Nifty, Sensex May Try to Head Higher – Weekly closing report-The Total Investment & Insurance Solutions

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25 May 2018

I had mentioned in last week’s closing report that Nifty, Sensex were under pressure. The major indices of the Indian stock markets were volatile through the week and closed on Friday with marginal weekly gains over last Friday’s close. The trends of the major indices in the course of the week’s trading are given in the table below: The Total Investment & Insurance Solutions

The major indices of the Indian stock markets suffered a correction on Monday and closed with losses over Friday’s close. On the NSE, there were 367 advances, 1,384 declines and 308 unchanged. The Total Investment & Insurance Solutions

Formation of a non-BJP government in Karnataka, along with weakness in global indices and rising crude oil prices, pulled the key Indian equity indices to close in the negative territory for the fifth consecutive session on Monday.

Moody's Investors Service has downgraded the local and foreign currency deposit rating of multi-crore fraud hit Punjab National Bank (PNB) to Ba1/NP from Baa3/P-3, a statement said here on Monday. At the same time, Moody's has downgraded the bank's baseline credit assessment (BCA) and Adjusted BCA to b1 from ba3. The Total Investment & Insurance Solutions

Even though oil is now considered less of an independent driver of business cycles than before, the State Bank of India (SBI) on Monday said the recent surge in crude oil prices is likely to impact the country's imports and stretch the ongoing fiscal's current account deficit (CAD) to 2.5% of GDP. Spiralling petrol prices touched fresh record levels in Delhi and Mumbai on Monday, at Rs76.57 and Rs84.40 per litre respectively. The Total Investment & Insurance Solutions

Amid volatility in earlier trading sessions, the key Indian equity indices traded marginally higher, on Tuesday, as there was value buying by investors. However, high crude oil prices and mixed cues from the Asian markets prevented further gains in the indices. On the NSE, there were 978 advances, 748 declines and 322 unchanged. The Total Investment & Insurance Solutions

Reflecting the continued pressure on state-run banks, SBI on Tuesday posted a loss of Rs7,718 crore for the fourth quarter ended March, the bank said in a stock exchange filing. The country's largest lender had recorded a profit after tax (PAT) of Rs2,815 crore in the corresponding quarter of the last fiscal. SBI's fourth quarter loss more than trebled over that of the previous quarter when the bank had incurred a loss of Rs2,416 crore.  The bank's accumulated problem of gross non-performing assets (NPAs), or bad loans, during the quarter in consideration at Rs2,23,427 crore, worsened at 10.91%, as compared to the 10.35% in the previous quarter, and a gross NPA level of 6.9% registered in the same quarter a year ago.  The net NPA ratio during the January-March quarter stood at 5.73%, which is a marginal rise over 5.61% on this count in the previous quarter. Net NPAs in the same quarter last year were at 3.71%.

Real estate major DLF reported a consolidated net profit of Rs244 crore for the fourth quarter (Q4) of 2017-18. "Revenues for Q4 FY18 stood at Rs1,846 crore. EBIDTA stood at Rs454 crore. Consolidated PAT was at Rs244 crore," the company said in a regulatory filing to the BSE. 

The major indices of the Indian stock markets suffered a sharp correction on Wednesday. On the NSE, there were 693 advances, 1,036 declines and 322 unchanged. The Total Investment & Insurance Solutions

Equity markets opened mixed in the morning following Asian indices, after the US markets closed in red following negative reactions by President Trump on the ongoing US-China talks, and sudden change in decisions of not having the peace talks with North Korean leader in Singapore. But persistent outflow of foreign funds along with weak global cues and depreciation in the rupee plunged the key Indian equity indices on Wednesday. The Total Investment & Insurance Solutions

Shares of Vedanta declined both on the BSE and NSE as protests against its Sterlite Copper project in Tamil Nadu took a violent turn and nine people died, including a girl, in police firing on Tuesday. The Madras High Court on Wednesday stayed the construction work at Vedanta Ltd's second copper smelter plant at Thoothukudi. Hearing a public interest petition (PIL) against the company's application for renewal of environmental clearance for the second copper smelter plant project, the Madurai Bench of the High Court ordered that the application be processed after mandatory public hearing.

The petrol price in India's financial capital Mumbai touched Rs84.99 a litre on Wednesday. Petrol prices in Mumbai, Delhi and Chennai have already reached unprecedented levels, and are now setting a new benchmark every other day. Higher inflation, higher interest rates and correction in stock markets are a natural fall-out, when oil prices are so high.

The major indices of the Indian stock markets rallied on Thursday and closed with gains over Wednesday’s close. IT (information technology), banking and Teck (technology, entertainment and media) stocks gained the most. However, selling pressure on auto, consumer durables and oil and gas stocks arrested further gains. On the NSE, there were 800 advances, 916 declines and 333 unchanged. The Total Investment & Insurance Solutions

Automobile major Tata Motors said that it has reduced its net loss to Rs499.94 crore during the fourth quarter of 2017-18. According to the automobile major, its standalone net loss during the quarter under review declined to Rs499.94 crore from Rs805.93 crore reported for the corresponding period of 2016-17. In terms of financial year, Tata Motors reported a standalone net loss of Rs1,034.85 crore from a net loss of Rs2,429.60 crore. On a consolidated basis, the automobile major reported a decline in its Q4 net profit to Rs2,176.16 crore from Rs4,336.43 crore. However, the company's consolidated net profit for 2017-18 increased to Rs9,091.36 crore from Rs7,555.56 crore for the previous fiscal. 

The major indices of the Indian stock markets rallied on Friday and closed with gains over Thursday’s close. On the NSE, there were 1,140 advances, 585 declines and 324 unchanged. Buying was seen in auto, oil and gas and IT (information technology) stocks. The Total Investment & Insurance Solutions

Petrol prices across the four metros increased by over Rs3 per litre in 12 days after dynamic pricing system was resumed on May 14, data on the Indian Oil Corp (IOC) website shows. In the national capital, petrol prices rose Rs3.20 per litre during the period and were sold at Rs77.83 per litre on Friday. The revision on a daily basis resumed after the prices remained stable for 19 days as IOC had suspended the dynamic pricing system till May 13. Prices of the key transportation fuel in the other major cities of Kolkata, Mumbai and Chennai were at Rs80.47, Rs85.65 and Rs80.80 a litre, up Rs3.15, Rs3.17 and Rs3.37 from the levels on May 13, according to the data on the IOC website.

The Enforcement Directorate (ED) filed a charge-sheet against fugitive diamond merchant Nirav Modi and 23 others, including his father, sister and brother-in-law, in the over Rs13,400 crore Punjab National Bank (PNB) scam. PNB shares closed at Rs83.60, up 1.83% on the NSE.The Total Investment & Insurance Solutions

Major Indices (The Total Investment & Insurance Solutions)