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February 2018
I had
mentioned in last Friday’s closing report that Nifty, Sensex might go sideways.
The major indices of the Indian stock markets saw volatility in the week’s
trading and closed on Friday with significant losses over last Friday’s close.
The trends of the major indices in the course of the week’s trading are given
in the table below:
 |
Weekly Indices (The Total
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The
major indices of the Indian stock markets rallied on Monday and closed with
gains over Friday’s close. On the NSE, there were 427 advances, 1,086 declines
and 27 unchanged. Optimism ahead of the tabling of the Economic Survey
2017-18 in Parliament, along with buying in auto, metals and banking stocks,
lifted the key Indian equity indices to trade at fresh high levels on Monday.
According to market observers, positive global cues, coupled with the
expectation of sops from the Union Budget 2018-19, lifted investors'
risk-taking appetite.
The
Economic Survey 2017-18 tabled in Parliament on Monday said that resolving the
non-performing assets (NPAs), or bad loans, of state-run banks and implementing
GST are among the major factors that will aid India log GDP growth of 6.75% in
the current fiscal, the Economic Survey for 2017-18 tabled in the Lok Sabha by
Finance Minister Arun Jaitley on Monday, has said.
The
Future Group on Friday said it has acquired Jasper Infotech-owned Snapdeal's
logistics arm Vulcan Express at Rs35 crore. "Jasper Infotech, which also
owns Snapdeal... has entered into an agreement with Future Supply Chain
Solutions... to sell 100% stake in Vulcan Express Pvt Ltd in an all-cash deal
valued at Rs35 crore," a Future Group statement said.
The
major indices of the Indian stock markets suffered a correction on Tuesday and
closed with losses over Monday’s close. On the NSE, there were 334 advances,
1,202 declines and 29 unchanged. Weak global cues coupled with selling pressure
in consumer durables, banking and IT (information technology) stocks pulled the
key Indian equity indices lower on Tuesday.
State-run
India Oil Corp (IOC) on Tuesday declared a near doubling in its net profit at
Rs7,883.22 crore for the third quarter ended in December over the same period
last year, mainly on the back of higher sales. The company had reported a net
profit of Rs3,994.91 crore in the same quarter of the last fiscal. The
rise was even sharper sequentially with the oil marketing company (OMC) posting
a profit after tax of Rs3,696 crore in the previous quarter. IOC's
revenue for the quarter in consideration increased to Rs1,30,865 crore as
compared to Rs1,15,630 crore in the corresponding quarter of 2017, the company
said in a stock exchange filing following a meeting of its board of directors.
The OMC posted a higher gross refining margin (GRM), on converting each barrel
of crude to petroleum products, for the April-December period of the fiscal at
$8.28 per barrel as against the GRM of $7.36 for the same nine months of 2017.
The refiner said it has accounted for a lower budgetary support of Rs2,249.92
crore for the first nine months of the current fiscal (April-December),
compared to Rs3,879.73 crore received in the corresponding period of 2017.
Indian Oil said that during the first quarter it settled its liability for
entry tax in Haryana.
Housing
finance major HDFC said that its standalone net profit during the third quarter
of 2017-18 increased to Rs5,670 crore. According to the company, its standalone
net profit during the quarter under review included the proceeds from the IPO
of HDFC Life. The company had reported a net profit of Rs1,701 crore for the
corresponding period of the previous fiscal. "In the quarter ended
December 31, 2017, the Corporation received Rs5,250 crore (net of estimated
expenses, which are yet to be fully crystallised) from the initial public offer
(IPO) of HDFC Standard Life Insurance Company Limited (HDFC Life)," HDFC
said in a statement. "The Corporation also created an additional
special provision (as a charge to the statement of profit and loss) of Rs1,575
crore, being 30% of the pre-tax gains on this transaction, thereby building an
additional buffer against any unexpected risk in the future."
The
major indices of the Indian stock markets were range-bound on Wednesday and
closed with minor losses over Tuesday’s close. On the NSE, there were 641
advances, 1,088 declines and 292 unchanged. Key Indian equity indices traded in
the red on Wednesday, with the Sensex slipping below the psychologically
important 36,000-mark and the Nifty50 below the 11,000-level.
FMCG
(fast moving consumer goods) major Dabur India on Wednesday reported a rise of
13.02% in its consolidated net profit for the third quarter (Q3) ended December
31, 2017. The company's consolidated net profit for Q3 stood at Rs333.03 crore
as compared to the net profit of Rs294.67 crore reported during the
corresponding period of the last fiscal. For the quarter under review, the
total income of the FMCG major was reported at Rs2,032.78 crore -- up 5% --
from Rs1,935.97 crore posted during Q3 2016-17.
The
major indices of the Indian stock markets witnessed a highly volatile trading
on Thursday, the day of the Union Budget, and closed with losses over
Wednesday’s close. On the NSE, there were 694 advances, 849 declines and 28
unchanged. There were selling pressures in consumer durables, banking and
healthcare stocks. At one point, both the indices plunged after Finance
Minister Arun Jaitley announced in his Budget speech that the long-term capital
gains (LTCG) tax rate was 10% for gains exceeding Rs1 lakh. Rationalisation of
LTCG as expected has arrived, though negative on market sentiments but robust
equity returns would absorb this 10%, if corporate earnings growth would happen
as expected, market analysts observed.
The
barometer Sensex of the BSE plunged more than 800 points on Friday as the
re-introduction of long-term capital gains (LTCG) tax for investing in equities
finally sunk in. The Nifty50 too, slipped over 250 points. According to market
observers, selling pressure in consumer durables, banking, capital goods, auto
and metals stocks added to the downward trajectory of the indices.
On
Friday, Just Dial and PC Jewellers slumped 12.34% and 25.15% respectively, its
steepest fall since one month, pointed out market analysts. Information
Technology stocks, however, traded higher. Tech Mahindra was the top gainer on
the NSE at 0.99% to close at Rs617.10.The
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