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20
March 2017
I had
mentioned in Friday’s closing report that Nifty, Sensex may pause for breath.
Indian Equity Markets ended lower on Monday after a three day rally as
investors chose to book profits caused by the rally in the previous week. The
trends of the major indices in the course of Monday’s trading are given in the
table below: The Total
Investment & Insurance Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
The
key indices ended in red as the software services exporters worried over strong
rupee and a slowdown in business. Shares of IT companies plunged on reports
that Cognizant may reduce at least 10,000 jobs, representing 5% of its total
workforce, as the company looks to shift its focus from traditional IT services
to digital. The rupee strengthened slightly to 65.4124/4150 per dollar, close
to the near 17-month high of 65.2250 hit last week.
The
shares of Idea Cellular fell by 11% on BSE after the announcement of the board
approving the merger with Vodafone’s Indian operations, reversing the earlier
gains of 14.25%. This decline was observed because the investors thought that
the deal values the stock of the company much lower than the current market
price; the promoters however rejected the valuation rumours. Voadafone India
will own 45.1% of the combined entity, the promoters of Idea will own 26% and
the rest will be held by the public. The
Total Investment & Insurance Solutions
The
markets, on an overall level, remained positive on hope for additional economic
reforms from the government. A government official has said that the Modi
Cabinet has approved four bills to implement a planned Goods and Services Tax
(GST); the landmark tax will be implement from July 1. Analysts have said that
the concern over high share valuations and lack of big events is likely to keep
the markets rangebound. The IT sector accounted for around 50% of the losses on
the CNX Nifty index, led by TCS falling by 1.97% and Infosys 1.92%. Kotak
Mahindra bank rose by1.23% after it announced on Friday that it would seek
approval from shareholders to raise the foreign shareholding limit up to 49%.
HCL Technologies hit its 52-week high of Rs879.15, ahead of its board meeting
to consider a buyback proposal.
On
the NSE, there were 701 advances, 774 declines and 76 unchanged. On the BSE,
there were 1,354 advances, 1,443 declines and 226 unchanged.
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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