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14
August 2017
I had
mentioned in Friday’s closing report that Nifty, Sensex might bounce a bit
mid-week. 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)
Broadly
positive global cues, coupled with healthy buying in consumer durables, metals
and automobile stocks, lifted the key Indian equity indices from their
five-week lows to trade with gains during the mid-afternoon session on Monday.
According to market observers, a strong rupee and individual index heavyweights
like Tata Steel, Adani Ports, Cipla and Maruti Suzuki, among others, aided the
BSE Sensex and the NSE Nifty50 to pare last week's losses. On the NSE, there
were 1,237 advances, 270 declines and 26 unchanged.
The
markets snapped five-session long losing streak after Asian markets bounced
tracking a firmer Wall Street after weaker-than-expected July consumer price
data led investors to bet that benign inflation would keep the US Federal
Reserve from raising rates again this year, pointed out market analysts. The
broader NSE's Nifty, too, rose in the morning hours. The Indian rupee opened
stronger against the US dollar. The shares of Cipla, and Adani Ports rose,
whereas the shares of Infosys and Bharti Airtel fell, observed market analysts.
The
National Company Law Tribunal (NCLT) on Monday passed an order allowing the
Aircel-Reliance Communications merger and also the Brookfield Towers sale to
proceed. According to sources, the tribunal overruled objections of Bharti
Infratel, GTL and Ericsson. The NCLT also allowed Reliance Communications
(RCOM) tower arm 51% stake sale to Brookfield for Rs11,000 crore. RCOM and
Aircel had signed a definitive document for a proposed merger scheme of their
respective wireless businesses on September 14, 2016. Subsequently, the two
telecom operators moved all the relevant statutory and regulatory bodies for
approval of the merger scheme. The Competition Commission of India gave its
approval to the merger scheme in February 2017. The two transactions will bring
down RCOM debt by Rs25,000 crore, or 60%. Reliance Communications shares closed
at Rs24.10, up 16.14% on the BSE.
A
rise in food prices pushed India's annual rate of inflation based on wholesale
prices to 1.88% in July, official data showed here on Monday. According to data
from the Ministry of Commerce and Industry, the wholesale price index (WPI),
with the revised base year of 2011-12, went up in July 2017 to 1.88% from 0.90
per cent in June. On a year-on-year (YoY) basis, the WPI had risen by 0.63% in
July 2016. "The annual rate of inflation, based on monthly WPI, stood at
1.88% (provisional) for the month of July, 2017 (over July, 2016) as compared
to 0.90% (provisional) for the previous month and 0.63% during the
corresponding month of the previous year," the ministry said in the
"Index Numbers of Wholesale Price in India" for July. "Build up
inflation rate in the financial year so far was 0.62% compared to a build-up
rate of 3.81% in the corresponding period of the previous year." A rise in
inflation and interest rates could make the stock market expensive without
tangible gains for investors.
The
merger of State Bank of India's associate banks with SBI has resulted in
sizeable membership gain for the majority union -- All India State Bank of
India Staff Federation (AISBISF), said a top union leader. The AISBISF may have
gained but to what extent is something that cannot be exactly quantified,
countered the top leader of All India Bank Employees' Association (AIBEA).
"Around 28,000 members of AIBEA in the erstwhile associate banks have
joined our union post-merger. Prior to the merger membership strength in SBI
was around 170,000 and now we expect the membership number to touch
200,000," Sanjeev Kumar Bandlish, General Secretary of AISBISF, told IANS
over phone from Chandigarh. Bandlish is also the General Secretary of National
Confederation of Bank Employees (NCBE). The five associate banks that merged
with SBI are: SBBJ (State Bank of Bikaner and Jaipur), SBM (State Bank of
Mysore), SBT (State Bank of Travancore), SBP (State Bank of Patiala) and SBH
(State Bank of Hyderabad). State Bank of India shares closed at Rs278.05, down
0.93% on the BSE. The Total Investment & Insurance
Solutions
The
top gainers and 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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