Contact Your Financial Adviser Money Making MC
10
November 2016
I had
mentioned in Wednesday’s closing report that Nifty, Sensex might move sideways.
The major indices of the Indian stock markets rallied on Thursday and closed
with gains of 0.97%-1.11% over Wednesday’s close. 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)
A day after global and domestic cues
heavily dented investors' sentiments, the Indian equity markets made
substantial gains during the mid-afternoon trade session on Thursday. The key
indices traded with gains of more than 0.97% each as positive global markets,
rupee appreciation and short covering enhanced investors' risk-taking appetite.
Sector-wise, buying was witnessed in all the 19 sub-indices of the BSE, led by
banking, metal and healthcare stocks. Another positive trigger for the domestic
markets was the Finance Minister's announcement that the Goods and Services Tax
would most probably get implemented by September next year. The overall
sentiment in the global markets remained positive. The Total Investment & Insurance Solutions
On the NSE there were 1,184 advances,
268 declines and 31 unchanged. On the BSE there were 2,023 advances, 727
declines and 132 unchanged. The Total
Investment & Insurance Solutions
The markets were facing a corrective
rally and trading on a higher note. The pharma and banking stocks were trading
higher, pointed out market analysts.
Tata Consultancy Services (TCS) on
Thursday announced that Ishaat Hussain will be the new Chairman of the board of
directors of the company in place of Cyrus Mistry with immediate effect. Tata
Sons has also issued a special notice under Section 169 (read with Section 115)
of the Companies Act, 2013, and made a requisition for an extraordinary general
meeting of shareholders to consider the removal of Mistry as a director of TCS.
"Hussain shall hold office as Chairman of the company until a new chairman
is appointed in his place," the company said in a regulatory filing. Tata
Sons had removed Mistry, 48, as chairman of Tata Sons last month saying he had
lost the confidence of the board due to several factors and that the trustees
were increasingly concerned with the growing trust deficit. Ratan Tata, who had
made room for Mistry four years ago, was reinstated as the chair in an interim
capacity. Hussain, 69, took over as director finance of Tata Sons in July 2000.
Earlier, he joined the board as an executive director in July 1999. TCS shares
closed at Rs2,158.05, down 0.60% on the BSE on Thursday.
US financial markets witnessed wild
swings after Republican Donald Trump won the country's presidential election,
but then stabilised and regained momentum as the Wall Street further digested
information about the results. "It is not quite a mandate, not with a
popular vote loss, but it is a far different outcome than was expected 12 hours
ago," said Chris Low, chief economist at FTN Financial on Wednesday.
Financial markets around the world had been pricing in a victory for the
Democratic nominee Hillary Clinton over Trump, Xinhua news agency reported. Dow
futures had plunged more than 800 points on Tuesday night as the US
presidential election remained much tighter than expected, with Trump showing
strength in crucial battleground states. However, US stocks opened slightly
lower Wednesday mornings as Wall Street shook off fears about the surprised
election results. At the close, all three major indices reversed early losses
to post solid gains, notching a three-day winning streak. Oil price settled
higher Wednesday after tumbling as much as about 4% on Tuesday night amid
Donald Trump's winning of US presidential election. The US dollar also
recovered from an overnight sell-off, as Trump's victory speech eased market
nerves. The dollar index, which tracks the greenback against six major peers,
was up 0.71% to 98.553 in late trading Wednesday. Meanwhile, gold had surged by
nearly 5% to a six-week high of $1,337.40 an ounce as investors sought refuge
in perceived safe-haven assets like gold, but then shaved gains to end mildly
lower as the US election jitters faded. Analysts thought that Trump's victory
may have wide implications on multiple fronts, including trade, taxes and
foreign policy, among others. His win also puts into question the likelihood of
a Federal Reserve rate hike.
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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