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Budget News

  • Nifty regains 10,700 level
  • August 23,2019  10:29
  • Key benchmark indices pared early losses in the morning trade. At 10:22 IST, the barometer index, the S&P BSE Sensex, was down 93.68 points or 0.26% at 36,379.25. The Nifty 50 index was down 20.25 points or 0.19% at 10,721.50. The Nifty regained 10,700 mark after opening below that level.

    The S&P BSE Mid-Cap index was down 0.04%. The S&P BSE Small-Cap index was down 0.4%.

    The market breadth was weak. On the BSE, 697 shares rose and 1138 shares fell. A total of 92 shares were unchanged.

    IDBI Bank (down 0.41%) DHFL (down 0.38%) are barred from trading in F&O segment by NSE after crossing 95% of market wide position limit.

    Bharat Heavy Electricals (Bhel) declined 0.01% after credit rating agency CRISIL revised Bhel's long term bank facilities outlook from stable to negative. CRISIL cited weak operating performance and continued increase in working capital intensity as core reasons.

    Glenmark Pharmaceuticals was down 0.22%. The pharma major announced that it has received a final approval by the United States Food & Drug Administration (USFDA) for Fulvestrant Injection, 250 mg/5 mL (50 mg/mL). Fulvestrant Injection is a generic version of Faslodex Injection, 250 mg/5 mL (50 mg/mL), of AstraZeneca Pharmaceuticals LP. According to IQVIA sales data for the 12 month period ending June 2019, the Faslodex Injection, 250 mg/5 mL (50 mg/mL) market achieved annual sales of approximately $549.9 million.

    Shares of telecom companies advanced. Bharti Airtel (up 0.58%) and Vodafone Idea (up 3.42%) gained.

    Gartner Inc reported that in 2020, worldwide 5G wireless network infrastructure revenue will reach $4.2 billion, an 89% increase from 2019 revenue of $2.2 billion. Additionally, Gartner forecasts that investments in 5G NR network infrastructure will account for 6% of the total wireless infrastructure revenue of communications service providers (CSPs) in 2019, and that this figure will reach 12% in 2020. Furthermore, Sylvain Fabre, senior research director at Gartner stated that the 5G wireless network infrastructure revenue will nearly double between 2019 and 2020.

    Overseas, Asian shares were trading mixed on Friday before US Federal Reserve Chair Jerome Powell's address at the Jackson Hole summit. US stocks ended mixed on Thursday as a fall in US jobless claims offset data showing a contraction in US manufacturing activity while investors awaited Federal Reserve Chair Jerome Powell's speech on Friday for clues on the central bank's monetary policy.

    In economic data, the number of Americans filing applications for unemployment benefits fell sharply last week, suggesting the labor market was holding firm despite a manufacturing slowdown and concerns the economy is on a path toward recession.

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