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30Th Aug 2016
I had mentioned in Monday’s
closing report that Sensex, Nifty might be range-bound. The major indices of
the Indian stock markets rallied strongly on Tuesday and broke out of their
one-month trading range. The gains were a substantial 1.5% at the end of the day’s
trading. We expect the upward momentum to continue. The Total Investment
& Insurance Solutions
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| Major Indices (The Total Investment & Insurance Solutions) |
The markets were buoyed on strong
buying support across sectors, coupled with positive global cues during the
mid-afternoon session on Tuesday. Healthy buying was witnessed in automobile,
banking and healthcare stocks. The BSE market breadth was skewed in favour of
the bulls -- with 1,631 advances and 1,081 declines. On the NSE, on Tuesday,
there were 891 advances, 491 declines and 81 unchanged. The Total Investment
& Insurance Solutions
The US dollar traded mixed against
other major currencies as investors were digesting the recent remarks by Federal
Reserve Janet Yellen and newly-released economic data from the country.
"In light of the continued solid performance of the labour market and our
outlook for economic activity and inflation, I believe the case for an increase
in the federal funds rate has strengthened in recent months," Yellen
addressed central bankers at a conference in Jackson Hole, Wyoming, on Friday.
Pointing to solid growth in household spending and a strengthening job market,
Yellen said the US economy is "now nearing" the Fed's statutory goals
of maximum employment and price stability. Analysts said it's possible for the
Fed to hike interest rates as soon as September. But about 71% of 62 economists
surveyed by the Wall Street Journal this month believed the Fed will wait until
December to raise rates.
The government in India on Tuesday
announced to issue the fifth tranche of Sovereign Gold Bonds, the subscription
of which will be open from September 1-9. "The government, in consultation
with the Reserve Bank of India (RBI), has decided to issue fifth tranche of
Sovereign Gold Bonds. Applications for the bonds will be accepted from
September 1, 2016 to September 9, 2016," the Finance Ministry said in a
statement. The Bonds will be issued on September 23. The Sovereign Gold
Bond, a financial asset, was launched by the government last year as an
alternative to purchasing the metal gold. Accordingly, four tranches of
issuances have been undertaken during 2015-16 and 2016-17 so far.
Japan's unemployment rate dropped to
3% in July marking the lowest level in 21 years, the government announced on
Tuesday. According to the Ministry of Internal Affairs and Communications, the
unemployment rate on a seasonally adjusted basis was 3 per cent in July, with
the number of employed persons in the recording month totalling to 64.79
million, an increase of 980,000 or 1.5% from the previous year. The number of
unemployed persons in July, meanwhile, was 2.03 million, the ministry said,
which is a decrease of 190,000 or 8.6% from the previous year. The job
availability in Japan held steady in July at 1.37, which means that there were
137 positions available for every 100 people looking for work.
State-run oil marketer Indian Oil
Corp. (IOC) on Monday declared a 25% rise in net profit for the first quarter
ended June at Rs8,268.98 crore, compared to Rs6,590.83 crore in the same
quarter in the previous year. Total income in the June quarter fell because of
a drop in global oil prices and was at Rs1,07,200 crore, registering a fall of
5.75%, as compared to Rs1,13,743 crore in the same period last year. Average
gross refining margins, on turning every barrel of crude oil into fuel, for the
June quarter was $9.98 per barrel as against $10.77 in June quarter of 2015.
The company also declared bonus shares in the ratio of 1:1, that is, one equity
bonus share of Rs10 each for every existing equity share of Rs10 each fully
paid up, subject to the approval of the shareholders. Earnings per share rose
to Rs34.90 during the quarter in question, as compared to Rs27.81 in the same
quarter last year. The company’s shares closed at Rs574.10, up 0.38% 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)
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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