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19 March 2018
I had
mentioned in Friday’s closing report that Nifty, Sensex were in a downward
spiral. The major indices of the Indian stock markets suffered a further
correction on Monday and closed with losses over Friday’s close. On the NSE,
there were 276 advances, 1,472 declines and 287 unchanged. The trends of the
major indices in the course of Monday’s trading are given in the table below:
 |
Major Indices (The Total
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Key
Indian equity indices on Monday were under consistent selling pressure as
metals, banking and oil and gas stocks fell. According to market observers,
negative Asian cues on the prospect of global trade wars, along with the
country's widening fiscal deficit and caution ahead of the US Federal Reserve's
meet on March 20-21, dented investors' risk-taking appetite. BSE Sensex and
Nifty traded in negative territory for the fourth straight session, as the
trade deficit widens sharply due to higher imports, said market analysts.
Reliance
Big TV on Monday said it has tied-up with 12,000 post offices across
Maharashtra and Goa for the booking of its "HD HEVC" set-top boxes by
making an initial payment of Rs500. "The effectively free HD HEVC Set-Top
Boxes, as promised by Reliance Big TV, can now be booked through 12,000 India
Post Offices across Maharashtra and Goa," the company said in a statement.
The statement added that on the receipt of the set-top box and outdoor unit,
buyers have to pay the balance amount of Rs1,500 and avail the services free
for one year including high-definition channels and up to 500 free-to-air
channels free of cost for five years.
Voicing
concern on the financial deficit states of the northeast, Union Finance
Minister Arun Jaitley has said that the Central government will extend full
support to reverse the situation in the region, an official statement said on
Sunday. With worsening financial deficit on more than one count, there is
likely to be downward pressure on the major indices until the next Budget
Session of Parliament in 2019.
Budget
carrier IndiGo Airlines announced on Sunday that it A320 Neo aircraft that
operated on the Bengaluru-Delhi route earlier in the day was withdrawn here for
a maintenance check to attend to a reported defect. The airline, in a
statement, described the exercise as a maintenance check that was conducted as
part of a programme of early detection. "An A320 neo aircraft that operated
Bengaluru-Delhi today morning was proactively withdrawn in Delhi for a
maintenance check to attend to a pilot-reported defect. These maintenance
checks are part of a comprehensive program of early detection," it said.
"During the maintenance check, metal chips were observed on 1 Engine, 3
Bearing Chip detector, which is a known concern on the Neo engine."
Meanwhile, IndiGo and GoAir cancelled 48 flights on Wednesday as almost a third
of their A320 Neo aircraft fleet remained grounded for the third day following
a safety directive by the aviation regulator DGCA. Of these flights, 42 are of
IndiGo and six belong to GoAir. InterGlobe Aviation shares closed at
Rs1,215.80, down 4.07% on the NSE.
Securities
market regulator Sebi has fined media organisation NDTV, and four individuals
for lapses in mandatory disclosure. According to a Sebi order dated March 16,
NDTV has been fined Rs10 lakh. Besides the firm, the regulator has fined --
Prannoy Roy, Radhika Roy, Vikramaditya Chandra and Anoop Singh Juneja -- Rs3
lakh each. NDTV shares closed at Rs43.50, up 0.34% on the NSE.
An
annual trade deficit of as much as $150 billion with the US alone does not
allow India room to retaliate in the event of a global trade war being
unleashed by recent protectionist trends in the developed world, since the
country's imports are mostly of an essential nature, industry chamber Assocham
said on Sunday. In a trade war, textile exports from India to US may be
affected to the extent of lower profit margins for exporters. Arvind Limited
shares closed at Rs386.15, down 1.83% on the NSE.
The
Congress on Saturday said it would impose a 5% cess on the incomes of the top
1% richest Indians, when it comes to power. The resolution on
"Agriculture, Employment and Poverty Alleviation", adopted at the
party's 84th plenary here, also said that the party shall create a National
Poverty Alleviation Fund while this 5 per cent cess would "be used
directly to give education scholarships to the children from Scheduled Castes,
Scheduled Tribes, and other BPL families". The Congress also noted that
the rising levels of income inequality are a direct result of the
"anti-poor policies" of the Narendra Modi government. If this becomes
government policy within the next 1-2 years, share prices of large private
sector employers may be affected adversely.
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
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