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20 September 2016
I had mentioned in Monday’s closing report that
Nifty, Sensex were directionless. The major indices of the Indian stock markets
were range-bound on Tuesday and closed with small losses over Monday’s close.
The trends of the major indices in the course of Tuesday’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 were dragged lower on Tuesday by negative global cues and caution
ahead of major global financial events. The key indices closed the day's trade
in the red, as profit-booking and selling pressure at higher levels capped
gains. Selling pressure was witnessed in automobile, capital goods and banking
stocks. The BSE market breadth was tilted in favour of the bears -- with 1,513
declines and 1,197 advances. On the NSE, on Tuesday, 548 advances, 922 declines
and 85 unchanged.
The
benchmarks opened down following negative global cues. Besides, investors were
cautious ahead of the US Fed's Federal Open Market Committee (FOMC) meet and
the Bank of Japan (BoJ) monetary policy review announcements. A rate-hike can
potentially lead FPIs (Foreign Portfolio Investors) away from emerging markets
such as India, and is also expected to dent business margins as access to
capital from the US will become expensive. Moreover, profit booking at higher
levels led to the key indices capping gains. The CNX Nifty traded lower on
profit-booking from traders. Most IT stocks traded down on profit-booking.
Banking stocks are traded with mixed sentiments, while auto stocks traded down
on profit-booking. The Total Investment
& Insurance Solutions
World Bank
Group President Jim Yong Kim said, "India's recent growth and development
has been one of the most significant achievements of our time. With historic
changes unfolding and new opportunities emerging, Junaid Ahmad, who has taken
over as the World Bank's new Country Director for India, will bring to this key
position strategic leadership along with considerable experience of working in
both India and South Asia to support this transformation." These
observations are favourable with respect to the Indian economy and the Indian
stock markets for a long term bullish trend.
The US
dollar decreased against other major currencies as investors were awaiting the
Federal Reserve meeting due to open later this week. In late New York trading
on Monday, the euro rose to $1.1175 from $1.1152 of the previous session, and
the British pound increased to $1.3030 from $1.3016. The Australian dollar
climbed to $0.7547 from $0.7482. The dollar bought 101.79 Japanese yen, lower
than 102.43 yen in the previous session. The dollar dipped to 0.9800 Swiss
francs from 0.9811 Swiss francs, and it inched down to 1.3191 Canadian dollars
from 1.3215 Canadian dollars. The market kept a close eye on the Fed's two-day
monetary policy meeting, which is scheduled to begin on Tuesday, for more
information about the pace of further interest rate-hikes. Analysts said the
recent over downbeat economic data from the country has boosted bets that the
Fed will skip the chance to raise rates in its September review.
US stocks
traded higher as Wall Street awaited the Federal Reserve's policy meeting. The
Dow Jones Industrial Average rose 106.86 points, or 0.59%, to 18,230.66 on
Monday. The S&P 500 added 11.23 points, or 0.52%, to 2,150.39. The Nasdaq
Composite Index gained 21.42 points, or 0.41%, to 5,265.99. Investors kept a
close eye on the Fed's two-day policy meeting, scheduled to begin on Tuesday,
for more clues on the timing of a next rate hike. Financial markets have been
choppy last week on contrasting remarks on rate hikes by Fed officials. On
Friday, US stocks ended lower after wavering in a tight range as investors
pondered over the key inflation data. 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) |
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| Asian Indices (The Total Investment & Insurance Solutions) |
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