SGX Nifty was hinting at a gap down opening, halting the eight day rally in domestic markets.Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets were yet again soaring to attain new highs on Wednesday. S&P BSE Sensex closed at 43,593 points while Nifty closed just below 12,750. IT and Pharmaceutical stocks rebounded after falling dramatically yesterday to help the indices close higher. SGX Nifty was hinting at a gap down opening, halting the eight day rally in domestic markets, as it was down over 50 points. Asian peers were trading flat but with a positive bias. Shanghai Composite and Hang Seng were up less than half a percent. KOSDAQ was up 0.53% but KOSPI was down in the red.
Marching on the mission of making in India, the Prime Minister Narendra Modi-led Union Cabinet on Wednesday announced Rs 2 lakh crore of production linked incentives for 10 major manufacturing sectors. The government is looking to replicate the success it garnered from the PLI scheme for the mobile phone manufacturing sector. The ten select areas are Advance Chemistry Cell Battery; Electronic/Technology Products; Automobiles & Auto Components; Pharmaceuticals drugs; Telecom & Networking Products; Textile Products; Food Products; High-Efficiency Solar PV Modules; White Goods (ACs & LED); and Speciality Steel.
Highlights
Aviation names like SpiceJet and IndiGo could benefit from the government’s decision to increase the capacity on domestic carriers to 70% from the earlier 60%, following the easing in covid-19 guidelines.
In the last five trading sessions, S&P Sensex and the NSE Nifty 50 have surged nearly 6% each, aided by a vaccine shot, end of uncertainties around US Presidential Elections, and a nudge by the MSCI. Yesterday Sensex did slip and fall into the red but investors saw the dip as a buying opportunity and the benchmark ended higher. It is now time to plan your investments in a stock specific manner that shields your portfolio of any likely near term correction.
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Even as it estimated GDP would contract by just 8.6% year-on-year (y-o-y) in the September quarter following the 23.9% y-o-y contraction in the June quarter, Reserve Bank of India (RBI) on Wednesday highlighted three primary risks to recovery.
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The ten select areas are Advance Chemistry Cell Battery; Electronic/Technology Products; Automobiles & Auto Components; Pharmaceuticals drugs; Telecom & Networking Products; Textile Products; Food Products; High-Efficiency Solar PV Modules; White Goods (ACs & LED); and Speciality Steel.
Prime Minister Narendra Modi-led cabinet today announced Rs 2 lakh crore of production linked incentives for 10 major manufacturing areas ahead of Diwali. The government said that the move will help increasing production, exports, and employment in the country, giving support to the Atmanirbhar Bharat. Union Minister Prakash Javadekar said that while foreign mobile makers have come to manufacture in India, domestic companies like Lava, Micromax, Karbonn, etc will also be benefitted from the scheme. He added the government aims to prepare global champions.
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