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Markets likely to be rangebound; PNB Housing Finance, IRB Infra in focus

On Thursday, the BSE Sensex closed at 57,852.54, up 514.33 points to 0.90% and the Nifty was at 17,234.15, up 157.90 points or 0.92%. (Reuters)Premium
On Thursday, the BSE Sensex closed at 57,852.54, up 514.33 points to 0.90% and the Nifty was at 17,234.15, up 157.90 points or 0.92%. (Reuters)

  • PNB Housing Finance on Thursday said capital markets regulator Sebi has approached the Supreme Court against the Securities Appellate Tribunal's order in the matter related to the company's 4,000 crore equity capital raise plan

MUMBAI: Markets are likely to be rangebound on Friday while trends in SGX Nifty suggest a flat opening of Indian benchmark indices. On Thursday, the BSE Sensex closed at 57,852.54, up 514.33 points to 0.90% and the Nifty was at 17,234.15, up 157.90 points or 0.92%.

Asian stocks were steady Friday and the dollar held a drop after cyclicals led Wall Street to a record high ahead of a US jobs report that will shape views on the outlook for Federal Reserve monetary policy.

Equities gained in Japan but dipped in China and Hong Kong. US futures fluctuated after energy shares helped the S&P 500 to a new peak. The US 10-year Treasury yield was little changed and the dollar was at a four-week low.

The payrolls report will colour expectations about when the Fed might start tapering pandemic-era stimulus and how long it can wait before hiking interest-rates. The US probably added 725,000 jobs in August—a more moderate pace versus the prior two months, but stronger than early 2021.

PNB Housing Finance on Thursday said capital markets regulator Sebi has approached the Supreme Court against the Securities Appellate Tribunal's order in the matter related to the company's 4,000 crore equity capital raise plan.

Pronouncing its order on August 9, the two-member bench of the Securities Appellate Tribunal (SAT) gave a split verdict, saying there was difference of opinion between the members of the bench.

Punjab National Bank on Thursday urged a tribunal to quash the rescue plan for defunct debt-laden Jet Airways, alleging irregularities in it, a move that risks delaying any return of the airline grounded two years ago.A consortium of London-based Kalrock Capital and a UAE-based businessman last year agreed to pump in 1,000 crore as working capital and give funds to creditors of Jet, which was hit hard due to piling up debt in 2019.

The Enforcement Directorate (ED) has attached partly paid Compulsorily Convertible Preference shares of the Housing Development Infrastructures Ltd (HDIL) group companies totaling 233 crore in 4,355 crore PMC bank scam.

IRB Infrastructure Developers Ltd (IRB) on Thursday said the company has won the bid for the construction of six lanes of 20 km Pondavakkam to Kannigaipair stretch on the upcoming ChittoorThachur Highways in Tamil Nadu at a cost outlay of 909 crore.

Elsewhere, oil was near $70 a barrel on bets that the market can absorb additional supply from Opec+ as the US Gulf grapples with Hurricane Ida’s impact.

(Bloomberg contributed to the story)

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