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23
May 2017
I had mentioned in Monday’s closing report that
Nifty, Sensex were vulnerable to adverse news. The major indices of the Indian
stock markets suffered a correction on Tuesday and closed with losses of
0.55%-0.70% over Monday’s close. 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)
Equity
benchmark indices started of the day on a flat note tracking muted global cues.
The indices extended losses in early trades on selling pressure from traders.
Depreciation of Indian rupee against US dollar in initial trades also pressured
the equity market sentiments, according to market analysts. On the NSE, on
Tuesday, there were 223 advances, 1,253 declines and 31 unchanged. On the BSE,
on Tuesday, there were 605 advances, 2,113 declines and 158 unchanged. Overall,
on Tuesday, the market trends were bearish.
The
Goods and Services Tax (GST) will lead to lower tax burden in several
commodities, including packaged cement, medicaments, smartphones and medical
devices, the Finance Ministry said on Tuesday. There will be lesser tax burden
in case of medicaments, including Ayurvedic, Unani, Siddha, Homeopathic or
Bio-chemic systems also. Medicaments, in general, attract 6% central excise
duty and 5% VAT. Further, CST, octroi, entry tax, etc. are also applicable in
general. At these rates, the present total tax incidence works out to more than
13%. As against this, the proposed GST rate on medicines, including ayurvedic
medicines, is 12%. The S & P BSE Healthcare Index closed at 14,216.70 down
2.72% on the BSE, on Tuesday.
State-run gas utility Gail India (GAIL) has
declared a 69% fall in net profit at Rs260 crore for the fourth quarter ended
March on account of an impairment charge on an investment, as compared to a net
profit of Rs832 crore in the same period a year ago. Following the results
announced after market hours on Monday, GAIL stock was trading lower by 4.22%
at Rs374.65 a share on the BSE at 11.10 am on Tuesday. The company's net
income, however, rose by 16% to Rs13,674 crore, from Rs11,802.40 crore in the
fourth quarter of 2015-16, as revenue from petrochemicals rose by 57% to
Rs1,766 crore and natural gas marketing by 12.7% to Rs10,370.56 crore. GAIL, in
a stock exchange filing, said the fall in net profit was due to accounting of impairment
of investments in Ratnagiri Gas and Power Ltd (RGPPL) of Rs783 crore in the
fourth quarter. The net profit without the impact of impairment rose 25% to
Rs1,043 crore in the quarter in question over the fourth quarter of 2015-16.
The GAIL board of directors recommended the payment of final dividend of Rs2.7
per share for the year ended March 31, 2017. The company’s shares closed at
Rs380.45, down 2.74% on the BSE. 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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