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6 January
2017
I had mentioned in last week’s
closing report that Nifty, Sensex might continue to rise. After a strong rally
last week, the markets continued to rise haltingly. Nifty ended the week with
gains of 0.71%. It witnessed continuous buying during the week at daily lows
before selling pressure forced Nifty to close at 8243.80 down 0.36% on
Friday.The
Total Investment & Insurance Solutions
The trends of the major indices in
the course of the week are given in the table below:
 |
Weekly closing report
(The Total Investment & Insurance Solutions)
On Monday, profit booking, coupled
with a depreciating rupee and weak domestic macro-data pulled the Indian
equities markets lower. The key indices closed marginally in the red, as
selling pressure was witnessed in banking, finance and IT stocks. Nifty ended
lower in the first trading session of 2017, snapping a four-session winning
streak as banks fell on worries that their profitability would be hit after
reducing lending rates. State Bank of India had cut its marginal cost of
funds-based lending rate (MCLR) by 90 basis points across maturities. The
Nikkei India Manufacturing Purchasing Managers' Index, or PMI, fell to 49.6 in
December from November's 52.3. A level of 50 separates expansion from
contraction.
On Tuesday the key indices opened
with losses and closed marginally in the green, as buying was witnessed in
consumer durables, oil and gas, and banking stocks. The iron ore prices w.e.f.
January 3 were announced to be fixed at Rs 2225/WMT for Lump ore; while at Rs
1985/WMT for Fines. The prices exclude Royalty, DMF, NMET, cess and Forest
Permit fee. NMDC, a state controlled mining company was up 1.5% after the
company increased its Lump ore prices.
Meanwhile, Indian bonds rallied, with
yields falling to the lowest levels in nearly a month, after the government
reduced the amount of bond sales in January and February after a recent surge
in inflows into a government-run deposits scheme. Data showed Chinese
manufacturing sector had expanded faster than expected in December on Tuesday.
China's Shanghai Composite and Hong Kong's Hang Seng index added 1% gains. Oil
and gas producers rose tracking gains in prices of crude oil, as the decision
by Organization of the Petroleum Exporting Countries and non-OPEC members to
cut crude output came into effect from Jan 1.
Indian markets were pulled
marginally lower on Wednesday on the back of weak domestic cues. Disappointing
domestic services data for December and a lack of consensus at the GST council
meet subdued investors' sentiments. The key indices provisionally closed
marginally in the red, as banking, finance and energy stocks witnessed selling
pressure.
Jubilant Life Sciences zoomed 12%
after the company signed a long-term contract in Radiopharma business with
Montreal Canada for distribution of products used for diagnostic and
therapeutic procedures for thyroid, myocardial perfusion, lung, kidney and bone
scans. Ramco Systems shot up 9% on the BSE. Panasonic Group of companies in
Malaysia has signed a multi-million-dollar strategic deal with Ramco Systems
Sdn. Bhd. Malaysia part of India-headquartered HR software major Ramco Systems
to digitize and transform HR and Payroll operations for nearly 20,000 employees
nationwide on a unified platform. Japan's Nikkei rose 2.5% to 19.594.16, making
the biggest gains in about two months and closing at its highest level since
early December 2015. The Total Investment & Insurance Solutions
Indian equities markets surged on
Thursday as positive global cues, appreciation in the rupee and firm crude oil
prices lifted investors' sentiments. The key indices closed with gains of
around 1% each, as buying was witnessed in automobile, metal and banking
stocks. Broader market also rose with BSE Midcap and BSE Smallcap gaining 1.32%
and 0.98% respectively. Shares of refinery companies continued their upward
move with the S&P BSE Oil & Gas index hitting nine year high on the BSE
in intra-day trade on Thursday. The index closed 1.78% higher.
The oil & gas index hit an
intra-day high of 12,601, its highest level since January 18, 2008. BSE metal
index rose around 3% in today’s trade out performing all the other sectoral
indices. Tata Motors ended over 3% to Rs501.80 on the BSE after Jaguar Land
Rover (JLR) reported strong sales. Chambal Fertilisers sizzled upon reports of
Ministry of fertilisers seeking for Rs80, 000 crore as subsidy. The Total Investment
& Insurance Solutions
Asian stocks climbed for an eighth
consecutive day on Thursday, buoyed by further gains on Wall Street and an
overnight bounce in oil prices that bolstered energy and resource shares.
MSCI's broadest index of Asia-Pacific stocks outside Japan rose more than 1%,
extending a rally that has seen it gain 2% in the opening days of 2017. The Total Investment
& Insurance Solutions
Marked by day-long swings, the stock
market came off its nearly two-month high by falling over 119 points to close
at 26,759, on Friday. The 50-share NSE Nifty fell to hold on to 8,300 level,
down 30 points at 8243.80 stumped by IT worries following proposed visa curbs
in the US on Friday. Idea Cellular shares slipped 2.4%. Bank of America Merrill
Lynch has downgraded the stock to underperform from neutral as it expects
sustained weakness in company's revenues led by slowing revenue growth and
negative operational leverage.
Wockhardt surged 5.5% as German
regulator issued European Union good manufacturing practices certificate to
company's Ankleshwar API unit in Gujarat. Sectorally, the IT index suffered the
most by falling 2.54% as two US lawmakers reintroduced a Bill to curb the use
of H-1B visas, including requiring employers to pay more for workers under the
system.
The Nifty ended down 0.36% at
8,243.8, after hitting its highest since November 11 earlier in the day. Asian
markets ended on a mixed note where Nikkei225 was down 0.3%, Hang Seng was up
0.2% while Shanghai Composite tumbled 0.35% weighed by pressure from auto
stocks after Trump warned Toyota on its plan to open a manufacturing unit in
Mexico. European stocks were slightly lower ahead of non-farm figures.The Total Investment
& Insurance Solutions
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