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24
August 2017
I had
mentioned in last Friday’s closing report that Nifty, Sensex might head higher.
The major indices of the Indian stock markets were alternately rallying and
suffering a correction over the week in response to global cues and closed with
minor weekly gains on Thursday 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
 |
| Weekly Indices (The Total Investment & Insurance Solutions) |
On
Monday, negative global cues pulled the key Indian equity indices -- the NSE
Nifty 50 and the BSE Sensex -- lower during mid-afternoon trade. According to
market observers, subdued global benchmark indices coupled with foreign fund
outflows eroded investors' risk-taking appetite. Selling pressure was witnessed
in IT (information technology), healthcare and automobile stocks. On the NSE,
there were 409 advances, 1,024 declines and 41 unchanged. Indian indices erased
all the morning gains, as Asian and European indices turned negative in trade. The Total Investment & Insurance Solutions
TCS
iON, a business unit of IT major Tata Consultancy Services (TCS), announced its
partnership with the Institute of Company Secretaries of India (ICSI) to help
foster digital learning opportunities for students. Ruia brothers-led Essar Oil
announced the closure of the company's sale, including its Vadinar refinery, to
Russian state-run Rosneft-led consortium for $12.9 billion. The deal includes
acquisition of Essar Oil's (EOL) 20 million tonne Vadinar refinery in Gujarat
and its retail outlets, as well as the Vadinar Port at an additional $2
billion. Essar Shipping shares closed at Rs28.90, up 12.89% on the BSE.
Positive
global cues and value buying lifted the key Indian equity indices -- the NSE
Nifty 50 and the BSE Sensex - higher during the mid-afternoon trade on Tuesday.
According to market observers, positive Asian markets and "an initial
spurt of value buying" enhanced the risk-taking appetite of investors.
Buying was witnessed in pharma stocks with Dr Reddy's Laboratories,
Lupin, Sun Pharmaceutical Industries and Divi's Laboratories all trading in
green. Lupin received establishment inspection report (EIR) from USFDA (United
States Food and Drug Administration) for its Aurangabad facility. The US health
regulator had carried out inspection in April. On the NSE, there were 556
advances, 1,082 declines and 320 unchanged.
Power
utility major NTPC said that it plans to seek shareholders’ approval to raise
Rs15,000 crore through the issue of bonds, debentures on private placement
basis. The company will seek its shareholders approval for the special
resolution during its annual general meeting to be held on September 20, 2017.
On Tuesday, NTPC shares closed at Rs167.25, down 2.76% on the NSE.
Positive
global cues pushed the key Indian equity indices -- the NSE Nifty 50 and the
BSE Sensex -- higher during mid-afternoon trade session on Wednesday. According
to market observers, buying in pharma, banking and IT (information technology)
sector stocks supported equity indices' upward trajectory. The BSE Sensex and
NSE Nifty opened higher on Wednesday against their respective previous
session's close. The Indian rupee also opened on a strong note against the US
dollar. Each of the three major indices on Wall Street (USA) posted their best
one-day percentage gains in over a week ahead of the annual meeting of central
bankers in Jackson Hole on Friday. On the NSE, there were 981 advances, 448
declines and 48 unchanged.
On
Thursday, the market was listless, as there was no favourable global news for a
rally and because there was a long three-day week-end ahead with a stock
exchange holiday on Friday. On the NSE, there were 943 advances, 700 declines
and 317 unchanged. At the close of trading on Thursday, the major indices
closed with marginal gains over Wednesday’s close. Overall, the whole week’s
trading has finished with marginal gains and the next week would have to show
the real market trend. The market would head higher, if the week’s low is not
broken.The Total Investment & Insurance
Solutions
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