Contact Your Financial Adviser Money Making
MC
28Th July 2016
I had mentioned in Wednesday’s
closing report that Nifty, Sensex might be headed higher. The major indices of
the Indian stock markets rallied on Thursday and closed with gains of around
0.60% over Wednesday’s close. The trends of the major indices in the course of
Thursday’s trading are given in the table below: The Total Investment & Insurance Solutions
 |
Major Indices (The Total Investment & Insurance
Solutions)
The Indian equity markets on
Thursday closed at new highs in almost a year, riding on short covering and
expectations of a major economic legislation getting parliament's approval. On
a closing basis, the wider 51-scrip Nifty of the National Stock Exchange (NSE)
touched a new 52-week high. The 30-scrip sensitive index (Sensex) of the BSE
also reached its highest closing levels in 11 months. Healthy buying was
witnessed in consumer durables, automobiles and FMCG (fast moving consumer
goods) stocks. On the NSE, there were 818 advances, 638 declines and 62
unchanged. The BSE market breadth was slightly tilted in favour of the bulls --
with 1,486 advances and 1,164 declines.
The government is carefully
considering the suggestions made by the trade and industry on the Goods and
Services Tax (GST) Bill, a top CBEC official said here on Thursday. "We
have been receiving a large number of representations from trade and industry.
This is a very healthy exercise and all these suggestions and views will go
into making an ideal GST," Mahender Singh, Director General (GST), Central
Board of Excise and Customs (CBEC), said. He was speaking at a national
conference on draft GST law organised by Associated Chambers of Commerce and
Industry of India (Assocham). "It (suggestions on GST) is considered,
discussed and various aspects are taken into consideration and once the final
decision is taken then that will be incorporated in the final GST law,"
Mahender Singh said. He said some sections of the trade and industry have
apprehensions that their views may not be taken into consideration. It is
understandable, he said, for people to have such apprehensions in a large
country with a wide variety of trade practices. The Total Investment & Insurance Solutions
Banking operations will be impacted
across the country on Friday with around 10 lakh bankers of 40 private and
state-run banks striking work in protest against the central government's
banking policies, a union leader said on Thursday. "The strike is on. We
are not aware of any case filed by the banks or the Indian Banks Association
(IBA) to restrain the nine unions of UFBU (United Forum of Bank Unions) from
striking," C.H. Venkatachalam, General Secretary of the All India Bank
Employees Association said. Earlier this month, major bank unions deferred a
two-day strike call for July 12 and 13 following a restraint order by the Delhi
High Court. The unions in the banking sector had given the strike call
protesting against the merger of the five associate banks of the State Bank of
India (SBI) with SBI and the privatisation of IDBI Bank. The union is opposed
to the government's decision to merge the State Bank of Bikaner and Jaipur
(SBBJ), State Bank of Travancore (SBT), State Bank of Patiala (SBP), State Bank
of Mysore (SBM) and State Bank of Hyderabad (SBH) with the SBI. "The
strike will involve employees and officers of public sector banks, old
generation private banks and foreign banks with a total of more than 80,000
branches," he said. According to him, the banks may be filling up the
automatic teller machines (ATM) numbering around 200,000 in the country to
facilitate cash withdrawals. "We wanted to strike when Parliament is in
session. Though the strike is on a Friday, the next day is a full working day
for the banks. There will be no bunching of holidays," he said.
Venkatachalam said the strike was against the unwarranted banking reform
measures. The Bank Nifty closed at 19,076.55, up 0.29%. The Total Investment & Insurance Solutions
US Federal Reserve on Wednesday kept
federal funds rate unchanged, reiterating that it continues to closely monitor
inflation indicators and global economic and financial developments.
"Near-term risks to the economic outlook have diminished," said the
Fed in a statement after concluding two-day monetary policy meeting. This new
expression might indicate that conditions are getting more favourable for
further interest rate hikes in the future. Fed officials gave more upbeat
description of the economy. There was some increase in labour utilisation in
recent months, pointing to a healthy labour market despite the slowdown in
April and May. Household spending have grown "strongly." Inflation
continues to run below the Fed's 2% target, a major concern for Fed officials.
But they expected inflation to rise to the target over the medium term as the
transitory effects of past declines in energy and import prices dissipate and
the labour market strengthens further. The policy to keep interest rates
unchanged is good news for emerging markets like India, as it attracts foreign
institutional investors.
The top gainers and top losers of
the major indices are given in the table below:
 |
Top Gainer (The Total Investment & Insurance Solutions)
The closing values of the major
Asian indices are given in the table below: The Total Investment & Insurance Solutions
 |
Asian Indices (The Total Investment & Insurance
Solutions)
No comments:
Post a Comment