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12 June 2017
I had
mentioned in Friday’s closing report that Nifty, Sensex were showing no signs
of tiring. The major indices of the Indian stock markets suffered a minor
correction on Monday and closed with losses 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) |
Weak
global cues and caution ahead of major domestic macro-data release pulled the
Indian equity markets lower during the mid-afternoon trade session on Monday.
According to market observers, investors were cautious ahead of the meeting
between Finance Minister Arun Jaitley and top executives of public sector banks
on the sector's non-performing assets (NPAs) issue, as well as the release of
Index of Industrial Production (IIP) and Consumer Price Index (CPI) data later
in the evening. On the NSE, there were 482 advances, 987 declines and 51
unchanged.
The
equity markets started the week on a negative note because of weak global cues.
Sectors which were under pressure were IT (information technology), capital
goods and FMCG (fast moving consumer goods). The market is looking forward to
the release of IIP and CPI inflation data for April and May, respectively,
later on Monday. Jewellery stocks rallied 3%-5% intra-day after the GST (Goods
and Services Tax) Council on Sunday decided to reduce GST rates for
jewellery-making charges to 5% from 18% earlier, pointed out market analysts. The Total Investment & Insurance
Solutions
State-run
oil marketing companies (OMCs) have set up a system for the rollout of the
daily revision of transport fuel prices across the country, the biggest OMC
Indian Oil Corp (IOC) said on Sunday, even as a petrol pump dealers' body
threatened to go on strike against dynamic fuel pricing. Petrol and diesel
prices will be revised daily from June 16 onwards by the three OMCs in sync
with global crude oil prices. Daily revision of Retail Selling Prices (RSP) has
already been implemented on a pilot basis in Udaipur, Jamshedpur,
Visakhapatnam, Chandigarh and Puducherry from May 1. After the success of the
experiment, IOC, Hindustan Petroleum Corporation Ltd and Bharat Petroleum
Corporation Ltd have now decided to implement it across the country. The Total Investment & Insurance
Solutions
India's
steel exports jumped by 69% in May to 0.641 million tonnes (mt) over the same
month last year while imports were up by 2.4%, according to a Steel Ministry
report. "Export of total finished steel was up by 102% in April-May 2017
to 1.387 mt over same period last year. Overall export in May at 0.641 mt was
down by 14.1% over April 2017 but was up by 69% over May 2016," said the
Joint Plant Committee report. Import of total finished steel at 1.062 mt in
first two months of the current fiscal declined by 11.4% over same period of
last year. "Overall imports in May 2017 at 0.558 mt was up by 10.7% over
April 2017 and was up by 2.4% over May 2016," it said. India's consumption
of total finished steel at 13.785 mt saw a growth of 4.2% in the first two
months of the current fiscal over year-ago period, under the influence of
rising production for sale. In the last month, overall consumption stood at
7.491 mt, up by 1% over corresponding month last year. In May, production for
sale of total finished steel at 9.066 mt, registered a growth of 4.4% over the
corresponding month last year. The production was, however, up by 7% over April
2017. Shares of Steel Authority closed at Rs57.20, down 0.61% on the BSE.
Shares of Tata Steel closed at Rs507.35, up 0.21% on the BSE.
Four
telecom companies -- Reliance Jio, Reliance Communications, Aircel and Tata
Teleservices -- on Monday met the inter-ministerial group (IMG) formed to look
into the dwindling fortunes of the sector. Industrialist Mukesh Ambani-led
Reliance Jio, the new entrant in the industry, said the telecom firms not
investing enough in new technologies and leveraging their balance sheet need to
blame themselves for their financial difficulties. The telecom sector's debt is
estimated to be over Rs4 lakh crore.
An official of Anil Ambani-led Reliance
Communications (RCOM) said: "The state of the sector is known to all. Our
demands are same as our presentation earlier. We want reduction of licence fees
and deferred spectrum payments." Aircel also echoed similar demands.
Reliance Communication shares closed at Rs18.40, down marginally on the
BSE. Reliance Industries shares closed at Rs1,319.35, down 1.21% 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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