Contact Your Financial Adviser Money Making MC
30
March 2017
I had
mentioned in Wednesday’s closing report that Nifty, Sensex uptrend might
continue. The major indices of the Indian stock markets were range-bound on
Thursday and made small gains over Wednesday. The trends of the major indices
in the course of Thursday’s trading are given in the table below: The Total Investment & Insurance
Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
Indian
equity markets on Thursday closed the day's trade in the green for the third
consecutive session, although volatility was witnessed on the day of the March
2017 derivatives contract expiry. The key indices closed in the green on the
back of a strong rupee and buying witnessed in consumer durables, banking and
capital goods stocks.
Amid
volatility on the day of the March 2017 derivatives contract expiry, Indian
equity markets closed on a bullish note for the third consecutive trade session
on Thursday. On expiry of March 2017 series contracts in the futures and
options (F&O) segment, healthy roll-overs were witnessed to April 2017
series, which uplifted investors' sentiments. Besides, the passage of the Goods
and Services Tax Bill 2017 -- a major tax reform in the country, continuous
inflow of funds and healthy buying in consumer durables, banking and capital
goods sectors aided the key indices to hold on to their gains. The Total Investment & Insurance Solutions
March
derivative series rollover pulled up the market which already had favourable
fundamental push behind it. Fund flows continued to be strong despite
expectation that there could be withdrawal on account of the taxation treaty
signed by the Indian government with Singapore and Mauritius. The Total Investment & Insurance Solutions
Continuous
inflow of foreign money has caused the rupee to strengthen. Rupee traded at
64.94, below the psychologically important 65-mark. On the currency front, the
Indian rupee closed on a flat note at 64.92 against a US dollar from its
previous close of 64.90-91 to a greenback. The day witnessed substantial buying
activities by the domestic institutional investors (DIIs). Provisional data
with exchanges showed that DIIs bought scrip worth Rs 1,701.79 crore, while
foreign institutional investors (FIIs) purchased stocks worth Rs 67.97 crore.
Banking stocks continued to outperform, with realty (stocks) also following
suit on consideration of rationalisation of waiver of stamp duty for affordable
housing projects. The equity markets witnessed a firm trend throughout the
session and bulls took good control of the benchmark CNX Nifty index mainly due
to continuation of strong buying. IT (information technology) sector stocks
faced resistance at higher levels due to profit booking. Banking stocks
remained volatile on higher levels profit booking. Pharma, auto, textile,
media-entertainment, aviation sector stocks and most FMCG sector stocks traded
with firm sentiments. Sector-wise, the S&P BSE consumer durables index
surged by 206.17 points, followed by the banking index, which rose by 199.08
points, and the capital goods index, which edged up by 89.02 points.
External
Affairs Minister Sushma Swaraj on Thursday said if the US puts restrictions on
H1B visas, immigration or business outsourcing, it will not just hurt Indians
but will be bad for the US too. "We are not just talking with the US
authorities (on H-1B visas and related issues), we are talking with logic and
concrete statistics," Swaraj told the Rajya Sabha during the Question
Hour. "This is a mutually beneficial partnership, and we have told them
(the US) that if you snap these ties, it will not hurt us alone, it will also
hurt you," she said. She said that the Indian information technology (IT)
companies operating in the US are generating jobs there and contributing to the
US exchequer. "We have told them that it is not true that Indians are
stealing their jobs. On the contrary, Indian companies in US are generating
employment for the Americans. So far, Indian companies have given direct
employment to 1.56 lakh Americans and supportive jobs to 4.11 lakh," she
said. She added that between 2011 and 2015, the Indian companies have made an
investment of $2 billion, paid taxes worth $20 billion and Indian workers have
contributed $7 billion to the social security scheme. Besides, she added, the
American companies in India are earning $27.5 billion annually. The Minister
informed the House that the Foreign Secretary and the Commerce Secretary
visited the US between February 28 and March 3 this year and held meetings with
cabinet ministers and senior functionaries of the new US administration as well
as with the Congressional leadership. "We have emphasized that Indian
skilled professionals have contributed to the growth and development of the US
economy and have helped the US retain its competitive edge and innovation
advantage," she said. Swaraj said that the Trump administration has so far
not announced any comprehensive policy changes impacting non-immigrant work
visa programmes. "There are 13 bills for consideration before the US
Congress. Four of them are about H1B visas, six bills pertain to outsourcing
business to India and three bills are about immigration. But none of them has
been passed so far. "The government of India is closely monitoring the
developments that may have a bearing upon the movement of Indian workers and
professionals to the US. We remain in active dialogue with the US administration
and the US Congress at senior levels to safeguard the interests of Indian
workers and professionals," she said. The Indian stock markets are likely
to react negatively to this development. 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) |
No comments:
Post a Comment