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21
November 2018
I had
mentioned in Tuesday’s closing report that Nifty, Sensex have suffered
reversal. The major indices of the Indian stock markets suffered a further
correction on Wednesday and closed with losses over Tuesday’s close. On the
NSE, there were 880 advances, 831 declines and 350 unchanged. The trends of the
major indices in the course of Wednesday’s trading are given in the table
below:
India's
benchmark Sensex fell 0.77% on Wednesday tracking a continued sell-off in US
equities amid concerns about global slowdown. The losses could have been
steeper but for a decline in international crude oil price, and as financials
held on to gains. The Asian markets were mixed post a heavy sell-off in the US
markets. Selling pressure was witnessed in the IT (information technology)
counters, which fell close to 3%, followed by Teck (technology, entertainment
and media) and energy stocks.
Crude
oil prices are falling as US inventories rose last week. US inventories are at
their highest level since 2015. Crude oil remains under pressure amid
expectations of slowing global demand, pointed out market analysts. The Brent
crude is trading at $63.58 per barrel and is expected to decline further.
The
pace of India's economic growth is expected to slowdown on a sequential basis
during the second quarter of 2018-19, credit ratings agency ICRA said. However,
the gross domestic product (GDP) growth rate will still be higher on a
year-on-year (YoY) basis. Accordingly, the firm predicted a growth rate of 7.2%
in Q2 from 8.2% reported for the Q1 FY2019. In terms of gross value added
(GVA), basic prices for Q2 are expected to grow at 7.1% from 8% in Q1 FY2019.
Nevertheless, the GDP and GVA growth would continue to considerably outperform
the year-ago levels of 6.3% and 6.1%, respectively, in Q2 FY2018. "The
sequential decline in the YoY GVA growth in Q2 FY2019, relative to Q1 FY2019,
is expected to be led by industry and agriculture, even as the momentum for the
services sector is likely to improve," said Aditi Nayar, Principal
Economist, ICRA. "Overall, ICRA expects manufacturing GVA growth to ease
to 7% in Q2 FY2019 from the healthy 13.5% expansion in Q1 FY2019." The long
term bullish trend of the Indian stock market is under a cloud uptil a
successful monsoon in June 2019.
Software
major Infosys on Wednesday said it would create 1,200 jobs and open three
innovation hubs in Australia by 2020 to reduce digital skills gap. "We are
creating 1,200 new skilled jobs for graduates and professionals and opening
three innovation hubs by 2020 to accelerate digital leadership for our clients
in Australia," said Infosys in a statement. To meet Australia's growing
demand for digital expertise, the $11-billion Indian firm formed an education
ecosystem for providing learning opportunities. Infosys shares closed at
Rs619.50, down 3.41% on the NSE.
UPL
Limited has signed definitive agreement to acquire 100% in INDUSTRIAS BIOQUIM
CENTROAMERICANA, a company head quartered in San Jose, Costa Rica, along with
its subsidiaries. The annual turnover of the group is US$ 20+ mn. The
acquisition is expected to be completed by H12019. UPL shares closed at
Rs781.00, up 2.87% on the NSE.
Adani
Gas has bagged authorisation from the Petroleum & Natural Gas Regulatory
Board, Government of India to expand its City Gas Distribution (CGD) networks
in 13 more geographical areas (GAs) becoming the largest private CGD player in
India. Adani Gas shares closed at Rs97.05, up 19.96% on the NSE.
HDFC
Bank has acquired a 4% equity stake (20 lakh shares) in The Clearing
Corporation of India Limited (CCIL) at a price of Rs620 per equity share. The
total cost of acquisition is Rs124 crore. The Bank's equity stake has increased
from 5% to 9% in CCIL. HDFC Bank shares closed at Rs2,019.45, up 0.35% 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
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