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12
September 2018
I had
mentioned in Tuesday’s closing report that Nifty, Sensex continued to be under
pressure. The major indices of the Indian stock markets rallied on Wednesday
and closed with gains over Tuesday’s close. On the NSE, there were 688
advances, 1,048 declines and 330 unchanged. The trends of the major indices in
the course of Wednesday’s trading are given in the table below:
A
recovery in the rupee value along with value buying buoyed the key Indian
equity indices on Wednesday. The key equity indices -- S&P BSE Sensex and
NSE Nifty50 -- which had a gap-up opening, traded in a flat-to-negative range,
as investors were cautious over the upcoming macro-economic inflationary data
point.
However,
the key indices reversed the bearish trend after the mid-afternoon session as
buying was witnessed in FMCG (fast moving consumer goods), metal and capital
goods counters. In the past two trade sessions the Sensex had shed nearly 1,000
points and gave investors an opportunity to pick up stocks on an attractive
valuation. On the currency front, the Indian rupee registered a recovery at
72.11 at 4.00 p.m. after it touched a new low of 72.91 earlier in the day. At
the provisional closing time, the wider Nifty50 on the National Stock Exchange
stood at 11,369.90 points, higher by 82.40 points or 0.73% from the previous
close of 11,287.50 points.
An
agreement was signed between the Uttar Pradesh government and private air carrier
Spice Jet on Wednesday to fly on five new routes in the state, an official
said. The new routes on which flights will begin after clearances from the
Union Civil Aviation Ministry and the UP government are Varanasi-Kolkata,
Varanasi-Bengaluru, Kanpur-Mumbai, Kanpur-Bengaluru and Gorakhpur-Bengaluru.
SpiceJet shares closed at Rs79.60, up 0.32% on the BSE.
Reliance
Capital Ltd, a part of the Reliance group, said it closed the first quarter
with a net profit of Rs272 crore on a total income of Rs4,641 crore. In a
statement issued here, Reliance Capital said on a consolidated basis its total
income for the quarter ended June 30, 2018 stood at Rs4,641 crore up from
Rs4,444 crore logged in the corresponding period of the previous year. The
company has posted a net profit of Rs272 crore as against a loss of Rs378 crore
in the corresponding period of the previous year. As on June 30, 2018, the
company had a net debt equity ratio of 5.18. According to the statement, the
total assets of the company stood at Rs87,041 crore, an increase of 7%. The
consolidated results have been prepared in line with Ind AS. Insurance
companies are not covered under Ind AS. Accordingly, the standalone results of
Reliance General Insurance and Reliance Nippon Life Insurance have been
disclosed on the basis of Insurance Regulatory and Development Authority of
India (IRDAI) reporting. Reliance Capital shares closed at Rs414.20, down 5.81%
on the NSE.
Budget
passenger carrier IndiGo said that it has proactively grounded an Airbus A320neo
aircraft for a routine engine replacement. "Post normal completion of a
flight, an IndiGo aircraft was proactively grounded for a routine engine
replacement yesterday (September 10, 2018)," the airline said in a
statement. "There was no impact on our flight operations." In July,
the budget passenger carrier had grounded a few of its A320neo aircraft due to
want of spare engines from Pratt and Whitney. IndiGo, that time said the
release of additional spare engines was initiated by PW and all aircraft are
expected to be back in service in the second half of August. InterGlobe
Aviation shares closed at Rs882.50, down 1.10% on the NSE.
Dr
Reddy's launched Neostigmine Methylsulfate Injection, USP, a generic version of
Bloxiverz Injection approved by the US FDA (Food and Drug Administration), in
the US market. Approx. annual US sales for Bloxiverz brand and generic: US$ 111
million (ending July 2018). Dr Reddy’s Laboratories shares closed at
Rs2,535.00, up 0.42% on the NSE.
The
top gainers and top losers of the major indices are given in the table below:
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| Major Indices (The Total Investment & Insurance Solutions) |
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