Nifty, Sensex May Move Up Further- Tuesday closing report-The Total Investment & Insurance Solutions

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3 July 2018

After opening on a negative note, the key Indian equity indices ended higher on Tuesday, supported by healthy buying in auto, healthcare and oil and gas stocks. On the NSE, there were 895 advances, 819 declines while no change in 353 scrips. The trends of the major indices in the course of Monday’s trading are given in the table below:

The top gainers on the Sensex were Maruti Suzuki, Infosys, Sun Pharma, ONGC and Kotak Mahindra Bank whereas Vedanta, ICICI Bank, State Bank Of India, Yes Bank and Tata Motors (DVR) were the major losers. Pharma stocks continued to head higher after their sharp upturn last month.

On the NSE, Cipla, Bajaj Finserv and Maruti Suzuki were the highest gainers while Vedanta, Bharti Infratel and ICICI Bank lost the most.

In a research report, Nomura says it expects Indian stock market to remain volatile in the run-up to the general elections next year and the political uncertainty will limit valuations in the near term.  The Japanese financial services provider has a Nifty target of 11,380 for this year end based on a forward multiple of 16x December 2018F earnings. “The Lok Sabha elections due in 2019 are likely to influence market sentiment through mid-2019. A loss for the BJP and the formation of an unstable coalition would hurt valuations, in our view,” Nomura says.

The Vodafone-Idea Cellular merger will be completed after all processes stipulated in merger and acquisition regulations are duly followed, Communications Minister Manoj Sinha had said. He said, “"Every merger and acquisition needs to follow a set of rules and regulations. Once DoT completes all statutory formalities, Vodafone-Idea merger will be cleared immediately".

Lower steel production decelerate India's May core factory output, shows official data. Unfavourable base effect, along with lower production of steel, crude oil and cement decelerated India's eight major industries' output in May 2018.

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:

Major Indices (The Total Investment & Insurance Solutions)