Benchmark indices traded volatile on the last trading session of the week on account of comment made by Fed Chairperson to increase the interest rate earlier than expected time period besides the currency demonetization effect still kept the market in tension as its impact is still difficult to analyze. Nifty closed below the psychological mark of 8100 to settle at 8070. The major buying was witnessed in pharma shares while media shares remain major sellers of the day.
Global Markets Update
Volkswagen and its powerful labor unions agreed to cut 30,000 jobs at the core VW brand in exchange for avoiding forced redundancies in Germany until 2025, a compromise which leaves the carmaker’s profitability still lagging rivals. Japan’s Nikkei share average rose to a 10-1/2-month high on Friday as the yen weakened further against the surging dollar, raising prospects for better-than-expected exporters’ earnings.
Sugar stocks were in demand in today’s trading session after UP (Uttar Pradesh) government on Friday hiked the state sugarcane price by Rs 25 per quintal or a little over 9 percent to Rs 305 per quintal for the ongoing 2016-17 crushing season.
Shares of gems and jewellery companies extended losses for the seven straight trading session after the Government of India on November 8, 2016 announced its decision to cancel the legal tender character of high denomination bank notes of Rs 500 and Rs 1,000 issued by the RBI (Reserve Bank of India).
Delta Corp shares moved higher after Rakesh Jhunjhunwala’s Rare Enterprises increased stake in the company. Stock opened at 117.35 and made a high of 119 on NSE (National stock exchange).
Canara Bank has revised deposit interest rates in different maturities in retail and bulk deposits in the range of 5 bps to 25 bps which will be effective from 21 November 2016.
Bharat Forge Limited shares ends on a flat to positive note on NSE (National stock exchange) today after company has approved the proposed acquisition of 100 percent shareholding of Walker Forge Tennessee LLC (WFT) through its US subsidiary, Bharat Forge America.
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