Can the bulls take Nifty, Sensex higher? Weekly Closing Report-The Total Investment & Insurance Solutions

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15  July 2016 

I had mentioned in last week’s closing report that Nifty, Sensex were to move sideways to down. The major indices of the Indian stock markets have ended up over the week. The trends of the major indices in the course of the week’s trading are given in the table below: The Total Investment & Insurance Solutions

Major Indices(The Total Investment & Insurance Solutions)

Positive global cues and fresh buying support lifted the Indian equity markets on Monday as buying support was seen in interest sensitive stocks like automobiles and banks.  The BSE market breadth was skewed in favour of the bulls -- with 1,718 advances and 1,040 declines. Iron ore producer NMDC Ltd. on Monday said its production has grown by about 28% and sales have increased nearly 17% in the April-June quarter of the current fiscal. The shares of NMDC closed at Rs96.25, up 1.69% on the BSE. UK's decision to exit the European Union will not have any significant credit impact on India and other countries in the Asia Pacific region, Moody's Investors Service said on Monday. However, in case of countries where fiscal and monetary policy space is constrained, a shift in portfolio and/or banking flows in some Asia Pacific markets might hurt growth, said the credit rating agency.  While the fiscal and monetary policy space is constrained in India its exposure to external financing is limited, it said in its latest report.

Positive global cues, combined with short covering and healthy monsoon rains, buoyed the Indian equity markets to new intra-day highs in the last 11 months on Tuesday as buying was witnessed in banking, metal and consumer durables stocks. However, the BSE market breadth was tilted in favour of the bears -- with 1,519 declines and 1,243 advances. However, gains were capped due to profit booking at higher levels and uncertainties over upcoming macro-economic data like factory output -- Index of Industrial Production (IIP) -- for May and inflation figures for June. The Total Investment & Insurance Solutions

Coal India Board approved a buyback of over 10 crore shares at a price of Rs335 per share for an aggregate consideration not exceeding Rs3,650 crore, the company said on Tuesday. The buyback offer is, however, subject to approval from shareholders and other regulators and government authorities. But Coal India shares closed at Rs316.85, down 1.14% on the BSE.

Profit booking, coupled with disappointing macro-economic inflation data and lower crude oil prices, subdued the Indian equity markets on Wednesday. Consequently, the key indices closed the day's trade on a flat note, as selling pressure was witnessed in automobile, consumer durables and capital goods stocks. The NSE Nifty market breadth was skewed in favour of the bears -- with 17 advances and 34 declines. The Total Investment & Insurance Solutions

On Wednesday, initially the benchmark indices opened on a higher note, in-sync with their Asian peers. However, equity markets soon ceded their initial gains as a weak rupee and disappointing inflation figures for June eroded investors' confidence. Nifty traded on a flat note. Banking and pharma sector stocks traded with mixed sentiments on profit booking.

Disappointing macro-economic data and mixed global cues subdued the equity markets on Thursday. Consequently, both the indices traded on a flat note. Buying was witnessed in banking, consumer durables and capital goods sectors, whereas stocks of information technology (IT) faced selling pressure. The BSE market breadth was tilted in favour of the bulls -- with 1,533 advances and 1,016 declines. The Total Investment & Insurance Solutions

On Friday, key Indian equity markets were suppressed by a weak rupee and poor results from Infosys. Indian IT major Infosys on Friday reported double-digit net profit and revenue for April-June quarter, but lowered annual revenue guidance in dollar value, resulting in its stock plunging on the bourses. Though consolidated net profit grew 13.4% year-on-year to Rs3,436 crore and revenue 16.9% to Rs16,782 crore for the quarter under review, the IT company lowered dollar guidance for fiscal 2016-17 to 10%-11.5% from 11.8%-13.8% projected in April due to currency volatility and headwinds. The revised revenue outlook is based on June 30 exchange rate of Rs67.53 per dollar and 10.8%-12.3% on March 31 exchange rate of Rs66.26 per dollar. In constancy currency, consolidated revenue for the fiscal is expected to grow 10.5%-12% at June 30 dollar rate. The key indices closed the day's trade in the red, as selling pressure was witnessed in IT (information technology) and TECK (media, entertainment and technology) stocks. However, the losses in the major indices were less than 0.50% over Thursday’s close. The Total Investment & Insurance Solutions