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10 January 2018
I had
mentioned in Tuesday’s closing report that Nifty, Sensex were getting
overbought. The major indices of the Indian stock markets were range-bound on
Wednesday and closed with negligible losses over Tuesday’s close. On the NSE,
there were 589 advances, 922 declines and 37 unchanged. The trends of the major
indices in the course of Wednesday’s trading are given in the table below:The Total Investment & Insurance
Solutions
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Major Indices (The Total
Investment & Insurance Solutions)
Broadly
negative Asian markets, coupled with selling pressure in consumer durables,
auto and capital goods stocks, pulled the key Indian equity indices lower
during the mid-afternoon trade session on Wednesday. The barometer 30-scrip
Sensitive Index (Sensex) of the BSE, which opened at a record high level of
34,538.78 points, touched a fresh high of 34,565.63 points on an intra-day
basis. Stocks of Oil and Natural Gas Corp rose after a surge in international
crude oil prices. The
Total Investment & Insurance Solutions
In
major changes liberalising foreign direct investment (FDI) in key sectors, the
Union Cabinet on Wednesday approved 100% foreign investment in single brand
retail trading (SBRT) and construction development and decided to open up Air
India for FDI up to 49%. Besides, the government also decided that foreign
institution investors and portfolio investors be allowed to invest in power
exchanges through primary market and amended the definition of "medical
devices" in its FDI policy. The decisions, taken at a meeting of the Union
Cabinet chaired by Prime Minister Narendra Modi, were intended to liberalise
and simplify the FDI policy to provide ease of doing business. "In turn,
it will lead to larger FDI inflows contributing to growth of investment, income
and employment," an official statement said. The present FDI policy on
single brand retail trading allows 49% FDI under automatic route and FDI beyond
49% and up to 100% through government approval route. "It has now been
decided to permit 100% FDI under automatic route. It has been decided to permit
single brand retail trading entity to set off its incremental sourcing of goods
from India for global operations during initial five years, beginning April 1
of the year of the opening of first store against the mandatory sourcing
requirement of 30% of purchases from India," the statement said. These
liberalisation measures are likely to reinforce the long-term bullish trends in
the Indian stock markets.
The
World Bank is estimating India's economy to grow by 6.7% during the current
fiscal year, higher than the 6.5% estimate by the Indian government. The Gross
Domestic Product (GDP) growth is expected to rise to 7.3% in 2018-19, making
India again the world's fastest growing economy, according to the World Bank's
Global Economic Prospects report released on Tuesday. The report dropped the
growth estimate for 2017-18 by 0.1% from its projection June 2017, because of
the disruptions to the economy from the Goods and Services Tax (GST). But it
raised the growth forecast for 2018-19 by 0.1% from the June figure. The Bank
forecast GDP growth of 7.5% in 2019-20 and 2020-21. The World Bank saw benefits
down the road from GST.
The Total Investment & Insurance Solutions
Debt-ridden
Electrosteel Steels said four companies- Tata Steel, Vedanta, Renaissance Steel
India and Edelweiss Alternative Asset Advisors Pte -have submitted bids to its
Resolution Professional, under the corporate insolvency resolution process in
terms of the Insolvency and Bankruptcy Code, 2016 (IBC). Tata Steel shares
closed at Rs772.85, up 0.19% on the NSE and Vedanta shares closed at Rs334.80,
down 0.86% on the NSE.
The
Coal India board has approved a non-coking coal price hike for both power and
non-power consumers. The price increase is expected to push the miner's revenue
up by Rs1,956 crore for the remaining period of the current fiscal. Effective
from Tuesday, the revision is projected to lead to an incremental annual
revenue of Rs6,421 crore. "The board has approved revision of non-coking
coal prices with effect from January 9. This will be applicable to all the
subsidiaries of Coal India including NEC for regulated and non-regulated
sectors," the miner said in a late night filing. "Due to this
revision, Coal India will earn approximately an incremental revenue of Rs1,956
crore for the balance period of the current fiscal (2017-18) and the projected
annual incremental revenue would be Rs6,421 crore," an official said. Coal
India shares closed at Rs308.30, up 1.48% on the NSE.
The
top gainers and top losers of the major indices are given in the table below: The Total Investment & Insurance
Solutions
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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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