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15
November 2016
Last week I mentioned that Nifty,
Sensex may remain under pressure. On Monday the market was closed on account of
Gurunanak Jayanti. Today, the market opened marginally lower compared to
Friday’s close but immediately traded sharply lower. It mad a feeble effort to
recover mid-morning but the selling was relentless. At the close of the session
it slipped further and closed near the day’s low. The Total Investment
& Insurance Solutions
Rupee depreciation on the back of
strong dollar and low crude oil prices, foreign fund outflows and an anxiety over
the impact of the demonetisation move plunged the equity market today. Heavy
selling pressure was witnessed in automobile, banking and metals stocks. Two
out of the three major indices closed day’s trade with losses of about 2
percent each. Except for IT index all the indices closed in red. In terms of
BSE listed stocks, 2,354 declined whereas 346 stocks made advances. The Total Investment
& Insurance Solutions
The most affected were the midcap
index and the smallcap index ending 3.71% and 4.45% lower. The Asian Markets
were also broadly in negative. The equity markets were not able to recover from
the last weeks huge falls after investor’s sentiment was eroded.
The Indian Rupee weakened by 48
paise to 67.74 against a US dollar from its previous close of 67.26 a dollar.
Furthermore investors remained cautious ahead of the release of Consumer Price
Index (CPI) figures, which could influence the Reserve Bank of India’s rate
decision during its early December meet. The Total Investment & Insurance
Solutions
Lower than expected wholesale price
index (WPI) data released by the Commerce and Industry Ministry gave little or
no respite from heavy selling pressure. India’s annual rate of inflation based
on wholesale prices fell marginally to 3.39% for October from 3.57% for the
month before.
Chief Market Strategist, Anand James
of Geojit BNP Paribas Financial Services said that “There is a downward
pressure on liquidity following the demonetisation drive in the economy. The
Indian equity markets have witnessed an outflow of over Rs 7,000 crore in the
last few days”
FII sold stocks worth Rs2353.82
crore and the domestic institutional investors divested scrips worth Rs104.83
crore.
The Total Investment & Insurance Solutions
The trends of the major indices in
the course of Monday’s trading are given in the table below:
 |
| Major Indices (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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