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10
December 2018
The major indices of the Indian stock markets
suffered a sharp correction on Monday and closed with losses over Friday’s
close. On the NSE, there were 339 advances, 1,382 declines and 350 unchanged.
The trends of the major indices in the course of Monday’s trading are given in
the table below: The Total Investment
& Insurance Solutions
Negative
global markets along with caution ahead of the results of Assembly elections in
five states and a rise in crude oil prices suppressed the key Indian equities
indices during Monday's trade session. The key indices—the S&P BSE Sensex
and NSE Nifty50 - had a gap-down opening and subsequently shed over 655 points
and 205 points each on an intra-day low basis. According to market observers,
selling pressure in banking, consumer goods, oil and gas and capital goods
stocks along with continuous outflow of foreign funds accelerated the downward
trajectory of the equity indices. The BSE market breadth was bearish with 1,787
declines and 546 advances.
On Tuesday, the results of Assembly elections
in Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram will be
declared. The elections are considered as a crucial indicator of public mood
before the Lok Sabha elections next year. Besides the election outcome, a rise
in crude oil prices after the Organization of Petroleum Exporting Countries
(OPEC) and Russia decided to go in for a production cut of 1.2 million barrels
per day from 2019 might hinder the markets' attempts to arrest the fall.
Investors were also spooked due to fears of slowing global economic growth and
an escalation in trade protectionist measures after the arrest of Huawei's
Global CFO over alleged violation of US sanctions on Iran. On the currency
front, the Indian rupee weakened to 71.32 against the US dollar from its
previous close of 70.81. The Total
Investment & Insurance Solutions
The
sale of passenger vehicles in the domestic market declined by 3.43% on a
year-on-year basis in November to 266,000 units, according to the Society of
Indian Automobile Manufacturers (SIAM) data on Monday. The data showed that
domestic sales of passenger vehicles in November 2017 stood at 275,440 units.
Among the sub-segments, the sale of passenger cars in the domestic market
during the month stood at 179,783 units, 0.91% lower than the 181,435 units
sold in the year ago period.
Further, the number of utility vehicles sold
in India rose by 10.18% to 69,884 units in November 2018, whereas 16,333 units
of vans were sold last month, up from 16,198 units in November 2017. However,
the commercial vehicle segment's domestic sales rose 5.71% to 72,812 units last
month, the SIAM data showed. Nifty Auto Index closed at 8,784.25, down 0.96% on
the BSE. The Total Investment &
Insurance Solutions
Petrol
prices across the four metros have declined by nearly 15% from the record high
levels they had reached in October. In Delhi, petrol was priced at Rs 70.70 per
litre, lower by 14.64% from the all-time high of Rs 82.83, recorded on October
16 and 17, data from the Indian Oil Corp's website showed. On Friday, the
petrol price in the national capital was Rs 70.92 per litre. In the other
metros of Kolkata, Mumbai and Chennai, the cost of petrol has declined 14.05%,
13.60% and 14.83%, respectively from the highs reached on October 16 at Rs
72.75, Rs 76.28 and Rs 73.33 per litre on Saturday. On Friday, prices in the
respective cities were Rs 72.97, Rs 76.50 and Rs 86.10 per litre. The slide in
domestic fuel prices comes in line with the recent decline in crude oil prices
due to high supplies. However, as the Organisation of Petroleum Exporting
Countries (OPEC) on Friday decided to reduce its oil supply by 1.2 million
barrels per day for the first half of 2019, prices may see an up-turn leading to
a reversal in India's domestic fuel prices movement. Indian Oil Corporation
shares closed at Rs134.30, down 3.51% on the NSE.
Lupin's Pithampur (Unit-3) facility received
EIR from US FDA (Food and Drug Administration). This was a Pre-approval inspection
for Albuterol Sulfate Inhalation product. Lupin's Pithampur (Unit 3) facility
manufactures Dermatological Products, Dry Product Inhalers and Metered Dose
Inhalers. Lupin shares closed at Rs809.55, down 3.77% on the NSE. The Total Investment & Insurance
Solutions
Escorts and Kubato Corporation, Japan, has
entered into a global JV (joint venture) agreement with an initial investment
of Rs300 crore for technology collaboration and joint manufacturing of
high-end, value-oriented utility tractor range. This is to establish a new
facility with initial capacity of 50,000 units. Escorts shares closed at
Rs601.10, down 4.08% on the NSE. The
Total Investment & Insurance Solutions
Alembic
Pharmaceuticals has received approval from the US FDA for its ANDA -
Olopatadine Hydrochloride Ophthalmic Solution USP. The drug is indicated for
the treatment of the signs and symptoms of allergic conjunctivitis. The
company’s shares closed at Rs617.30, up 0.21% on the NSE.
Jet
Airways reported a downgrade in Credit rating by ICRA. Long term Loans &
NCDs were downgraded to '[ICRA] C' from '[ICRA] B' with Negative Outlook. The
reason was that there were delays in the implementation of proposed liquidity
initiatives by the company. The company’s shares closed at Rs256.50, down 7.15%
on the NSE.
Larsen & Toubro reported that its Power
T&D business has won orders worth Rs2,547 crore. The orders are for 220kV
Transmission line in Tanzania, 230kV Substation in Thailand, 132kV Substations
and associated Transmission Lines in Jharkhand and 220kV & 132kV
Transmission lines were West Bengal. L & T shares closed at Rs1,372, down
1.99% on the NSE. The Total Investment
& Insurance Solutions
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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