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14
December 2017
I had
mentioned in Wednesday’s closing report that Nifty might slip to 10,100. Nifty
fell to 10,141 during the day and then rallied to close with gains over
Wednesday’s close. The indices may continue to rally if they trade above
today’s highs. 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 traded
in the red during the mid-afternoon trade session with heavy selling pressure
in consumer durables, capital goods and metal stocks. IT (information
technology) major Tata Consultancy Services (TCS) was the top loser. However,
later in the trading session, the major indices recovered and rallied to close
with gains. On the NSE, there were 549 advances, 960 declines and 49 unchanged.
US Federal Reserve overnight raised interest rates by 25 basis points in Janet
Yellen's last policy meeting. Asian indices closed with small losses. The Total Investment & Insurance
Solutions
A
rise in food and fuel prices pushed India's annual rate of inflation based on
wholesale prices to 3.93% for November, official data showed on Thursday.
According to data from the Ministry of Commerce and Industry, the wholesale
price index (WPI) accelerated to 3.93% in November from 3.59% during October
and 1.82% during November 2016. On a sequential basis, the expenses on primary
articles, which constitute 22.62% of the WPI's total weightage, edged higher by
5.28%, from an increase of 3.33% in October. The prices of food articles rose
by 6.06% from an acceleration of 4.30% in October. Inflation data also
contributed to the early losses in trading on Thursday.
Automobile major Maruti Suzuki India will
increase the prices of its entire passenger vehicle range by up to two per cent
from January, due to rising input costs. "The company will go in for an
upward price revision by up to 2% due to rising input costs," a company
official told IANS here. Earlier, Tata Motors had said that it will increase
the prices of its entire passenger vehicle range by up to Rs25,000, starting
from January to offset the impact of rising input costs. Another automobile
manufacturer Ford India said that it will increase the prices of all its
vehicles by up to 4% from January 1, 2018. Maruti Suzuki shares closed at
Rs9,117.95, up 0.08% on the BSE. The S & P BSE Auto Index closed at
25,214.03, up 0.37% on the BSE. The
Total Investment & Insurance Solutions
The Reserve Bank of India (RBI) has imposed a
penalty of Rs3 crore on IndusInd Bank for non-compliance with its directions on
"Income Recognition and Asset Classification" (IRAC) norms and
contravention of regulatory restrictions pertaining to non-fund based (NFB)
facilities. "This action is based on deficiencies in regulatory compliance
and is not intended to pronounce upon the validity of any transaction or
agreement entered into by the bank with its customers," the RBI said in a
statement. The bank’s shares closed at Rs1,654.00, up 0.70% on the BSE. The Total Investment & Insurance
Solutions
After almost 18 years, Hindustan Copper Ltd
has formally reopened its Kendadih mine in Jharkhand's Ghatsila, the company
said in a statement here. The mine was closed in February 2000, due to economic
reasons, the company said. On completion of the mine development activities,
Kendadih would produce 2.25 lakhs MT of copper ore annually. The company’s
shares closed at Rs91.10, down 1.67% on the BSE. The Total Investment & Insurance Solutions
US Federal Reserve has raised the benchmark
interest rates for the third time this year and maintained the forecast of
three more rate hikes in 2018, as the economy and job market continued solid
growth. "In view of realised and expected labour market conditions and
inflation, the (Federal Open Market) Committee decided to raise the target
range for the federal funds rate to 1.25% to 1.5%," said the Fed in a
statement on Wednesday after concluding two-day monetary policy meeting. In
December 2015, the central bank first raised the interest rates from nearly
zero and hiked three more respectively in December 2016, March, and June this
year. The Total Investment &
Insurance Solutions
It
has also started to reduce its $4.5 trillion balance sheet from October this
year. The decision to raise interest rates is based on the assessment that the
job market will remain strong growth. The central bank adjusted the statement
language about the job market, painting a rosy outlook. "This change
highlights that the committee expects the labour market to remain strong, with
sustained job creation, ample opportunities for workers and rising wages,"
Fed Chair Janet Yellen said on Wednesday at her last press conference before her
four-year term ends early next year. US stocks closed mixed, with the Dow
closing at a record high. The Dow Jones Industrial Average on Wednesday gained
80.63 points, or 0.33%, to 24,585.43. The S&P 500 fell 1.26 points, or
0.05%, to 2,662.85. The Nasdaq Composite Index increased 13.48 points, or
0.20%, to 6,875.80.
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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