Contact Your Financial Adviser Money Making MC
31
July 2017
I had
mentioned in Friday’s closing report that Nifty, Sensex might pause. The major
indices of the Indian stock markets rallied on Monday and closed with gains
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)
Indian
equity markets traded with appreciable gains during the mid-afternoon session
on Monday as hopes of a rate cut in the upcoming monetary policy review of the
Reserve Bank of India (RBI), coupled with expectations of healthy quarterly
results, kept investors' sentiments buoyed. Besides, the key equity indices
pared their Friday losses on the back of intense buying activities in banking,
capital goods and metal stocks. On the NSE, there were 679 advances, 789 declines
and 65 unchanged.
The benchmark Nifty climbed to 10,043 and the
Sensex surged over 133 points in the opening session, with the help of a strong
dose of better-than-expected corporate earnings. The rally came on buying in
capital goods, metal, oil and gas, consumer durables and banking stocks,
pointed out market analysts. L&T, the engineering and construction
conglomerate, rose 3.97% after the company on Friday reported
better-than-estimated earnings for the first quarter with a 50.59% jump in consolidated
net profit, which in turn helped the NSE index. The Total Investment & Insurance Solutions
Some of the largest investors, intermediaries
and issuers in Asia Pacific are confident of India's stable economic growth in
the region of 6.5% and 7.5% over the next 12-18 months, Moody's Investors Service
said in a statement on Monday. According to the global credit rating agency
Moody's, the views were gathered in a poll conducted jointly with its Indian
affiliate, ICRA Ltd. "More than 60% of market participants that Moody's
and ICRA surveyed in Mumbai and Singapore believe that India's (Baa3 positive)
GDP (gross domestic product) growth rate will range between 6.5% and 7.5% over
the next 12-18 months," Moody's said. "Given the economic and
institutional reforms in India, and further changes that could follow, India
will likely grow faster than similarly rated peers over the next 12-18 months
despite a short-term drag caused by demonetisation," said Marie Diron, a
Moody's Associate Managing Director. On the impact of Goods and Services Tax
(GST), Moody's said that over the medium term, the GST will contribute to
productivity gains and faster GDP growth by making it easier to do business,
thereby unifying national markets and enhancing India's attractiveness as a
foreign investment destination. The
Total Investment & Insurance Solutions
Budget passenger carrier IndiGo on Monday
reported an increase of 37% in its net profit for the quarter ended June 30,
2017. According to the airline, the net profit during the quarter under review
increased to Rs811.14 crore from Rs591.77 crore in the like period of last
fiscal. The low cost carrier's (LCC) total revenue during the quarter under
review grew by 25.6% to Rs5,955.54 crore from Rs4,741.45 crore reported in the
corresponding quarter of 2016-17. InterGlobe Aviation shares closed at
Rs1,290.75, up 0.31% on the BSE. The
Total Investment & Insurance Solutions
The
State Bank of India (SBI) on Monday announced a 50 basis points (bps) cut in
the interest rates for savings accounts having deposits below Rs1 crore,
effective immediately. The revised interest rate for savings accounts having up
to Rs1 crore deposit now stands at 3.5% while those having above Rs1 crore
balance in their savings accounts will continue to enjoy the 4% interest rate.
"The bank is introducing a two-tier saving bank interest rate with effect
from July 31, 2017. While balance above Rs1 crore will continue to earn
interest at 4% per annum, interest at 3.5% per annum shall be offered on
balances of Rs1 crore and below," the largest public lender said in a BSE
filing. "The decline in the rate of inflation and high real interest rates
are the primary considerations warranting a revision in the rate of interest on
savings bank deposits," SBI said. SBI shares closed at Rs312.55, up 4.46%
on the BSE.
Power utility major NTPC on Saturday reported
a 12% rise in its standalone net profit for the first quarter (Q1) of 2017-18.
According to the company, its profit after tax for the quarter increased to
Rs2,618.17 crore from Rs2,338.61 crore during the corresponding period in
2016-17. NTPC informed the BSE that its total income for Q1 of 2017-18 rose by 7%
to Rs20,541.93 crore from Rs19,220.80 crore during the corresponding quarter of
the previous financial year. "During Q1 of FY 2017-18, NTPC group
generated 71.606 billion units against 71.501 billion units generated in the
corresponding period of the previous year," the company said in a
statement. "On a standalone basis, NTPC generated 64.411 billion
units," it said. Besides the Q1 results, NTPC informed the BSE that its
Board of Directors had approved the issue of secured, unsecured, redeemable,
taxable, tax-free, cumulative, non-cumulative, non-convertible debentures
(NCDs) up to Rs15,000 crore during the period commencing from the date of
passing of special resolution in the ensuing annual general meeting till
completion of one year thereof or the date of next annual general meeting in
the financial year 2018-19, whichever earlier. NTPC shares closed at Rs164.10,
up 0.18% on the BSE. The Total
Investment & Insurance Solutions
The Reserve Bank of India's monetary policy
review and the ongoing quarterly results season are expected to determine the
trajectory of equity indices this week. According to market observers, global
geopolitical situation and macro-economic data points will also impact
investors' risk-taking appetite. RBI's monetary policy review slated for next
week is going to be one of the most important events that will influence the
equity markets. Markets have already discounted the possibility of a 25 basis
points cut. Investors will also look forward to the language and cues that RBI
will give on the future inflation scenario and rate cut outlook. The Total Investment & Insurance
Solutions
The top
gainers and top losers of the major indices are given in the table below:
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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
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| Asian Indices (The Total Investment & Insurance Solutions) |
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