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18
December 2017
I had
mentioned in Friday’s closing report that Nifty, Sensex might move up. The
major indices of the Indian stock markets soared on the BJP (Bharatiya Janata
Party) win in the Gujarat elections, after crashing by more than 200 points in
the initial few minutes. Clearly, it was a day of extremely volatile trading.
On the NSE, there were 906 advances, 773 declines and 325 unchanged. The trends
of the major indices in the course of Monday’s trading are given in the table
below: The Total Investment &
Insurance Solutions
 |
| Major Indices (The Total Investment & Insurance Solutions) |
Nifty
rebounded from the lows of 10,075 points once it was clear that BJP was set to
win the Gujarat elections with a margin which was better than that expected in
early morning. However Nifty has yet not made a new high above the previous
10,490 points (the intra-day high being 10,443 points), observed market
analysts. Sectorally, pharma, public sector banks, auto, telecom and metals
indices have gained the most, while Realty slipped marginally into red. Market
volumes are high as is expected on such days. A break of 10,384-10,430 band
could take the Nifty sharply in the upward direction. The
Total Investment & Insurance Solutions
The
S&P BSE telecom index zoomed higher on Monday -- after taking a plunge of
over 3% during opening trade -- driven by telecom stocks like Bharti Airtel and
manufacturers of telecommunication equipment and optical fibre cables like
Himachal Futuristic Communications (HFCL). The telecom index took to an upward
rally as counting trends indicated a victory for the BJP in both the Gujarat
and Himachal Pradesh Assembly elections. At 1.15 p.m., the index rose by 1.53%,
riding on the certainty that the ruling BJP was set to retain power in Gujarat.
In Himachal Pradesh, the BJP was set to wrest power from the Congress. Stocks
of Bharti Airtel, Reliance Communications and Idea Cellular, which initially
plunged almost 6% following an early beating taken by the key BSE Sensex index,
traded higher during the mid-afternoon session.
Embattled
Indian miner Adani Group has parted ways with mining services giant Downer and
said it will build and run the Carmichael coal mine, Australia's biggest coal
venture in central Queensland's Galilee Basin, on its own, a media report said.
Adani in a statement on Monday revealed that both parties had cancelled a
conditional $2.6 billion contract as part of Adani's cost-cutting drive
following last week's decision by the Queensland state government to veto an
A$900 million federal government loan to Adani. The split comes after
Australian company Downer became the target of a nationwide activist campaign
pressuring it to quit the Carmichael project in central Queensland. The move
raises further questions about the fate of the massive project, with Downer one
of only two mine contractors - along with Thiess - considered capable of
handling an operation producing up to 60 million tonnes of coal a year. Adani
Power shares closed at Rs35.55, up 0.85% on the BSE. 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
 |
| Asian Indices (The Total Investment & Insurance Solutions) |
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