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28 September 2016
I had mentioned in Tuesday’s closing report
that Nifty, Sensex would continue to be in a mild downtrend. The major indices
of the Indian stock markets were range-bound on Wednesday and closed with small
gains. The trends of the major indices in the course of Wednesday’s trading are
given in the table below: The Total
Investment & Insurance Solutions
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Major Indices (The Total
Investment & Insurance Solutions)
Value
buying, along with short covering and a firm rupee, lifted the Indian equity
markets during the mid-afternoon trade session on Wednesday. Buying was
witnessed in automobile, banking and capital goods stocks. The BSE market
breadth was tilted in favour of the bulls -- with 1,644 advances and 1,003
declines. On the NSE, there were 932 advances, 482 declines and 70 unchanged. The Total Investment & Insurance
Solutions
Short
covering and value buying after last couple of day's falls has pulled the
equity markets up. Banking sector, especially the public sector banks, are
leading the recovery. Positive European markets and a firm rupee have also
supported the upward movement. The CNX Nifty traded with firm sentiments due to
short covering. IT (information technology) stocks faced profit booking at higher
levels. Auto, oil-gas and textile stocks also traded firm. Aviation and FMCG
stocks traded with mixed sentiments due to profit booking. Power and cement
stocks also traded firm on buying support. The Total Investment & Insurance Solutions
Software
major Infosys Ltd on Wednesday unveiled a mobile first and modular platform to
drive e-commerce programmes across retail channels. The platform has been
developed by Skava, a Silicon Valley-based e-commerce start-up that the IT
major acquired in June 2015 for $120 million, to enable businesses leverage
cloud-based micro-services and white label applications to launch new offerings
and improve conversion rates of digital channels. "The platform can
integrate into present technologies, while providing a future-ready
architecture for next-generation shopping experiences leveraging artificial
intelligence (AI) and machine learning, natural language processing and virtual
reality (VR)," the IT major said. Infosys shares closed at Rs1,038.60,
down 0.18% on the BSE.
Oil
prices fell on Tuesday as Iran said it was not willing to freeze its oil output
at current levels, denting market expectation for an output-freeze deal among
Organisation of the Petroleum Exporting Countries (OPEC) members. Iranian Oil
Minister Bijan Namdar Zanganeh said on Tuesday that the country wants to raise
its crude production to four million barrels a day from 3.6 million at current
level. It's "not on our agenda" to reach agreement at the OPEC talks
in Algiers, he said. Instability in oil prices could start bearish trends in
the Indian stock markets.
Bharti
Airtel has made incoming calls free for international roaming and also launched
various packs for its both prepaid and postpaid customers to facilitate
travelling abroad, a company statement said here on Wednesday. "With the
new international roaming packs, customers will have the convenience of
carrying their India mobile number wherever they go and stay connected 24x7
without having to worry about high call and data charges. The packs will be
available to both postpaid and prepaid customers," the statement said.
"Charges for calls to India and local in-country calls have been reduced
to as low as Rs3/min across popular destinations," it added. Bharti Airtel
shares closed at Rs322.45, up 2.69% on the BSE.
The
telecom operators are grappling with a huge debt burden of Rs3.80 lakh crore,
reinforcing a case for rationalisation of taxes and other levies, along with
high spectrum charges, says a study. The telecom operators have an accumulated
debt of around Rs3.8 lakh crore and an additional customs duty of 10% will lead
to an increase in cumulative duty to 29.44%, according to the Assocham-KPMG
study, released here on Wednesday. "Even though consumers are having the
last laugh with competitive offers from the major players, the service
providers need to penetrate further into the fast expanding data market and
create a volume that will keep their cash flow running," said Assocham
Secretary-General D S Rawat. Simplification and rationalisation of tax regime
will provide the required financial stability to the Indian telecom industry,
said the Assocham-KPMG joint study, adding that spectrum usage charges (SUC) in
India are comparatively higher than other economies. The telecom sector is
expected to contribute 8.2% or Rs14 lakh crore to the gross domestic product
(GDP) by 2020, the study said. The S & P BSE Telecom index closed at
Rs1,197.99, up 2.33% 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 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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