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4
July 2018
I had
mentioned in Wednesday’s closing report that Nifty, Sensex might move up
further. The major indices of the Indian stock markets rallied on Wednesday and
closed with gains over Tuesday’s close. On the NSE, there were 826 advances,
903 declines and 336 unchanged. The trends of the major indices in the course
of Wednesday’s trading are given in the table below: The Total Investment & Insurance Solutions
Healthy
rise in new businesses accelerated the growth of India's service sector in
June, a key economic data point showed on Wednesday. Accordingly, the
seasonally adjusted Nikkei India Services Business Activity Index rose at the
fastest pace since last June, despite the input cost inflation at overall high
level. The index rose from 49.6 in May to 52.6 in June. An index reading
of above 50 indicates an overall increase in economic activity and below 50 an
overall decrease. "The service economy returned to expansion territory in
June. Encouragingly, the latest performance was the strongest seen in a year,
against a backdrop of improving demand conditions, as evidenced by the fastest
gain in new business since last June," Aashna Dodhia, Economist at IHS Markit,
and author of the report, was quoted as saying in a statement. Consequently,
the seasonally adjusted Nikkei India Composite PMI Output Index rose from 50.4
in May to 53.3 in June, supported by output growth in both the manufacturing
and service sectors. As per the report, the latest reading was the strongest
seen since October 2016 and indicative of a solid rate of expansion. "The
PMI data signalled the best improvement in the overall health of the economy
since October 2016, propelled by solid growth in both the manufacturing and
service economies, with the sharper rise in the former," Dodhia said.
ICICI
Bank announced that it has crossed the milestone of disbursing mortgage loans
of over Rs1.5 trillion. It aims to grow its pan-India mortgage book to Rs2
trillion by end of FY20, a company statement said. ICICI Bank shares closed at
Rs273.25, up 0.13% on the NSE. Fortis Healthcare (FHL) on Tuesday said that its
Board has received "Binding Bids" from suitors under the new
transaction process. "The 'Binding Bids' will be evaluated by the Board of
Directors of the company in consultation with its advisors," FHL said in a
BSE filing on Tuesday. On June 29, FHL had extended the deadline for submission
of binding bids to July 3. FHL had earlier said that it will consider the bids
of four suitors -- Hero Enterprise Investment Office and Burman Family Office,
IHH Healthcare Berhand, Radiant Life Care and TPG Asia and Manipal Health
Enterprises -- in the new transaction process. The earlier date of bid submission
was June 28. Fortis Healthcare shares closed at Rs144.60, up 1.76% on the NSE.
The
top gainers and top losers of the major indices are given in the table below:
The
closing values of the major Asian indices are given in the table below: The Total Investment & Insurance Solutions
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Major Indices (The Total
Investment & Insurance Solutions)
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