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22
May 2017
I had mentioned in Friday’s closing report
that Nifty, Sensex might dip a bit. The major indices of the Indian stock
markets were range-bound on Monday and closed with minor 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 |
Positive
global cues and buying in FMCG (fast moving consumer goods), consumer durables
and capital goods stocks lifted the Indian equity markets during the
mid-afternoon trade session on Monday. On the NSE, on Monday, there were 408
advances, 1,080 declines and 61 unchanged. The BSE market breadth was bearish
-- with 1,462 declines and 1,042 advances. On Friday, the benchmark indices had
closed on a flat note after a volatile trade session, as investors booked
profits. The market is overbought on a daily and weekly basis and is vulnerable
to a decline that can happen on any bad news, mainly global.
The
equity benchmark indices started off the first day of the week on a positive
note and witnessed gap-up opening, tracking firm global cues. Appreciation of
the rupee against the US dollar in initial trades also supported the firm
opening, according to market analysts. FMCG sector stocks witnessed strong
buying support, led by ITC and Marico. Aviation sector stocks traded with
bearish sentiments tracking higher crude oil prices, pointed out analysts.
The
state run lender Bank of India on Monday reported a standalone net loss of
Rs1,045.54 crore in the quarter ended March 31, 2017 as compared to Rs3,587.11
crore of net loss incurred in the year-ago period. Its total income in the
quarter under review stood at Rs12,335.71 crore, up by 8.35% from Rs11,384.91 crore
in the corresponding period of previous financial year. The bank's operating
profit at Rs3127.48 crore in the fourth quarter of the last fiscal was up 11%
from Rs1464.19 crore in the year-ago quarter of the previous fiscal. The lender
reduced the provisions for bad loans to Rs4,483.53 crore in January-March
quarter as against Rs5,441.67 crore a year ago. The lender in the country also
reported that its gross NPAs (non-performing assets) figured at Rs52,044.52
crore in the March quarter as against Rs49,879.12 crore in the year-ago. The
gross NPAs as a percentage of total loans stood at 13.22% as compared to 13.07%
in the year-ago quarter. As on March 31, 2017, the bank's return on asset
remained negative. The lender said no dividend has been proposed for 2016-17
due to "non-availability of profit". The bank’s shares closed at
Rs158.45, down 11.23% on the BSE.
With top IT (information technology) firms
laying off professionals, the IT-software industry was hit the most with a 24%
fall in hiring in April this year as compared to April 2016, according to a
survey by job site Naukri.com. "The overall job market saw an 11% fall in
new jobs, with IT-software industry most hit. IT-Software industry was hit the
most with a 24% decline in hiring in April as compared to April 2016," the
Naukri Job Speak Index said. April jobs index saw year-on-year fall in major
metros -- Delhi/NCR, Mumbai, Bengaluru and Chennai, it added. Hiring activity
saw a fall in telecom, BPO, insurance and construction sectors during April as compared
to April 2016. Key industries like construction and BPO/ITES saw a 10%
and 12% fall, respectively, while banking saw a 11% increase in hiring during
April 2017 as compared to April 2016, it said. Commenting on the report, V.
Suresh, Chief Sales Officer, Naukri.com said: "As predicted earlier, job
market continues to be volatile and the Jobspeak index in April has shown a
negative growth of 11% year-on-year." "Though major negative impact
seems to be in sectors like IT/BPO/telecom/insurance and construction, there
seems to be an air of caution across all sectors and this volatility is likely
to continue for a few more months before the markets could move north
again." Six out of the eight metro cities tracked saw a decrease in hiring
activity in April. The S & P Information Technology Index closed at
10,150.90, up 0.34% on the BSE. The Total Investment & Insurance Solutions
Stocks of multiplex cinema halls slipped on
Monday following the government's decision to put cinema tickets in the 28% tax
bracket under the Goods and Services Tax (GST) regime. During the mid-afternoon
trade session, multiplexes like Inox Leisure and PVR Cinemas saw their scrip
prices fall on the BSE, while the scrip price of Eros International traded
flat. The tax of 28% is the highest rate under GST as fixed by the Council.
Inox Leisure closed at Rs275.50, down 4.29% on the BSE. Eros International
Media closed at Rs218.95, down 1.77% on the BSE. The S&P BSE Teck
(technology, media and entertainment) index traded at 5,710.51, up 0.34% on the
BSE. PVR closed down 2.32%. The Total Investment & Insurance Solutions
A
Special Court on Monday sent a former Secretary in the Coal Ministry and other
former officials to jail for two years in a case relating to allocation of a
Madhya Pradesh coal block to Kamal Sponge Company. CBI Special Judge Bharat
Parashar awarded the jail terms to former Secretary H.C. Gupta and two more
former officials in the ministry K.S. Kropha and K.C. Samria in the allocation
of Thesgora B/Rudrapuri coal block to Kamal Sponge Steel and Power Ltd (KSSPL).
The court also imposed a fine of Rs one lakh against the former officials.
KSSPL's Managing Director Pawan Kumar Ahluwalia was awarded three years jail
and slapped with a fine of Rs30 lakh. The court also slapped a fine of Rs one
crore against the company Kamal Sponge. Coal India shares closed at Rs274.25,
down 0.99% 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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