Contact Your Financial Adviser Money Making MC
8 September 2016
I had
mentioned in Wednesday’s closing report that Nifty, Sensex were still bullish.
The major indices of the Indian stock markets made a minor rally on Thursday
and closed with small gains of a little less than 0.50% over Wednesday’s close.
The trends of the major indices in the course of Thursday’s gains are given in
the table below: The Total Investment & Insurance
Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
Healthy
quarterly results, consistent buying by foreign funds and a rise in global
crude oil prices buoyed the Indian equity markets on Thursday. The key indices
closed the day's trade in the green as healthy buying was witnessed in stocks
of healthcare, automobile and consumer durables. However, gains were capped due
to profit booking at higher levels and caution ahead of a key global financial
event. The BSE market breadth was tilted in favour of the bulls -- with 1,608
advances and 1,151 declines. On the NSE, on Thursday, there were 905 advances,
552 declines and 68 unchanged. The Total
Investment & Insurance Solutions
ICICI
Bank on Thursday became the first bank in India to deploy ‘software robots that
emulate human action, in its over 200 business processes thereby reducing the
response time to customers by up to 60%. "The bank is the first in the
country and among few, globally, to deploy ‘software robotics' that emulates
human actions to automate and perform repetitive, high volume and time
consuming business tasks cutting across multiple applications," ICICI Bank
said. "We have re-engineered over 200 business processes which are powered
by software robots across various functions of the bank. We plan to more than
double the software robots to over 500 by end of this fiscal," Chanda
Kochhar, MD and CEO, ICICI Bank, said. This initiative marks a milestone in the
banking innovation in the Indian banking industry as it joins a select group of
overseas organisations which have deployed this unique state-of-the-art robotic
technology in such a large way, Kochhar said. The innovation is likely to
increase the lead of hi-tech private banks over public sector banks. The Bank
Nifty rose 0.05% in Thursday’s trading.
US
stocks closed mixed with the Nasdaq Composite Index refreshing previous day's
closing record, as Wall Street digested the Federal Reserve's Beige Book. The
Dow Jones Industrial Average on Wednesday fell 11.98 points, or 0.06%, to
18,526.14. The S&P 500 edged down 0.33 point, or 0.02%, to 2,186.15. The
Nasdaq increased 8.02 points, or 0.15%, to 5,283.93. According to the Beige
Book released in the afternoon, reports from the twelve Federal Reserve
Districts suggest that national economic activity continued to expand at a
modest pace on balance during the reporting period of July through late August.
"Labour market conditions remained tight in most districts, with moderate
payroll growth noted in general. Price increases remained slight overall,"
said the Beige Book. The Fed has been in focus recently, with investors
pondering over when the US central bank will decide to raise interest rates.
The Federal Open Market Committee, the Fed's monetary policy arm, is set to
meet on September 20-21. On the economic front, the number of job openings
increased to 5.9 million on the last business day of July, the US Labour
Department reported on Wednesday.
State-run
gas utility GAIL India (GAIL) on Wednesday posted 244 per cent jump in its net
profit for the first quarter which ended in June at Rs 1,335 crore on the back
of a turnaround in its petrochemical business and the stake sale in Mahanagar
Gas. The company's net profit in the April-June quarter of 2015 was at Rs 388
crore, it said in a statement. "GAIL's PAT excluding gain from stake
sale in Mahanagar Gas Ltd is Rs 846 crore, signifying an increase by
118%," it said. Moreover, during the quarter, production and sales of
GAIL's petrochemical business jumped 149% and 121% respectively, resulting in a
revenue increase of 95% to Rs 1,133 crore. The profit in this segment stood at
Rs 9 crore as against a loss of Rs 397 crore in the corresponding period of
last year. Gail India shares closed at Rs388.90, down 1.92% on the BSE.
State-run
explorer Oil and Natural Gas Corp (ONGC) on Wednesday posted a 21.14 per cent
fall in net profit for the first quarter ended June at Rs 4,232 crore, as compared
to Rs 5,386 crore in the same quarter a year ago caused by lower crude prices.
The company's gross revenue for the quarter in consideration also fell by a
similar 21.4% to Rs 17,784 crore, as compared to Rs 22,628 crore in the first
quarter of the last fiscal. Operating income or EBITDA (earnings before
interest, taxes, depreciation and amortization) during the quarter in question
also fell, coming in at Rs 8,484 crore, as against Rs 10,636 crore in the same
quarter last year. The shares of the company closed at Rs246.25, up 0.47% on
the BSE. Among the index stocks, TCS fell sharply after it announced that
business outlook of some of its major customers was muted. There was all-round
buying of pharma stocks. 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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