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22 September 2017
I had
mentioned in last Friday’s closing report that Nifty, Sensex were at their best
weekly performance in the last two months. The major indices of the
Indian stock markets suffered a sharp correction over the last one week and
closed on Friday with losses 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:
 |
| Weekly 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.
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.
Key
Indian equity indices traded on a flat-to-negative note during the
mid-afternoon session on Tuesday on the back of broadly negative global cues
and profit booking in metals, consumer durables and banking stocks. According
to market observers, investors were cautious ahead of the two-day US Federal
Reserve meeting slated for later in the evening (India time). However, buying
in automobile and oil and gas stocks pared some losses. On the NSE, there were
833 advances, 821 declines and 305 unchanged.
On
Tuesday, SBI Life Insurance was eyeing to achieve 35%-40% growth in the new
business premium collection in the current fiscal, said a company official. The
company expects 32% growth in agency channel. The life insurer will remain
focused on banking and agency channel to achieve the growth, he added. SBI Life
Insurance proposed to open an initial public offering (IPO) of up to 120
million equity shares of face value of Rs10 each on September 20. It comprised
of an offer for sale of up to 80 million equity shares by State Bank of India
and up to 40 million equity shares by BNP Paribas Cardif S.A. SBI Life expected
to mop up Rs8,400 crore from the IPO proceeds.
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.
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.
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.
Low
cost carrier IndiGo said it would 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 Indigo, the new services would further
consolidate the airline's position as the fastest growing airline in the
country, with its 940 flights connecting 46 destinations across its
network.
Mixed
global cues, coupled with selling pressure in banking, consumer durables and
metal stocks, dragged the key Indian equity indices lower during the
mid-afternoon trade session on Thursday. According to market observers,
investors remained cautious as the US Federal Reserve on Wednesday night
signalled another rate-hike in December, while keeping its interest rates
steady for now. A rate-hike could potentially lead foreign portfolio investors
(FPI) away from emerging markets such as India. The US Fed also announced that
it would start unwinding its $4.5 trillion balance sheet from October, a
further step to end the loose monetary policy. On the NSE, there were 576
advances, 1,083 declines and 301 unchanged.
Income
Tax Department sleuths on Thursday searched the business and residential
premises of Cafe Coffee Day retail chain founder-owner V.G. Siddhartha,
son-in-law of former Karnataka Chief Minister SM Krishna, in Bengaluru and
other places in the state for alleged tax evasion, said a senior
official.
Nasscom
Foundation of the Indian IT (information technology) industry apex body
announced a Rs10-lakh grant each for mentoring technology-based social
innovations in five thematic areas.
Key
Indian equity indices -- the BSE Sensex and the NSE Nifty50 -- descended by
more than 1% each on Friday as weak Asian markets, on the back of geo-political
risks and depreciation of the rupee subdued investors' sentiments. Selling
pressure in banking, capital goods and consumer durables stocks aided in the
downslide of the indices. On the NSE, there were 206 advances, 1,463 declines
and 292 unchanged.
Housing
finance company Reliance Home Finance Ltd (RHFL) -- part of Anil D Ambani-led
Reliance Group -- on Friday debuted on the NSE at Rs107.20. The Total Investment & Insurance Solutions
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