The benchmark S&P BSE Sensex on Wednesday once again fell short of the 20,000-mark even after wiping out a 219-point intra-day loss, helped by buying in metal, realty and banking stocks.
Continued appreciation in the rupee after a series of steps by the RBI and hopes of a peaceful resolution to the Syrian crisis helped the recovery, which came a day after the index’s biggest gain in more than four years. The rupee traded close to the 63.30 level in the afternoon. The Sensex resumed stable and climbed to 20,055.53 only to fall to 19,777.63 in the absence of triggers from global stocks and on profit-selling after Tuesday’s 727-point rise. It bounced back to close at 19,997.45, a 0.36-point gain, failing to hold above the 20,000 mark for the second day. The broader Nifty index on the National Stock Exchange ended higher by 16.40 points, or 0.28%, at 5,913.15. The SX40 index on the MCX-SX closed at 11,838.59, down 11.07 points or 0.09%. Sensex gainers included State Bank of India, HDFC Bankand Sun Pharma, which contributed 49 points, while ITC, Tata Motors and Infosys dragged the measure lower by 74 points.
Hudco to raise R4,750 crore through tax-free bonds
Housing and Development Corporation (Hudco) plans to raise R4,750 crore through public issuance of tax-free bonds, according to a source. The issue size of the bonds would be R750 crore with the option to retain R4,750 crore. The bonds will be in three tranches with 10-year bonds having an interest rate of 8.14%, 15-year bonds with a yield of 8.51% and 20-year bonds with an interest of 8.49%. The issue will open on September 17.
IIFL plans to raise up to R1,050 cr through NCDs
India Infoline Finance (IIFL) plans to raise up to R1,050 crore through a public issuance of non-convertible debentures (NCDs). The buyers of the issue, which will open on September 17, will have an option to either take a monthly interest payment, where the yield will be 12.68% per annum, or an annual interest payment option, which will yield 12%. The company is issuing three-year and five-year tenure bonds with the same interest rate.
Dow Jones index’s biggest shake-up in a decade
In the biggest shake-up of the Dow Jones industrial average in nearly a decade, Goldman Sachs, Visa and Nike will join the storied 30-stock index, with Bank of America, which just two years ago was the largest US