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26 September 2016
I had
mentioned in Friday’s closing report that Nifty, Sensex were trendless. The
major indices of the Indian stock markets suffered a strong correction on
Monday and the losses were more than 1.20% over Friday’s close. However, market
trading volumes were on the lower side on the NSE. 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)
Indian equity markets plunged on the
back of negative global cues and caution ahead of F&O (futures and options)
expiry during the mid-afternoon trade session on Monday. The key indices traded
in the red with losses of more than 1% each, as heavy selling pressure was
witnessed in stocks of banking, automobile and capital goods. The BSE market
breadth was tilted in favour of the bears -- with 1,644 declines and 1,052
advances. On the NSE, there were 542 advances, 1,070 declines and 259
unchanged. Volatility in global crude oil prices and negative Asian
markets dragged the Indian equity markets lower at the start of the day's
trade, pointed out market analysts. Lower European market accelerated the falls
in the key domestic indices. Unwinding of positions ahead of F&O expiry
also depressed the equity markets. The CNX Nifty traded lower tracking negative
global cues. IT and banking stocks traded down on profit-booking. Auto and
oil-gas stocks traded with sideways sentiments.
Indian multinational Tata Steel is
set to begin crucial talks with trade union representatives of its British
steelworks to settle the deadlock over a 15 billion pound pension scheme for
its workers, British media reported on Sunday. According to The Sunday Times,
Tata Steel will start talks here with unions on Monday to break the deadlock
over a 15 billion pounds sterling pension scheme, which is the major obstacle
in its merger with German steel maker Thyssen Krupp. The newspaper said the
Indian company "is understood" to have called two days of pension
talks to try to secure the merger of its European operations with those of
Thyssen Krupp. German engineering conglomerate Thyssen Krupp and Tatas have
held talks on combining their continental European steel operations, as global
overcapacity weighs on prices and profits. Following this summer's British
referendum verdict to exit the European Union, which has raised concerns about
the viability of the British steel industry that has already been under
prolonged and serious pressure, there were reports in the local media that Tata
Steel would likely to put the sale on hold. Tata Steel shares closed at
Rs370.40, down 0.40% on the BSE.
"India records its highest ever
year-on-year FDI inflows. There has never been a better time to MakeInIndia," the Department of Industrial Policy and Promotion (DIPP)
said in a post on the programme's Twitter handle. "With 2 years of MakeInIndia comes 2 years of doing business made easier," it said in a
separate tweet. The stock markets in India have hardly reacted to this aspect
of government policy in the current year. Industry chamber Assocham said
earlier this year on the basis of a survey that the Indian economy is expected
to improve in short-term but private sector investments would be a matter for
concern due to sluggish capacity utilisation and pressure on corporate
earnings.
The Total Investment & Insurance Solutions
India's foreign exchange reserves
went down $369.60 billion as on September 16, the Reserve Bank of India (RBI)
announced. According to data released by the RBI, the reserves stood at $369.60
billion as on September 16, as against $371.27 billion as on September 9. On
September 16, the foreign currency assets stood at $344.07 billion, gold at
$21.64 billion, special drawing rights at $1.49 billion and the reserve
position in the International Monetary Fund (IMF) at $2.39 billion. The Indian
stock markets have done well in attracting investments from foreign
institutional investors, when the foreign exchange reserves have moved down.
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
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| Asian Indices (The Total Investment & Insurance Solutions) |
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