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4
December 2017
I had mentioned in
Friday’s closing report that Nifty, Sensex might remain weak. The major indices
of the Indian stock markets were in the negative for most of the time and
closed flat over Friday’s close. If Nifty closes above 10,200, it has a chance
of heading higher. 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)
Buying
in IT (information technology), metals and healthcare stocks pushed the key
Indian equity indices higher during the mid-afternoon trade session on Monday.
According to market observers, a surge in stocks of IT major Infosys, along
with other index heavyweights like Tata Motors, Bharti Airtel, HDFC and
Hindustan Unilever added to the upward trajectory of the key indices. On the
NSE, there were 562 advances, 946 declines and 53 unchanged.
Indian
shares opened higher on Monday tracking the gains in Infosys, which surged 3%
after the company over the weekend said it has appointed Capgemini's Salil
Parekh as Managing Director and Chief Executive Officer effectively from 8
January 2018. However, benchmark indices gave up some of their early gains as
Reliance Industries, Larsen and Toubro and Sun Pharma came under selling
pressure within minutes of opening trade, pointed out market analysts. The Total Investment & Insurance Solutions
The
Reserve Bank of India (RBI) is expected to keep its key interest rate unchanged
at its penultimate monetary policy review of the fiscal on Wednesday owing to
higher inflation in October and a surge in oil prices, even as the reversal in
the decline of GDP growth during the second quarter has eased pressure on the
central bank to cut rates. At its previous bi-monthly policy review here in
October, the RBI had maintained status quo on its repo, or short term lending
rate for commercial banks, at six per cent, citing risks to inflation and
uncertainties on the external and fiscal fronts. The central bank had earlier,
in August reduced the repo, or its repurchase rate by 0.25% to 6%. According to
the minutes of October's Monetary Policy Committee (MPC) meeting, Governor
Urjit Patel said: "We have to be vigilant on account of uncertainties on
the external and fiscal fronts; this calls for a cautious approach."
Japanese financial services major Nomura said in a report that input cost
pressures are marginally higher now, which along with higher food inflation is
likely to push retail inflation slightly above the RBI's target of 4% in
November and beyond. "We expect a hawkish hold from the RBI..and policy
rates to remain unchanged through 2018," it said. If interest rates don’t
go up in the medium term, there will be no sharp correction in the major
indices in this context. The Total Investment
& Insurance Solutions
Coal
India Ltd (CIL) said coal supplies to power utilities increased by 9.2% to
290.59 million tonnes (mt) during April to November period of the current
fiscal compared to 266 mt during same period last year. "On the back of
higher rake loading, CIL's coal supplies to power utilities of the country
posted a healthy 9.2% growth at 290.59 mt during April-November 2017 continuing
the upward spiral. This translates to a robust 24.59 mt increase in absolute
terms compared to 266 MTs during April-November 2016," the miner said in a
statement. For November only, the growth in coal supplies to thermal power
stations of the country was up by around 9% at 40.92 mt as against 37.56 mt
supplied during year-ago month. The increased supplies saw the coal stocks at
power stations going up by over two mt to around 10 mt at the end of November
2017 compared to closing stock of 7.9 mt in October 2017. The miner said it was
gearing up to step up the supplies even further to pull the power stations out
of the critical situation. Average rake loading per day to the power sector
recorded a growth of 6.8% during the eight-month period of current fiscal. Coal
India shares closed at Rs266.55, down -2.09% on the BSE.
Bharti
Airtel, one of India’s largest telecommunications service providers, announced
on Monday that it has acquired a strategic stake in Juggernaut Books, a popular
digital platform to discover and read high quality, affordable books and to
submit amateur writing. The investment will enable Juggernaut to ramp up
content acquisition and digital marketing and prepare for a subscription
offering launch in the next few months. Badal Bagri, Chief Financial Officer,
Bharti Airtel, said: "Juggernaut is an exciting digital platform and
complements our content vision. We look forward to working with them and
supporting the next phase of their growth journey." Juggernaut's
former investors include Infosys co-founder and current chairman, Nandan
Nilekani and Boston Consulting Group India CEO Neeraj Aggarwal. Launched in
April 2016, the platform has close to 1 million downloads across Android and
iOS. Bharti Airtel shares closed at Rs487.80, up 0.94% on the BSE. The Total Investment & Insurance Solutions
IT
(information technology) bellwether Infosys has appointed Salil S Parekh as its
Chief Executive Officer and Managing Director with effect from January 2, 2018
for a five-year term, a regulatory filing by the company said. Parekh will be
joining Infosys from Capgemini, where he was the member of the Group Executive
Board. The company said UB Pravin Rao will step down as interim CEO and MD
effective January 2, 2018 and will continue as Chief Operating Officer and a
whole-time Director of the company. Infosys shares closed at Rs985.30, up 2.80%
on the BSE. The Total Investment & Insurance
Solutions
The
top gainers and top losers of the major indices are given in the table below:
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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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