propack, is looking to sell up to 23% stake representing around 72.5 million shares of the company, according to a Mint report. The sale would fetch Blackstone about Rs1,850 crore or $251 million
After mobilising $3.15 billion to fund the delisting of its Indian subsidiary, Vedanta Resources Ltd has approached the Securities and Exchange Board of India (Sebi) for necessary approvals to start the reverse book building process, according to a PTI report. The company had in May announced plans to delist Vedanta Ltd from the Indian stock exchanges by buying out non-promoter shareholding.
Hospitality major EIH Ltd, said its rights issue committee has approved raising of up to ₹350 crore. The committee in its meeting held on Thursday approved the issue of 5,37,94,768 equity shares of face value ₹2 each aggregating nearly ₹350 crore on full subscription, EIH Ltd said in a regulatory filing.
The department of telecommunications (DoT) has proposed that telecom companies undertake network audits to address security risks from spyware and malware, minister of state for communications Sanjay Dhotre said.
The Shapoorji Pallonji (SP) Group which is struggling to service its debt has slapped a notice for damages against the board members of Tata Sons, for blocking Mistry family’s fund raising against the shares of Tata Sons, according to a Mint report.
Oil prices gained more than 2% on Thursday after OPEC and its allies said they would crack down on countries that failed to comply with output cuts.
Most recently, US crude rose 0.07% to $41 per barrel and Brent was flat on the day at $43.30.
The dollar index fell 0.35%, with the euro up 0.05% to $1.1853. The Japanese yen strengthened 0.01% versus the greenback at 104.72 per dollar, while Sterling was last trading at $1.2977, up 0.04% on the day.
Reuters contributed to the story.