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26 February 2018
I had mentioned in Friday’s closing report that Nifty, Sensex were
heading for gains next week. The major indices of the Indian stock markets
rallied on Monday and closed with significant gains over Friday’s close. On the
NSE, there were 1,031 advances, 720 declines and 284 unchanged. The trends of
the major indices in the course of Monday’s trading are given in the table
below: The Total Investment &
Insurance Solutions
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| Major Indices (The Total Investment & Insurance Solutions) |
Positive
global cues pushed the key indices of the Indian equity market higher on
Monday. According to market observers, positive Asian markets, along with
buying in automobiles, banks, capital goods, oil and gas and metals stocks led
to the rise. The Total Investment & Insurance
Solutions
Reliance
Infrastructure Ltd on Monday announced it has won an arbitration award of Rs292
crore in a case against the Goa government heard by a Joint Electricity
Regulatory Commission-constituted tribunal. In an order earlier this month, the
tribunal also ordered payment of annual interest at 15% on the award amount if
the state government fails to pay it by the deadline of April 15, 2018, a
company statement here said. "The need for arbitration arose due to
prolonged non-payment of dues by the Goa government towards supply of
electricity by Reliance Infrastructure from its 48 MW Goa power plant in
Sancoale," it said. "The total outstanding dues along with interest
as on October 31, 2017, amount to Rs278 crore. The Tribunal has also awarded
Reliance Infrastructure interest from October 2017 till the date of the award,
which amounts to Rs14 crore." The company’s shares closed at Rs467.65, up
2.45% on the NSE.
Bharti
Airtel on Monday said it has joined the 'Seamless Alliance', which would
empower mobile operators and airlines to extend their services into airline
cabins, a company statement said here. The formation of 'Seamless Alliance' was
announced on Monday in Barcelona. Through this alliance, the member operators,
including Airtel, would be able to continuously provide their customers - via
satellite technology - the same high speed, low latency connectivity from
ground, to air and back again. It would also significantly reduce costs
for everyone involved while creating a smooth, positive user-experience. Other
founding members include OneWeb, Airbus, Delta and Sprint. The global alliance
- which aims to attract additional industry operators beyond the five founding
members - would eliminate the immense costs and hurdles commonly associated
with acquisition, installation, and operation of data access infrastructure by
streamlining system integration and certification, providing open
specifications for interoperability, increasing accessibility for passengers
and enabling simple and integrated billing. The company’s shares closed at
Rs423.15, down 0.60% on the NSE. The Total
Investment & Insurance Solutions
The
passports of absconding Indian businessman Nirav Modi and his uncle Mehul
Choksi, involved in the $1.8 billion Punjab National Bank (PNB) fraud, have
been revoked, sources said on Saturday. The CBI on Saturday questioned Punjab
National Bank (PNB) Managing Director-cum-CEO Sunil Mehta and Executive
Director K.V. Brahmaji Rao in connection with the Rs11,300 crore/$1.8 billion
bank fraud case, while the ED kept on its seizure of fraud accused diamantire
Nirav Modi's assets. PNB shares closed at Rs112.00, down 1.37% on the NSE.
Close
on the heels of a massive Rs11,300 crore PNB scam, three fresh financial frauds
have come to light including the alleged involvement of a Delhi-based jeweller,
who has been accused of defrauding the Oriental Bank of Commerce (OBC) to the
tune of about Rs390 crore through Letters of Credit. OBC shares closed at
Rs95.05, down 11.22% on the NSE.
Release
of key domestic macro-economic data, combined with global market volatility and
movement of funds, are expected to dictate the direction of the Indian equity
markets during the week, say market analysts. Apart from other developments on
the domestic front, the Indian equity markets would seek direction from global
markets as the results (earnings) season is almost over, pointed out market
analysts. Also, the movement of funds and crude oil prices are expected to
influence the market sentiment this week. Provisional figures from the stock
exchanges showed that last week foreign institutional investors (FIIs) sold
scrips worth Rs5,781.98 crore, while domestic institutional investors (DIIs)
purchased scrips worth Rs5,972.69 crore.
US
stocks traded higher as investors digested the central bank's newly-released
monetary policy report. The Dow Jones Industrial Average on Friday gained
347.51 points, or 1.39 per cent, to 25,309.99. The S&P 500 increased 43.34
points, or 1.60%, to 2,747.30. The Nasdaq Composite Index was up 127.31 points,
or 1.77%, to 7,337.39. The Fed is expected to continue gradual interest rate
hikes this year on the expectation of stronger economic outlook. "The
(Federal Open Market) Committee expects that the ongoing strength in the
economy will warrant further gradual increases in the federal funds rate,"
said the semi-annual Monetary Policy Report to the Congress. The report was
released before new Fed Chair Jerome Powell's first Congress testimony which
was scheduled on February 27. The Total
Investment & Insurance Solutions
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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