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5
December 2017
The
major indices of the Indian stock markets were range-bound on Tuesday and
closed with minor losses over Monday’s close. Bank Nifty bucked the trend and
was up. The trends of the major indices in the course of Tuesday’s trading are
given in the table below: The Total Investment & Insurance
Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
Broadly
negative global cues, along with selling pressure in auto, consumer durables
and capital goods stocks pulled the key Indian equity indices lower during the
mid-afternoon trade session on Tuesday. Market observers said investors traded
with caution ahead of the outcome of the Reserve Bank of India's (RBI) two-day
policy review meet on Wednesday. On the NSE, there were 580 advances, 944
declines and 43 unchanged.
To
push sales during the year-end period, automobile major Tata Motors on Monday
said that it has launched a 'Mega Offer Max Celebration' sales offer. According
to the company, the offer provides opportunity to customers "to drive home
a Tata car at a down payment of INR 1 and enjoy savings of upto 1 lakh,
depending on the model and variant". "Tata Motors has tied up with
leading financiers and banks to offer up to 100% funding through attractive
finance schemes on the passenger vehicles," the company said in a
statement. "This will be a great opportunity for customers to exchange
their cars and enjoy the benefit of huge savings." Tata Motors shares
closed at Rs402.25, down 0.35% on the NSE. The Total Investment
& Insurance Solutions
Over
60% LPG consumers under the Pradhan Mantri Ujjwala Yojana (PMUY) have booked at
least four refills, demonstrating success of the initiative, designed to cut
use of polluting fuel for cooking, Petroleum Minister Dharmendra Pradhan said
on Tuesday. Addressing the launch of the India chapter of WINLPG, the global
network for promotion of women in the LPG industry, Pradhan also said that in
view of a Supreme Court ban on use of highly polluting petroleum coke (petcoke)
in the National Capital Region (NCR), the liquefied petroleum gas (LPG)
industry should make all efforts to increase its market share in the country.
"As per our data feedback from the Ujjwala Yojana, more than 60% of
consumers on an average have gone for four cylinders," Pradhan said.
Indian Oil Corporation shares closed at Rs390.50, down 0.01% on the NSE.
International
ratings agency Fitch lowered the country's GDP growth projection for 2017-18 to
6.7%. According to Fitch's December Global Economic Outlook (GEO), the global
ratings agency reduced the growth forecast for the fiscal year to end-March
2018 (FY18) to 6.7% from 6.9%. "The Indian economy picked up in 3Q17, with
GDP growing by 6.3% yoy (year-on-year), up from 5.7% in 2Q17. However, the
rebound was weaker than we expected, and we have reduced our growth forecast
for the fiscal year to end-March 2018 (FY18) to 6.7% from 6.9% in the September
GEO," the ratings agency said in its report. "The FY19 forecast has
been cut to 7.3% from 7.4%. Growth has repeatedly disappointed in recent
quarters, although this has partly reflected one-off factors including the
demonetisation programme of November 2016 and disruptions related to the
implementation of the introduction of the Goods and Services Tax in July
2017." Fitch further said that it expects GDP growth to pick up in the
next two years. The medium term bullish trend of the major indices is likely to
be affected adversely.
US
stocks traded mixed on Monday on news that the Senate narrowly passing a major
tax bill over the weekend. Dow Jones Industrial Average was up 58 points but
S&P 500 was down 3 points. The US Senate on Saturday morning narrowly
passed the Republican bill to overhaul the tax code in decades, moving one step
closer to the first major legislative victory of the Trump administration and
congressional Republicans. The House of Representatives had passed its own
version of tax reform legislation last month, which contained significant
differences from the Senate version. Republicans currently plan to convene a
conference in the next few weeks to reconcile the House and Senate
versions.
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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