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17
January 2017
I had
mentioned in Monday’s closing report that Nifty, Sensex might continue to move
in a narrow range. The major indices of the Indian stock markets were
range-bound during Tuesday’s trading and closed the day with minor losses of
less than 0.20%. Also, NSE trading volumes were lower than the median level.
The trends of the major indices in the course of Tuesday’s trading are given in
the table below: The Total Investment & Insurance
Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
Profit
booking, coupled with broadly negative global indices, subdued the Indian
equities markets on Tuesday. The key indices closed the day's trade in the red,
as selling pressure was witnessed in oil and gas, metal, and energy stocks.
However, the BSE market breadth was marginally tilted in favour of the bulls --
with 1,349 advances and 1,342 declines. On the NSE, there were 705 advances,
768 declines and 83 unchanged. The Total
Investment & Insurance Solutions
Leading
media house Jagran Prakashan welcomes any move by the government to raise the
foreign equity limit in print media to 49%, but said in the given scenario, the
industry does not need any additional capital from overseas, its CFO R.K.
Agarwal has said. He also told BTVi in an interview that the group proposes to
go through buyback of shares for Jagran Prakashan and an initial public offer
for its radio business by March this year. The group has also filed a
draft red herring prospectus with the Securities and Exchange Board of India
(SEBI) for an initial public offer for its radio arm. "We are targeting to
hit the market before March 31 that is for sure," he said, adding it
depended on statutory approvals. The shares of the company closed at Rs179.85,
down 0.44% on the BSE. The Total Investment
& Insurance Solutions
The
Tokyo Stock Exchange opened on Tuesday with a drop and the Nikkei fell below
19,000 points due to investor caution ahead of a speech by UK Prime Minister
Theresa May, who is expected to outline her government's Brexit strategy. After
one hour of trading, the Nikkei index suffered a drop of 182.81 points or 0.96%
and stood at 18,912.43 points. At one point it fell 1.29% to its lowest level
in five weeks. Meanwhile the second indicator Topix, which tracks all domestic
companies of the exchange's First Section, lost 15.06 points or 0.98%, and
stood at 1,515.58. May is expected to deliver a speech on her negotiation plan
with the European Union (EU) once Britain triggers Article 50 of the Lisbon
Treaty, which establishes a two-year negotiation period on the departure of an
EU country. Her speech will reveal what London is looking for in its future
relationship with the EU, although it is not expected to reveal too many
details in order not to prejudice the negotiations. Still, wary investors are
waiting for clues about the process and its impact on the global economy. The Total Investment & Insurance Solutions
Pound
sterling fell to its lowest level since last October against the United States
dollar on the possibility that British Prime Minister Theresa May might
announce the eventual exit of the United Kingdom from the European Union's
common market in a speech this week, according to analysts. The pound slipped
below $1.20 in the Asian and British markets on Monday, but rebounded slightly
and is at $1.20, Efe news reports. The British currency also fell against the
euro and dropped in the London market 0.90 per cent to 1.13 euros ($1.20).
Since the June 23, 2016 referendum on leaving the EU, the currency has lost 20
per cent of its value against the dollar, a level not seen since 1985.
Fluctuation in the currency market is likely to affect the trading volumes of
foreign institutional investors in the Indian stock markets adversely.
The
International Monetary Fund on Monday cut India's growth estimate for the
current fiscal year by one percent to 6.6% unseating the nation as the world's
fastest growing economy for 2016. A senior IMF official, Maurice Obstfeld, said
on Monday that, however, "this is likely to be temporary factor" and
that he expected a full bounce back after the 2017 fiscal year. The IMF's World
Economic Outlook Update released here on Monday said the cut was
"primarily due to the temporary negative consumption shock induced by cash
shortages and payment disruptions associated with the recent currency note
withdrawal and exchange initiative".
India's
annual rate of inflation based on wholesale prices rose marginally to 3.39% in
December 2016 from 3.15% in November due to hardening of manufactured products
and fuel prices, official data showed on Monday. The Wholesale Price Index
(WPI) data released by the Commerce and Industry Ministry, the annual inflation
rate was (-)1.06% in December.
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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