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13
July 2017
I had
mentioned in Thursday’s closing report that Nifty, Sensex were in an uptrend
again. The major indices of the Indian stock markets rallied on Thursday and
closed with gains over Wednesday’s close. The trends of the major indices are
given in the table below: The Total
Investment & Insurance Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
The key domestic equity indices -- S&P
BSE Sensex and NSE Nifty -- on Thursday scaled record highs on the back of
positive global cues and hopes of an easing of the monetary policy. Global
equities traded higher after US Federal Reserve Chair Janet Yellen, hinted at
more gradual tapering programme at her testimony before the US Congress,
pointed out market analysts. India's retail inflation hit a record low of 1.54%
in June, lowest since 1999, raising hopes of an interest rate cut by RBI
(Reserve Bank of India) ahead of monetary policy next month (in August). The Total Investment & Insurance
Solutions
Global IT spending is projected to reach $3.5
trillion in 2017 -- a 2.4 per cent increase from 2016, market research firm
Gartner said on Thursday. Global spending on devices which include PCs, tablets
and mobile phones is projected to grow 3.8% in 2017 to reach $654 billion -- an
increase of 1.7% from previous quarter's forecast. The mobile phone growth will
be driven by increased average selling prices (ASPs) for premium phones in
mature markets due to the 10th anniversary of the iPhone while the tablet
market may continue to decline. "Digital business is having a profound
effect on the way business is done and how it is supported," said
John-David Lovelock, Vice President, Gartner, in a statement. The growth rate
is up from the previous quarter's forecast of 1.4 per cent owing to decline of
the US dollar against many foreign currencies. According to Gartner, the
worldwide enterprise software market is forecast to grow 7.6% in 2017. The S
& P BSE Information Technology Index closed at 10,148.28, up 0.23% on the
BSE. The Total Investment &
Insurance Solutions
Reliance Capital Ltd on Thursday said it has
received Rs378 crore from Nippon Life Insurance on the completion of increasing
its stake to 49% in Reliance Nippon Life Asset Management Ltd (RNAM). In a
statement here, Reliance Capital said it will book capital gains on this final
transaction during the third quarter ending September 30, 2017. RNAM is the
largest asset manager in India in terms of assets under management (AUM),
managing Rs3,58,059 crore as of March 31, across mutual funds, pension funds,
managed accounts and offshore funds. Nippon Life Insurance is already a
strategic partner in RNAM. Nippon Life Insurance acquired 26% stake in RNAM
(formerly known as Reliance Capital Asset Management) in 2012. Thereafter,
Nippon Life has increased its stake to 49% in various tranches, reflecting the
success of the partnership. Nippon Life Insurance is an over 125 years old
insurer and a Global Fortune 500 company that manages over $530 billion in
assets - amongst the largest total assets in the world for any life insurer.
The company is one of the largest life insurers in the world. Reliance Capital
shares closed at Rs663.30, up 0.74% on the BSE. The Total Investment & Insurance Solutions
After lowering the Immediate Payment Service
(IMPS) charges, the State Bank of India (SBI) on Thursday reduced charges for
National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS)
transactions upto 75% effective July 15. The reduced charges will be applicable
on the transactions done through internet banking and mobile banking services
offered by the bank, the bank said in an official statement here on Thursday.
State Bank of India shares closed at Rs288.60, up 0.42% on the BSE. The Total Investment & Insurance
Solutions
With
the retail inflation easing to a record low of 1.54 per cent in June, the
government's Chief Economic Adviser Arvind Subramanian on Wednesday said it reflects
a paradigm shift in the process to low levels of inflation, which has been
missed in the large systematic inflation forecasts made. "This low,
heartening number is consistent with our analysis for some time now -- and
which will be fully elaborated in the forthcoming Economic Survey -- of a
paradigm shift in the inflationary process to low levels of inflation, a shift
that I think has been missed by all reflected in the large, one-sided, and
systematic inflation forecast errors that have been made," Subramanian
told reporters here. As per the Central Statistics Office (CSO) data on
Consumer Price Index (CPI), retail inflation was dragged lower to 1.54 per cent
in June due to a sharp fall in the prices of food items like pulses,
vegetables, and other perishables. The current inflation rate is the lowest
since the series began in 2012. With low inflation, interest rates are likely
to soften, giving a boost to business and stock markets in India.
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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