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2 September 2016
I had mentioned
in last week’s closing report that Nifty, Sensex were looking weak. The major
indices of the Indian stock exchanges made good gains over the week including
hitting their new 52-week highs. The trends of the major indices in the course
of the week’s trading are given in the table below: The Total Investment
& Insurance Solutions
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Major Indices (The Total
Investment & Insurance Solutions)
Indian equity markets traded flat
during the mid-afternoon session on Monday prompted by mixed global cues and
lower crude oil prices. Selling pressure was witnessed in information
technology (IT), healthcare and banking stocks. The BSE market breadth was
tilted in favour of the bears -- with 1,465 declines and 1,216 advances. On the
NSE, on Monday, there were 636 advances, 821 declines and 69 unchanged.
State-run Rural Electrification Corporation (REC) on Sunday said it will seek
the approval of its shareholders on September 21 for raising Rs50,000 crore
through non-convertible debentures (NCDs). The company’s shares closed at
Rs227.30, down 1.37% on the BSE, on Monday. The Total Investment
& Insurance Solutions
On Tuesday the markets were buoyed
on strong buying support across sectors, coupled with positive global cues
during the mid-afternoon session on Tuesday. In fact, almost the entire gain of
the week came 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. 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. The Total Investment & Insurance
Solutions
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 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.
On Wednesday, Nifty and Sensex hit
their new 52-week highs again. The benchmark indices initially opened on a
flat-to-positive note on Wednesday prompted by mixed cues from Asian and
European markets. Market awaited the announcement of the gross domestic product
(GDP) data for the first quarter of 2016-17, among others. The indices
marginally capped gains due to a sharp up-move in the dollar index and lower
crude oil prices and pulled the markets back from their morning peak levels.
However, gains in the rupee's value kept the market sentiment buoyed to close
with appreciable gains. The Total Investment & Insurance
Solutions
Following the big ticket
announcement by Reliance Industries on Jio commercial launch, key Indian stock
market indices were trading flat on Thursday afternoon. Most telecom stocks
were trading lower. Selling pressure was seen in telecom, technology, media and
entertainment (TECK) and realty sectors, while good buying was observed in
auto, metal and fast moving consumer goods (FMCG) sectors. On the NSE, on
Thursday, there were 479 advances, 993 declines and 50 unchanged. The Total Investment
& Insurance Solutions
Taking the tariff war and
competition in Indian telecom a new level, Reliance Industries Chairman Mukesh
Ambani on Thursday said domestic voice calls on the Jio network will be free
forever, and unveiled a four-month introductory offer of free voice and data
services. "The era of paying for voice calls is ending," Ambani told
the Annual General Meeting of Reliance Industries (RIL) in Mumbai. "No Jio
customer will ever have to pay for voice calls again," he added. Bharti
Airtel shares closed at Rs310.50, down 6.43% on the BSE. Reliance Industries
shares closed at Rs1,029.15, down 2.73% on the BSE.
On Friday, the major indices of the
Indian stock markets staged a minor rally to close with small gains of around
0.40% over Thursday’s close. With NSE trading volumes on the lower side on
Friday, investors were clearly cautious before the week-end and market holiday
on Monday. On Friday, there was also a general strike called by the Leftists
all over India; but the response to the strike call was at a minimum in most
parts of the country. The Total Investment & Insurance
Solutions
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