Contact Your Financial Adviser Money Making MC
28
October 2016
I had
mentioned in last week’s closing report that Nifty, Sensex were directionless.
The major indices of the Indian stock markets suffered a small correction
during the week and closed on Friday with minor losses of around 0.48%-0.63%
over last week’s close. The trends of the major indices in the course of the
week’s trading are given in the table below: The
Total Investment & Insurance Solutions
 |
| Weekly-Market-Copy-Friday-28-October-2016 (The Total Investment & Insurance Solutions) |
Positive global cues, along with
bargain hunting and a strengthened rupee, lifted the Indian equity markets
during the mid-afternoon trade session on Monday. Besides, recovery in crude
oil prices and latest reforms measures for the banking sector, too, buoyed
investors' sentiments. The BSE market breadth was tilted in favour of the bulls
-- with 1,685 advances and 1,164 declines. On the NSE, there were 855 advances,
639 declines and 63 unchanged.
A strengthened US dollar and FCNR B
(Foreign Currency Non Resident Bank) payments, drained $1.50 billion from
India's foreign exchange (Forex) kitty, experts last week. According to the
Reserve Bank of India's (RBI) weekly statistical supplement, the overall Forex
reserves fell by $1.50 billion to $366.13 billion for the week ended October
14. The foreign reserves' kitty had dipped to $367.64 billion as on October 7,
against $371.99 billion on September 30. We had reported on Monday that this
was likely to make it easier for foreign institutional investors to bring money
into Indian stock exchanges. The Total Investment & Insurance
Solutions
Negative global cues and a weakened
rupee depressed the Indian equity markets during the mid-afternoon trade
session on Tuesday. The BSE market breadth was firmly in favour of the bears --
with 1,439 declines and 1,351 advances. On the NSE, there were 694 advances,
925 declines, 266 unchanged. CNX Nifty traded with bearish sentiments due to
profit booking. IT, banking, auto and oil-gas stocks faced profit booking at
higher levels, pointed out market analysts. However, pharma, textile, aviation
and media entertainment stocks traded firm on buying support from traders.
Broadly negative Asian markets and an appreciation in the US dollar, as well as
lower than expected quarterly results, lent a weak bias, observed market
analysts.
The Supreme Court on Tuesday told
liquor baron Vijay Mallya to disclose in full the assets he holds overseas
including the details of the $40 million he got from Diageo in February. Such
strictness in dealing with promoters is likely to help the public sector banks
in general on their own NPAs (non-performing assets). Bank Nifty closed at
19,834.90, up 0.14% on Tuesday. The government expects the entire Insolvency
and Bankruptcy Law to become operational by end-December, Economic Affairs
Secretary Shaktikanta Das said on Tuesday.
Telecom tower firm Bharti Infratel
reported close to 31% jump in its consolidated net profit to Rs773.80 crore for
the quarter ended September 30 compared with Rs591.60 crore for the same period
a year ago. The company's income from operations grew nine per cent
year-on-year to Rs1,496.30 crore during the second quarter of this fiscal from
Rs1,372.60 crore in the same period last fiscal, according to a BSE filing. The
company, in a release, said its consolidated revenues for the quarter stood at
Rs3,292 crore, which grew by 8% over the corresponding period last year. The
company’s shares closed at Rs377.40, up 2.04% on the BSE on Tuesday.
Disappointing quarterly earnings
results, combined with caution over the rise in non-performing asset (NPAs) of
the banking sector and negative global cues dragged the Indian equity markets
lower during the mid-afternoon trade session on Wednesday. Besides, lower
global crude oil prices and anxiety over the upcoming F&O (futures and
options) expiry dented investors' sentiments. The BSE market breadth was firmly
in favour of the bears -- with 1,5920 declines and 1,180 advances. On the NSE,
there were 469 advances, 1,006 declines and 45 unchanged. Hang Seng and Straits
Times indices had also closed in the red earlier in the day. Lower crude oil
prices and negative Asian and European markets too dragged the key domestic
indices lower, pointed out market analysts. IT (information technology),
banking, pharma and FMCG (fast moving consumer goods) continue to trade lower
on profit booking. Auto and oil-gas stocks witnessed recovery from lower levels
on buying support.
Telecom major Bhrati Aritel reported
Rs1,461-crore consolidated net profit for the second quarter (July-September)
of fiscal 2016-17, registering a 4.9% decline from Rs1,536 crore in the like
period a year ago. In a regulatory filing to the stock exchanges, the company
said consolidated income from operations grew 3.4% to Rs24,672 crore for the
quarter under review (Q2) from Rs23,852 crore in the same period a year ago.
Sequentially, though the net profit was flat from Rs1,462 crore in the first
quarter (April-June), the company income declined 3.5% from Rs25,573 crore in
the previous quarter. "India revenue increased 10% year-on-year (YoY), while
growth in Africa was 4.7% YoY on underlying basis," said the largest
telecom services provider later in a statement. The company’s shares closed at
Rs318.05, up 2.25% on the BSE on Wednesday. The Total Investment
& Insurance Solutions
Tata Sons, the holding company of
the Tata Group, on Tuesday said two new members have been inducted in the
company's board as additional directors. According to a statement from Tata
Sons, Ralf Speth, Chief Executive Officer of Jaguar Land Rover, and N
Chandrasekaran, Chief Executive Officer and Managing Director of Tata
Consultancy Services (TCS), have been appointed as Additional Directors on the
company's Board. "This is in recognition of their exemplary leadership in
their companies," Ratan Tata, Interim Chairman of Tata Sons, was quoted as
saying in the statement. The development was after the industrial
conglomerate replaced Cyrus P Mistry as its Chairman and named Ratan Tata as
the interim chairman of the company. Tata Steel shares closed at Rs398.85, down
4.01% on the BSE on Wednesday.
Negative global indices, coupled
with lower crude oil prices and a weak rupee subdued the Indian equity markets
during the late-afternoon trade session on Thursday. Besides, disappointing
quarterly earnings results, caution over the rise in non-performing asset
(NPAs) levels of the banking sector and a weak rupee, too, dragged the key
indices lower. The decline in Tata Group's subsidiaries stock prices a day
after the ousted Chairman of Tata Sons Cyrus P Mistry alleged corporate
misconduct dented investors' sentiments. However, short covering and value
buying at lower levels arrested the falls. At the close of trading, BSE Sensex
and Nifty were divergent and the Sensex closed at 0.29%, while the Nifty ended
flat. On the BSE, there were 1,061 advances, 1,604 declines and 261 unchanged.
On the NSE, there were 487 advances, 1,011 declines and 45 unchanged.
Volatility was seen in IT (information technology), banking, auto and
oil-gas stocks due to short covering, whereas pharma stocks held on to their
initial gains on buying support, according to market analysts.
Value buying and good quarterly
results buoyed the Indian equity markets during the late afternoon trade
session on Friday. The key indices made a healthy recovery after negative
global cues had subdued investors' sentiments. However, weak global markets,
lower crude oil prices and caution over upcoming release of US GDP data capped
gains, pointed out market analysts. IT (information technology) and banking
stocks witnessed recovery from lower levels, whereas pharma, auto, oil-gas,
textile and aviation stocks traded with firm sentiments on buying support,
observed market analysts. At the close of trading, BSE Sensex and Nifty were
divergent, closing with minor gains of 0.09% and 0.26% over Thursday’s close.The Total Investment
& Insurance Solutions
No comments:
Post a Comment