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4
November 2016
I had
mentioned in last week’s closing report that Nifty, Sensex continue to lose
momentum. The major indices of the Indian stock markets suffered a correction
on Wednesday, Thursday and Friday. Monday and Tuesday were market holidays. 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
Weak global cues dragged the Indian equity
markets on Wednesday. The key indices closed the day's trade with losses of
more than 1% each, as selling pressure was witnessed in healthcare, oil and
gas, and automobile stocks. The market was spooked with the possibility of
Donald Trump winning the US presidential elections and the possibility of a
rate hike in the US soon. The Total
Investment & Insurance Solutions
 |
Weekly Reports (The Total Investment & Insurance
Solutions)
Car-maker Ford India Pvt Ltd on Wednesday
said it closed last month selling a total of 22,043 vehicles, more than it sold
in October 2015. In a statement issued, the company said its combined domestic
wholesales and exports grew to 22,043 vehicles in October, in comparison to
20,420 vehicles in October 2015. October domestic wholesales stood at 7,508
vehicles against 10,008 vehicles in the same month last year, while exports
grew to 14,535 vehicles compared to 10,412 units in October 2015, Ford India
said.
Prime Minister Narendra Modi on Wednesday
chaired a meeting to discuss a roadmap to reduce the country's dependency on
import of oil and gas, sources said. They said the Petroleum Ministry presented
strategies at the meeting to achieve the objective of reducing oil and gas
imports. The strategies included increasing production of crude oil and gas,
promoting bio-fuels and renewables, energy efficiency and promoting
conservation. Home Minister Rajnath Singh, Petroleum Minister Dharmendra
Pradhan and Environment Minister Anil Madhav Dave attended the meeting. Others
present included NITI Aayog Vice Chairman Arvind Panagariya, NITI Aayog CEO
Amitabh Kant, Cabinet Secretary Pradeep Kumar Sinha and senior officials from
PMO, Petroleum Ministry, External Affairs Ministry, Home Ministry, Finance
Ministry and Defence Ministry. Indian Oil Corporation shares closed at
Rs315.60, down 2.91%.
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
Indian equity markets on Friday traded in the
negative territory as there was global uncertainty over the result of the
forthcoming US presidential election. Selling pressure was witnessed in
healthcare, metal and capital goods stocks. The US non-farm payrolls data is
expected later in the evening, which will also signal if there will be a
rate-hike in the mid-December, pointed out market analysts. Friday’s trading
ended with moderate losses of around 0.50% in the major indices over Thursday’s
close.The Total Investment &
Insurance Solutions
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