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20
February 2018
I had
mentioned in Monday’s closing report that Nifty, Sensex were trying to ward off
bear pressure. The major indices of the Indian stock markets saw volatile
trading on Tuesday and closed with small losses over Monday’s close. On the
NSE, there were 771 advances, 909 declines and 339 unchanged. The trends of the
major indices in the course of Tuesday’s trading are given in the table below:
 |
Major Indices (The Total
Investment & Insurance Solutions)
Key
Indian equity indices traded on a higher note on Tuesday during the
mid-afternoon session, amid volatility, with buying in metals, consumer
durables, IT (information technology) and banking stocks. However, the gains
were not sustained and the major indices closed with minor losses, at the close
of trading. The India Vix volatility index closed at 16.8675, up 1.19% on the
NSE.
Debt-laden
Bhushan Steel Ltd said Tata Steel, JSW Living Pvt Ltd and employees of the
company have submitted resolution plans to take over its assets. JSW Living Pvt
Ltd is a joint venture between JSW and Piramal Enterprises. A broad summary of
the resolution plans were presented by the RP to the committee of creditors
(CoC) in their meeting held on February 16, the company said. Bhushan Steel
shares closed at Rs52.25, down 2.97% on the NSE.
Already
reeling under the $1.8 billion fraud blow, the Punjab National Bank (PNB) on
Tuesday got another shock from two top rating agencies Moody's and Fitch who are
mulling to downgrade the bank's ratings. Fitch Ratings has placed PNB Viability
Rating of 'bb' on Rating Watch Negative (RWN), following the $1.8 billion fraud
detected in the bank, an official statement said here on Tuesday. Moody's
Investors Service placed under review for downgrade PNB local and foreign
currency deposit rating of Baa3/P-3 and foreign currency issuer rating Baa3, an
official statement said. Fitch clarified that it would resolve the Rating Watch
once more clarity emerges on the extent of control failures and the impact on
PNB's financial position. "At this stage, Fitch does not view this event
to have an impact on PNB's Support Rating Floor (BBB-) due to the bank's high
systemic importance as the second-largest state-owned bank. We believe that the
state's propensity to provide extraordinary support to PNB remains high,
subject to the sovereign's ability, which is captured in India's sovereign
rating of 'BBB-'," Fitch said. PNB shares closed at Rs117.05, up 0.47% on
the NSE.
The
Supreme Court will hear on Friday a plea for probe into the role of the top
management of Punjab National Bank in the Rs11,300 crore scam allegedly
involving jeweller Nirav Modi and others. A bench of Chief Justice Dipak Misra,
Justice A.M. Khanwilkar and Justice D.Y. Chandrachud on Tuesday agreed to hear
the plea by lawyer Vineet Dhanda. Dhanda also sought direction to the
government to take steps for the extradition of Nirav Modi. The petitions also
sought the framing of guidelines for the grant of loans involving Rs10 crore
and above. The PIL (public interest litigation) petitioner also sought setting
up of a committee to look into the bad debts and steps needed to be taken for
their recovery. The S&P BSE Bankex closed at 28,061.01, down 0.61% on the
BSE.
India's
IT (information technology) exports are expected to grow at 7%-9% to be at
$135-$137 billion in 2018-19, the industry outlook by the National Association
of Software & Services Companies (Nasscom) said on Tuesday. The IT exports
during the current financial year are projected to be $126 billion, a growth of
7%-8% over previous year. The domestic revenues, excluding hardware, are
expected to grow by 10%-12% to be at $28-29 billion in the next financial year
against $26 billion likely in FY2018. During 2018-19, the industry is expected
to add 100,000 new jobs, the same numbers added during the current year.
Nasscom announced the key trends for the current year and the outlook for the
next year on the sidelines of the special edition of Nasscom India Leadership
Forum in conjunction with the World Congress on Information Technology (WCIT).
Nasscom president R. Chandrasekhar told reporters that the positive outlook is
based on global economic growth and growth trends of digital spending. The S
& P BSE Information Technology Index closed at 12,072.67, up 0.31% on the
BSE.
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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