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29 September 2016
I had mentioned
in Wednesday’s closing report that Nifty, Sensex might rally a bit. The major
indices of the Indian stock markets suffered a sharp correction on Thursday
after the government revealed that it struck at terrorist camps across the
Pakistan border. 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) |
Indian equities tumbled sharply on
Thursday after the army said it conducted surgical strikes on terror camps
along the Line of Control (LoC) in Jammu and Kashmir, inflicting
"significant casualties". The barometer 30-scrip sensitive index
(Sensex) of the BSE, which was ruling strong in the morning after the
unexpected production cuts agreed to by oil producing countries, took a fall of
more than 500 points after the relevant briefing by the Indian Army. However,
value buying arrested the steep falls and led to a bounce back. Nonetheless,
speculative selling, profit booking and derivatives expiry dynamics again
dragged the key indices lower during the late-afternoon trade session. The BSE
market breadth fell prey to the bears -- with 2,297 declines and 442 advances.
On the NSE, there were 77 advances, 1,415 declines and 31 unchanged.
The CNX Nifty and Bank Nifty traded
down on selling pressure. IT (information technology) stocks witnessed some
recovery at lower levels tracking firm USD/INR futures prices. Banking, pharma
and auto stocks traded down on selling pressure. Aviation stocks traded down
tracking higher crude oil prices. Oil-gas, textile and FMCG stocks also traded
down on over all selling pressure in the market. The Total Investment
& Insurance Solutions
The Indian rupee on Thursday tumbled
to its lowest level in the last one week after the army announced that it had
carried out "surgical strikes" on terror camps across the Line of
Control (LoC) with Pakistan. The Indian currency, which opened at 66.44 to a US
dollar, had already depreciated in the initial hours of the day's trade in line
with the weakness in Asian currencies. The sharp fall occurred around 1.00 p.m.
when the rupee depreciated to 66.95 to a US dollar. This level was last seen on
September 22. However, the Indian currency bounced back marginally to 66.85 to
a greenback before speculative selling dragged it lower to 66.90 at 4.10 p.m. The Total Investment
& Insurance Solutions
Indian content conglomerate Zee
Entertainment Enterprises Limited (ZEEL) on Thursday announced its foray into
the radio industry with the acquisition of UAEs Hum 106.2 FM radio station.
After being a pioneer with the launch of India's first Hindi satellite channel,
Zee TV in 1992, Zee Entertainment was the first to launch a Bollywood TV
channel, Zee Aflam in 2008 for the Arab audience as well introduce the Arab
world to Hindi programs dubbed in Arabic with Zee Alwan in 2012. Commenting on
the latest acquisition, Amit Goenka, CEO - International Broadcast Business,
ZEEL said in a statement: "Radio has been an area of interest for ZEE for
quite some time and after extensive planning and studying of the brand values,
ratings and revenue generated by various stations, we felt that an investment
in Hum FM was the best option." According to Goenka, Hum FM has a legacy
of almost two decades and with a current market share of 26%, it is the top
Hindi radio station in the UAE. "ZEE is confident that it can leverage its
very strong South-Asian brand connect onto Radio, and offer a synergy of
television, radio and digital that could revolutionize the entertainment
industry in the UAE. The company’s shares closed at Rs544.70, down 0.69% on the
BSE.
The government has hiked the annual
cap of coal for sale through state-nominated agencies to 10,000 tonnes per
annum from 4,200 tonnes per annum (TPA). "Union Ministry of Coal has
issued an order with respect to the amendment to the New Coal Distribution
Policy (NCDP), 2007 to increase the annual cap of coal from 4,200 tonnes per
annum for sale through state-nominated agencies (SNA) to 10,000 tonnes per
annum," a Coal Ministry statement said. The New Coal Distribution Policy,
2007 lays down the guidelines for distribution and pricing of coal to various
sectors. The ministry has also amended the phrase "small and medium
sector", as mentioned in the NCDP, to "small, medium and others".
The order said the new guidelines will also be applicable to the distribution
of coal from Singareni Collieries Company (SCCL). Coal India’s shares closed
Rs327.30, down 0.43% 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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