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5
October 2016
I had
mentioned in Tuesday’s closing report that Nifty, Sensex might head higher. The
major indices of the Indian stock markets were range-bound on Wednesday and
closed with small losses over Tuesday’s close. However, trading volumes were on
the higher side on the NSE. The trends of the major indices in the course of
Wednesday’s trading are given in the table below: The
Total Investment & Insurance Solutions
 |
| Major Indices (The Total Investment & Insurance Solutions) |
Negative global indices, coupled
with profit booking and lower than expected macro-data, dragged the Indian
equity markets during the mid-afternoon trade session on Wednesday. Selling
pressure was witnessed in banking, IT and oil and gas stocks. On the BSE, there
were 1,739 advances, 1,142 declines and 123 unchanged. On the NSE, there were
841 advances, 598 declines and 43 unchanged. Investors were seen reluctant to
chase prices after several days of rise, pointed out market analysts. Negative
European markets and disappointing Services PMI figure, too, dragged the key
indices lower.
The Total Investment & Insurance Solutions
Anil Ambani-led Reliance
Infrastructure on Wednesday said it is selling its entire transmission assets
to Adani Transmission. The deal size was not divulged, but banking sources estimated
it at over Rs 2,000 crore. Reliance Infrastructure owns the country's first
100% private sector transmission project -- the Western Region System
Strengthening Scheme -- in Maharashtra, Gujarat, Madhya Pradesh and Karnataka.
Reliance Infrastructure also owns 74 per cent in Parbati Koldam Transmission
located in Himachal Pradesh and Punjab in a joint venture with Power Grid Corp.
All three transmission projects have been completed and are revenue-generating,
the company said in a statement. "The entire sale proceeds from the
transaction will be utilized for debt reduction," the company said, adding
that SBI Capital Markets is their financial advisor for the transaction.
"The transaction is in line with the strategic plan of monetizing non-core
business and focus on growth areas like defence and engineering, procurement
and construction business." The cement business has been monetised and
that of roads and Mumbai power are in advanced stages. The company’s shares
closed at Rs591.05, up 0.22% on the BSE.
The Union Cabinet here on Wednesday
approved "mini Ratna" public sector undertaking HLL Lifecare to
sub-lease its 330.10 acres of land at Chengalpattu, located in the outskirts of
Chennai, to set up a medical devices manufacturing park (Medipark) through a
special purpose vehicle. The shareholding of HLL in the project, which is
expected, would be above 50%, it added. The Medipark project will be the first
manufacturing cluster in the medical technology sector in the country,
envisaged to boost the local manufacturing of hi-end products at a
significantly lower cost, resulting in affordable healthcare delivery,
particular in diagnostic services to a large section of people. "Medipark
will be developed in phases, spread over seven years for completion. In the
first phase, physical infrastructure will be developed and plots will be leased
from third year onwards. Knowledge management centre will be developed in the
second phase," it said. The Total Investment & Insurance
Solutions
State-run oil marketers again raised
transport fuel prices effective from Wednesday on account of hikes in dealer
commission, by 10 paise for diesel and 14 paise for petrol, inclusive of local
taxes in Delhi, with corresponding increase in other states. "There will
be corresponding price revisions on petrol and diesel in other states on
account of change in dealer commission," Indian Oil Corp said in a
statement. Indian Oil shares closed at Rs615.00, up 0.36% on the BSE.
Implementing the Goods and Services
Tax (GST) could produce a short-lived pass-through impact on the inflation
trajectory, the Reserve Bank of India (RBI) said on Tuesday. Announcing its
first bi-monthly monetary policy review decided by a committee, RBI, in its
monetary policy statement, also said an 18 per cent GST rate would not have any
material impact on retail inflation. "While the creation of a unified
goods and services market in the country would reduce supply chain rigidities,
cut down on transportation costs and also bring down costs in general through
improvements in productivity, it could also produce a short-lived pass-through
to the inflation trajectory," RBI said. The central bank said the impact
of implementation of GST on consumer price-indexed inflation would largely
depend on the standard rate that would be decided by the GST Council. In the
forthcoming year, if both interest rates and inflation remain moderate, stock
market investors in India are in for a good time. The Total Investment
& Insurance Solutions
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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