Contact Your Financial Adviser Money Making MC
27
September 2017
I had
mentioned in Tuesday’s closing report that Nifty, Sensex might rise if
Tuesday’s low holds. The major indices of the Indian stock markets went below
Tuesday’s lows on Wednesday and suffered a sharp correction closing with losses
of more than 1.30% over Tuesday’s close. The trends of the major indices in the
course of Wednesday’s trading are given in the table below:
 |
Major Indices (The Total
Investment & Insurance Solutions)
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 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.
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. Piramal Enterprises shares closed at
Rs2,620.00, down 2.35% on the BSE.
Automobile
manufacturer Datsun India on Tuesday launched hatchback "redi-GO GOLD
1.0L" priced from Rs369,737. According to Jerome Saigot, Vice President,
Marketing and Datsun Business Unit, Nissan Motor India, "Datsun redi-GO
GOLD" offers high-value-for-money cars for customers. The hatchback is
powered by the "Intelligent Spark Automated Technology (iSAT) 1.0L"
three-cylinder engine, paired with a five-speed manual transmission. The S
& P BSE Auto index 23,778.84, down 1.56% on the BSE.
With
exponential data consumption, the telecom industry is expected to generate
revenue of $38.25 billion by 2017-end, registering a compounded annual growth
rate of 5.2% between 2014 and 2017, Communications Minister Manoj Sinha said on
Wednesday. India is the second largest telecom market in the world with 1.2
billion telecom users and 450 million internet users, he added. The telecom
industry generates 4 million direct and indirect employment. The S & P BSE
Telecom index closed at 1,338.88, down 0.34% on the BSE. Huawei
Telecommunications India on Wednesday said it has tied up with Bharti Airtel
for the deployment of Airtel's Massive MIMO -- an integral component in India's
roadmap to 5G deployment -- in Bengaluru. The company said the Massive MIMO
solution can potentially increase spectrum efficiency by five to seven times,
enhancing intensive coverage and user experience.
Divi's
Laboratories shares plunged to Rs874.70, losing about 9% in the process, soon
after trading commenced on Wednesday morning, reacting to news that the
company's Vizag unit 2 received six observations in Form 483 from the US health
regulator. The inspection took place during the period September 11 - 19.
Pointing out that Divi's Laboratories failed to test individual batches of
final API with conformity with all appropriate specifications and that the
company has not thoroughly investigated the lab failures, the USFDA (United
States Food and Drug Administration) issued six observations. Alleged failure
to validate the manufacturing cleaning length and inadequate cleaning
instructions were among the other observations made by the US drug regulator.
The shares of the company closed at Rs850.15, down 11.60% on the BSE.
The
Congress, led by party Vice President Rahul Gandhi, on Wednesday launched a
frontal attack on the Modi government over the state of the economy, after BJP
leader Yashwant Sinha aired his views on the "mess", and warned
people to brace for tougher times ahead. "Ladies and gentlemen, this is
your copilot and FM speaking. Please fasten your seat belts and take brace
position. The wings have fallen off our plane," Gandhi tweeted while
sharing the article Sinha wrote in The Indian Express, critical of Finance
Minister Arun Jaitley. In the hard-hitting remarks, Sinha, who was the Finance
Minister in Atal Bihari Vajpayee's government, lashed out at
"superman" Jaitley for making a "mess" of the Indian
economy which is headed for a "hard landing" as sector after sector
is slipping into distress. With the news on the economy being bad, the Indian
stock markets are not bullish at high share prices. However, the long term
trend of the stock markets is bullish and there is no sell-out.
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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