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20
September 2017
I had
mentioned in Tuesday’s closing report that Nifty, Sensex were still on an
uptrend. The major indices of the Indian stock markets were range-bound on
Wednesday. The trends of the major indices in the course of Wednesday’s trading
are given in the table below: The Total Investment & Insurance Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
Key
Indian equity indices traded on a flat note during the mid-afternoon session on
Wednesday as investors remained cautious ahead of the US Federal Open Market
Committee policy meet outcome. The outcome of the two-day US Federal Reserve
meeting is slated for later in the evening (India time). Besides, escalating
geo-political tensions related to the Korean peninsula, along with a weak rupee
and profit booking in auto, banking and IT (information technology) stocks,
capped gains. Buying was witnessed in capital goods and healthcare stocks. On
the NSE, there were 761 advances, 899 declines and 297 unchanged.
A
weakness in the rupee and concerns over the war of words between the United
States and North Korea may also dampen the sentiment, observed market analysts.
Divi’s Laboratories’ unit-2 received six observations from USFDA (United States
Food and Drug Administration) but all its previous observations were resolved.
The USFDA has inspected the company's unit-2 during September 11-19, 2017. On
completion of this inspection, Divi's has received a Form 483 citing six
observations which are procedural, but all previous observations have been
confirmed as completed and resolved. This inspection was for full current good
manufacturing practice and verification of all corrective actions proposed
against the previous Inspection observations. Divi's Laboratories said it would
be responding to these within the stipulated time. The company’s shares closed
at Rs946.00, up 9.51% on the BSE. The Total
Investment & Insurance Solutions
State-owned
Oil and Natural Gas Corp (ONGC) has made a significant oil discovery to the
west of its prime Mumbai High fields in the Arabian Sea, a senior official said
on Wednesday. The discovery in the well WO-24-3 is estimated to hold an
in-place reserve of about 20 million tonnes, he said. The company’s shares
closed at Rs167.55, up 0.96% on the BSE.
Tata
Steel Ltd and German major thyssenkrupp AG have signed a memorandum of
understanding (MoU) to create a 50:50 joint venture by combining the flat steel
businesses of the two companies in Europe and steel mill services of the German
company, a top company official said here on Wednesday. The proposed 50:50
joint venture -- "thyssenkrupp Tata Steel" -- would be focused on
quality and technology leadership, and the supply of premium and differentiated
products to customers, with annual shipments of about 21 million tonnes of flat
steel products, the steel maker said in a statement. The proposed transaction
in Europe also paves the way for significant de-leveraging of the Tata Steel
group's consolidated balance sheet and provides a platform for it to pursue
future growth, Tata Steel claimed. Tata Steel shares closed at Rs687.65, up
1.64% on the BSE. The Total Investment & Insurance
Solutions
Low
cost carrier (LCC) IndiGo said it will operate 16 additional flights across its
network with effect from October 1. "Effective October 1, 2017, IndiGo
will operate new flights between Hyderabad-Visakhapatnam, Delhi-Visakhapatnam,
Amritsar-Delhi and Bhubaneswar-Delhi amongst other routes," the airline
said in a statement. According to the LCC, the new services will further
consolidate the airline's position as the fastest growing airline in the
country, with its 940 flights connecting 46 destinations across its network.
InterGlobe Aviation shares closed at Rs1,137.00, down 0.94% on the BSE.
US
stocks ended higher on Tuesday, with Dow and Nasdaq closing at record highs, as
the Federal Reserve began a two-day monetary policy meeting. The Dow Jones
Industrial Average gained 39.45 points, or 0.18%, to 22,370.80. The S&P 500
added 2.78 points, or 0.11%, to 2,506.65. The Nasdaq Composite Index was up
6.68 points, or 0.10%, to 6,461.32. It was widely expected that the US central
bank won't raise interest rates following the meeting, but investors believe
the Fed will announce the unwinding of its $4.5-trillion balance sheet.
Analysts said that the market will also be looking for clues of whether the Fed
will raise rates in December. Market expectations for a December rate hike rose
to 58.3% on Tuesday. Wall Street also kept an eye on the United Nations, where
US President Donald Trump gave a speech on Tuesday, trying to rally members to
confront threats like North Korea. 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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