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17
July 2017
I had
mentioned in Friday’s closing report that Nifty, Sensex were in consolidation
mode. The major indices of the Indian stock markets were range-bound on Monday
and closed with small 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)
With the onset of quarterly results and
Parliament's monsoon session, the Indian equity markets traded with gains
during the mid-afternoon session on Monday. On the NSE, there were 799
advances, 863 declines and 312 unchanged. On the BSE there were 1,299 advances,
1,378 declines and 178 unchanged. The
Total Investment & Insurance Solutions
Indian
markets opened at record high. Both the Nifty and the Sensex opened 'gap-up'
and hit levels of 9,920 and 32,131 respectively (intra-day). The Nifty50, which
opened with a gap, hit a fresh record high of 9,920 on Monday but pared gains
as investors preferred to book some profits at higher levels. Sensex firmed up
74 points aided by fresh buying by participants and availability of more
foreign capital. BSE mid-cap and small-cap were trading in the green while
healthcare and FMCG (fast moving consumer goods) were trading in the red.
Upcoming
quarterly results and Parliament's monsoon session, as also the direction of
foreign funds flow will set the course for the equity indices in the coming
week, market observers opine. With markets already at dizzying heights,
potential triggers like news on monsoon's progress and global trends like
monetary policy review by major international central banks could unleash
"volatility", analysts feared. The markets will focus on earnings
this week though the expectations remain muted for the last quarter. Markets
are trying to analyse the earnings impact due to GST disruption, pointed out
market analysts. The worry on rising PE (price-earning) ratio of benchmark
indices is being overwhelmed by larger domestic fund flows and a buoyant global
economy. Companies like Reliance Industries, Ultratech Cement, ACC, Wipro,
Bajaj Auto, Kotak Mahindra Bank, Jubilant FoodWorks and Ashok Leyland are expected
to announce their quarterly results in the course of the week.
Industry body Assocham on Sunday said the
Banking Regulation (Amendment) Ordinance has empowered the Reserve Bank of
India (RBI) to take up "bad loans worth about Rs8 lakh crore" for resolution
by March 2019. According to an Assocham study, the move has the potential to
bring down the non-performing asset (NPA) levels and "significantly
improve" the financial health of banks. "Somewhat bitter medicine
came in the form of the Ordinance promulgated by the President in May,"
Assocham's Secretary General D.S. Rawat said. "The government gave
wide-ranging legislative powers to the RBI to issue directions to lenders to
initiate insolvency proceedings for the recovery of bad loans that have reached
unacceptably high levels." In case of a default, the recent Ordinance has
authorises RBI to direct lenders for initiating insolvency resolution process
under the provisions of the Insolvency and Bankruptcy Code (IBC), 2016. Bank
Nifty closed at 24,015.05, up 0.32%. The
Total Investment & Insurance Solutions
Mahindra & Mahindra on Saturday said the
Life Insurance Corporation of India (LIC) has brought down its stake to less
than 10% in the company by divesting around two per cent of its holding in the
firm. After the stake sale, the life insurer now has 9.958 per cent stake in
the company, it said in a regulatory filing. The insurance firm has sold more
than 1.24 crore shares through market sale, the company added. Mahindra &
Mahindra shares closed at Rs1,383.30, up 0.44% on the BSE. The Total Investment & Insurance
Solutions
A
plethora of events, such as hopes of a rate cut by the Reserve Bank of India
(RBI), fresh inflows of foreign funds and the onset of the quarterly earnings
season, had pushed the Indian equity markets to a record high during the week
ended Friday.
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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