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Global markets update: the Philippines, Indonesia gain as investors buy beaten-down stocks
Philippine and Indonesian stock markets gained on Wednesday as investors picked up beaten-down stocks, though concerns over slowing global growth continued to dent sentiment in the region. Indonesian shares climbed 1%, driven by gains in materials and consumer staple stocks.
Shares of Indian OMCs, airlines jump as crude prices falter
Shares of Indian oil marketers Hindustan Petroleum Corp Ltd, Bharat Petroleum Corp Ltd, and Indian Oil Corp Ltd jumped up to 12.4% today as oil prices slumped. Oil markets struggled to find their footing on Wednesday after a 7% plunge in the previous session, with surging supply and the spectre of faltering demand keeping investors on edge, said a Reuters report. HPCL shares climbed 12.4% to its highest since September 24 and emerged as the top gainer on the NSE index. IOC rose 10%, marking its sharpest intraday percentage jump since August 4, 2017.
Aviation stocks also climbed, with Interglobe Aviation Ltd rising 6.6% to an 11-week high, while Jet Airways (India) Ltd edged higher by 3.7%. Spicejet shares advanced 5% ahead of its quarterly results.
Sector update: PSU banks in green
The Nifty PSU bank index traded with gains during the mid-morning trade deals on Wednesday, led by Central Bank of India, Bank of Baroda, Bank of India and Union Bank of India shares. SBI shares were trading 0.8% higher.
Zee Entertainment Enterprises shares fall 3% after stake sale reports
Zee Entertainment Enterprises shares dipped over 3% to a low of Rs 420.30 per share on Wednesday. The company on Tuesday said its promoters led by Subhash Chandra plan to sell up to 50% of their equity stake in the company to a strategic partner. The move is expected to address the Essel Group's (the promoters) capital allocation priorities and "to pursue disruptive technological development and transform the business into tech-media company".
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