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February 2018
I had
mentioned in Wednesday’s closing report that Nifty, Sensex were looking dicey.
The major indices of the Indian stock markets saw volatile trading on Thursday,
but closed with minor losses over Wednesday’s close. On the NSE, there were 694
advances, 849 declines and 28 unchanged. The trends of the major indices in the
course of Thursday’s trading are given in the table below: The Total Investment & Insurance
Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
Amid
much volatility on Thursday as the Union Budget 2018-19 was presented, the key
Indian equity indices closed trade in the red with selling pressure in consumer
durables, banking and healthcare stocks. The BSE market breadth was bearish
with 1,454 declines and 1,324 advances.
At one
point, both the indices plunged after Finance Minister Arun Jaitley announced
in his Budget speech that long-term capital gains (LTCG) tax rate at 10% for
gains exceeding Rs1 lakh. Rationalisation of LTCG as expected has arrived,
though negative on sentiments but robust equity returns will absorb this 10% if
corporate earnings growth happen as expected, market analysts observed.
Two-wheeler
maker Eicher Motors Ltd and car maker Toyota Kirloskar Motor on Thursday said
they have logged higher sales volume in January as compared to January 2017. In
a statement, Eicher Motors said it sold 77,878 units in January, up from 59,676
in January last year. According to Eicher Motors, it has sold 671,328 units
till last month, this fiscal logging 23% growth over same period last fiscal.
Toyota Kirloskar said it sold 13,329 units last month, up from 11,252 units in
January 2017. “It is a delight to usher in the New Year with a double digit
growth. We are happy to have sustained the positive growth momentum post-GST.
The customer demand has consistently been strong and we have catered to the
growing customer demand," N Raja, Deputy Managing Director of Toyota
Kirloskar, was quoted as saying in the statement. The shares of Eicher Motors
closed at Rs28,047.35, up 4.78% on the NSE and the S & P BSE Auto Index
closed at 26,119.52, up 0.67% on the BSE. The Total Investment & Insurance
Solutions
Commercial
vehicles major Ashok Leyland Ltd on Thursday said it closed last month with 13%
growth in sales volume. In a statement issued here, the company said it sold
18,101 units last month, up from 14,872 units sold in January 2017. The company
has sold a total of 1,34,240 units till last month this fiscal, up from
1,12,317 units sold during the previous year corresponding period. The
company’s shares closed at Rs123.35, down 1.27% on the NSE.
Finance
Minister Arun Jaitley on Thursday did not provide any relief in the income tax
rates for 2018-19, but increased the cess levied on it by 1% to raise Rs11,000
crore. "The government had made many positive changes in the personal
income-tax rate applicable to individuals in the last three years,"
Jaitley said in his Budget speech. "Therefore, I do not propose to make
any further change in the structure of the income tax rates for
individuals." With salaried individuals left at the same tax rates, the
assets under management of mutual funds are likely to maintain a long term
bullish trend.
The
Finance Minister said the government would formulate a comprehensive Gold
Policy to develop the precious metal as an asset class. The government had been
planning to formulate a Gold Policy for long to set standard norms in the
industry. "The government will also establish a system of consumer
friendly and trade efficient system of regulated gold exchanges in the
country," Jaitley said while announcing the Union Budget 2018-19. Talking
about the government's Gold Monetisation Scheme, he said it would be revamped
to enable people to open a hassle-free Gold Deposit Account.
The top
gainers and top losers of the major indices are given in the table below: The Total Investment & Insurance
Solutions
 |
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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