Contact Your Financial Adviser Money Making MC
3
November 2016
I had
mentioned in Wednesday’s closing report that Sensex, Nifty were precariously
poised. The major indices of the Indian stock markets suffered a minor
correction on Thursday and closed with small losses. 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)
Indian
equity markets on Thursday were pulled lower on the back of global cues, such
as the US Fed's interest rate decision and uncertainty over the upcoming US
presidential election. The barometer 30-scrip sensitive index (Sensex) of the
BSE hit its lowest level in over 16 weeks. The BSE market breadth was
skewed in favour of the bears -- with 1,775 declines and 1,174 advances. On
Wednesday, the benchmark indices had closed on a lower note, depressed by weak
global cues. Initially on Thursday, the key equity indices opened on a flat
note in sync with their Asian peers. The global markets remained cautious over
the US Fed's Federal Open Market Committee (FOMC) meet decision on Wednesday,
which indicated a possible rate-hike in December on the back of economic
recovery, while keeping its short-term interest rate intact for the current
month. A hike in the US interest rates can potentially lead foreign portfolio
investors (FPI) and funds away from emerging markets such as India. It is also
expected to dent the business margins of corporates as access to capital from
the US will become expensive. Besides, positive domestic macro-economic data --
the Nikkei India Services PMI (Purchasing Manager's Index) -- released earlier
during the day, could not cheer the equity markets. The data showed a rise of
the index to 54.5 in October from 52 in September, indicating a healthy growth
in the services sector. The Total Investment
& Insurance Solutions
IT
(information technology) and media-entertainment stocks witnessed selling
pressure at higher levels from traders, while pharma, auto and oil-gas stocks
traded with mixed sentiments due to short covering. Textile, aviation, and FMCG
stocks traded with mixed sentiments, while power stocks traded down on selling
pressure. Volatile USD/INR futures prices brought volatility in the Indian
equity markets in the intra-day session. 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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