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Markets: Sensex, Nifty open flat over macro economic data
Posted on 13th September 2017
Key indices on Wednesday open flat over release of macro economic data. According to the data released by the Central Statistics Office on Tuesday, the industrial output has gone up by 1.2% in July from a year earlier.

Factory output, measured in terms of Index of Industrial Production, the cumulative growth for the period April-July this year stood at 1.7% on y-o-y basis.

At 9:18 am, the S&P BSE Sensex was trading at 32,150, down 8 points, while the broader Nifty50 was at 10,088, down 5 points.

Meanwhile, Asian markets surged up to a 10-year high over record highs on Wall Street, while the dollar’s rise against the yen helped boost Japanese shares.

MSCI's broadest index of Asia-Pacific shares outside Japan was slightly lower, after earlier poking up to its highest level since October 2007. Australian shares added 0.2 percent, while Korean shares were 0.1 percent higher.

On Tuesday, the S&P 500, Dow Jones industrials and Nasdaq Composite all marked record finishes as investors' concerns faded about North Korean tensions as well as the impact of Hurricane Irma.

"In the U.S. we had a bit of unwinding of the fear trade that it's been going through and that's flowing through to us as well," said Mathan Somasundaram, a market portfolio strategist with Blue Ocean Equities in Sydney.

Related Companies: Bombay Stock Exchange - BSE   National Stock Exchange of India Ltd (NSE)    

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HPCL may acquire Mangalore Refinery and Petrochemicals Ltd (MRPL) in a cash and share- swap deal to become India's third-largest oil refiner, a top official said.

Oil and Natural Gas Corp (ONGC), India's biggest oil and gas producer, last week announced acquisition of HPCL for Rs 369.15 billion. After this takeover, ONGC has two refining subsidiaries - HPCL and MRPL.


 
Private sector lender Axis Bank’s net profit for the quarter ended December 2017 rose by 25 per cent to Rs 7.26 billion (Rs 726 crore) on robust growth in net interest income. This was against a net profit of Rs 5.79 billion (Rs 579 crore) in previous year’s corresponding quarter.

Net interest income rose by nine per cent to Rs 47.3 billion (Rs 4,730 crore) during the September–December quarter from Rs 43.34 billion (Rs 4,334 crore) in the same quarter a year ago.


 
Global brokerage firms Nomura and Macquarie cheered for the shares of HDFC Bank, after India’s leading private lender reported a record quarterly profit, an annual 20.11 per cent growth in net profit at Rs 4,642.60 crore, for the October- December quarter. At the same time, Macquarie has maintained a neutral rating on the shares of Kotak Mahindra Bank, after the bank reported a 28.23% rise on year in consolidated net profit at Rs 1,624.24 crore for the quarter ended December.

 
2018 Ford Figo Cross is now only a few days apart from an official unveil on 31 January, and this will be the first of kind car in Ford's lineup in India. The kind in question is a crossover between an SUV and a hatchback, so expect the Ford Fogo Cross to get SUV-like styling and dimensions of a hatchback. Unlike the Toyota Etios Cross, the Ford Figo Cross is an all-new product with some major changes to its exterior, interior and mechanics, in comparison to its hatchback version.

 
Shares of information technology (IT) companies were continue at their upward movement with the sector giant Tata Consultancy Services (TCS) hit a new high crossing Rs 3,000 mark on BSE.

Besides TCS, Persistent Systems, Mindtree, Take Solutions, Tata Elxsi, Zensar Technologies, NIIT Technologies, Tech Mahindra and MphasiS were up in the range of 1% to 6% on BSE on Monday.


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