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25Th Aug 2016
I had
mentioned in Wednesday’s closing report that Nifty, Sensex were still trendless.
The major indices of the Indian stock markets suffered a correction on Thursday
and closed with losses around 0.75% over Wednesday’s close. NSE trading volumes
were high, indicating a broad-based correction from the point of view of
investors. The trends of the major indices in the course of Thursday’s trading
are given in the table below: The Total
Investment & Insurance Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
The markets were subdued during the
mid-afternoon session on Thursday as volatility was induced by futures and
options (F&O) expiry, coupled with negative global cues and the Jackson
Hole Summit that kicks off today, where US Fed Chairman Janet Yellen is due to
speak. Consequently, the key indices traded in the red, as selling pressure was
seen in information technology (IT), automobile and metal stocks. The BSE
market breadth was tilted in favour of the bears -- with 1,467 declines and
1,233 advances. On the NSE, on Thursday, there were 543 advances, 835 declines
and 57 unchanged.
Initially on Thursday, the benchmark indices
opened on a positive note, in spite of mixed cues from their Asian peers and
negative US markets. The markets also traded with apprehension as caution
prevailed ahead of US Fed Chair Janet Yellen's speech on Friday -- a pointer to
a possible interest rate hike, which can potentially lead FPIs (Foreign
Portfolio Investors) away from emerging markets such as India. In addition, the
European markets fell sharply by almost 1.4%.
These factors contributed to the fall in the
domestic markets.
The National Payments Corporation of India
(NPCI) on Thursday said the Unified Payments Interface (UPI) will go live for
customers of 21 banks. The relevant details of the service would be available
on the website of 21 banks, the NPCI said. According to NPCI, the UPI
application of 19 banks can be downloaded from Google Play Store in next two to
three working days. The Bank Nifty fell by 0.27%.
Country's largest lender State Bank of India
(SBI) on Wednesday said in a filing to the Bombay Stock Exchange ”..the
Committee of Directors for Capital Raising at its meeting held on August 24,
2016 authorised the Bank to raise upto Rs11,100 crore Additional Tier 1
capital, by way of issue of Basel III compliant Perpetual Debt instrument in
USD and/or INR, at par, through private placement to overseas and/or Indian
investors,..". SBI shares closed at Rs250.05, down 1.81% on the BSE on
Thursday. The
Total Investment & Insurance Solutions
Tata Sons' Chairman Cyrus P. Mistry on
Wednesday said the Tata Group is looking for an investment opportunity in West
Bengal. "I think the opportunities have to show themselves, and when they
do, irrespective of the political environment, we will make the decision to
invest," he said. Relations between the Tata group and West Bengal's
ruling Trinamool Congress had become unpleasant after Tata Motors abandoned the
Nano project at Singur in Hooghly district of Bengal in 2008 following persistent
opposition from party supremo Mamata Banerjee on the land acquisition for the
project. Banerjee opposed agricultural land acquisition and asked Tata to
return 400 acres, out of 1,000 acres acquired for the project, to the farmers.
The matter is still before the Supreme Court. Tata Motors shares closed at
Rs493.75, down 0.85% on the BSE.
Tata Global Beverages Ltd (TGBL) is
considering the restructuring options of its China operations, company Chairman
Cyrus P. Mistry said on Wednesday. " In what way that restructuring will
be done is yet to be seen. We are exploring multiple options," Mistry said
while in response to a shareholder's query at the company's 53rd Annual General
Meeting. Challenges exist in the China joint venture operations, Zhejiang Tata
Tea Extraction Company Ltd. "Delays continue in stabilisation of the China
business," said the company's latest annual report. The company’s shares
closed at Rs140.50, up 0.11% on the BSE.
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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