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29 May 2017
I had
mentioned in Friday’s closing report that Nifty, Sensex were in a rally mode
again. The major indices of the Indian stock markets rallied on Monday and
closed with handsome gains over Friday’s close. 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) |
Indian
equity markets traded on a flat-to-positive note during the mid-afternoon trade
session on Monday as healthy buying was witnessed in consumer durables and FMCG
(fast moving consumer goods) stocks. The key indices touched new intra-day
highs, with the NSE Nifty scaling 9,637.75 points and the BSE Sensex 31,214.39
points. However, the indices receded from their highs as investors booked
profits and healthcare, banking and IT (information technology) sectors
continued to extend losses.
Sun
Pharmaceuticals Industries shares fell 10% after the company reported a 13.6%
year-on-year drop in its consolidated net profit to Rs1,223.71 crore in the
quarter ended March. Banking stocks currently pressurised the market
sentiments, led by Bank of India, PNB (Punjab National Bank) and Federal bank
with more than 2% intra-day downside.
Real
estate company Omaxe Ltd. on Sunday announced a 55% fall in its consolidated
net profit for the fourth quarter ended March at Rs12.98 crore, compared with
Rs29.03 crore in the same period of 2015-16. Consolidated income from
operations during the said quarter, however, increased 20% to Rs 451.92 crore,
from Rs376.11 crore in the corresponding period of the previous fiscal, the
company said in a statement. The state-run Indraprastha Gas Ltd (IGL) supplying
cooking gas and vehicle fuel to Delhi, Noida, Greater Noida and Ghaziabad has
reported a 23% rise in net profit for the fourth quarter ended March at Rs133.5
crore, buoyed by better turnover and sales. The supplier of compressed natural
gas (CNG) and piped natural gas (PNG) in the National Capital Region had posted
a net profit of Rs108.96 crore in corresponding period of 2016. "During
this period (January-March 2017), IGL registered a turnover of Rs1,100 crore as
compared to Rs976 crore in the corresponding period last year, thereby showing
a growth of 13%," the company said in a release here on Saturday.
"There has been an overall sales volume growth of 16% over the
corresponding quarter in the last fiscal, with CNG sales volume growing by 11%
and PNG sales volume growing by 25%," it added. For the entire fiscal
2016-17, IGL's net profit has grown an impressive 36% to Rs570.21 crore, from
Rs418.7 crore in the previous fiscal, "driven by higher volumes".
"During 2016-17, total sales volume grew by 14% over the previous
year with CNG recording 10% growth in volumes and PNG recording volume growth
of 19%." IGL's average daily gas sale during the year has gone up to 4.59
mscmd (million standard cubic metres per day) from 4.01 mscmd in the previous
year. "The board has recommended a final dividend of 50% for consideration
of the members in the annual general meeting in addition to 35% interim
dividend already declared and paid," IGL said. IGL shares closed at
Rs1,018.00, down 0.84% on the BSE.
US
stocks posted solid gains for the week, with both the S&P 500 and Nasdaq
refreshing their record highs a few times, as Wall Street digested the minutes
from the Federal Reserve's meeting as well as a string of economic reports.
According to the minutes, most Federal Reserve officials see it appropriate to
raise interest rate soon if economy continues to improve, Xinhua news agency
reported on Saturday. "Most participants judged that if economic
information came in about in line with their expectations, it would soon be
appropriate for the (Federal Open Market) Committee to take another step in
removing some policy accommodation," said the minutes released on
Wednesday. During the meeting, Fed officials also discussed plans to reduce the
central bank's 4.5-trillion-U.S. dollar balance sheet. Nearly all policymakers
favoured a plan to increase caps or limits on the amount of Treasury and agency
securities that would be allowed to run off each month. The Total Investment & Insurance Solutions
“The
market likely expected the Fed to leave the option of a quicker than currently
anticipated reduction of the balance sheet open; but it is clear the Fed wants
the reduction of the balance sheet to be behind the scenes and systematic after
initially announced," said Jay Morelock, an economist at FTN Financial.
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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