Sensex opens lower on negative global cues, SBI share price spikes 4% post Q4
Tata Motors share price slipped over 7 per cent on Thursday after the auto major reduced its net loss to Rs 499.94 crore during the March quarter of 2017-18 as compared to Rs 805.93 crore reported in the corresponding period of 2016-17. On a consolidated basis, Tata Motors reported a decline in its Q4 net profit to Rs 2,176.16 crore from Rs 4,336.43 crore. Reacting to its quarterly earnings, the stock slipped as much as 7.13 per cent to Rs 287.20 on the BSE.
Consulting firm Deloitte included three listed Indian firms and two unlisted in its latest report on luxury brands. The report named "Global Powers of Luxury Goods 2018" counted Titan Company (ranked 28th), Kalyan Jewellers India (37th), PC Jeweller (43th), Joyalukkas India (49th), and Tribhovandas Bhimji Zaveri (89th) among 100 largest luxury goods companies in the world.
Among these five, Titan, PC Jeweller and Tribhovandas Bhimji Zaveri are listed on BSE and NSE, and have given mixed returns in the last one year.
Asian shares edged up on Wednesday but investors were cautious after US President Donald Trump tempered optimism over progress made so far in trade talks between the world’s two largest economies. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.15 percent while Japan’s Nikkei lost 0.2 percent.
On Wall Street, the S&P 500 shed 0.31 percent overnight, losing steam after hitting a two-month high.
Trump said on Tuesday he was not pleased with recent trade talks between the United States and China, souring the improved market sentiment following weekend comments from U.S. Treasury Secretary Steven Mnuchin that trade war is “on hold”.
On Wednesday, the Sensex settled at 34,651.24, up 35.11 points or 0.1 per cent from its previous session's close of 34,616.13 points. The broader Nifty50 closed at 10,536.70, up 20 points or 0.19 per cent from its previous close of 10,516.70. In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 1,651.63 crore, while the domestic institutional investors bought stocks worth Rs 1,496.83 crore.
Chambal Fertilizers (Buy)
Target: Rs 169
Stoploss: Rs 163
- Promoters bought 80,000 shares on May 21
- Promoter Yashovardhan Investment & Trading Co bought these shares