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16 May 2017
I had
mentioned in Monday’s closing report that Nifty, Sensex were headed higher. The
major indices of the Indian stock markets rallied on Tuesday and closed with
gains of 0.71%-0.86% 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) |
The
wider 51-scrip Nifty of the National Stock Exchange (NSE) crossed the
9,500-mark for the first time during the mid-afternoon trade session on
Tuesday. Around 2 p.m., the NSE Nifty traded at 9,503.50 points -- up 58.10
points or 0.62%. According to market observers, positive global cues, coupled
with healthy macro-economic data and expectations of a normal monsoon lifted
the Indian equity markets to record high levels intra-day.
Healthy
macroeconomic trends, prediction of a normal monsoon and the news on EFPO
(Employee Provident Fund Organisation) increasing its equity investment limits
led to the rise, observed market analysts. According to market analysts, buying
was witnessed in consumer durables, automobile, banking and IT (information
technology) stocks. Sector-wise, the S&P BSE consumer durables index
augmented by 122.50 points, followed by the automobile index by 112.28 points
and the banking index by 72.90 points. The
Total Investment & Insurance Solutions
State-run
Indian Oil Corp (IOC) has reduced price of petrol by Rs2.16 per litre and that
of diesel by Rs2.10 a litre excluding state levies. According to IOC, the
current level of international prices of petrol, diesel and the Indian rupee-US
dollar exchange rate warranted a decrease in selling price. Inflationary trends
in India are however, likely to soften with lower oil prices and this could
contribute to favourable bull market trends.
IT major
Tata Consultancy Services (TCS) on Monday said it will commence its Rs 16,000
crore share buy-back program from Thursday. The company said that it will start
the process after securities markets regulator Sebi gave its approval to the
share buy-back plan. According to a regulatory filing with BSE, the IT major
through letter dated 12 May 2017 has received the final observations from Sebi
on the draft letter of offer for the buy-back dated 25 April 2017. "In
accordance with the Securities and Exchange Board of India (Buyback of
Securities) Regulations, 1998, the company will dispatch the Letter of Offer
for the Buyback to eligible shareholders appearing on the record date of 8 May
2017, on or before 16 May 2017," the company said in the filing. On 20 February
2017, the global software major announced that it will buy back up to 5.61
crore equity shares of Re1 face value for Rs16,000 crore. TCS shares closed at
Rs2,427.25, up 2.66% on the BSE.
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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