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24Th Aug 2016
I had mentioned
in Tuesday’s closing report that Nifty, Sensex were awaiting triggers. The
major indices of the Indian stock markets were range-bound on Wednesday and
closed with small gains over Tuesday’s close. 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) |
Mixed global cues and lower crude
oil prices led the key Indian indices to trade on a flat note during the
mid-afternoon session on Wednesday. Selling pressure was seen in capital goods,
banking and metal stocks. The BSE market breadth was marginally tilted in
favour of the bulls -- with 1,540 advances and 1,171 declines and 202
unchanged. On the NSE, on Wednesday, there were 929 advances, 648 declines and
276 unchanged.
On Wednesday, the benchmark indices
opened on a flat note on the back of negative Asian and European markets, and
slightly positive US markets. Investors were also watchful of the negotiations
for amendments in a tax treaty between India and Singapore. In addition,
caution prevailed in the markets ahead of futures and options (F&O) expiry
on Thursday and hampered the upward trajectory. Moreover, apprehension of a
possible interest rate hike in the US following Fed Reserve Chair Janet
Yellen's speech later during the week, and lower crude oil prices led the key
indices to cap gains. Largely, the markets are flat ahead of the F&O expiry
tomorrow (Thursday), pointed out market analysts. Also, the stock markets have
been trading flat, as oil prices are steeply down, one of the main reasons
being caution ahead of US crude oil inventory data due tomorrow (Thursday),
explained market analysts. The foreign institutional investors (FII) continue
to be net sellers during the week.
Tata Power on Tuesday reported a 76%
drop in its consolidated net profit to Rs72.49 crore for the quarter ended June
30, as compared to Rs303.14 crore in the same period last year. "PAT
(profit after tax) stood at Rs72 crore mainly due to one off items as well as
first time impact on account of INDAS. One-off items includes Rs120 crore in
CGPL (Coastal Gujarat Power Ltd) and regulatory orders pertaining to previous
years of Rs62 crore and INDAS related adjustments of Rs130 crore," the
company said in a statement. Its consolidated revenue in the quarter under
review stood at Rs6,566 crore (including regulatory income/expense) as compared
to Rs7,016 crore in the corresponding period last year. The company has
announced acquisition of renewable assets and also commissioned several
non-fossil fuel based projects during the year, which is in line with its
strategic intent. Tata Power shares closed at Rs76.45, up 2.27% on the BSE. The Total Investment
& Insurance Solutions
Implementation of the Goods and
Services Tax (GST) regime will have an inflationary impact, leading to increase
in tea prices, Tata Global Beverages' Chairman Cyrus P. Mistry said on
Wednesday. "GST will have an inflationary impact on the prices of tea, but
this will be across the board," he said while responding to a query of a
shareholder at the company's 53rd Annual General Meeting. Mistry said that
initially that GST will have inflationary impact on the company's current
coffee and tea business as they have a tax incidence. However, there might be
"short-term impact" of the GST but the "long term benefit is
significant", he added. Mistry said the industry has been making
representations for a favourable rate as coffee and tea are widely consumed
beverages cutting across economic strata. The company is looking to tap
e-commerce platforms to sell its products. The company’s shares closed at
Rs140.35, up 0.68% on the BSE.
The Delhi assembly on Tuesday passed
the Delhi Tax on Luxuries (Amendment) Bill, 2016 which is aimed at reducing
burden on tourists and citizens and offering small hotels relief from luxury
tax. The bill, introduced by Deputy Chief Minister Manish Sisodia in the
assembly on Monday, seeks to double the threshold limit of luxury tax from a
room costing Rs750 per day to Rs1,500 by amending Sections 2 and 8 of the
existing 1996 Act. Speaking in assembly during the discussion on Tuesday,
Sisodia, who also holds the finance portfolio, said that it will benefit the
common man who searches for budget hotels. India Tourism Development Corporation
shares closed at Rs196.10, up 0.28% on the BSE.
Bandhan Bank, which marks its first
anniversary on Tuesday, plans to expand its branch network to 1,000 by August
2017 from the existing 701, said its chief. "Next year when we meet to
celebrate our second anniversary we will surely have at least 1,000 branches
and more products," MD and CEO CS Ghosh said at the bank's first
anniversary celebration. Pan India, 33% of its branches are in unbanked rural
area, as against RBI's stipulation of 25%, he said. He said that 45% of
branches are in West Bengal and 68% of them are in rural and semi-urban areas.
Bank Nifty gained 0.07% on Wednesday. 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:The Total Investment
& Insurance Solutions
 |
| Asian Indices (The Total Investment & Insurance Solutions) |
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