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13
December 2017
I had
mentioned in Tuesday’s closing report that Nifty, Sensex were losing momentum.
The major indices of the Indian stock markets closed with small losses over
Tuesday’s close. If Nifty is not able to break out above today’s high, there
are chances that it may slip to 10,100 and further to 10,000. The trends of the
major indices in the course of Wednesday’s trading are given in the table
below: The Total Investment &
Insurance Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
After a volatile trade session, the
key Indian equity indices on Wednesday closed on a lower note as investors
booked profits in metals, capital goods and banking stocks. According to market
observers, the benchmark indices gave up all their morning gains to close in
the red for the second day in a row as traders were cautious ahead of the US
Federal Reserve's policy outcome later in the evening. Selling pressure in
index heavyweights like Cipla, Adani Ports, State Bank of India, ICICI Bank and
Larsen and Toubro pulled the indices lower. On the NSE, there were 416
advances, 1,111 declines and 38 unchanged.
A sharp spurt in food and fuel
prices pushed India's annual retail inflation in November over the RBI's median
level of 4%, even as factory output growth in October contracted to 2.2%,
official data showed on Tuesday, even as industry called for
"remedial" measures to help revive demand. According to the data from
the Ministry of Statistics & Programme Implementation, consumer price index
(CPI) inflation in November rose to 4.88% from 3.58% reported for
October.
As per the Index of Industrial
Production (IIP) data released by the Central Statistics Office, on a year-on-year
basis, the manufacturing sector expanded by 2.5%, whereas mining output was a
mere 0.2% and electricity generation expanded by 3.2%. The
Total Investment & Insurance Solutions
The Reserve Bank of India (RBI) has
a medium-term target for consumer price index (CPI) inflation of 4% with a range
band of 2% either way. At its fifth bi-monthly monetary policy review of the
fiscal earlier this month, the RBI kept its key lending rate unchanged at 6%
for the third time in a row, citing concerns over the rising trajectory of
inflation.
Overall, the macro-economic data
released by the government has dampened investors’ sentiments. The
Total Investment & Insurance Solutions
Bharti Airtel and Warburg Pincus, a
global private equity firm, announced that an affiliate of Warburg Pincus will
acquire up to a 20% equity stake in Bharti Telemedia Limited, the DTH arm of
Airtel, for approximately $350 million. In this deal 15% stake will be sold by
Bharti Airtel and the balance by another Bharti entity which holds 5% stake, a
company statement said here. "Airtel has enjoyed a very successful partnership
with Warburg Pincus in the past and we are excited to partner with them once
again in an attractive and fast growing space. Airtel TV is very well
positioned in the DTH space, and we are committed to grow our share of the
market through a combination of innovation, value engineering, customer service
and distribution initiatives," said Gopal Vittal, MD and CEO (India &
South Asia), Bharti Airtel. Bharti Telemedia offers services under the Airtel
TV brand. It had approximately 14 million subscribers and approximately $550
million in revenues during the 12-month period ended September 30, 2017. Bharti
Airtel shares closed at Rs516.95, down 1.34% on the BSE.
US stocks closed mixed with both the
Dow and the S&P 500 refreshing closing records, as the Federal Reserve
kicked off its two-day policy meeting. The Dow Jones Industrial Average on
Tuesday rose 118.77 points, or 0.49%, to 24,504.80. The S&P 500 added 4.12
points, or 0.15%, to 2,664.11. The Nasdaq Composite Index decreased 12.76
points, or 0.19%, to 6,862.32. Investors watched closely on the Fed's meeting,
with an updated policy statement set to be released after the conclusion of the
meeting on Wednesday. Following the release, Fed Chair Janet Yellen will hold
her last news conference as the central bank chief. The Fed is widely expected
to deliver its third interest-rate hike for 2017 but investors want to see what
the policy-making body signals about 2018. "We all know the Fed is going
to raise rates tomorrow. If they don't it would be a shock. The interesting
question is whether they reveal anything about future policy steps," said
Chris Low, chief economist at FTN Financial, in a note.
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) |
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