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18 May 2017
I had
mentioned in Wednesday’s closing report that Nifty, Sensex continue to be in an
uptrend. The major indices of the Indian stock markets suffered a correction on
Thursday and closed with losses of upto 1.03% over Wednesday’s close. The
trends of the major indices over Thursday’s trading are given in the table
below: The Total Investment &
Insurance Solutions
 |
| Major Indices (The Total Investment & Insurance Solutions) |
After
three consecutive days of record highs during the week, the Indian equity
markets slipped on Thursday tracking bearish global cues, a weak rupee and
heavy selling pressure in automobile, capital goods and consumer durables
stocks. According to market observers, investors were also cautious over the
ongoing two-day meet of the Good and Services Tax (GST) Council in Srinagar,
which will finalise tax slabs on services and commodities in the country. On
the NSE, there were 236 advances, 1,285 declines and 61 unchanged. The BSE
market breadth was bearish -- with 2,043 declines and 702 advances.
Power
utility CESC Ltd announced a business restructuring scheme which is based on
demerger of certain existing businesses, group's Chairman Sanjiv Goenka said on
Thursday. "This (the restructuring scheme) will lead to four entities
focusing on generation, distribution, organised retail and other
ventures," he said. All four entities will be listed with stock exchanges,
Goenka said. The business restructuring scheme aims to simplify the present
corporate structure, he added. The company’s shares closed at Rs829.80, down
15.10% on the BSE.
British
unemployment rate has fallen to 4.6% in three months to March, hitting the
lowest since 1975, the Office for National Statistics (ONS) has said. A year
earlier the figure was 5.1%. The number of jobless people, who are not in work
but seeking and available to work, fell by 53,000 to 1.54 million in the first
quarter this year, Xinhua news agency reported on Thursday. Meanwhile, the
employment rate, the proportion of 16 to 64 year olds in work, was 74.8%, the highest
since comparable records began in 1971. However, despite the sustained fall in
unemployment and rise in employment, wage growth has slowed down further, even
lagging behind inflation for the first time since mid-2014.
Average weekly
earnings (excluding bonuses) increased by 2.1% in the three months to March,
while inflation rose by 2.3% in the year to March 2017. The Bank of England
(BoE) has warned of a consumer spending squeeze this year as inflation rises
and real wages fall in its latest Inflation Report. This year will be "a
more challenging time for British households" and "wages won't keep
up with prices," BoE governor Mark Carney said. The FTSE was at 7,401.01
down 1.37% in London on Thursday at around 16:20 p.m. IST. The Total Investment & Insurance Solutions
Following
other prominent banks, the country's third largest private sector lender
Axis
Bank on Thursday announced 30 basis points (bps) reduction in its home loan
interest rates to promote affordable housing finance. "Taking forward its
commitment towards affordable housing finance, the bank has revised its rates
for home loans up to Rs 30 lakh for the salaried segment to 8.35%, the lowest
in the industry," the bank said in a statement. For self-employed, rates
for home loan up to Rs30 lakh have been revised to 8.40%. The revised
rates will be available with effect from May 16. The bank’s shares closed at
Rs491.85, down 2.15% on the BSE. The Total
Investment & Insurance Solutions
In
a bid to deal with economic offenders like liquor baron Vijay Mallya, who flee
the country to escape the legal process, the government on Thursday said it has
prepared a draft legislation to enable confiscation of their assets. The draft
law -- Fugitive Economic Offenders Bill, 2017 -- has been prepared and put in
public domain at the Department of Economic Affairs, Ministry of Finance, website
for comments and suggestions of all stakeholders. "It is widely felt
that the spectre of high-value economic offenders absconding from India to defy
the legal process seriously undermines the rule of law in India," the
Finance Ministry said here in a statement. "It is, therefore, felt
necessary to provide an effective, expeditious and constitutionally permissible
deterrent to ensure that such actions are curbed," the statement said.
"The government is considering to introduce legislative changes or
even a new law to confiscate the assets of such absconders till they submit to
the jurisdiction of the appropriate legal forum," the statement added. All
stakeholders need to submit their suggestions by June 3. The legislative action
is part of the Union Budget announcement. The Bank Nifty closed at 22,698.60,
down 1.03% on the NSE. 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) |
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