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14
November 2017
I had
mentioned in Monday’s closing report that Nifty, Sensex were on a mild
downtrend. The major indices of the Indian stock markets were range-bound on
Tuesday and closed with small losses over Monday’s close. The trends of the
major indices in the course of Tuesday’s trading are given in the table below:
 |
Major Indices (The Total
Investment & Insurance Solutions)
Negative
global cues, along with disappointing macro-inflation data points and rising
crude oil prices subdued the key Indian equity indices during the mid-afternoon
trade session on Tuesday. According to market observers, selling pressure was
witnessed in capital goods, oil and gas, banking and IT (information technology)
stocks. On the NSE, there were 667 advances, 1,013 declines and 301 unchanged.
Geo-political
tensions in the Middle East, negative Asian and European markets and
disappointing WPI (wholesale price index) data subdued the key domestic
indices, observed market analysts. India's annual rate of inflation based on
wholesale prices went up in October to 3.59%, official data showed here on
Tuesday. According to data from the Ministry of Commerce and Industry, the
wholesale price index (WPI), with the revised base year of 2011-12, went up in
October to 3.59% from 2.60% in September.
State-run
United Bank of India (UBI) on Monday reported a net loss of Rs344.83 crore for
the second quarter ended September 30 against a net profit of Rs43.53 crore for
the corresponding period a year ago. Its operating profit fell to Rs286 crore
in the quarter under review, as against Rs436.59 crore in the corresponding
period last year. The lender had posted a net loss of Rs211.46 crore for the
first quarter of the current fiscal. The bank's asset quality deteriorated
further in the September quarter of the current fiscal. Gross non-performing
assets (NPAs) in absolute terms rose 15.8% year-on-year at Rs12,892.67 crore
during the period under review. The bank's gross NPA as a percentage of total
loans rose to 18.80% in the September quarter of this fiscal from 16.26% during
the same period in the previous fiscal. Net interest income (NII) remained flat
at Rs376.26 crore compared with Rs376.40 crore in the corresponding period of
last fiscal, according to a stock exchange filing. The bank’s shares closed at
Rs17.50, down 2.78% on the NSE.
Tata
Chemicals reported a 52% increase in its consolidated net profit to Rs273 crore
in the quarter ended September 30, 2017 as compared to Rs180 crore in the
year-ago period. The company reported income from operations for the quarter
under review on consolidated basis at Rs3,462 crore, lower 0.7%.
"Consequent to implementation of Goods and Service Tax (GST) from July 1,
net income from operations is net off GST. On a like to like basis, the revenue
from operations for Q2 FY18 (second quarter of 2017-18) is at Rs1,598 crore, up
by 2.6%, as compared to Q2 FY17 (second quarter of 2016-17) Rs1,557 crore (net
off excise duty)," it said in a statement. Commenting on the performance,
company's Managing Director R. Mukundan said: "The quarter under review
saw a steady performance from the Indian as well as global chemicals business,
registering improved profitability owing to cost and operational efficiencies.
We continue to direct our efforts towards growing market shares across product
categories and furthering customer excellence in the farm business." He
said: "Our strategy remains to focus on the specialty chemicals and
consumer food business as our key areas of growth, while maintaining leadership
in the Inorganic chemicals business." The group had entered into an
agreement with Yara Fertilisers to transfer its urea business by way of a slump
sale for a consideration of Rs2,670 crore. The company’s shares closed at
Rs713.10, down 1.59% on the NSE.
US
stocks ended higher amid market speculation on the timing of the tax reform.
The Dow Jones Industrial Average on Monday increased 17.49 points, or 0.07%, to
23,439.70. The S&P 500 rose 2.54 points, or 0.10%, to 2,584.84. The Nasdaq
Composite Index was up 6.66 points, or 0.10%, to 6,757.60. The market had
rallied to record highs amid renewed expectations that the US Congress, along
with the Donald Trump administration, would be able to move forward with tax
reform in 2017. However, rising concerns emerged after the Senate Republicans
on Thursday unveiled a plan to overhaul the US tax code that contains key
differences from a comparable House tax plan. The Senate bill would delay a
corporate tax rate cut from 35% to 20% until 2019, denting investors' hope for
a new tax plan before the end of this year.
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:
 |
| Asian Indices (The Total Investment & Insurance Solutions) |
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