Daily Market Reports From CapitalHeight

Daily Market Reports From CapitalHeight
Market commentary
Indian indices ended flat on Friday as the market struggled for direction ahead of release of Q2 GDP data expected later in the day. Declared India's gross domestic product (GDP) grew 7.1 percent in July-September, down from 8.2 percent in the previous quarter as high fuel prices, a sliding rupee and relatively weaker rural demand appeared to have applied the brakes on the economy.

At the close of market hours, the Sensex ended up 23.89 points (0.07%) at 36,194.30, while the Nifty was higher by 18.05 points (0.17%)and closed at 10876.75.Among the sectors pharma and IT space outperformed the other indices with 1-2 percent gain, while bank, infra, metal and energy stocks have under performed.

                                      Nifty 50 Index
Nifty 50 Index By CapitalHeight


NEWS Highlights
    Growth of eight infrastructure sectors improved sequentially to 4.8% in October on the back of strong cement, coal and crude oil output. India’s infrastructure sector growth slowed to 4.3 per cent in September hit by a decline in crude oil and fertiliser production and sluggish performance of coal, steel, refinery products and natural gas sectors.
   Eight Core Industries are Electricity, steel, refinery products, crude oil, coal, cement, natural gas and fertilizers. The Index of Eight Core Industries is a monthly production index, which is also considered as a lead indicator of the monthly industrial performance.

  The government has planned to set up a non-banking financial company (NBFC) with an initial corpus of Rs 2,000 crore to fund food processing industries as part of its effort to boost this sector and double farmers income, Union Cabinet minister for Food Processing Harsimrat Kaur Badal said on Friday.

   On the sidelines, the minister said that she would hold consultation with the finance ministry on setting up of this NBFC. The proposal would also be put before the Cabinet for approval.

   Shares of Reliance Communications ended 12 percent higher on Friday after Supreme Court (SC) provided relief to the company for sale of asset to Reliance Jio Infocomm. Supreme Court cleared the decks for spectrum sale from Reliance Communications to Jio, reported CNBC-TV18.

    SC directs company to furnish corporate guarantee of Rs 1,400 crore to DoT within 2 days through Reliance Realty, it added.Department of Telecommunications (DoT) to issue NOC for spectrum sale in 1 week after receiving the corporate guarantee.

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