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18
August 2017
I had
mentioned in last Friday’s closing report that Nifty, Sensex might bounce a bit
mid-week. The major indices of the Indian stock markets alternately rallied and
suffered a correction in the course of the week’s trading to close on Friday
with small weekly gains over last Friday’s close. The trends of the major
indices in the course of the week’s trading are given in the table below: The Total Investment & Insurance
Solutions
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Weekly 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 its 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.
On
Tuesday, the stock markets were closed on account of a holiday for Independence
Day. On Wednesday, buying was observed in fast moving consumer goods (FMCG),
metal and auto sectors, while selling pressure was seen in capital goods. On
the NSE, there were 1,118 advances, 537 declines and 302 unchanged. The Total Investment & Insurance Solutions
The
key Indian equity indices traded on a flat-to-positive note during the
mid-afternoon trade session on Thursday, as buying in metal, oil and gas, and
IT (information technology) stocks kept investors' sentiments buoyed. However,
market observers opined that a mixed trend observed in the global markets,
coupled with profit booking in automobile and banking stocks, pared gains. The
Nifty50 of the National Stock Exchange (NSE) traded above the psychologically
important 9,900-level. On the NSE, there were 796 advances, 615 declines and 66
unchanged. The Total Investment & Insurance
Solutions
Indian
equity benchmarks climbed during the morning session, following gains in Asian
peers, after the US Federal Reserve meeting minutes reduced the odds of another
interest rate increase this year. Infosys was the top gainer on both the
indices after saying its board would consider a proposal to buy back
shares. The Total Investment & Insurance
Solutions
The
Infosys’ Board of Directors would meet on Saturday to consider a proposal for
buyback of its equity shares of Rs5 face value. "The Board of Directors
would consider a proposal for buyback of equity shares of the company at its
meeting to be held on 19th August," Infosys said in a regulatory filing.
The outcome of the Board would be notified to the stock exchanges (BSE and NSE)
on the same day. In view of the Board meeting on the share buyback, the company
closed the trading window with immediate effect and would re-open on 22nd August,
said Company Secretary AGS Manikantha in the filing. The company on 13th April
had hinted at the buyback during this fiscal (2017-18) up to Rs13,000 crore.
The company’s shares closed at Rs1,021.05, up 4.70% on the NSE. The Total Investment & Insurance Solutions
On
Friday, the major indices of the Indian stock markets suffered a sharp
correction, following a sharp decline in the US markets and as Vishal Sikka
quit as the Chief Executive Officer (CEO) and Managing Director (MD) of IT
(information technology) major Infosys. Selling in IT, healthcare and banking
stocks, coupled with negative global cues, hampered investors' risk-taking
appetite. On the NSE, there were 614 advances, 1,038 declines and 304
unchanged. The major indices closed on Friday with losses over Thursday’s
close.
Gold
rose for a third day on Friday amid weaker Asian stocks, with some investors
gravitating towards safe-haven assets on political uncertainty in the United
States and after a terrorist attack in Spain killed 13 people, according to
a Reuters report.The Total
Investment & Insurance Solutions
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