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28 August 2017
I had
mentioned in Thursday’s closing report that Nifty, Sensex were on course to
head higher. The major indices of the Indian stock markets closed with
small gains over Thursday’s close. The Indian equity markets were closed on
Friday on account of Ganesh Chaturthi. 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) |
Key Indian equity indices -- the NSE Nifty50
and the BSE Sensex -- traded on a higher note during mid-afternoon trade
session on Monday as buying in capital goods, consumer durables and IT
(information technology) stocks and a strong rupee lifted investors' sentiments.
Intense buying was observed in index heavyweights like Infosys, Hero MotoCorp,
Sun Pharma and Adani Ports, too, added to the upward trajectory of the key
indices. On the NSE, there were 996 advances, 457 declines and 62 unchanged. The Total Investment & Insurance
Solutions
Major
Asian indices came under pressure in early Monday trade after the euro soared
following Friday speeches from top central bankers. Oil markets, meanwhile,
digested the impact of Hurricane Harvey, pointed out market analysts.
Reliance Capital Ltd, part of the Anil D
Ambani-led Reliance Group, on Monday announced the record date for allotment of
equity shares of Reliance Home Finance Ltd. In a statement issued by Reliance
Capital said all persons who are shareholders of Reliance Capital as on
September 6, will receive one free share of Reliance Home Finance for every
share held in Reliance Capital. "The transfer was earlier approved by an
overwhelming majority of 99.59 per cent votes in favour of the Scheme of
Arrangement at the Tribunal-convened general shareholders meeting held on July
24, 2017, and other requisite approvals have duly been received," the
statement said. Reliance Capital will hold a 51% stake in Reliance Home
Finance, and the company will be adequately capitalised to grow the lending
book multi-fold in future. Reliance Capital shares closed at Rs788.05, up
1.39% on the NSE. The Total Investment
& Insurance Solutions
Macro-economic
data points, especially the country's quarterly economic growth figures, along
with derivatives expiry are expected to influence the movement of equity indices
during the week. According to market observers, investors' risk-taking appetite
will also depend upon global cues, direction of foreign funds movement and any
further development over divestment and consolidation of public sector
undertakings. Main data points such as the ECI, quarterly GDP growth rate and
fiscal deficit will have a major bearing on the equity markets. Apart from
official data releases, automobile sales figures for August and stock-specific
developments will continue to influence the equity markets. The Ministry of
Commerce and Industry will release the Index of ECI (eight core industries)
figures for August 2017. This will be followed by the release of the country's
fiscal deficit and quarterly estimates of GDP growth for the first quarter of
2017-18. Subsequently, the monthly automobile sales figures and the Purchasing
Managers' Index (PMI) manufacturing data will be released on September 1. All
these factors will be important in judging market trends during the week.
The
Steel Authority of India Ltd. (SAIL) said the new and modern facility of IISCO
Steel Plant (ISP) would facilitate the steel maker to increase its market share
in long products to 10 per cent from the existing 7%. "ISP's new and
modern plant will facilitate SAIL to take its market share in Long Products to
10% from the existing 7%," the steel maker said in a statement. "The
plant has huge potential to capture newer market segments with its enriched
products from the new mills. After modernisation, ISP boasts of a modern wire
rod mill (WRM), universal section mill (USM) and bar mill capable of producing
high quality products, it added. The Steel Authority of India shares closed at
Rs61.50, up 1.32% on the BSE.
Global cues and massive outflow of foreign
funds from the country's capital markets are expected to induce volatility in
the Indian rupee during the week. Short-term volatility can be high as stock
market remains choppy. This week, traders will focus on US jobs data, observed
market analysts. 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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