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19Th July 2016
I had mentioned in
Monday’s closing report that Nifty, Sensex may remain weak. The major indices
of the Indian stock markets were in the red for most of the session on Tuesday
and closed with small gains with a rally at the fag end of the session. The
trends of the major indices in the course of Tuesday’s trading are given in the
table below: The Total Investment &
Insurance Solutions
 |
Major Indices(The Total Investment & Insurance
Solutions)
Profit booking, coupled with disappointing
quarterly results and negative global cues, depressed the Indian equity markets
on Tuesday. Consequently, the key indices traded on a flat-to-negative note
during the mid-afternoon session, as heavy selling pressure was witnessed in
fast moving consumer goods (FMCG), banking and consumer durables stocks. On the
NSE, there were 582 advances, 788 declines and 53 unchanged at the close of
trading on Tuesday.
The benchmark indices
opened on a flat note, in sync with their Asian peers. The equity markets soon
rose on the back of the government's decision to infuse capital into public
sector banks. In a statement, the Ministry of Finance announced a capital
infusion of Rs22,915 crore towards the recapitalisation of 13 public sector
banks during 2016-17. However, the key indices ceded their gains, as profit
booking, disappointing quarterly results and weak global crude oil prices
hampered the upward trajectory. Besides, reduced chances of further monetary
policy easing by the European Central Bank (ECB) in its upcoming monetary
policy review dampened investors' sentiments. Nevertheless, value buying,
healthy progress of monsoon season and expectations of GST (Goods and Services
Tax) getting passed supported prices at the lower levels. Most of the banking
and auto sector stocks faced resistance at higher levels due to profit booking,
while IT sector stocks traded with mixed sentiments. The Total Investment & Insurance Solutions
The Royal Bank of Scotland (RBS) has informed
its customers about the closure of all its 10 branches in India and withdrawal
of its retail and wealth management services. The British bank told its
customers through its website to close their RBS accounts and make alternate
arrangements for their banking, wealth management and demat accounts on or
before August 31. According to RBS, six branches -- Bengaluru, Hyderabad, Pune,
Gurgaon, Noida and Vadodara -- would be shut from October 1 onwards. The
remaining four branches -- Chennai, Kolkata, Mumbai and New Delhi -- will be
closed in due course, the bank said. The bank has also listed different dates
for closure of its various services. According to RBS, its private banking and
wealth management business was transferred to Sanctum Wealth Management Private
Ltd. with effect from April 1.
Global credit rating
agency Moody's Investors Service on Tuesday said Housing Development Finance
Corporation Ltd's (HDFC) masala bond issue would pave the way for non-banking
finance companies (NBFC) and government related issuers (GRI). Masala bonds
would find favour with NBFCs as the Reserve Bank of India (RBI) has issued a
discussion paper proposing new limits for bank's lending to the finance
companies. These masala bonds -- although denominated in Indian rupees -- are
listed on the international market and offered and settled in US dollars,
providing easier access for foreign investors. Indian housing finance major
HDFC recently raised Rs3,000 crore through such bonds. It is the first Indian
company to issue such bonds and follows issuances by International Finance
Corporation (IFC) and Asian Development Bank (ADB). "We expect the market
to deepen further with more issuers following HDFC Ltd.'s issuance," Alka
Anbarasu, Moody's Vice President and Senior Analyst was quoted as saying in a
statement. "In addition, the Indian rupee has depreciated by about 5.3% on
a year-on-year basis, allaying some investor concerns about emerging market
currency risk at a time when financing conditions have become less favourable
for many developing countries," added Anbarasu. HDFC shares closed at
Rs1,340, down 0.39% on the BSE. The
Total Investment & Insurance Solutions
FMCG major Hindustan
Unilever on Monday said its net profit rose 10% to Rs1,174 crore in the quarter
ended June, as compared to Rs1,069 crore in the corresponding period last year.
"Net profit at Rs1,174 crore, was up 10%, aided by a one-time write back
of provision for pension benefits arising from plan amendments," the
company said in a statement. The company has proposed to make an investment of
about Rs1,000 crore towards the setting up of a new manufacturing unit in the
vicinity of its existing factory premises at Doom Dooma in Assam, it said. Net
sales from operations stood at Rs7,988 crore in the quarter under review as
compared to Rs7,713 crore in the same quarter last year. The new unit is expected
to be commissioned in early 2017 and will augment production capacity of
personal care products. HUL shares closed at Rs894.00, down 2.87% on the BSE. The Total Investment & Insurance
Solutions
The top gainers and top losers of the major
indices are given in the table below:
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Top Gainer(The Total Investment & Insurance Solutions)
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The closing values of
the major Asian indices are given in the table below: The Total Investment & Insurance Solutions
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Asian Indices (The Total Investment & Insurance
Solutions)
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