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29
November 2017
I had
mentioned in Tuesday’s closing report that Nifty, Sensex were struggling to
head higher. The major indices of the Indian stock markets were range-bound 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
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Tracking
broadly positive global cues, key Indian equity indices traded in the green --
with marginal gains -- during the mid-afternoon session on Wednesday. The gains
were led by healthy buying in consumer durables, capital goods, auto and
healthcare stocks on the BSE market breadth. According to market observers,
investors traded with caution ahead of GDP data announcement and derivatives
expiry on November 30 (Thursday). However, the small gains were not sustained
and the major indices closed with small losses. On the NSE, there were 655
advances, 793 declines and 41 unchanged.
Indian
shares opened little changed Wednesday on positive global cues and traded in a
narrow range ahead of the F&O (futures and options) derivatives expiry due
on Thursday, observed market analysts. Coal India, Dr Reddy's, NTPC, Cipla,
ONGC led gains, while HDFC, Axis Bank, Bharti Airtel, Adani Ports led the
decline among the 50-share Nifty constituents.
Automobile
major Hyundai Motor India (HMIL) marked the "five millionth car
milestone" with the rollout of a Next Gen VERNA for the domestic
market.
Reliance
Communications (RCOM) on Tuesday said it has entered into a binding "Share
Purchase Agreement" with Pantel Technologies and Veecon Media &
Television for the sale of its subsidiary Reliance BIG TV (RBTV). According to
the company, pursuant to this transaction, the buyers will acquire the entire
shareholding of its subsidiary engaged in the business of Direct-to-Home (DTH)
services across India on an "as-is, where-is" basis. "The
existing DTH license of BIG TV is being renewed and the required bank
guarantees have already been submitted to the Ministry of Information and
Broadcasting," the company said in a statement. "The transaction
ensures that all 1.2 million customers of BIG TV shall continue to enjoy uninterrupted
services. It also ensures continuity of employment for approximately 500
employees of RBTV." The company said the transaction will help it to
reduce the liability of unsecured creditors, benefitting all stakeholders,
including lenders and shareholders of RCOM. "The transaction is in
consonance with RCOM's stated objective to focus on B2B businesses of the new
RCOM," the statement said. The company’s shares closed at Rs12.45, down
3.50% on the NSE.
US
stocks closed higher on as Wall Street mainly cheered on strong sales in the
holiday season. The Dow Jones Industrial Average on Tuesday increased 255.93
points, or 1.09%, to 23,836.71. The S&P 500 rose 25.62 points, or 0.98%, to
2,627.04. The Nasdaq Composite Index was up 33.84 points, or 0.49%, to 6,912.36.
Digital transactions totalled a record $6.59 billion on Monday, the largest
online shopping day in the US history, according to Adobe Analytics data
released on Tuesday. Shares of Amazon have been rising about 5% since the
holiday season kicked off this year. Meanwhile, investors also paid close
attention on Jerome Powell's confirmation hearing to become the next Federal
Reserve chair. Powell said on Tuesday that the current regulatory rules on
financial institutions are tough enough and he supported easing regulatory
burdens on some institutions. Shares of major US banks rallied after
Powell's remarks.
The
top gainers and top losers of the major indices are given in the table below:
 |
Top Gainer (The Total
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The
closing values of the major Asian indices are given in the table below:
 |
Asian Indices (The Total
Investment & Insurance Solutions)
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