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27 June 2017
I had
mentioned in Friday’s closing report that Nifty, Sensex may correct a bit. On
Monday the stock exchanges were closed on account of id. The major indices of
the Indian stock markets suffered a correction on Tuesday and closed around
0.60% lower than Friday’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
Indian equity markets traded in the red during the post-afternoon session on
Tuesday, as caution ahead of the Goods and Services Tax (GST) launch and
selling pressure in banking, capital goods and automobile stocks subdued
investors' sentiments. Equity benchmarks started off on a positive note.
However, gains were ceded on the back of profit booking and caution over GST
implementation, pointed out market analysts. Except for FMCG (fast moving
consumer goods) and consumer durables, all other sectors traded in the red with
oil and gas, auto and metals bearing most of the brunt. On the NSE there were
302 advances, 1,179 declines and 35 unchanged. The Total Investment & Insurance Solutions
However,
with political stability in India, foreign institutional investors are likely
to bring investments to the Indian stock markets. The true recognition of
political stability came in the hug that President Donald Trump gave Prime
Minister Modi in Washington D.C. The dialogue between the two countries in
Washington D.C. was meaningful. The long term trend for the Indian stock
markets is clearly bullish. Drug maker Lupin's founder and Chairman Desh Bandhu
Gupta passed away here on Monday. He was 79. Lupin shares closed at Rs1,064.00,
up 0.30% in the BSE. The Total Investment
& Insurance Solutions
Lenders
might need to raise provisioning to deal with large stressed assets, credit
ratings agency Crisil said. "Based on Crisil's assessment of embedded
value in the top 50 NPA (non-performing asset) cases, we estimate a 60% haircut
would be needed on these loan assets," said Krishnan Sitaraman, Senior
Director, Crisil Ratings. "That would mean banks will have to increase
provisioning by another 25 per cent this fiscal, compared with nine per cent in
the last." Recently, the Reserve Bank of India (RBI) referred 12 large
NPAs (non-performing assets) in the banking system for resolution under the
Insolvency and Bankruptcy Code, 2016 (IBC). "A time-bound resolution
of these cases will indeed be a big positive for bank balance sheets," the
ratings agency said in a statement. As per Crisil's study banks had already
provisioned 40 per cent for these 12 large NPAs worth Rs2 lakh crore before the
RBI's move. The S & P BSE Bankex closed at 26,234.14, down 1.45% on
the BSE. The Total Investment & Insurance
Solutions
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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