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18
September 2017
I had
mentioned in Friday’s closing report that Nifty, Sensex were at their best
weekly performance in two months. 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
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Major Indices (The Total
Investment & Insurance Solutions)
Positive
global cues, along with buying in automobile, capital goods and banking stocks,
lifted the Indian equity markets, with the NSE Nifty50 touching record high
levels during the mid-afternoon trade session on Monday. According to market
observers, the rally was aided by persistent pumping in of funds by domestic
investors. On the NSE, there were 1,011 advances, 658 declines and 309
unchanged. The Total Investment & Insurance
Solutions
Benchmark
indices opened higher with Nifty hitting new record high, crossing 10,171,
surpassing the previous milestone of 10,137, pointed out market analysts.
Strong buying from domestic institutional investors (DIIs) has supported the
24% rally in Indian stock markets this year. According to estimates from market
analysts, DIIs have pumped in around Rs70,000 crore into stock markets this
year till September 2017. The Total
Investment & Insurance Solutions
Calling
for a cut in the cess on transport fuels, industry chamber Assocham said on
Sunday that the consumer is getting restive about a three-year high in the
petrol prices and feels the market pricing mechanism is being distorted by tax
hikes on petrol and diesel. "Consumers are getting restive about a three
year high in the petrol and diesel prices because they feel the concept of
market-determined rates was tampered with by frequent tax hikes when the crude
oil prices fell steeply and are ruling at exactly half the level of $107 per
barrel in May 2014, even after rising in the last three months," an
Assocham release said here. "It is true that the crude oil has shot up by
about 18 per cent from $45.60 per barrel, taking the pump prices of petrol in
Delhi (for instance) to Rs70.39 per litre, from Rs65.40 three months ago,"
it said. Acknowledging that the increase in the retail prices is far less than
hike in crude oil, Assocham said, however, that "the consumer is not
willing to compare the crude prices of $45.60 in June versus $54 per barrel
today" but "he/she would confront you with $107 per barrel of crude
in May 2014 and the pump price of Rs71.51 per litre on June 1, 2014."
"With $107 per barrel, the retail price of auto fuel was Rs71.51 per
litre, then how come it is about the same when the Indian basket of crude is
trading at half that level at $53.83 per barrel, the consumers would ask,"
the statement said. If they were solely market determined, retail prices
should have been less than Rs40 a litre, it added. Indian Oil Corporation
shares closed at Rs415.50, down 0.04% on the NSE on Monday.
Bankers
on Saturday said they are betting on the Insolvency and Bankruptcy Code and the
process of National Company Law Tribunal for getting quick resolutions in order
to solve the problems of bad loans. "The Insolvency and Bankruptcy Code,
2016 is a game-changer," State Bank of India's Managing Director (National
Banking Group),Rajnish Kumar said, adding that it will greatly increase the
pace of resolution of stressed assets. NCLT process is the new one and not
matured but it provides a quick mechanism for getting resolutions for the
stressed assets, bankers said, adding that the restructuring of bad loans,
under the previously floated models, were tried to get rid of the problems but
earlier models did not solve many problems. The S & P BSE Bankex closed at
28175.67, up 0.71% on the BSE on Monday. The
Total Investment & Insurance Solutions
The
Indian equity markets are expected to take cues from geo-political developments
in the Korean peninsula, as well as the policy meet of the US Federal Reserve,
during the upcoming week starting September 18, according to market analysts.
In addition to global cues, experts maintain that the direction of foreign fund
flows will have a major bearing on the stock markets. This week is likely to be
dominated by action from global central bank meetings -- the US Federal Reserve
and Bank of Japan. The US Fed's Federal Open Market Committee will meet on
September 20-21.
The
trends of the top gainers and the top losers of the major indices are given in
the table below: The Total Investment & Insurance
Solutions
 |
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
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| Asian Indices (The Total Investment & Insurance Solutions) |
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