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24
November 2017
I had
mentioned in last week’s closing report that Nifty, Sensex were still trendless
on a weekly basis. The major indices of the Indian stock markets were
range-bound and advanced around 1% over the week over last Friday’s close. The
trends of the major indices in the course of the week are given in the table
below: The Total Investment &
Insurance Solutions
 |
| Weekly Indices (The Total
Investment & Insurance Solutions) |
Selling
pressure in IT (information technology), banking and technology stocks, coupled
with broadly negative global cues, led the key Indian equity indices to trade
on a flat-to-negative note during the mid-afternoon session on Monday. ICICI
Bank, Cipla, State Bank of India (SBI) and Infosys were among the top laggards
on the BSE market breadth. On the NSE, there were 1,035 advances, 654 declines
and 303 unchanged. The Total Investment & Insurance
Solutions
Global
software major Infosys Ltd would buy back 11.3-crore of its equity shares of
Rs5 face value by paying Rs13,000 crore at the price of Rs1,150 per share from
November 30, said the IT major on Friday. "Buyback of 11,30,43,478 equity
shares of Rs5 each at a price of Rs1,150 per share under the tender offer route
opens on November 30 and closes on December 14," said the company in
regulatory filing on the BSE. "The offer size is 20.51% of the total
paid-up capital and free reserves, aggregating up to 11.3-croreAshares or 4.92%
of the total shares for an amount not exceeding Rs13,000 crore," said the
company in an earlier filing.
Asia
Index informed that lenders IndusInd Bank and Yes Bank will enter the 30-scrip
sensitive S&P BSE Sensex from December 18, 2017. According to Asia Index
which is a 50-50 partnership between S&P Dow Jones Indices LLC and BSE,
pharma majors Cipla and Lupin will exist the barometer after reconstitution.
The reconstitution exercise involves re-evaluation of the constituents of a
particular index. It also incorporates addition and removal of stocks
from the index and their re-ranking based on the current market situation.
Positive
Asian markets, coupled with strong buying in stocks of healthcare majors like
Dr Reddy's Lab, Sun Pharma, Cipla and Lupin, propelled the key Indian equity
indices on Tuesday. According to market observers, the key indices discarded
the previous day's lacklustre performance to trade with substantial gains as
buying was witnessed in consumer durables, healthcare and oil and gas stocks.
Benchmark indices opened on a positive note following higher Asian stocks. The
dollar hovered near a one-week high against its peers on the back of higher US
yields and a struggling euro. On the NSE, there were 848 advances, 680 declines
and 61 unchanged. The Total Investment & Insurance
Solutions
The
Ministry of Road Transport and Highways said global rating agency Moody's
upgraded the issuer ratings of National Highways Authority of India (NHAI) to
Baa2 from Baa3 in the beginning of October and revised outlook to stable from
positive. The ratings of National Thermal Power Corporation (NTPC), National Hydroelectric
Power Corporation (NHPC) and Gas Authority of Indian Limited (GAIL) have also
been upgraded, a Ministry of Road Transport and Highways statement said.
According to Moody's, "the upgrade in ratings for NTPC, NHPC, NHAI
and GAIL follows the upgrade of the Indian sovereign rating and reflects the
strategic importance of these entities to the country, as well as their close
operational and financial links with the government".
Key
Indian equity indices closed in the positive territory on Wednesday as higher
auto stocks buoyed investors' sentiments. However, profit booking in metals and
healthcare sectors capped gains. According to market observers, index
heavyweights on the BSE like State Bank of India, Adani Ports, HDFC, Mahindra
and Mahindra, and Asian Paints drove the upward rally of the indices.
Leading
Indian private lender Yes Bank said it was raising $400 million (Rs2,600 crore)
through two syndicated loans from Taiwan and Japan. "The first loan of
$250 million is from 17 Taiwanese banks and second (Samurai) loan of $150
million from 8 Japanese banks," said the bank in a statement.
Indian
equity markets on Thursday closed on a flat-to-positive note as investors
traded with caution on the back of weak global cues and selling pressure in
index heavyweights like Dr Reddy's Lab, Bajaj Auto, Adani Ports and NTPC.
According to market observers, gains were supported by healthy buying in IT
(information technology), capital goods and consumer durables stocks.
State-run
lender United Bank of India (UBI) said it is planning to raise up to Rs500
crore through issuing and allotting of Basel III compliant bonds. UBI would
seek approval for this from its board which is scheduled to meet on December
6.
Bharti
Airtel said Tata Teleservices customers will be shifted to its mobile network
under an intra circle roaming (ICR) arrangement with effect from Wednesday.
According to the telecom major, the first batch of the transition was being
effected in UP (West), Bihar, and West Bengal. "Over the coming weeks, all
consumer mobile customers of Tata Teleservices across all circles will
gradually transition to the Airtel network," the company said in a
statement. Under the arrangement, customers will be able to enjoy uninterrupted
services on the Airtel network with their existing SIMs and billed as per their
existing plans/pack benefits. The statement added that the telecom players had
recently announced an agreement to merge the consumer mobile businesses of Tata
Teleservices and Tata Teleservices Maharashtra into Airtel. "The
acquisition is currently undergoing regulatory approvals," it added.
Value
buying in consumer durables, oil and gas as well as IT (information technology)
stocks lifted the key Indian equity indices on Friday although profit booking
in metals sector capped the gains. According to market observers, index
heavyweights like Infosys, Mahindra & Mahindra, Bajaj Auto, Kotak Bank and
Sun Pharma (on BSE) added to the upward trajectory. At the time of closing of
trading, the major indices closed with small gains over Thursday’s close.The Total Investment & Insurance Solutions
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