Contact Your Financial Adviser Money Making MC
16
November 2016
I had
mentioned in Tuesday’s closing report that Nifty, Sensex were trending lower.
The major indices of the Indian stock markets ended flat on Wednesday. The
Total Investment & Insurance Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
The Indian equity markets on
Wednesday closed on a flat note due to heavy selling pressure witnessed during
the second half of the session. The key equity indices receded under the
selling pressure in healthcare, consumer durables and banking stocks. Earlier,
in the day's trade the equity markets made gains on the back of positive global
indices, coupled with higher crude oil prices and value buying in selective
counters.
On the NSE, there were 616 advances,
873 declines and 57 unchanged. On the BSE, there were 1,048 advances, 1,553
declines and 153 unchanged.
China's yuan weakened to an
eight-year low on Wednesday as expectations of higher U.S. interest rates
buoyed the dollar, putting Beijing's commitment to market-oriented reforms in
the spotlight as fierce critic Donald Trump prepares to take office, according
to a Reuters report. The yuan has now depreciated 5.4% against the dollar
so far this year. Trump has threatened to label
China a currency manipulator on his
first day in office and has threatened to slap punitive tariffs on Chinese
imports.
The Total Investment & Insurance Solutions
The Indian IT-BPM industry is poised
to grow at 8-10% in the financial year 2017, demonstrating sustained growth
despite global headwinds, IT industry's representative organisation Nasscom
said on Wednesday. Sharing its revised guidance as part of its mid-year
performance review of the IT-BPM industry, Nasscom reiterated that the industry
remains in a strong position as it charts the future growth path for itself.
According to the guidance, India will continue to gain market share – 7% of
global software and IT services and 56% of global sourcing. "The industry
is going through a transient phase with various domestic and global factors
impacting its performance. While the effect of various short-term factors may
show for a couple more quarters, the worst is behind us," said R
Chandrashekhar, Nasscom President, at an event. Driven by strong and stable
fundamentals, Nasscom reiterated that the long term opportunity and potential
for the industry remains unchanged with a vision to achieve $350 billion by
2025. "Global projected growth for the industry is high and our share
remains strong. We are confident that the sector will continue to re-invent
itself by investing in digital technologies and competencies, to drive
consistent and sustained growth," he added. The Indian IT-BPM industry
will receive 14% revenues from digital solutions - four times growth since
2014. Software and IT services globally is set to grow at a healthy pace of
7.2% and 4.4%, respectively in 2017. The S & P BSE Information Technology
index closed at 9,445.28, up 1.76%.
No respite seemed to be in sight for
thousands of people queuing outside banks and ATMs in Uttar Pradesh on
Wednesday, the seventh consecutive day after demonetisation of Rs 500 and 1000
notes, as cash arrival was not "up to the optimum", officials said.
The crisis in some parts of the state, including the state capital Lucknow,
deepened on Wednesday with bank officials telling the account holders that it
might "be a little more time than expected" before the ATMs are
adequately recalibrate with the new currency notes and start dispensing cash.
The new rule of marking indelible ink on fingers to deter people from returning
for cash exchange has also led to crisis as confusion over the issue prevailed.
While some are angry that they are being "treated as thieves for their own
money", some said. The Total Investment & Insurance
Solutions
The US dollar climbed against most
major currencies as economic data from the country came out better than
expected. In late New York trading on Tuesday, the euro fell to $1.0720 from
$1.0729, and the British pound dipped to $1.2440 from $1.2491, Xinhua news agency
reported. The Australian dollar rose to $0.7545 from $0.7540. The dollar bought
109.13 Japanese yen, higher than 108.42 yen in the previous session. The
dollar inched up to 1.0021 Swiss francs from 0.9985 Swiss francs, and it fell
to 1.3468 Canadian dollars from 1.3560 Canadian dollars. The US Commerce
Department announced on Tuesday that advance estimates of US retail and food
services sales for October increased 0.8% from the previous month to $465.9
billion, beating market consensus of a 0.6% gain. The positive sales data
bolstered market speculation for an interest-rate hike by year-end. The dollar
index, which tracks the greenback against six major peers, was up 0.09 percent
to 100.200 in late trading. The greenback had been increasing for five consecutive
sessions as President-elect Donald Trump's potential economic policies boosted
market expectation for further interest-rate increases. The strengthening of
the US dollar means that foreign institutional investors will find it easy to
invest in emerging markets like India with good regulatory systems. 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) |
No comments:
Post a Comment