Nifty may open negative; HDFC, Bandhan Bank, TCS shares in focus
The domestic stock markets– Sensex and Nifty– are likely to open negative on Tuesday, tracking weak global cues. The SGX Nifty was trading at 10,789.50 or 0.14% lower, indicating a flat to negative opening for Sensex and Nifty. Most Asian shares were propped up on Tuesday by hopes that Washington and Beijing may be inching towards a trade deal and that U.S. Federal Reserve would halt its tightening if economic growth slows further. Japan’s Nikkei rose 0.9 percent while MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up just 0.1 percent, though it was dragged down by falls in China and Taiwan. On Wall Street, the S&P 500 gained 0.7 percent on Monday following 3.4 percent surge on Friday, with Amazon.com Inc and Netflix leading the rally, Reuters reported.
Back home, shares of HDFC will assume focus after the housing finance firm is set to become the largest shareholder in Bandhan Bank with 15% stake, following the Bandhan Bank- Gruh Finance merger. Bandhan Bank shares will also assume focus after the share swap deal announcement. The shareholders of Gruh Finance will get 568 shares of Bandhan Bank for every 1,000 shares held. The merger is effective from January 1, 2019. TCS shares will be in focus after the firm announced that it has received a contract from the Central Bank of Kuwait. We bring to you LIVE updates.
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