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16
June 2017
I had
mentioned in last week’s closing report that Nifty, Sensex were showing no
signs of tiring. The major indices of the Indian stock markets suffered a minor
correction during the week and closed with small losses over last Friday’s
close. The trends of the major indices in the course of the week’s trading are
given in the table below: The Total
Investment & Insurance Solutions
 |
| Weekly 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 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. 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.
Shrugging
off the previous day's losses, the Indian equity markets on Tuesday traded in
the green on the back of firm global cues, broadly positive domestic
macro-economic data and healthy buying in capital goods, banking and consumer
durables stocks. According to the data released by the Central Statistics
Office (CSO) after-market hours on Monday, India's annual retail inflation
(Consumer Price Index) eased to a record low of 2.18% in May 2017, and the
factory output growth (Index of Industrial Production) marginally slowed to
3.1% in April 2017. This, according to market analysts, provided a boost to the
key equity indices. On the NSE, there were 698 advances, 700 declines and 47
unchanged. The Total Investment & Insurance
Solutions
Drug
major Sun Pharmaceutical Industries on Tuesday announced that one of its wholly
owned subsidiaries has received final approval from the US Food and Drug
Administration (USFDA) for its generic version of ezetimibe tablets. According
to Sun Pharma, the generic ezetimibe tablets -- used to reduce higher levels of
cholesterol -- are therapeutic equivalents of Merck's Zetia tablets. "As
per IMS, ezetimibe tablets had annual sales of approximately $2.7 billion in
the US for the 12 months (which) ended April 2017," the drug major said in
a regulatory filing to the BSE. The company’s shares closed at Rs536.45, up
0.62% on the BSE.
Lending
major State Bank of India (SBI) said that its paid-up capital has increased to
Rs863.20 crore after its recent share placement through QIP. "Pursuant to
the allotment of equity shares in the issue, the paid-up equity share capital
of the bank increased from Rs810,98,57,182 to Rs863,20,50,393 comprising
863,20,50,363 equity shares of face value of Re1 each," the company
informed the BSE in a regulatory filing. Last week, the lending major had
allotted more than 52 crore shares of face value of Re1 each at a price of
Rs287.25 per equity share aggregating to Rs14,999 crore to 61 "successful
eligible investors". SBI shares closed at Rs283.80, down 0.44% on the BSE. 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. The
Total Investment & Insurance Solutions
Telecom
major Reliance Communications (RCom) Chairman Anil Ambani 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
decided to draw no salary or commission from RCom in the current financial
year. The decision was part of the company promoters' commitment to the
Strategic Transformation Program, the RCom release said. The company’s shares
closed at Rs18.30, up 1.39% on the BSE.
Following
their global peers, the Indian equity markets fell during the mid-afternoon
session on Thursday, a day after the US Federal Reserve hiked its benchmark
rates. The rate-hike assumes significance as it is expected to lead FPIs
(Foreign Portfolio Investors) away from emerging markets such as India, and is
also expected to dent business margins as access to capital from the US will
become expensive. Consequent to the late-night US rate hike, the Asian markets
traded broadly in the red and eroded Indian investors' confidence in the highly
expensive conditions in the domestic stock markets. Selling pressure was
witnessed in banking, oil and gas and capital goods stocks. On the NSE, there
were 837 advances, 805 declines and 311 unchanged.
The
US Federal Reserve raised its benchmark interest rates for the third time since
December and unveiled plans to start trimming its balance sheet, even as news
of the Fed's relatively hawkish stance provoked caution in early trading in the
Indian equity markets, which were trading flat on Thursday morning. "In
view of realised and expected labour market conditions and inflation, the FOMC
(Federal Open Market Committee) decided to raise the target range for the
federal funds rate to 1% to 1.25%," the American central bank said in a
statement after concluding its two-day monetary policy meeting. This rate was a
25 basis points increase over the current one of 0.91%. The Total Investment & Insurance Solutions
The
Indian equity markets traded on a flat-to-positive note during the
mid-afternoon session on Friday, with buying witnessed in consumer durables,
FMCG (fast moving consumer goods) and banking stocks. According to market
observers, weak global cues and selling in healthcare stocks eroded investors'
risk-taking appetite. At the close of trading, the major indices ended flat
over Thursday’s close. Bank Nifty closed with small gains over Thursday’s close.The Total Investment & Insurance Solutions
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