Market indices traded majorly bullish on Wednesday, amid positive global equities.DB Corp and Colgate Palmolive also will set the tone for the stock exchange today.Offer is to shop for back 10,00,000 (ten lakhs) fully paid-up equity shares of the face value of Rs 2 each at a price at Rs 1,000 per equity share for an aggregate amount of Rs 100 crore on a proportionate basis through the offer process.
We advise eligible shareholders to participate in repurchase as repurchase price is at 44% above the present market value . We are positive on the future prospects of the corporate owing management capability and a good & diversified product portfolio also as reach.”We could target 12200-12300 once we’ve crossed 12050. the general trend is positive with good support at 11650.”
U.S. markets closed higher as investors watched progress in stimulus talks before deadline and got further steam after comments from Pelosi.European markets closed lower as concerns over rising corona virus cases in Europe and nearing deadline folks stimulus weighed on the markets.Investors also are awaiting Sept quarter earnings reports will provide a transparent picture of the disruption caused by the coronavirus pandemic-induced lockdown.
Bajaj Finserv, Bajaj Finance, UltraTech Cement, Syngene, GMM Pfaudler, DB Corp and Colgate Palmolive are among the highest companies which will be reporting their Q2 earnings.On the currency front, Indian rupee depreciated by 12 paise at the forex market and settled at 73.49 per US dollar on Tuesday, over its previous price of 73.37.
Expressing views on currency’s technical outlook, Angel Broking in its note said,” With voting likely to happen on the stimulus package, USDINR (CMP: 73.44) is probably going to maneuver within the range from 72.5 mark at the lower end of the spectrum and 74.5 mark at the upper end.
Domestic market indices Sensex and Nifty closed on bullish note on Tuesday, despite weak global cues, on the rear of heavy buying across index heavy weights.
