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February 2017
I had
mentioned in Tuesday’s closing report that Nifty bulls were waiting for Budget
signals. The major indices of the Indian stock markets surged on Wednesday on a
positive Budget 2017 and closed with gains of over 1.75% over Tuesday’s close.
NSE trading volumes were on the higher side, making it clear that the budget
rally was broad-based. The trends of the major indices in the course of
Wednesday’s trading are given in the table below: The Total Investment & Insurance Solutions
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| Major Indices (The Total Investment & Insurance Solutions) |
India
Vix closed at 13.97, down 16.97%. NSE turnover was at 158.53 crore.
Positive
budgetary announcements, coupled with a strong rupee lifted the Indian equities
markets during the mid-afternoon trade session on Wednesday. On the BSE, there
were 1,931 advances, 898 declines and 103 unchanged. On the NSE, there were
1,029 advances, 359 declines and 57 unchanged. The Total Investment & Insurance Solutions
Union
Finance Minister Arun Jaitley has presented India's national budget in the Lok
Sabha on Wednesday amid hopes that the proposals will help revive a slowing
economy, hit further by demonetisation of high value currency. The FM said that
“the thrust in budget is stimulating growth, affordable housing, curbing black
money, promoting digital economy, bringing transparency in political
funding.” The Total Investment & Insurance
Solutions
India
said it has expressed its concern to the US over a bill to change rules on H-1B
visas that will impact the IT (information technology) industry and Indian
techies working in America. "India's interests and concerns have been
conveyed both to the US administration and the US Congress at senior
levels," said External Affairs Ministry spokesperson Vikas Swarup in New
Delhi. The High-Skilled Integrity and Fairness Act of 2017, introduced in the
House of Representatives by California Congressman Zoe Lofgren on Monday, calls
for doubling the minimum salary of H-1B visa holders to $130,000 from the
current minimum wage of $60,000 - a move that could impact Indian techies. The
bill, likely to be signed by President Donald Trump, would make it difficult
for firms to use the programme to replace American employees with foreign workers,
including from India, with lower wages. The bill would require that employers
first offer a vacant position to an equally or better qualified American worker
before seeking an H1B or L-1 visa holder. It would also establish wage
requirements for L-1 workers and improve H1B wage requirements to encourage
companies to hire qualified American workers and prevent them from using
foreign workers as a source of cheap labour. The stocks of the major software
vendors in India exporting to US fell sharply in immediate response to the
introduction of US legislation. The Total
Investment & Insurance Solutions
Automobile
major Maruti Suzuki India on Wednesday reported a surge of 27.10% in its
monthly sales for last month. According to the company, its sales during the
month under review rose to 144,396 units from 113,606 units sold during the
corresponding month last year. For January, the company's domestic sale was up
25.9% to 133,934 units from 106,383 units. Similarly, exports surged by 44.8%
with 10,462 units shipped out, up from 7,223 units sold abroad in January 2016.
Segment-wise, sales of passenger cars rose by 25.7% to 133,768 units against
106,383 units. The sales of utility vehicles have increased by a whopping 101%
to 16,313 units. The off-take in the van segment has increased by 34.9% to
14,179 units. Maruti Suzuki shares closed at Rs6,179.20, up 5.10% on the NSE. The Total Investment & Insurance Solutions
Even
though the Indian stock markets are in a bullish mood, a word of caution is
required from Tuesday’s global markets, which were spooked ahead of the Federal
Open Market Committee (FOMC) rate decision. A hardening of global interest
rates could bring a bearish touch to stock markets worldwide. The Total Investment & Insurance Solutions
The
top gainers and top losers of the major indices are given in the table below:
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| 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
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| Asian Indices (The Total Investment & Insurance Solutions) |
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