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1St july 2016
I had mentioned in last week’s closing report that
Nifty, Sensex were likely to move sideways. After some hesitation in the early
part of the week, following Brexit vote, the major indices of the Indian stock
markets rallied to make some gains. The weekly gains were around 3%. The trends
of the major indices in the course of the week’s trading are given in the table
below:
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On Monday, taking cues from their Asian peers, Indian
equity indices were trying to recover from the hangover of last week's Brexit
vote. Selling pressure was witnessed in information technology stocks. The BSE
market breadth was tilted in favour of the bulls -- with 1,813 advances and 795
declines. Initially on Monday, the key indices opened on a flat note --
marginally in the red -- as investors' sentiments remained weak on account of
the volatility caused in the global markets due to Britain's vote to exit the
EU. This had also resulted in a sharp drop in the rupee's value and dried up
foreign fund inflows. However, the Indian markets gained some momentum shortly
after to trade in the green as the Asian markets, especially the Nikkei, showed
a considerable recovery by shrugging off the global selloff stimulated by the
Brexit.
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The National Stock Exchange of India Ltd (NSE) on Monday
said it plans to list on bourses as its board had expressed a desire to file
the Draft Red Herring Prospectus (DRHP) latest by January 2017 for domestic
listing and by April 2017 for overseas listing, "after addressing
restructuring needs of the exchange and the regulatory requirements for
listing," the exchange said in a statement. The exchange said that the
board had re-constituted the current listing committee as an empowered
sub-committee of the board to accelerate the listing procedures. The committee
would take decisions within a stipulated time line. All these decisions were
taken during the last meeting of board of directors on June 23," it said.
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A sharp rise in US futures markets, a rise in European
indices, and a rebounding rupee led key Indian equity indices to trade in the
green on Tuesday, while recovering considerably from the Brexit hangover.
Healthy buying was witnessed in stocks of fast moving consumer goods (FMCG) and
healthcare. The BSE market breadth was tilted in favour of the bulls -- with
1,596 advances and 999 declines.
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On Tuesday, the US dollar continued to climb against most
major currencies after Britain voted to leave the European Union in a historic
referendum. In late New York trading on Monday, the euro fell to $1.1019 from
$1.1144 of the previous session, and the British pound decreased to $1.3192
from $1.3696. The Australian dollar went down to $0.7343 from $0.7508. The
dollar bought 101.99 Japanese yen, lower than 102.24 yen of the previous
session. The dollar rose to 0.9776 Swiss francs from 0.9724 Swiss francs,
and it climbed to 1.3092 Canadian dollars from 1.2936 Canadian dollars. Currency
movements are considered important by stock market analysts in India, as a
substantial portion of the investments come from foreign institutional
investors into emerging markets like India. However, international interest
rates in the banking sector are expected to be stable and not contribute to
volatility.
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Positive global indices, along with a rise in crude oil
prices and a firm rupee, buoyed the Indian equity markets on Wednesday.
Consequently, the key indices closed the day's trade with appreciable gains, as
healthy buying was witnessed in automobile, information technology (IT) and
consumer durables sectors. The BSE market breadth was skewed in favour of the
bulls -- with 1,848 advances and 752 declines.
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On Wednesday, state-run Allahabad Bank said that it aimed
at 10% business growth in the current fiscal (2016-17) year. "Business
growth target is 10% this fiscal. It grew about 3.4% in the last fiscal,"
bank's Chairman and Managing Director Rakesh Sethi told IANS after the 14th
Annual General Meeting. The total business of the bank stood at Rs358,352 crore
as of March 31, 2016 as compared to Rs346,519 crore the previous year. Going
forward, the bank was looking at a growth of 20% in the retail credit
portfolio. Also, a major thrust will be given to loans having low capital
requirement such as housing loans and gold loans, Sethi told shareholders
during the meeting. The shares of the bank closed at Rs68.35, up 0.22% on the
BSE on Wednesday.
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Key Indian equity market indices opened higher on
Thursday in line with global peers and taking positive cues from implementation
of the Seventh Pay Commission. Asian markets on Thursday were trading in the
green. Tokyo shares opened higher after anxiety over Japanese economy on
account of Brexit and the weakening yen started declining. The Nikkei however,
ended flat. Other international markets were also in the green. US stocks
closed higher, buoyed by gains in oil prices, as global markets continued to
rebound from previous sharp losses after Britain's vote to leave the European
Union (EU).
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By the end of trading on Thursday, market analysts
pointed out that short covering on the back of latest key economic decisions,
combined with positive global cues and a firm rupee, propelled the Indian
equity markets into making healthy gains. Sector-wise, all the sub-indices
witnessed healthy buying which was led by banking, automobile and capital goods
stocks. The gains, on Thursday, in the major indices were around 1% over
Wednesday’s close. The BSE market breadth was tilted in favour of the bulls --
with 1,598 advances and 1,011 declines.
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Continuing the upward trend evinced all week, healthy
macro-economic data and positive global cues lifted the Indian equity markets
higher on Friday. The key indices provisionally closed the day's trade with
appreciable gains, with healthy buying witnessed in capital goods, oil and gas,
and health care stocks. The BSE market breadth was tilted in favour of the
bulls -- with 1,572 advances and 1,137 declines. The gains on Friday in the major
indices were around 0.50%.
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