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27 September 2018
I had
mentioned in Wednesday’s closing report that Nifty, Sensex might rise if
today’s low holds. The major indices of the Indian stock markets suffered a
correction on Thursday and closed with losses over Wednesday’s close. On the
NSE, there were 473 advances, 1,282 declines and 303 unchanged. The trends of
the major indices in the course of Thursday’s trading are given in the table
below:
The
S&P BSE Sensex closed 218 points down and the NSE's Nifty50 closed lower by
69 points as investors turned cautious ahead of the September futures and
options (F&O) contracts’ expiry. Almost all the sectors led by finance,
banking and capital goods stocks came under selling pressure on Thursday.
However, IT (information technology) stocks gained due to a weakening rupee.
Private
airline SpiceJet on Thursday announced a daily non-stop flight between Delhi
and Hong Kong starting from November 22. The airline would deploy Boeing 737
MAX on the route, SpiceJet said in a statement. Spicejet shares closed at
Rs68.05, down 1.95% on the BSE.
Tata
Power on Thursday said it has signed an MoU with state-run oil marketer
Hindustan Petroleum Corp (HPCL) for setting up electric vehicle (EV) charging
stations at HPCL's retail outlets and other locations across the country. Tata
Power Co shares closed at Rs68.90, down 1.99% on the BSE.
The
US Federal Reserve has raised its key interest rate by 0.25% for a third time
in 2018 bringing it to the 2-2.25% range. In a statement on Wednesday,
following its two-day meeting in Washington, the Federal Open Market Committee
also dropped its earlier "accommodative" stance on monetary policy.
The majority of Fed members also said they expect another hike in rates before
the end of 2018. The nine-member committee voted unanimously for the hike. In
continuing with its policy of gradual rate rises, the latest one marks the
Fed's eighth rate hike since 2015, indicating its favourable assessment of the
US economy. The Fed statement said that growth and employment gains in the
domestic economy have been strong and inflation has remained near the US
central bank's target of 2%. "The committee expects that further gradual
increases in the target range for the federal funds rate will be consistent
with sustained expansion of economic activity, strong labour market conditions
and inflation near the committee's symmetric 2% objective," the statement
said. America's GDP in the second quarter of 2018 grew at over 4%, while the
unemployment rate continued to stay below 4%. According to Fed projections
released after the meeting, the US economy was expected grow by 3.1% in 2018.
Lender
Punjab National Bank's Board will consider a proposal for capital infusion of
Rs5,431 crore from the central government by way of preferential issue of
equity share. According to a BSE filing made on Wednesday, PNB's Board of
Directors will meet on September 27 "for considering infusion of Rs5,431
crore by Government of India by way of preferential issue of equity
share". Punjab National Bank shares closed at Rs62.85, down 6.40% on the
BSE.
Budget
carrier IndiGo will operate its daily non-stop flights between Kuala
Lumpur-Bengaluru and Kuala Lumpur-Delhi from November 15. InterGlobe shares
closed at Rs842.00, down 1.27% on the BSE.
Cochin
Shipyard signs MoU with Andaman & Nicobar Administration for ‘Operation
& Maintenance of the Marine Dry-Dock” at Port Blair. CSL will be assisting
in the setting up of Ship repair Eco-system, Augmentation & Modernization
of Marine Dockyard and Skill Development & Training schemes. Cochin
Shipyard shares closed at Rs399.45, down 0.15% on the NSE.
Amara
Raja Batteries has entered into an agreement with Johnson Controls Technology
Company, USA for acquiring the license for manufacturing advanced stamped grid
plate making technology. Also, it entered into a technology collaboration to
manufacture advanced lead acid batteries. Amara Raja Batteries shares closed at
Rs771.45, down 1.91% 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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