Indian stock markets have opened the day on a strong note on Friday on positive global cues. The BSE Sensex surged 377.48 points to 33,483.30, while the NSE Nifty50 gained 117.75 points to 10,332.50 at 10:45 hours. The markets are risen higher by the banking stocks, which rose by 1.7% on back of Moody’s report on upgrade of Indian Govt bond rating. Punjab National Bank, ICICI Bank, Bank of Baroda, State Bank of India were gaining in the morning hours.
Following companies, among others, will be in focus today during trade based on recent and latest news developments.
FMCG companies’ stocks in focus today as the govt has approved setting up of the proposed National Anti-profiteering Authority under GST to ensure consumers get the advantage of lower taxes under the new indirect tax implementation.
Bank of Baroda: BoB said the Finance Committee of the board will meet next week to consider approving its proposal to raise Rs. 6,000 crore via Qualified Institutional placement or rights issue.
The stock of Larsen and Toubro (L&T) was registering an upward momentum on the exchanges today’s’ trade since the stock surged over 4 percent amid high volume trading. The company is hopeful of bagging some six defence contracts amounting to Rs 40,000 crore. L&T stock gained 4.83% to Rs 1,181 in intraday trade on the BSE. The stock was the top gainer on both Sensex & Nifty.
The counter has witnessed huge trading activities with a combined 2.9 million shares exchanging hands on both Exchanges so far. On an average a combined 1.3 million shares were traded daily in the past fourteen days on BSE & NSE.
L&T had hit its 52-week high value of Rs 1,222.63 on May 30, 2017, and 52-week low of Rs 863.40 on Nov 9, 2016, on the NSE.
The rupee soared 42 paise to 66.18 against the US dollar in early trade on increased selling of the US currency by exporters and banks along with higher foreign inflows following BJP’s booming win in Uttar Pradesh. Further, industrial production expanding by 2.7% in January also supported the rupee.
Meanwhile, Crude oil slides Near Rs 3200 Levels On Multi Commodity Exchange. WTI Crude oil has dropped below USD 50 for the first time since in nearly three months following heavy US inventories and selling pressure in major industrial commodities.
US commercial crude supplies have grown for nine consecutive weeks, reaching a record 528.4 million barrels last week, as per the US Energy Information Administration. WTI futures are currently trading just above USD 48 per barrel. MCX Crude dropped 0.77% yesterday to close around Rs 3,200 per barrel.
Gold is trying to edge up after the recent slip. A near 2-month low around USD 1200 per ounce seems to be working for the metal. MCX Gold closed down 0.45% at Rs 28, 238 per 10 grams yesterday, seeing another drubbing after the weekend.
Maha Shivratri, the great night of Shiva, is a traditional Hindu festival mainly observed in India as well as in Nepal. As per Hindu calendar, the festival is observed on the new moon day in the month of Maagha. The day is celebrated to worship Lord Shiva, a major deity in Hindu culture.
Different mythological legends associated with this day. A popular legendary note that when a hunter could not find anything to kill for his food in a forest, he waited on the branch of a Wood apple tree; Aiming to attract deer, he started throwing the leaves of the tree on the ground, he did not see that there was a Shiva Lingam beneath the tree. Delighted with the Wood apple leaves and the patience of the hunter, it is believed that Lord Shiva appeared before the hunter and blessed him with wisdom. From that day onwards, the hunter desisted from eating meat.
Another legend has it that after the Earth was faced with an looming destruction, Goddess Parvati pledged with Lord Shiva to save the world. Hearing her prayers, Lord Shiva agreed to save the world on pretext that the people of the Earth would have to adore him with dedication and passion. From that day onwards, the night came to be known as Maha Shivratri and people began worshipping Shiva fervently.
Maha Shivratri is an important Hindu festival which being celebrated by people in India. People take fast on the night of Shivratri and sing hymns and praises Lord Shiva. Temples across the country are decorated with lights and people can be seen offering night long prayers to Shiva Lingam. Wood apple leaves, cold water and milk are offered to the Shiva Lingam on Shivratri day as they are believed to be Lord Shiva’s favorite.
The most popular Maha Shivratri celebrations take place in Ujjain, believed to be the place of residence of Lord Shiva. Large processions are performed all through the city, with people thronging the streets to catch a glimpse of the revered idol of Lord Shiva.