Benchmark indices traded higher after opening on bullish note amid firm global cues. India’s industrial production registered robust growth for the second straight month, growing at 7.1% in December, while retail inflation slowed to 5.07% in January, signaling that the Indian economy may be stabilizing. Realty and Pharma shares were the major gainers of the day while IT shares were the major losers of the day.
Global Markets Update
European markets rebounded on Monday, after last week suffering their worst losses, London’s FTSE 100 gained 1.05%, up 75.65 points to 7,168.3.France’s Cac 40 gained 1.18% to 5,138.94 and Germany’s Dax was 1.61% higher at 12,301.27.
Qualcomm Inc and Broadcom Ltd plan to meet on Wednesday to talk about the latter’s $121 billion acquisition offer, the first time the semiconductor companies will discuss the potential deal.
Tata Global Beverages Ltd (TGBL), the Tata group company that owns Tata Tea and Tata Tetley brands, is in talks with Hector Beverages, the Bengaluru-based maker of ethnic juice brand Paper Boat.
ONGC Videsh Ltd and its partners have acquired a 10 per cent stake in a large offshore oilfield in Abu Dhabi for $600 million, the first time any Indian company has set foot in the oil-rich United Arab Emirates (UAE).
Reliance Infrastructure (RInfra) on Monday said the Competition Commission of India (CCI) has approved sale of its integrated Mumbai power business to Adani Transmission in a ₹18,800 crore deal.
L&T Hydrocarbon Engineering, a wholly-owned subsidiary of engineering giant Larsen & Toubro, has secured a Rs 2,200-crore contract from Abu Dhabi’s Al Dhafra Petroleum Operations Company.
Coal India announced a four per cent increase in consolidated net profit to 3,004.79 crore in the December quarter as against 2,883 crore during the same period in 2016.
China and Hong Kong stocks rebounded on Monday after last week’s savage sell-off. Chinese small-caps bounced sharply. The Shanghai Composite index was up 25.17 points or 0.8 percent at 3,155.02.
Philippines stocks were lower after the close on Monday, as losses in the Mining & Oil, Industrials and Property sectors led shares lower. At the close in Philippines, the PSEi Composite declined 0.19% to hit a new 1-month low.
South Korea’s Kospi advanced 0.54 percent, with heavily weighted technology stocks higher in the morning. Samsung Electronics rebounded 1.43 percent.
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