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21
December 2017
I had
mentioned in Wednesday’s closing report that Nifty, Sensex uptrend was intact.
The major indices of the Indian stock markets were range-bound on Thursday and
ended flat over Wednesday’s close. On the NSE, there were 991 advances, 540
declines and 44 unchanged. The trends of the major indices in the course of
Thursday’s trading are given in the table below: The Total Investment & Insurance Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
Key Indian equity indices on Thursday closed
on a flat-to-negative note on the back of broadly negative global cues, along
with selling in auto stocks. Automobile major Mahindra and Mahindra -- which
plunged over 3% -- was the top loser on the BSE followed by Axis Bank, Maruti
Suzuki, Hindustan Unilever and Bajaj Auto. Telecom stocks like Reliance
Communications (RCom) (up 4.05%) and Idea Cellular (up 3.37%) closed higher
after a Delhi court acquitted all the accused in the alleged multi-thousand
crore rupee 2G spectrum scandal. The BSE market breadth remained bullish as
1,701 stocks advanced as compared to 1,014 declines. The Total Investment & Insurance Solutions
Software
major Tech Mahindra on Thursday announced a partnership with global management
consulting firm Gao Feng Advisory Company to set up a joint Artificial
Intelligence (AI) lab in Shanghai. The lab will work in the areas of futuristic
digital technologies including AI chatbot Services, smart process automation,
Neuro-linguistic programming (NLP), image recognition and processing, Machine
Learning (ML) and Predictive Analytics. Tech Mahindra shares closed at
Rs488.05, down 0.99% on the BSE.
Banks will need to take a "haircut"
of up to 60% on their bad loans to resolve the issue of massive non-performing
assets (NPAS) accumulated in the Indian banking system, which is holding up
higher economic growth, rating agency Crisil said on Wednesday. According to
the American agency S&P-owned Crisil, tepid investment growth and the high
level of NPAs are the two uncertain factors clouding the outlook on India
achieving a Gross Domestic Product growth rate of over 7 per cent in the next
fiscal. "Banks will need to take a haircut of up to 60% to resolve the
issue of NPA," Crisil Chief Analytical Officer Pavan Aggarwal said at an
editors’ meet organised here by the company. "The top 50 NPA accounts
constitute 50% of all bad loans of banks in the country and account for
Rs4,25,000 crore of NPAs," he said. The S & P BSE Bankex closed at
28,881.19, down 0.26% on the BSE. The
Total Investment & Insurance Solutions
Hyundai
Motor India (HMIL) announced a price increase of up to 2% effective from the
"beginning of next year". Commenting on the Price increase, HMIL
Director (Sales and Marketing) Rakesh Srivastava said: "We have been
absorbing the increase in input and material costs but now are constrained to
increase the prices up to 2%." On Tuesday, Nissan Group of India had
announced an upward price revision across its Nissan and Datsun range of models
by up to Rs15,000 effective January 1. Last week, Mahindra & Mahindra
(M&M), Volkswagen India and Maruti Suzuki India had said they will increase
prices. The S& P BSE Auto Index closed at 26,458.18, down 0.76% on the BSE.
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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