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18
April 2017
I have
mentioned in Monday’s closing report that Nifty, Sensex may rise a bit. The
major indices of the Indian stock markets rose strongly in Tuesday but suffered
a severe sellf off losing all the morning gains and closed in the red. The
trends of the major indices in the course of Tuesday’s trading are given in the
table below: The Total
Investment & Insurance Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
Indian
Equity markets settled with modest losses in a volatile session of trade as a
strong intraday rally was derailed by sell-off in late trade. Weakness in
European stocks caused reversal in intraday gains. Sensex fell by 94.56 points
or 0.32% to settle at 29,319.10. The Nifty 50 index dropped 34.15 points or 0.37%
to settle at 9,105.15. Both the benchmarks hit the lowest closing level in
three weeks. The Total Investment & Insurance
Solutions
Tata
Steel lost 2.55% after the company said its board meeting will be held on 20
April 2017, to consider a proposal for fund raising. The announcement was made after
market hours yesterday, 17 April 2017. Axis Bank lost 0.89%. The bank announced
that it has retained the marginal cost of funds based lending rates (MCLR) at
the same levels across tenors. The bank's MCLR for overnight loans will be
7.9%, for one month will be 7.9% and for three months will be 8.05%.The MCLR on
6-month loans will be 8.15% and for one-year loans the rate would be 8.25%, the
bank said. MCLR for two-year loans would be at 8.3% and loans with three-year
maturity would carry an MCLR of 8.35%, the bank said. The new loans will be
priced at the published internal benchmark MCLRs as mentioned above with effect
from 18 April 2017. The announcement was made after market hours yesterday, 17
April 2017.
DCB
Bank surged 2.37% to Rs 177.35 on reports that a domestic brokerage has
maintained add rating on the stock. Shares of DCB Bank had declined 3.56% to
settle at Rs 173.25 yesterday, 17 April 2017, after the bank reported weak Q4
March 2017 results on Friday, 14 April 2017. DCB Bank's net profit declined 24%
to Rs 52.86 crore on 20.2% increase in total income to Rs 612.64 crore in Q4
March 2017 over Q4 March 2016. The bank's provisions and contingencies rose
24.5% to Rs 33.93 crore in Q4 March 2017 over Q4 March 2016.
Meanwhile,
India Meteorological Department (IMD) in its first stage forecast of southwest
monsoon for 2017, today, 18 April 2017, said that quantitatively, the monsoon
seasonal rainfall is likely to be 96% of the long period average (LPA) with an
error of ± 5%. Forecast assessment suggests 38% of probability for near normal
monsoon rainfall, it added. IMD will issue the update forecasts in early June,
2017, as a part of the second stage long range forecast of monsoon rainfall. 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)
Overseas,
most European stocks were trading lower with commodity shares struggling and
investors were nervous ahead of the first round of voting in France's
presidential election on Sunday, 23 April 2017.Meanwhile, in a surprise move,
UK Prime Minister Theresa May has announced plans for an early general election
on 8 June 2017. In an unscheduled speech delivered today, 18 April 2017, May
said an election is needed because other parties in parliament are opposed to
the Conservative-led government's Brexit plans.Most Asian stocks finished lower
on escalating geopolitical concerns. US stocks rose the most in six weeks
yesterday, 17 April 2017 as investors turned their attention to first-quarter
corporate earnings.The BSE market breadth was bearish -- with 1791 declines,
1101 advances and 134 unchanged. Similarly, on NSE, there were 1119 declines,
575 advances and 75 unchanged.
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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