Contact Your Financial Adviser Money Making MC
6
September 2017
I had
mentioned in Monday’s closing report that a close below today’s low may mean a
new downturn for Nifty, Sensex. On Tuesday, Moneylife offices were closed but
the Indian stock markets were open for trading. On Tuesday, the benchmark
indices closed on a higher note as positive European markets and persistent
purchasing by domestic institutional investors (DIIs) buoyed investors'
sentiments. The Total Investment & Insurance
Solutions
The
major indices of the Indian stock markets suffered a correction on Wednesday
and closed with small losses 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)
Negative
global cues and heavy selling pressure in index heavyweights like ITC, Sun
Pharma, Lupin and Axis Bank, among others, pulled the two key Indian equity
indices lower during the mid-afternoon trade session on Wednesday. Sectorwise,
the healthcare and FMCG (fast moving consumer goods) indices plunged into the
negative zone. On the NSE, there were 832 advances, 811 declines and 322
unchanged.
US
stocks sank on Tuesday, with the S&P 500 stumbling to its biggest
single-day loss in about three weeks. Asian stocks also slipped in the morning
trade while the dollar was on the defensive with tensions in the Korean
Peninsula showing little signs of abating, pointed out market analysts.
North
Korea on Wednesday insisted that it will maintain its nuclear program even if
additional sanctions from the international community are imposed on the
regime, media reports said. It also accused the US of being the main culprit
for escalating tension and nuclear threat, Efe news reported. "The US is
terribly mistaken if it thinks it can frighten or persuade Pyongyang by talking
about 'all options' on the table and imposing the toughest sanctions and
pressure," the North Korean Foreign Ministry said in a statement released
late Tuesday by state news agency KCNA. The statement also referred to the UN
Security Council's emergency meeting on Monday and US Ambassador Nikki Haley's
request to adopt a new and tougher sanctions resolution against North Korea.
International markets can hence continue to be volatile in this context.
“The
short-term outlook continues to be challenging as the US generics industry is
facing rapidly changing market dynamics. Increased competitive intensity and
customer consolidation is leading to pressure on pricing; while continued delay
in approvals from the Halol facility is also impacting the company’s working,”
Sun Pharmaceutical managing director Dilip Shanghvi said in its annual report.
“In the Indian market, there is uncertainty amongst the trade channels due to
the GST (goods and services tax) implementation, although it may be temporary.
Given these factors, growth could be a challenge in FY18 (2017-18) and we
expect a single-digit decline in consolidated revenues for FY18 over FY17
(2016-17),” Shanghvi said. The company’s shares closed at Rs474.10, down 3.61%
on the NSE. The Total Investment & Insurance
Solutions
HCL
Technologies on Wednesday announced the acquisition of automation-driven data
management platform Datawave for an undisclosed sum. The shares of the HCL Tech
closed at Rs852.00, down 0.92% on the NSE. Mergers can happen between healthy
banks and not amongst weak ones and the central government should be careful in
this regard, said Reserve Bank of India's former Governor Raghuram G Rajan
said. Rajan said one has to be careful while merging public sector banks as mergers
take time. "It is better to do mergers when banks are healthy than when
they are unhealthy," he added. Rajan said in case of weak banks, more time
has to be spent on cleaning up their balance sheets.
The
Indian service sector's output continued to be weak in August, impacted by the
implementation of the Goods and Services Tax (GST) from the previous month, a
key macro-economic data showed. According to the seasonally adjusted Nikkei
India Services PMI Business Activity Index, the pace of downturn last month was
less than the contraction in July when output had declined to its lowest level
since September 2013. The seasonally adjusted index rose to 47.5 in August from
45.9 in July. An index reading of above 50 indicates an overall increase in
economic activity and below 50 an overall decrease. "Services acted as a
drag on the private sector economy in August, with the reduction in business
activity offsetting growth of manufacturing production. While July's downturn
in the goods-producing industry proved to be a temporary blip, services
remained trapped in contraction," said Pollyanna De Lima, economist at IHS
Markit and the author of the report. "The downturn was often associated
with the implementation of the GST, though there was also a mention of shortages
of inputs," Nikkei said in a release. The Nikkei India Manufacturing PMI
in India report last week showed output rebounding in August with new orders
and output returning to growth territory after falling in July. The markets are
likely to appear to be bearish in the near term for investors in the
manufacturing sector.
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) |
No comments:
Post a Comment