Nifty, Sensex uptrend continues – Monday closing report -The Total Investment & Insurance Solutions

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8Th Aug 2016

I had mentioned in Friday’s closing report that Nifty, Sensex were to head higher. The major indices of the Indian stock markets were range-bound on Monday and closed with small gains over Friday’s close. NSE trading volumes were also on the lower side. The trends of the major indices in the course of Monday’s trading are given in the table below:The Total Investment & Insurance Solutions

Major Indices (The Total Investment & Insurance Solutions) 

Positive global markets, along with hopes of parliamentary approval for a major economic legislation buoyed the Indian equity markets on Monday. Sector-wise, healthy buying was witnessed in automobile, oil and gas, and consumer durables stocks. The BSE market breadth was tilted in favour of the bulls -- with 1,542 advances and 1,212 declines and 154 unchanged. On the NSE, on Monday, there were 900 advances, 725 declines and 230 unchanged. According to market analysts, gains were capped due to caution ahead of the Reserve Bank of India's monetary policy review.The Total Investment & Insurance Solutions

FMCG major Britannia Industries Ltd. on Monday reported a 13% rise in its consolidated net profit to Rs219.13 crore in the quarter ended June 30, 2016, as compared to Rs193.66 crore in the corresponding period in 2015. Its consolidated revenue in the quarter under review grew 8% to Rs2,162 crore against Rs1,998 crore in the year-ago period. The share price of the company closed at Rs3,143.00, up 9.07% on the BSE.

The Lok Sabha on Monday took up for discussion the amendments to the Goods and Services Tax Bill with Finance Minister Arun Jaitley stating that there was a wide consensus on the legislation. “There has been a wide consensus. A large number of political parties have come forward in its support,” Jaitley said.  The Rajya Sabha had last week unanimously passed the Constitution amendment bill to pave the way for the introduction of a pan-India Goods and Services Tax regime. The upper house passed what is called the Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, with 203 ayes in the final vote.  The AIADMK staged a walk-out before the bill was passed in the upper house. The government had moved amendments to the bill earlier passed by the Lok Sabha to accommodate some concerns of opposition parties. The stock markets in India are in favour of the bill being passed and are bullish in anticipation.

Moody's said on Monday the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions Bill, 2016, and the Insolvency and Bankruptcy Code, 2016 (bankruptcy), will lead to structural improvements in banks dealing with bad assets. While the bankruptcy law has been enacted, the Enforcement of Security Interest and Recovery of Debts Bankruptcy Code, 2016, has to be passed by the Rajya Sabha after it was cleared by the Lok Sabha. The Enforcement of Security Interest and Recovery of Debts Bankruptcy Code, 2016, is a credit positive for the Indian banks as it aims to expedite the recovery and resolution of bad debts, said a statement issued by Moody's Investors Services. "Weakness in current processes for bad debt resolution has been a key structural credit challenge for Indian banks. There are currently about 70,000 cases pending in debts recovery tribunals (DRTs), and these cases have been pending for many years owing to various adjournments and prolonged hearings," Moody's said. According to Moody's, the provisions relating to promotion of asset reconstruction companies for banks to off-load their non-performing assets (NPA) and prioritise debt due to secured creditors over all other debts and claims (including government claims) are credit positive features for the Indian banks. The Bank Nifty closed at 18,939.45, up 0.07%.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)