Share market LIVE: Sensex, Nifty to open lower tracking global markets; Adani Power, Reliance Capital in focus
By: FE Online | Updated:Jun 26, 2019 8:44:42 am
The Indian headline indices- Sensex and Nifty are likely to open lower tracking subdues global markets. Adani Power and Reliance Capital will be in focus today.
The Indian headline indices- Sensex and Nifty are likely to open lower tracking subdues global markets. Yesterday, while the Sensex ended 0.8 per cent higher at 39,434.94 level, the broader Nifty settled up 0.83 per cent at 11,796.45, snapping a two-day losing streak. The SGX Nifty ended at 11,771, down 21.50 points from the last close. The crude oil prices surged more than 1 per cent on Wednesday to touch their highest in nearly a month on account of higher-than-expected fall in US crude inventory and US-Iran geopolitical tensions. The international benchmark for oil, Brent crude futures were up 1.4 per cent at $65.97 by 0006 GMT. US West Texas Intermediate or WTI crude futures were at $58.97 per barrel, higher by 2 per cent from their previous close.
Shares of Adani Power and Reliance Capital will be on Investors’ radar today. The consortium of lenders, led by Axis Bank to GMR Chhattisgarh Energy Limited (“GCEL”), have issued a letter of intent dated 24 June 2019 approving Adani Power’s resolution plan to acquire controlling equity stake and restructure debt in GCEL. The resolution plan was submitted by Adani Power in response to an invitation issued on behalf of the lenders of GCEL seeking bids for the acquisition of controlling equity stake and restructuring of debt of GCEL. Post the transaction, Adani Power shall hold 100% equity stake in GCEL, Adani Power said in an exchange filing. Brickwork Ratings has revised rating to BBB (credit watch with negative implications) for long-term debt program, market-linked debentures and subordinated debt and A3 for short-term debt program of Reliance Capital. The company has disagreed with the revision.