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24 October 2017
I had
mentioned in Monday’s closing report that Nifty, Sensex were still range-bound.
The major indices of the Indian stock markets were range-bound on Tuesday and
closed with small gains over Monday’s close. The trends of the major indices in
the course of Tuesday’s trading are given in the table below: The Total Investment & Insurance
Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
Global
cues, along with buying in banking stocks and expectations of positive
quarterly results, buoyed the key Indian equity indices during the
mid-afternoon trade session on Tuesday. According to market observers, buying
was witnessed in banking, oil and gas and metal stocks. On the NSE, there were
936 advances, 743 declines and 295 unchanged. The Total Investment & Insurance Solutions
Hiring
activity in the banking and financial services sector witnessed a 21% growth
during September this year compared to the same period last year, a report by job
portal Naukri.com said. Even as the job market in the country remains
"volatile", Naukri Jobspeak Report, a monthly analysis of job
listings on the portal, shows the overall job market has seen 3% growth in
September, compared to the same period last year. "Job market continues to
be volatile. The Jobspeak index for September has shown a three per cent
year-on-year growth driven by growth in sectors like banking, financial
services, insurance, industrial products and auto and engineering," said
Chief Sales Officer of Naukri.com V Suresh in a statement. The
"uncertainty" in the job market is likely to continue for a few more
months, he added. The S & P BSE Bankex closed at 27,054.95, up 0.62% on the
BSE. The Total Investment & Insurance
Solutions
Post-demonetisation
and implementation of the Goods and Services Tax (GST), the current economic
slowdown has "bottomed out" and the recovery of the economy would
"critically depend on the initiatives" the government takes from now
onwards, according to a report. The report also said the quantum of impact of
the structural reforms - demonetisation and GST - was expected but the quantum
was not estimated and hence the current slowdown in the economy is painful.
"We believe that the slowdown has bottomed out, however, the stage and
pace of recovery would critically depend on the initiatives that the government
takes from now onwards to boost the growth momentum, especially the private
sector investment, without which we will not be able to aim for an ambitious
growth rate," said Arun Singh, Lead Economist Dun & Bradstreet
(D&B) India. According to D&B Economy Observer, the rebound in
industrial production, especially in capital goods is not just driven by
festive-led demand and is on a sustainable basis. The Total Investment & Insurance Solutions
Around
1,900 branches of IDBI Banks across the country were shut on Tuesday due to a
strike by employees demanding wage revision, said a leader of the All India
IDBI Officers Association (AIIDBIOA). The employee unions - officers and staff
- are on strike on Tuesday and Wednesday. IDBI shares closed at Rs54.05, up
4.34% on the NSE. The Total Investment & Insurance
Solutions
Fast
moving electrical goods major Havells India reported a net profit of Rs171
crore for the quarter ended September 30, 2017-18. "GST with high tax
rates on electrical products continues to disrupt demand scenario with muted
consumer offtake and delayed restocking at channel," said Anil Rai Gupta,
Chairman and Managing Director, Havells India. "The GST transition has
been well consummated at dealer and vendor platform. We remain cautiously
positive on growth in forthcoming period." The company’s shares closed at
Rs502.30, down 7.23% on the NSE. The Total
Investment & Insurance Solutions
Hindustan
Zinc reported a rise of 34% in its net profit for the second quarter (Q2) of
2017-18. According to a BSE filing, its net profit during the quarter under
review increased to Rs2,545 crore from Rs1,902 crore reported for the
corresponding period of 2016-17. The company's board of directors declared an
interim dividend of 100% i.e. Rs2 per share on equity share of Rs2 each with a
record date fixed for the interim dividend of October 31, 2017. The company
added that as on September 30, 2017, its cash and cash equivalents was Rs19,979
crore invested in high quality debt instruments. The company’s shares closed at
Rs315.10, down 1.07% on the NSE.
India’s
largest general insurance company New India Assurance will hit the capital
markets on November 1 to raise an estimated Rs10,000 crore through an initial
public offering, merchant bankers privy to the development said. The company's
share sale will close on November 3, it said. The IPO comprises sale of 9.6
crore shares by the government, besides fresh issue of 2.4 crore shares. Thus,
a total of 12 crore shares of the non-life insurer would be sold through the
share sale offer, constituting around 14.56% of the company's post issue share
capital. The exact amount and pricing for the IPO will be announced by the
company on Wednesday. New India Assurance is expected to list on the stock
exchanges on November 13. The Total
Investment & Insurance Solutions
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
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| Asian Indices (The Total Investment & Insurance Solutions) |
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