Shares of Fortis healthcare gained by 4.5% to Rs73 after the company announced that it was planning to raise Rs18-20bn via rights or warrants issue, stated reports. The scrip touched an intra-day high of Rs74 and a low of Rs70 and recorded volumes of over 4,00,000 shares on NSE.
Markets in other parts of the world may see a steep fall in trading as many players could extend their year-end vacation. As a result, there is a fair chance that volatility may increase on lower volumes.
The overall outlook remains uncertain, as nobody wants to take undue risks at this stage with only a few sessions to go in the year. Most players will take a call on the market only next year. Though the recent spurt across global equity markets has provided a much-needed boost to the bulls, one cannot rule out another steep fall. It's anybody's guess if the key indices will test October lows again or gradually advance. Much will hinge on the trend in fund flows and how fast the global economy rebounds.
As far as India is concerned, we will need proof that the string of government measures are working. There are reports of a fresh round of stimulus package being unveiled soon, including further easing in monetary policy by the RBI. But, these tend to provide only a brief relief to the market. One will also have to watch out for quarterly earnings and of course the political drama that will unfold over the next few months.
Shares of Wockhardt gained by 3.5% to Rs111 after reports stated that the company would raise Rs5bn via preferential allotment. The scrip touched an intra-day high of Rs115 and a low of Rs107 and recorded volumes of over 1,00,000 shares on NSE.
Tata Steel slipped by a 1.6% to Rs225. Reports stated THAT Liberia has cleared the company of all allegations and has invited it to join the bidding process for the Western Cluster iron ore project in that country. The scrip touched an intra-day high of Rs236 and a low of Rs223 and recorded volumes of over 26,00,000 shares on BSE.
