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27
July 2017
I had
mentioned in Wednesday’s closing report that Nifty, Sensex were trending
higher. The major indices of the Indian stock markets shot up in the morning
and then fell sharply from another all-time high and ended flat. The trends of
the major indices in the course of Thursday’s trading are given in the table
below: The Total Investment &
Insurance Solutions
 |
| Major Indices (The Total Investment & Insurance Solutions) |
The
key Indian equity indices continued to reach record highs on Thursday on the
back of political developments in the country and intense buying in the banking
sector. According to market observers, healthy buying in index heavyweights
such as HDFC and HDFC Bank, coupled with positive global cues and expectations
of healthy quarterly results, buoyed investors' sentiments. However, profit
booking in sectors such as consumer durables, healthcare and metal stocks
capped gains. Today was also the day for July derivatives expiry and hence
volatility was higher. On the NSE, there were 473 advances, 1,192 declines and
298 unchanged.
The
global cues have not been affecting the markets much because the local factors
are strong. One of the reasons is the political development, because the ruling
party has become stronger, pointed out market analysts, after Nitish Kumar
walked back into the fold of National Democratic Alliance and formed a new
government in Bihar, jointly with Bhartiya Janata Party (BJP). The Total Investment & Insurance Solutions
The
state-owned ONGC has stepped up exploration activities in Tripura to unearth
more gas to set up a fertilizer plant and to augment power generation, an
official said. "Currently total drilling rig strength has been increased
to seven and one more rig will be deployed soon to step up the exploration of
gas in Tripura," Oil and Natural Gas Corp's Executive Director S.C. Soni
told the media here on Wednesday evening. He said: "Until September last
year, only three drilling rigs were operational in Tripura. Of the seven rigs,
four are owned by ONGC and three are chartered." Soni said the
company has targeted to explore five MMSCMD (Million Metric Standard Cubic
metre per day) by mid-2018 while it has the potential to produce around 4.3-4.5
MMSCMD from 76 wells. "The exploration of additional gas is required to
set up a fertilizer plant in north Tripura and to supplement generation of
electricity." The ONGC has planned to set up a Rs5,000 crore fertiliser
plant in northern Tripura in association with the state government and Chambal
Fertilizers and Chemicals Ltd, a Rajasthan-based company. The company’s shares
closed at Rs162.60, down 0.85% on the NSE. The
Total Investment & Insurance Solutions
Public
sector banks in Maharashtra have finally started disbursing the emergency aid
of Rs10,000 - promised by the state government on June 11 - for the eligible
nine million farmers, a top official said on Thursday. "The work has begun
in full swing after a meeting of the Bankers Committee last week. Till now,
around 7,000 farmers have been given Rs10,000. We are confident that by next
week the work will be completed," the Pune-based Maharashtra
Cooperation Commissioner Vijay Zade told IANS. The development came after the
issue was first highlighted by IANS (July 22) on the massive delays in
disbursing the Rs10,000 immediate aid as part of the comprehensive farm loans waiver
scheme announced on June 11 by the state government. According to the latest
official figures, a total of 6,990 farmers have been disbursed Rs6,74,99,000
from district cooperative banks, rural banks and nationalised banks. Bank Nifty
closed at 24,908.15, up 0.96% on the NSE. The
Total Investment & Insurance Solutions
Global
software major HCL Technologies on Thursday reported a Rs2,171 crore
consolidated net profit for the first quarter (Q1) of fiscal 2017-18,
registering 6.1% annual growth from Rs2,047 crore in the like period year ago
but 6.6% lower sequentially from Rs2,326 crore a quarter ago. In a regulatory
filing on the BSE, the IT major said consolidated revenue from operations was
7.2% up annually to Rs12,149 crore for the quarter under review (Q1) from
Rs11,337 crore in the same period an year ago but flat (0.8%) sequentially from
Rs12,053 crore quarter ago. Operating margin for the fiscal (FY 2018) is
expected to be 19.5%-20.5% with the dollar at Rs65.50. The company’s shares
closed at Rs899.00, up 0.71% on the NSE.
The
US Federal Reserve left its benchmark interest rates unchanged as expected amid
soft inflation. But the central bank signalled that it would begin shrinking
its balance sheet "relatively soon". "The Committee expects to
begin implementing its balance sheet normalisation programme relatively soon,
provided that the economy evolves broadly as anticipated," Xinhua news
agency quoted the Fed's policy-making committee as saying. The Fed's balance
sheet has ballooned to nearly $4.5 trillion following three rounds of quantitative
easing programmes to withstand the impact of the 2008 global financial crisis.
As the US economy is back on track for steady growth, Fed policymakers are
preparing to unwind its crisis-era policies to avoid igniting inflation
pressures or pumping up asset bubbles. Steady interest rates are likely to
encourage investors into a long term bullish market.
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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