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27
March 2017
I had
mentioned in Friday’s closing report that Nifty, Sensex might give up some
gains. The major indices of the Indian stock markets were range-bound on Monday
and ended with losses over Friday’s close. The trends of the major indices in
the course of Monday’s trading are given in the table below:
 |
Major Indices (The Total
Investment & Insurance Solutions)
Negative
global cues and selling pressure witnessed in metal, automobile, and healthcare
stocks subdued the Indian equity markets during the mid-afternoon trade session
on Monday. The global markets were spooked as US President Donald Trump's
failure to overturn his predecessor Barack Obama's healthcare reforms and
increased concerns over his ability to implement economic policies. Following
this, the US futures markets and the dollar, as well as the Asian markets, fell
to lower levels. The European markets, too, opened broadly negative. There were
676 advances, 997 declines and 74 unchanged. There were 1,135 advances, 1,666
declines and 233 unchanged. The Total
Investment & Insurance Solutions
While
the global cues and stock market technicals have been unfavourable leading to
losses in Monday’s trading, the news developments through the day on the
macroeconomic front have been favourable indicating long term bullish trends. The Total Investment & Insurance Solutions
Finance
Minister Arun Jaitley on Monday introduced the Central Goods and Services Tax
(GST) Bill 2017 and three other bills related to the Goods and Services Tax in
the Lok Sabha. The Central Goods and Services Tax (GST) Bill 2017 will make
provision for levy and collection of tax on intra-state supply of goods,
services or both by the central government. Besides, Jaitley also tabled the
Integrated Goods and Services Tax Bill, 2017, which makes provision for levy
and collection of tax on inter-State supply. Jaitley presented the Goods and
Services Tax (Compensation to States) that will provide compensation to the
states for the loss of revenue arising on account of implementation of the GST.
The fourth bill -- Union Territory Goods and Services Tax Bill 2017 -- will
make a provision for levy and collection of tax on intra-state supply of goods,
services or both by the Union territories. The market is expected to be an
upward trajectory once such taxpayer-friendly legislation is passed in
Parliament.
Public
sector banks moved higher in the hope that the government would either announce
a new package to deal with its toxic assets or give the bankers more power to
force recovery from the borrowers. Global oil prices which were expecting a US
growth lead rally also fell even as production cartel talks resumed. The Indian
rupee, however, hit an 18-month high as FIIs (foreign institutional investors)
inflows continue to rise both in the equity and debt segment. In terms of
investments, provisional data with exchanges showed that (FIIs) purchased
stocks worth Rs577.88 crore, whereas the domestic institutional investors
(DIIs) divested scrip worth Rs594.48 crore. Most IT (information technology)
sector stocks traded down due to profit booking at higher levels, while banking
sector stocks witnessed good recovery from lower levels in the second half of
the session. Pharma, auto, oil-gas, power and telecom sector stocks traded with
bearish sentiments throughout the session, whereas textile, media-entertainment
and FMCG (fast moving consumer goods) sector stocks traded with mixed
sentiments. Sector-wise, the S&P BSE metal index plunged by 307.81 points,
followed by the oil and gas index, which dipped by 146.25 points, and the
healthcare index, which fell by 124.22 points. On the other hand, the S&P
BSE consumer durables index surged by 178.13 points, the FMCG index inched up
6.46 points, and the power index was a tad up by 3.03 points. The Total Investment & Insurance Solutions
The
top gainers and top losers of the major indices are given in the table below: The Total Investment & Insurance Solutions
 |
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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