Contact Your Financial Adviser Money Making MC
21 March 2018
I had
mentioned in Tuesday’s closing report that Nifty, Sensex might head higher. 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 706
advances, 760 declines and 80 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)
Global
cues and value buying pushed the Indian equity markets higher on Wednesday.
According to market observers, buying was witnessed in capital goods, banking
and oil and gas stocks.
The
Supreme Court on Wednesday directed the Jaypee Associates to deposit Rs200
crore as a part payment of the amount required to pay the principal amount to
2,800 home buyers seeking refund. A bench of Chief Justice Dipak Misra, Justice
A.M. Khanwilkar and Justice D.Y. Chandrachud said that Rs100 crore would be
deposited by April 15 and the remaining Rs100 crore by May 10. Directing the
next hearing of the matter on April 15 to see whether its order has been
complied with, the court said that the amount so collected would be distributed
to the home buyers seeking refund on pro rata basis. The court also stayed all
notices for demands raised by the developers to the home buyers seeking refund
of their money. Jaypee Infratech shares closed at Rs9.70, down 2.01% on the
NSE.
Popular
communication app Truecaller and Telecom services provider Bharti Airtel on
Wednesday announced that the "Airtel Truecaller ID" service now has
over one million paying subscribers across India. In less than a year,
Truecaller has been able to penetrate the feature phone market in India with
its "Airtel Truecaller ID" service and reached over one million paid
subscribers, the company said in a statement. The service is aimed at bridging
the digital divide between the urban and growing semi-urban and rural markets
in India. With this subscription-based service, all feature phone users
with Airtel mobile service can use "Airtel Truecaller ID" to see
who's calling. Bharti Airtel shares closed at Rs417.70, up 4.32% on the NSE.
The
Delhi High Court on Wednesday issued notice to former Telecom Minister A. Raja,
DMK MP Kanimozhi and others in the 2G spectrum money laundering case. Justice
S.P. Garg issued notice to Raja, Kanimozhi and others in the case asking them
to file a reply on the CBI plea within two weeks and listed the matter for May
25 for further hearing. The court was hearing the Central Bureau of
Investigation and Enforcement Directorate plea challenging a special court
order acquitting Raja, Kanimozhi and others in the 2G spectrum money laundering
case. The CBI moved its application on Tuesday while the ED which is probing
financial irregularities in the case and assisting the central probe agency,
filed an appeal against the special court's December 21, 2017, judgement in the
case on Monday. While announcing the judgement, special judge O.P. Saini said
the CBI and the ED had failed to provide sufficient evidence to prove the
charges against 33 persons named in the case.
Mahindra
& Mahindra said that it has, in partnership with Standard Chartered Bank,
become the first Indian corporate to successfully complete domestic payments
via the "Swift India" platform. According to the company, it selected
"Swift" to streamline and rationalise its banking channels using a
single and standardised connectivity platform. "The adoption of SWIFT
India will bring in process efficiencies through the use of a single, bank
agnostic platform and standardised payment formats for both global and domestic
flows, while leveraging a platform that is known for its security, reliability
and STP (Straight-Through Processing) capabilities," the company said in a
statement. Swift is a global member-owned cooperative and the world's leading
provider of secure financial messaging services. S & P BSE Bankex closed at
27,255.61, up 0.23% on the BSE. Mahindra & Mahindra shares closed at
Rs745.35, up 0.82% on the NSE.
Automobile
manufacturers have announced that they will hike vehicle prices, effective
April 1, 2018 due to rising input costs. S & P BSE Auto index closed at
24,119.33, down 0.12% on the BSE.
The
central government has completely removed the duty on export of "raw
sugar, white or refined sugar". According to a Central Board of Excise and
Customs (CBEC) notification issued, the export duty on "raw sugar, white
or refined sugar" has been reduced to "Nil" from 20%. EID Parry
shares closed at Rs276.55, down 0.14% on the NSE.
The
top gainers and top losers of the major indices are given in the table below:
 |
Top Gainer (The Total
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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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