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6 December 2017
I had
mentioned in Tuesday’s closing report that Nifty, Sensex might rally if
Tuesday’s low holds. On Wednesday, the Indian stock markets suffered a
correction and closed with losses over Tuesday’s close. However, the major
indices of the Indian stock markets rallied on Thursday and closed with gains
of more than 1% over Wednesday’s close. 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)
Overcoming
the previous session's losses, the key Indian equity indices on Thursday surged
to trade with appreciable gains as positive cues from the Asian markets and
value buying in auto, consumer durables and capital goods stocks lifted
investors' risk-taking appetite. According to market observers, buying in index
heavyweights like Maruti Suzuki, Bajaj-Auto, Tata Steel, and Larsen and Toubro
lifted the benchmark indices. On the NSE, there were 1,219 advances, 474
declines and 296 unchanged. The Total Investment & Insurance
Solutions
Earlier
on Wednesday, the key indices were dragged lower by interest-rate sensitive
stocks like banking, metals and capital goods. RBI (Reserve Bank of India) held
the key interest rates unchanged.
Full
service carrier Jet Airways announced that it has started a seven-day fare sale
with discount of up to 30 per cent across its international network. The
airline said it will offer the discounted fares on the prevailing lowest base
fare for travel in both premiere and economy classes. "The seven-day fare
sale from December 5-11, 2017, will be valid for international travel
commencing from January 15, 2018 onwards," the airline said in a statement.
The shares of the airline closed at Rs695.20, up 1.83% on the NSE.
Indian
software major Wipro said it was opening its third office in London to offer
digital print on demand (pod) services to its regional customers. "The new
office near the Broadgate Circle will be in addition to our two offices on City
Road and Sheldon Square in London, with 1,800 employees," said Wipro
Digital Vice-President Rajan Kohli at a trade event. Pod is a digital printing
technology used for printing books and other publications for online sales
worldwide. Terming the opening of the third office a milestone in the IT
major's growth journey, Kohli said the latest digital pod in London would
attract design and engineering talent to serve its clients in Britain and
Europe. Wipro shares closed at Rs280.90, down 0.57% on the NSE. The
Total Investment & Insurance Solutions
Automobile
major Tata Motors rolled out the first batch of the compact sedan Tigor's
electric variant from its Sanand facility in Gujarat. According to the company,
Tigor EVs (electric vehicles) are being manufactured for the Union government's
order of electric vehicles from the Energy Efficiency Services Ltd (EESL), an
entity under the Ministry of Power. Flagging off the batch of EVs, N.
Chandrasekaran, Chairman, Tata group was quoted in a statement as saying:
"As we work together to build the future of e-mobility in India, I am
confident that our customers will respond very favourably to this electric
model.". Tata Motors shares closed at Rs402.55, up 1.39% on the NSE.
In
its penultimate monetary policy review of the fiscal, the RBI on Wednesday
maintained status quo on key lending rates while citing concerns over rising
inflation. It also retained economic growth projection for the 2017-18 fiscal.
The Reserve Bank of India (RBI) move came even as Indian industry expressed
disappointment while the government said a neutral policy stance reflected
recognition of the fact that inflation remained "firmly under
control". The central bank said its repurchase rate, or the short-term
lending rate for commercial banks, had been maintained at 6 per cent.
Consequently, the reverse repo rate remained at 5.75%. The RBI also raised the
inflation forecast for the remainder of the current fiscal to 4.3%-4.7%. It
said "two of the key factors determining the cost of living conditions and
inflation expectations -- food and fuel inflation -- edged up in
November". "Accordingly, the MPC (Monetary Policy Committee)
decided to keep the policy repo rate on hold," the fifth bi-monthly
monetary policy statement said. "The decision of the MPC is consistent
with a neutral stance of monetary policy in consonance with the objective of
achieving the medium-term target for consumer price index (CPI) inflation of
4%... while supporting growth," it added. The
Total Investment & Insurance Solutions
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
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| Asian Indices (The Total Investment & Insurance Solutions) |
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