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28
February 2017
I had
mentioned in Monday’s closing report that Nifty, Sensex were weakening. The
major indices of the Indian stock markets were range-bound on Tuesday and
closed with small losses over Monday’s close. 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)
India
Vix closed at 13.79 up 0.86%. NSE turnover was at 139.50 crore.
Caution
ahead of the release of major domestic macro-economic data points, coupled with
broadly negative Asian indices and a weak rupee, suppressed the Indian equities
markets during the mid-afternoon trade session on Tuesday. The second advance
estimates of national income, 2016-17, along with the estimates of Gross
Domestic Product for the third quarter of 2016-17 and the Index of ECI (eight
core industries) figures for January are slated to be released later on
Tuesday. The key indices traded in the red, as selling pressure was witnessed in
oil and gas, automobile and banking stocks. The CNX Nifty traded with sideways
sentiments due to profit booking. IT (information technology), banking, auto,
oil-gas and cement sector stocks traded with mixed sentiments, while pharma,
textile, FMCG (fast moving consumer goods), media-entertainment and power
sector stocks traded firm due to buying support, pointed out market analysts.
On the BSE, there were 1,470 advances, 1,320 declines and 216 unchanged. On the
NSE, there were 825 advances, 665 declines and 71 unchanged. The Total Investment & Insurance Solutions
Economic
Affairs Secretary Shaktikanta Das said on Tuesday, "GST should be
implemented by July 1. All states have agreed (on the date)." The
government plans to get the GST Council's approval on iGST (integrated GST),
cGST (central GST) and sGST (state GST) drafts at its March 4-5 meeting before
the second half of the budget session of Parliament begins on March 9. The
draft compensation bill has already been approved in the Council's February 18
meeting. The draft laws passed by the Council will have to be passed by
Parliament. Simultaneously, sGSTs will have to be passed by state legislatures.
The implementation of GST is likely to give a bullish push to the major indices
in the Indian stock markets. The Total
Investment & Insurance Solutions
Banking
operations across the country came to a halt on Tuesday as 10 lakh bankers
staged a strike against the government's "anti-people banking
reforms", said a bank union leader. The strike was called by the United
Forum of Bank Unions (UFBU), comprising nine unions. They also pressed for compensation
to employees for extra work done on account of demonetisation. "Around
85,000 branches of commercial banks, 105,000 branches of co-operative bank and
others are on strike," C.H. Venkatachalam, General Secretary, All India
Bank Employees' Association (AIBEA) told IANS. The Bank Nifty closed at
20,607.25, down 0.03%. 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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