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6
July 2018
I had
mentioned in our weekly closing report that Nifty, Sensex were fighting the
fall. The major indices of the Indian stock markets were volatile during the
week and closed on Friday with minor gains. The trends of the major indices in
the course of the week are given in the table below:
The
major indices of the Indian stock markets were range-bound on Monday and closed
with losses over Friday’s close. On the NSE, there were 614 advances, 1,134
declines and 333 unchanged. The key Indian equity indices closed in the red on
Monday following weak global cues. The indices, however, recovered major losses
in the last hour of trade.
ITC
opened its luxury hotel ITC Kohenur in IT hub Cyberabad. Built with an
investment of around Rs775 crore, ITC Kohenur will offer 271 high technology
enabled rooms, suites and service apartments, six signature restaurants,
state-of-the-art meeting and convention spaces and Kaya Kalp Spa.
Automobile
major Maruti Suzuki reported a rise of 36.3% in its overall sales including
exports for June 2018 from a low base in June 2017. According to the company,
overall sales during the month under review grew to 144,981 units from 106,394
units sold during June 2017. The overall sales include 135,662 units in the
domestic market and 9,319 units which were exported. On a quarterly basis, the
company sold a total of 490,479 units in the April-June quarter, "growing
24.3% over the same period previous fiscal".
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
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.
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.
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.
The
major indices of the Indian stock markets were range-bound on Thursday and
closed with small losses over Wednesday’s close. On the NSE, there were
664 advances, 1,064 declines and 338 unchanged. Selling pressure was witnessed
in the consumer durables, IT (information technology) and metal stocks. Riding
high on Jio tide, Reliance Industries (RIL) Chairman and Managing Director
Mukesh D Ambani on Thursday said the company has doubled its subscriber base to
215 million in 22 months. Announcing that the company's fixed line broadband
service, JioGigaFiber, Ambani said: "We will now extend fiber connectivity
to homes, merchants, small and medium enterprises and large enterprises
simultaneously across 1,100 cities to offer the most advanced fiber-based
broadband connectivity solutions."
The
key Indian equity indices closed in the green on Friday tracking broadly
positive global markets. According to market analysts, healthy buying activity
was witnessed in auto, capital goods and oil and gas stocks. The indices,
however, ceded the day's major gains in the last hour of trade.
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