Nifty, Sensex May Give Up Some Gains – Thursday closing report-The Total Investment & Insurance Solutions

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19 July 2018

I had mentioned in Wednesday’s closing report that Nifty, Sensex were struggling at market highs. The major indices of the Indian stock markets were range-bound on Thursday and closed with minor losses over Wednesday’s close. On the NSE, there were 522 advances, 1,209 declines and 330 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:

Indian equity indices traded on a flat note after opening higher on Thursday. According to market observers, a weak rupee along with domestic political uncertainty in the wake of a no-confidence motion against the central government and muted trend in Asian markets capped gains. Selling pressure was witnessed in IT (information technology), capital goods and healthcare stocks, while buying supported consumer durables, automobile and banking counters.

Mindtree, a technology services company reported a Rs158 crore net profit for the first quarter of fiscal 2018-19, registering 30% annual growth but 13% decline sequentially from last quarter. "Revenue, however, grew 27% annually and 12% sequentially to Rs1,640 crore for the quarter (Q1) under review," said the firm in a statement here. In dollar terms, net income grew 24% annually but declined 17% quarterly to $23.3 million, while revenue grew 21% annually but declined 6.8% quarterly to $242 million. "Automation is playing a significant role in modernising our technology service delivery, enhancing both efficiency and speed-to-results for our clients," said the company in the statement. The company has 406 'bots', or software application running automated tasks over the internet, and performing tasks that are simple and repetitive at a much higher rate than humans, deployed to work autonomously and enable its employees to do more and accomplish larger goals.  The company has 18,990 techies with 12% attrition rate.  The company’s shares closed at Rs979.60, down 7.74% on the NSE.

A micro-finance company-turned-Jana Small Finance Bank began operations on Thursday for greater financial inclusion. "The transition from a micro finance firm (Janalakshmi Financial Services) to a bank will enable our 45 lakh loan customers to come into banking ecosystem by 2018-end," said the bank in a statement here. One of the 10 financial institutions to get banking license from the Reserve Bank of India in April 2017, Jana aims to be an inclusive digitised bank serving all customer segments and communities across the country. 

Artson Engineering received LoI (Letter of Intent) of approximate Rs28.94 crore from Tata Projects Limited for Design, supply & commissioning of Dross Refining Unit. The company’s shares closed at Rs60.00, down 2.91% on the BSE.

Lupin received tentative approval from the USFDA for its Tadalafil Tablets USP, a generic version of Eli Lilly and Company's Galls® Tablets. The drug is indicated for the treatment of erectile dysfunction and benign prostatic hyperplasia. Lupin shares closed at Rs799.00, down 1.48% on the NSE.

Cadila Healthcare - Zydus received final approval from the USFDA to market Piroxicam Capsules USP. The drug is a non-steroidal anti-inflammatory drug indicated for symptomatic treatment of osteoarthritis and rheumatoid arthritis. The company’s shares closed at Rs342.60, down 3.29% 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

Major Indices (The Total Investment & Insurance Solutions)