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Indian markets close strong
Wed, 20 May Closing

The Indian Indices ended the trading session on a firm note as select heavy weights led the gains. The BSE-Sensex closed higher by about 192 points, while the NSE-Nifty ended higher by 57 points. The BSE Mid Cap and BSE Small Cap index underperformed today and ended the day on a flat note. Amongst the sectoral indices, IT and Banking stocks were trading firm, while Metal and Auto stocks were amongst the key underperformers.

Globally, European markets are trading mixed with stocks in France being the major losers. Asian shares slipped after a mixed day; though Japan's economic growth lifted the Nikkei to a nearly one-month high.

The rupee was trading weak at 63.86 in the afternoon session due to strengthening of the USD against other currencies overseas.

According to a leading financial daily, Reliance Industries has raised US$ 200 m through its dollar-denominated 'Formosa' bond issue, which bears a fixed interest rate of 5% per annum. The 'Regulation S' bonds have primarily been issued to Taiwanese life insurance companies and are proposed to be listed on the Taipei stock exchange. Reportedly, the company's bond issue is the first ever Formosa bond issuance by an energy company globally and the first such issuance out of India. This is the third overseas bond issue by Reliance Industries in 2015 after the company raised US$ 1 bn in January and US$ 750 m in February this year. Overall, RIL has raised US$ 1.95 bn through overseas bond issuances this year.

Steel stocks ended the day on a mixed note with Tayo Rolls and MAH. Seamless leading the gains. According to a leading financial daily, Tata Steel is in talks to buy Visa Steel's 180,000 tpa ferro chrome unit at Kalinganagar, Odisha, for Rs 10 bn to safeguard its chrome mining reserves by buying value adding facility. Reportedly, Visa Steel is planning to demerge its company into three verticals - coke, ferro chrome and special steel. Ferro chrome unit will then be sold to Tata Steel. Tata Steel is also in advanced talks to buy Electrosteel Steel for an enterprise value of about Rs 80 bn. Stock of Visa Steel jumped up by 10% on the back of this news, while Tata Steel shares feel over 2% ahead of its March quarter results.

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Mar 16, 2018 (Close)