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5
July 2017
I had
mentioned in Tuesday’s closing report that Nifty, Sensex must stay above
Tuesday’s low for the uptrend to continue. The major indices of the Indian
stock markets were range-bound on Wednesday and closed with marginal 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)
Following
broadly mixed global indices, the Indian equity markets traded on a flat note
during the mid-afternoon session on Wednesday. Market observers opined that
investors booked profits in IT (information technology), FMCG (fast moving
consumer goods) and Teck (technology, media and entertainment) sectors. Equity
benchmarks opened moderately higher after mixed Asian markets. The mid-cap and
small-cap indices traded in the positive with more than 0.50% gains. Auto,
capital goods, metal and oil and gas traded in the positive, while FMCG and IT
sectors traded negative. On the NSE there were 1,012 advances, 480 declines and
64 unchanged.
The ongoing political unrest on the
Gorkhaland demand in north Bengal hills is likely to adversely impact the
export of Darjeeling teas, rating agency ICRA said on Tuesday. The unrest has
led to suspension of operations at tea estates in Darjeeling region at a time
of production of the second flush tea -- a particular variety of very high
quality that is almost entirely exported. "Absence of any plucking
activity for the past 20 days is expected to have an impact on the production
volume as well as tea quality, even when operations re-start. This in turn is
likely to impact the export of Darjeeling teas," agency's Vice-President
and Sector-Head of Corporate Sector Ratings Kaushik Das said. He said a
plucking cycle of five to six days for Darjeeling teas is followed. Timely
plucking of fine leaves contributes to the overall quality of the tea produced
during this period. The agency said the impact of the current situation on
revenue is estimated to be in the region of Rs100-150 crore at present.
"While Darjeeling tea is a niche product catering to specific markets, the
reduced availability of second flush Darjeeling tea is likely to lead to some
substitution of such tea with that from different geographies," the agency
said. The Total Investment &
Insurance Solutions
Tata
Motors on Wednesday announced that it has slashed the prices of its passenger
vehicles up to 12%, following the roll-out of the Goods and Services Tax (GST).
"We are offering a price reduction of upto 12% ranging between Rs3,300 and
Rs2,17,000 depending on the model and variant," the car maker's President
(Passenger Vehicles Business Unit) Mayank Pareek said. He said the step was
taken with a strong focus to encourage positive buying sentiments. Pareek said
the car maker decided to pass on the entire benefit to its customers following
the roll-out of GST. In June, company's passenger vehicles sales in domestic
market were impacted by the mixed reactions towards GST resulting in low buying
sentiments. The passenger vehicle business recorded sales of 11,176
units, lower by 10%, over 12,482 units sold in June 2016. Tata Motors shares
closed at Rs432.05, up 1.03% on the BSE.
Coinciding with Prime Minister Narendra
Modi's visit to Israel, Wipro Infrastructure Engineering on Wednesday announced
a strategic alliance with Israel Aerospace Industries (IAI) to make composite
aerostructure parts and assemblies in India for the global market. "We
will set up a manufacturing facility in Bengaluru with IAI to make composite
structures for global aircraft makers and tier-1 suppliers as per the defence
offset guidelines of the Indian government," said the subsidiary of Wipro
Enterprises Ltd. The city-based Wipro Enterprises is a global hydraulic
solutions provider and a separate entity of the global software major's group.
The facility would also supply the parts to IAI for meeting its compliance
requirements. As aerospace industry is strategic, the subsidiary had set up an
aerospace actuator making facility in the Special Economic Zone (SEZ) at
Devanahalli on the city's outskirts in 2013. Wipro shares closed at Rs257.55,
down 0.90% 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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