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1 December 2017
I had
mentioned in last week’s closing report that Nifty, Sensex were on an uptrend
for now. The major indices of the Indian stock markets suffered a correction
during the week and closed on Friday with significant losses over last Friday’s
close. The trends of the major indices in the course of the week’s trading are
given in the table below:
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Weekly Indices (The Total
Investment & Insurance Solutions)
The
key Indian equity indices on Monday were trading lower on Monday, in line with
the closing values of Asian indices. S&P maintained status quo on sovereign
rating amid a likely rise in volatility ahead of expiry of November futures and
options contracts, observed market analysts. On the NSE, there were 990
advances, 703 declines and 303 unchanged.
Hinduja
flagship firm Ashok Leyland today said it has inked a pact with its
long-standing Japanese partner Hino to jointly develop BS-VI compliant engines.
The companies have entered into a mutual cooperation agreement (MCA) where
Ashok Leyland will utilise Hino's engine technology for Euro-VI development and
will support Hino’s engine parts' purchasing in India for global operation, the
Chennai-based firm said in a statement. Hino and Ashok Leyland have had a
cooperative agreement for engine production in India since 1986.
Shares
of Sun Pharmaceutical Industries slipped nearly 2% in early trade on Monday
after the pharma company on Friday announced that its US-based subsidiary is
recalling two lots of diabetes drug Riomet due to microbial contamination.
Key
Indian equity indices traded in the red on Tuesday as negative Asian indices as
well as profit booking in oil and gas and consumer durables stocks kept
investors' sentiments subdued. Index heavyweights like ONGC, Power Grid, NTPC,
Reliance Industries and ICICI Bank traded lower on the BSE market breadth.
Investor confidence in China was on a decline due to rising bond yields. On the
NSE, there were 728 advances, 793 declines and 50 unchanged.
On
Tuesday, global software major Infosys said it would hire 500 Americans in US'
Rhode Island state in the next 5 years. "We will hire 500 American workers
in Rhode Island over the next 5 years where a design and innovation hub will be
set up in multi-year partnership with its state, a said the city-based $10
billion firm in a statement here. Welcoming the IT firm, Governor Raimondo said
the people were equipped and prepared to compete for the Infosys jobs. "Infosys
joins a growing local market of innovative, advanced industry firms that have
chosen to plant a flag in Rhode Island where we have invested in higher
education and job training," he said. The hiring in Rhode Island is part
of the company's announcement on May 2 to recruit 10,000 Americans by setting
up four such hubs across the US to focus on new technologies, including
artificial intelligence, machine learning, user experience, emerging digital
technologies, cloud and big data.
Jerome
Powell, US President Donald Trump's nominee to lead the Federal Reserve, said
he expected the central bank to continue monetary tightening and to ease
regulatory burdens on financial system.
Tracking
broadly positive global cues, key Indian equity indices traded in the green --
with marginal gains -- on Wednesday. The gains were led by buying in consumer
durables, capital goods, auto and healthcare stocks on the BSE market breadth.
According to market observers, investors traded with caution ahead of GDP data
announcement and derivatives expiry on November 30 (Thursday). However, the
small gains were not sustained and the major indices closed with small losses.
On the NSE, there were 655 advances, 793 declines and 41 unchanged.
Reliance
Communications (RCOM) said it has entered into a binding "Share Purchase
Agreement" with Pantel Technologies and Veecon Media & Television for
the sale of its subsidiary Reliance BIG TV (RBTV). According to the company,
pursuant to this transaction, the buyers would acquire the entire shareholding
of its subsidiary engaged in the business of Direct-to-Home (DTH) services
across India on an "as-is, where-is" basis.
Key
Indian equity indices on Thursday traded on a subdued note with selling
pressure in banking, auto and metal stocks. According to market observers,
investors traded with caution on futures and options (F&O) expiry day, as
well as ahead of the second quarter GDP data announcement later in the day. On
the NSE, there were 579 advances, 887 declines and 53 unchanged. Nifty breached
the 10,300-mark which took the markets further down.
India's
budgetary fiscal deficit for the first seven months of 2017-18 stood at 96.1%
-- Rs5.25 lakh crore -- of the full year's target of Rs5.46 lakh crore,
official data showed on Thursday.
Ashok
Leyland, one of the largest commercial vehicle manufacturers, plans to set up a
bus plant in Andhra Pradesh, it was announced. The plant is proposed on 75
acres of land in Malavalli Industrial Park in Krishna district. It would have
the capacity to produce 4,800 buses per year.
Jet
Airways entered into an agreement with Air France-KLM to enhance cooperation
and combine their networks between Europe and India. The airline pointed out
that for the 2017-18 winter season, Air France, KLM and Jet Airways operate 64
weekly flights between the Paris-Charles de Gaulle and Amsterdam-Schiphol hubs
and four destinations in India - Delhi, Mumbai, Bengaluru and Chennai.
Reliance
General Insurance Company Ltd on Thursday said securities market regulator
Securities and Exchange Board of India (SEBI) has issued its final observation
letter to the draft red herring prospectus (DRHP) filed by it. In a statement
Reliance General Insurance said the initial public offer (IPO) size aggregates
to 25% of the post issue paid up capital of the company and comprises of a
fresh issue of upto 1,67,69,995 equity shares by the company and an offer for
sale by Reliance Capital Limited of upto 5,03,09,984 equity shares. The face
value of the equity shares is Rs10 per share.
On
Friday, the major indices of the Indian stock markets suffered a further
correction of around 1% over Thursday’s close. Key Indian equity indices on
Friday traded on a negative note in the mid-afternoon session as investors
booked profits in metals, IT (information technology) and oil and gas stocks.
On the NSE, there were 593 advances, 1,086 declines and 308 unchanged.
The
output of India's eight major industries stood at a standstill in October,
official data showed. On a sequential basis, the "Index of Eight Core
Industries" (ECI) for October grew by 4.7% same as it did in September
when the ECI growth was revised downwards to 4.7% from an earlier reported rise
of 5.2%. However, on a year-on-year (YoY) level, it showed a downtrend, as ECI
which represents the output of major sectors like coal, steel, cement and
electricity had risen by 7.1% in the corresponding month of the previous year.
According to the data furnished by the Ministry of Commerce & Industry, the
cumulative growth of the combined ECI during April to October 2017-18 was 3.5%
from a rise of 5.6% during the same period of the last fiscal. The ECI index
carries 40.27% weightage of the Index of Industrial Production (IIP) which is
the macro-gauge for India's factory output. With macro-economic data released
this week weighing down on the stock markets, the major indices have suffered
sequential corrections over Thursday’s trading and Friday’s trading.The Total Investment & Insurance Solutions
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