Nifty, Sensex may struggle to head higher – Wednesday closing report-The Total Investment & Insurance Solutions

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13  July 2016 

I had mentioned that Nifty, Sensex momentum continue to be up in Tuesday’s closing report. The major indices of the Indian stock markets ended flat on Wednesday after listless trading. The trends of the major indices in the course of Wednesday’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 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 heavy 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

Initially the benchmark indices opened on a higher note, in-sync with their Asian peers. However, equity markets soon ceded their initial gains, as profit booking hampered the upward trajectory. Besides, lower crude oil prices, weak rupee and disappointing inflation figures for June eroded investors' confidence. Nevertheless, healthy progress of monsoon season, expectations of robust quarterly results, recapitalisation of state-run banks supported prices at the lower levels. Profit booking ahead of key event risks and disappointing inflation figures dragged the Indian equity markets lower. However, good progress of monsoon season, expectations of healthy quarterly results, more economic reforms supported prices at the lower levels. Nifty traded on a flat note due to profit booking at higher levels. Banking and pharma sector stocks traded with mixed sentiments on profit booking. The Total Investment & Insurance Solutions

The Cabinet on Wednesday approved 15% divestment of the government's stake in National Buildings Construction Corporation Limited (NBCC) aiming to collect approximately Rs1,706 crore. “The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved the disinvestment of 15% paid up equity of NBCC out of government’s 90% shareholding,” the Union Finance Ministry said in a statement. The balance 10% of the equity is held by the public. “It would result in estimated receipts of approximately Rs1,706 crore to the government. However, the actual realisation amount will depend upon the market conditions and the investor interest prevailing at the time of actual disinvestment,” the statement said. The government aims to generate Rs56,500 crore through disinvestment in PSEs this financial year. During 2015-16, the government could manage to meet less than half the budget estimates at Rs25,312 crore as against the target of Rs69,500 crore. "The disinvestment would broadbase NBCC's shareholding and enhance the disinvestment receipts for making them available to the government for utilisation as per disinvestment policy," the statement added. NBCC India shares closed at Rs229.80, down 10.72% on the BSE. The Total Investment & Insurance Solutions

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:

Asian Ondices(The Total Investment & Insurance Solutions)