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29
September 2017
I had
mentioned in last Friday’s closing report that Nifty, Sensex were headed lower.
The major indices of the Indian stock markets suffered a correction during the
week and closed with losses on Friday 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)
Negative global cues on the back of
prevailing geo-political tensions, coupled with selling pressure in index
heavyweights like Adani Ports, Tata Steel and Larsen & Toubro, dragged the
key Indian equities lower for the fifth consecutive trade session on Monday.
According to market observers, investors remained cautious about the
government's plans for a stimulus programme which might lead to fiscal deficit.
On the NSE, there were 345 advances, 1,334 declines and 299 unchanged. The Total Investment
& Insurance Solutions
The benchmark indices extended
losses on Monday with the Nifty50 breaching its crucial 9,850 mark as investors
turned jittery as they expect government to tinker with its fiscal deficit target
for FY18 by announcing an economic stimulus to revive the economy, pointed out
market analysts. Traders said apart from continuous foreign funds outflows,
selling by retail investors amid lingering North Korea tensions led to a
further drop in the Sensex. Foreign portfolio investors sold shares worth a net
Rs1,241.73 crore on Friday, showed provisional data released by the stock
exchanges.
Key Indian equity indices were
dragged lower during the mid-afternoon trade session on Tuesday as rising
tensions in the Korean Peninsula dented investors' risk-taking appetite.
According to market observers, broadly negative global indices and subdued
domestic growth outlook too dampened key indices.
The market made a subdued start on
Tuesday, in line with a sluggish Asian opening, as worries over North Korea
made investors cautious, observed market analysts. FMCG (fast moving consumer
goods), consumer durables, banking and PSU (public sector undertaking) banking
stocks were in the red, losing up to 0.32%. Some losses were pared by buying in
metals and realty stocks. The rupee weakened by 18 paise to a fresh six-month
low of 65.28 against the US dollar during early trade. The Total Investment
& Insurance Solutions
The State Bank of India (SBI)
lowered the penalty on savings accounts for non-maintenance of minimum balance
while exempting the accounts of minors and pensioners. The largest public
sector bank had levied penalty for not maintaining minimum balance in its
savings accounts starting April 1. The Jan Dhan and Basic Savings Bank Deposit
Accounts were already exempt from this.
According to market observers,
caution ahead of futures and options (F&O) expiry, coupled with a weak
rupee and profit booking in banking, healthcare and automobile stocks, hampered
investors' risk-taking appetite on Wednesday. On the NSE, there were 192
advances, 1,284 declines and 34 unchanged. Market close on Wednesday has marked
the longest losing streak for the indices after a seven-day fall that ended on
22 December, 2016, pointed out market analysts. Sentiment was also dampened,
when news agencies flashed that there was a firefight and heavy casualties were
suffered by the NSCN-Khaplang in Nagaland along the India-Myanmar border,
according to a tweet from the Eastern Command. The Total Investment
& Insurance Solutions
Piramal Finance on Wednesday
announced its foray into the retail housing finance business through its
wholly-owned subsidiary Piramal Housing Finance. "Under a licence received
from the National Housing Bank to operate, the housing finance vertical will
offer home loans as well as loans against property and construction finance for
small developers," the company said in a statement. "Given the size,
scale and market relevance of the wholesale lending business, it was a natural
progression to assess opportunities within the retail lending space."
"The retail housing finance business will initially focus on a product
roll out across all major metro cities and thereafter seek to establish a
pan-India presence, including tier 2, 3 towns and cities. The retail
construction finance arm will focus on local developers in tier 1 and top
developers in tier 2, 3 geographies," it said. Piramal Finance's existing
wholesale business has over Rs35,000 crore in assets under management (across
debt and equity), with funding across over 300 projects and over 100
development partners, it added.
Despite broadly positive global
cues, key Indian equity indices traded on a flat note with marginal losses
during the mid-afternoon session on Thursday. Volatility was induced in the
markets on the day of September derivatives expiry as investors booked profits
in oil and gas, consumer durables and banking stocks. On the NSE, there were
894 advances, 532 declines and 58 unchanged.
All 174 passengers on board a
SpiceJet flight on the Kabul-New Delhi route were evacuated on Wednesday
afternoon when terrorists attacked Kabul's Hamid Karzai International Airport,
the airline said. According to a SpiceJet spokesperson, the boarding for
SpiceJet's flight SG 22 was almost complete when the incident took place.
"Passengers and crew were safely deboarded and taken to the terminal
building. There was no damage to the aircraft," the spokesperson said. At
least 20 rockets landed near the Kabul airport after US Defence Secretary Jim
Mattis arrived in the Afghan capital.
On Friday, the major indices
initially rallied but failed to sustain momentum and closed on a
flat-to-positive note. Continuous pumping in of funds by domestic institutional
investors (DIIs), coupled with broadly positive global cues and buying in
automobile, oil and gas, and metal stocks, lifted the key Indian equity indices
for the second consecutive trade session on Friday. But by the time trading
closed, the gains were lost and the major indices ended flat. On the NSE, there
were 1,077 advances, 569 declines and 317 unchanged. With the news from the
Indian economy bad, fresh politico-economic inputs are required to bring the
market to a bullish trend next week.The Total Investment & Insurance
Solutions
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