Nifty, Sensex may be at the start of a fresh rally – Wednesday closing report-The Total Investment & Insurance Solutions

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8 February 2017

I had mentioned in Tuesday’s closing report that Nifty, Sensex were subdued ahead of Reserve Bank of India meeting. The major indices of the Indian stock markets were range-bound and ended flat on Wednesday. The trends of the major indices are given in the table below: The Total Investment & Insurance Solutions

 

Major Indices (The Total Investment & Insurance Solutions)

Indian equities markets on Wednesday remained flat even after the Reserve Bank of India (RBI) decided to keep its key lending rate unchanged at 6.25% in its sixth and final monetary policy review for 2016-17. The Sensex fell 186 points intraday on profit booking, especially after the Monetary Policy Committee kept repo rate steady at 6.25% The 30 share BSE Sensex was down 45.24 points at 28289.92 and the 50 share NSE Nifty rose 0.01% points to 8769.05. The Monetary Policy Committee decided to hold repo rate, at which banks borrow money from RBI, at 6.25% and cash reserve ratio at 4%, while keeping its commitment to ensure an efficient and appropriate liquidity management. However, it changed policy stance to neutral from accommodative, citing concerns about rising commodity prices and global uncertainty and feels there is scope for banks to cut lending rates. The Total Investment & Insurance Solutions

The barometer 30 scrip sensitive index, which opened at 28,386.08 points, traded at 28,268.94 points down 66.22 points or 0.23% from the previous close at 28,335.16 points.

The top gainers and top losers of the major indices are given in the table below:

 

Top Gainer (The Total Investment & Insurance Solutions)

The BSE market breadth was marginally tilted in favour of the bears with 1,433 declines and 1,392 advances. The Total Investment & Insurance Solutions

The closing values of the major Asian indices are given in the table below:

 

Asian Indices (The Total Investment & Insurance Solutions)

The broader markets outperformed benchmarks, with the BSE Midcap index rising 0.5% on positive breadth. Nifty Bank index was down 0.4% percent as ICICI Bank and Axis Bank fell 0.7-1%. SBI and HDFC Bank closed flat with a negative bias. Infosys shares were down 0.88% after sources told CNBC-TV18 that founders NR Narayana Murthy, Kris Gopalakrishnan, and Nandan Nilekani among others are learnt to have raised concerns over the governance of the company. Titan Company rallied 8% on the back of healthy growth in third quarter despite demonetisation. The Total Investment & Insurance Solutions