Contact Your Financial Adviser Money Making MC
14
June 2017
I had
mentioned in Tuesday’s closing report that Nifty, Sensex were headed lower. The
major indices of the Indian stock markets were range-bound on Wednesday and
closed with minor gains over Tuesday’s close. The trends of the major indices
in the course of Wednesday’s trading are given in the table below: The Total Investment & Insurance
Solutions
 |
| Major Indices (The Total Investment & Insurance Solutions) |
The
Indian equity markets on Wednesday closed on a flat-to-positive note on the
back of healthy wholesale price index (WPI) data and buying in capital goods,
oil and gas as well as energy stocks. Official data released during market
hours showed that India's annual rate of inflation based on wholesale prices
decelerated in May to 2.17% from 3.85% in April as food prices eased. However,
investors remained cautious ahead of the outcome of two-day US Federal
Reserve's rate-setting meet later in the evening. On the NSE, there were 662
advances, 793 declines and 64 unchanged.
Telecom
major Reliance Communications (RCom) Chairman Anil Ambani has voluntarily
decided to forego his salary and commission from the company during the current
financial year as part of its "strategic transformation programme",
RCom announced on Wednesday. "Reliance Group Chairman Anil D. Ambani
voluntarily decides to draw no salary or commission from RCom in current
financial year. The decision is part of the company promoters' commitment to
the Strategic Transformation Program," an RCom release said. Announcing
that the RCom management too has followed the chairman's lead, the statement
said: "RCom management team on-board to defer personal pay by up to 21
days." "Measures to remain in place till December 2017,"
it added. The company’s shares closed at Rs18.30, up 1.39% on the BSE. The Total Investment & Insurance
Solutions
Tea
production in northern West Bengal, home to the world famous Darjeeling tea,
was badly hit on Tuesday as most of the tea gardens remained shut on the second
day of the strike called by trade unions. A joint forum of 24 trade unions of
the tea industry in North Bengal have resorted to a two-day industrial strike,
demanding implementation of minimum wages, reinforcement of entitlement for tea
workers and distribution of land holding among tea workers for residential
purposes. According to industry experts, the strike severely affected work at
300 tea gardens in North Bengal, including 87 in Darjeeling.
India’s
annual rate of inflation based on wholesale prices decelerated further in May
2017 to 2.17% from 3.85% in April as food prices eased, official data showed on
Wednesday. Wholesale prices decelerated in April to 3.85% from 5.29% reported
for March, as prices of food, fuel and manufactured products fell. According to
data from the Ministry of Commerce and Industry, the wholesale price index
(WPI), with the revised base year of 2011-12, in May 2016 declined to 0.90%. On
a year-on-year (YoY) basis, expenses on primary articles, which constitute
22.62% of the WPI's total weightage, declined by 1.79% as compared to a rise of
4.38% during the same month a year ago. However, prices of food articles dipped
2.27% during the month under review. Prices of manufactured products, which
comprise nearly 64.23% of the index, rose by 2.55%. With inflation coming under
government control and the IMD predicting a favourable monsoon, aggregate
demand in the Indian economy can be expected to be favourable. This is bound to
cheer investors in the stock markets. The
Total Investment & Insurance Solutions
Officials
of the US central bank in Washington are reviewing an option to raise
short-term interest rates and by how much, a media report said on Tuesday. Most
economists expect the Federal Reserve to boost the benchmark rate a modest
quarter of a per cent, to a range between one and 1.25%, Voice of America
reported. The fed cut rates nearly to zero at the worst of the financial crisis
to make borrowing cheaper in a bid to boost economic growth and employment.
Since then, the recovering economy and improved unemployment rate, at
4.3%, have prompted the central bank to gradually raise rates. Officials are
worrying that keeping rates too low for too long could spark a burst of
inflation that could hurt the economy. Federal Reserve Chair Janet Yellen
will meet with journalists on Wednesday afternoon. Stock market investors in
India are cautious ahead of the decision from the Federal Reserve.
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) |
No comments:
Post a Comment