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21
February 2018
I had
mentioned in Tuesday’s closing report that Nifty, Sensex were showing no
strength at all. The major indices of the Indian stock markets were range-bound
on Wednesday and closed with small gains over Tuesday’s close. On the NSE,
there were 561 advances, 915 declines and 53 unchanged. The trends of the major
indices in the course of Wednesday’s trading are given in the table below:
 |
Major Indices (The Total
Investment & Insurance Solutions)
After
three consecutive days of losses, the key Indian equity indices traded in the
green during the mid-afternoon session on Wednesday riding on broadly positive
Asian markets and a surge in IT (information technology) stocks.
The
Central government on Wednesday opposed a public interest litigation (PIL)
seeking probe into the role of PNB's top management in the Rs11,300 crore scam
and extradition of diamond trader Nirav Modi who is alleged to be involved in
it. Also, the CBI (Central Bureau of Investigation) on Wednesday said that it
has arrested a General Manager rank officer of the Punjab National Bank in
connection with the Rs11,300 crore fraud case. PNB’s shares closed at Rs117.30,
down 0.26% on the NSE.
The
Income Tax Department raided 20 premises and associated firms in connection
with Gitanjali Group in a tax evasion case. The search action were conducted in
Mumbai, Pune, Surat, Hyderabad, Bengaluru and few other cities against 13
companies linked to the Gitanjali Group. Gitanjali's chief Mehul Choksi
is under investigation by the Central Bureau of Investigation (CBI) and the
Enforcement Directorate (ED) for allegedly committing fraud amounting to
Rs11,300 crore against PNB, whose Letters of Undertaking and Foreign Letters of
Credit were illegally used to raise and rollover money. Choksi, along
with other family members are said to have left the country in early January
this year. Also, the closure of Gitanjali Gems Park in Hyderabad following the
raid by the Enforcement Directorate (ED) in connection with the multi-crore
Punjab National Bank (PNB) scam has hit about 600 families and led to protests
here on Tuesday. Gitanjali Gems shares closed at Rs27.40, down 9.87% on
the NSE, on Wednesday.
Reliance
Jio will invest another Rs10,000 crore in Uttar Pradesh over the next three
years, Reliance Industries Limited Chairman Mukesh Ambani said on Wednesday
while addressing the Uttar Pradesh Investors' Summit 2018. Reliance Industries
shares closed at Rs929.35, up 0.86% on the NSE.
Central
trade unions in coal sector opposed opening up of commercial coal mining for
private sector after the Union Cabinet approved the methodology for auction of
coal mines for sale of coal. Coal India shares closed at Rs310.55, up 0.06% on
the NSE.
In
the backdrop of several ponzi schemes duping gullible investors surfacing in
recent years, the Union Cabinet decided to bring a bill in Parliament to ban
unregulated deposit schemes. This is likely to bring more investors to the
banking sector and the stock markets and re-inforce the long term bullish trend
in the stock markets.
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:
 |
Asian Indices (The Total
Investment & Insurance Solutions)
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