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05
December 2018
I had mentioned in Tuesday’s closing report
that Nifty, Sensex were in no man’s land. The major indices of the Indian stock
markets suffered a correction on Wednesday and closed with losses over
Tuesday’s close. On the NSE, there were 467 advances, 1,242 declines and 353
unchanged. The trends of the major indices in the course of Wednesday’s trading
are given in the table below: The Total
Investment & Insurance Solutions
In its
penultimate monetary policy review of the current fiscal, the RBI (Reserve Bank
of India) on Wednesday kept its key lending rate for commercial banks unchanged
at 6.5% for the second time in succession. The Reserve Bank of India also made
no changes to its stance of "calibrated tightening" adopted in the
policy review of October India's central bank keeps key lending rate intact at
6.5%. The Total Investment &
Insurance Solutions
Caution
on account of the monetary policy and broadly negative global stock markets
dragged the key Indian equity indices lower on Wednesday. All sectoral indices
on BSE and NSE traded in the red led by metal, auto and healthcare stocks.
According to analysts, the markets on Wednesday are affected more from the
global factors rather than the RBI monetary policy. The Total Investment & Insurance
Solutions
In
addition, crude oil prices remained volatile amid expectations of supply cuts
by OPEC (Oil and Petroleum Exporting Countries), the group of 15 of the world's
top oil producers which is to meet on December 7. Brent crude traded lower at
$61.02 per barrel. The rupee continued to depreciate and traded at Rs70.53 to a
US dollar from its close of Rs70.49.
A Delhi
court on Wednesday sentenced former Coal Secretary H.C. Gupta and two other
former government officials to three years in jail in a coal block allocation
case. CBI Special Judge Bharat Parashar also slapped a fine of Rs50,000 on
Gupta and former officials K.S. Kropha and K.C. Samria. He also sentenced
Vikash Metal and Power Ltd (VMPL) Managing Director Vikash Patni and authorised
signatory Anand Mallick to four years in jail. Last week the court convicted
all five of conspiring to get the Moira-Madhujore coal block of West Bengal in
favour of VMPL. It was the sixth judgment by the Special Central Bureau of
Investigation (CBI) court that is exclusively dealing with the coal block
allocation cases. Coal India shares closed at Rs245.30, down 2.76% on the NSE.
The
Enforcement Directorate has attached Rs117.09-crore movable and immovable
properties of Prakash Industries in connection with its ongoing probe against
it in allocation of Fatehpur coal block in Chhattisgarh in 2008, the agency
said on Tuesday. Prakash Industries shares closed at Rs85.60, down 7.61% on the
NSE.
Lupin
reported that the US FDA (Food and Drug Administration) completed inspection
carried out at the company's Mandideep location with 4 observations for Unit-2,
cardiovascular "Pril" API facilities, 10 observations for Unit-1,
Cephalosporin facilities and 8 observations for Cephalosporin Solid Oral Dosage
Form facility. Lupin shares closed at Rs858.45, down 3.29% on the NSE. The Total Investment & Insurance
Solutions
Larsen
& Toubro reported that the construction arm of L&T has won orders worth
Rs2,106 crore across its businesses. A major order of Rs1,954 crore has been
secured by its Water & Effluent Treatment business from Andhra Pradesh
Capital Region Development Authority (AP CRDA). L & T shares closed at
Rs1,397.05, down 1.61% on the NSE.
Alembic
Pharma has received approval from the US FDA for its ANDA for Candesartan
Cilexetil Tablets USP. Candesartan cilexetil tablets are indicated for the
treatment of hypertension in adults and in children 1 to 17 years of age. The
company’s shares closed at Rs619.15, up 0.52% on the NSE. The Total Investment & Insurance
Solutions
NTPC
has won 85 MW Solar capacities from the 550 MW tender floated by Uttar Pradesh
New and Renewable Energy Development Agency (UPNEDA) for grid-connected solar
projects. The bid tariff rate is Rs3.02/unit, applicable for 25 years. NTPC
shares closed at Rs140.70, down 1.75% on the NSE. The Total Investment & Insurance Solutions
Kridhan
Infra reported that the Vijay Nirman Company has received a LoI (Letter of
Intent) worth Rs105 crore for construction of major and minor bridges etc. for
Package 4 of the Mumbai-Nagpur Super Communication Expressway in Maharashtra.
The project is expected to be completed over a period of 12 months. Kridhan
Infra shares closed at Rs48.40, up 2.76% on the NSE. The Total Investment & Insurance Solutions
TCS has
launched its intelligent power plant solution - TCS IP2. The solution combines
AI (artificial intelligence), IoT (Internet of Things), and Digital Twin
Technologies to support critical power plant assets, enhance reliability,
improve flexibility, cut emissions and reduce operating costs by 2%-3%. TCS
shares closed at Rs2,003.90, down 0.35% on the NSE.
Absconding
liquor baron Vijay Mallya, wanted in a Rs9,000 crore bank loan default case, on
Wednesday offered to pay back "100% of the principal amount" as
speculations over his extradition were raised after AgustaWestland middleman
Christian Michel was brought to Delhi for interrogation. State Bank of India
shares closed at Rs280.20, down 0.83% on the NSE. The Total Investment & Insurance Solutions
US
stocks plunged on Tuesday with all three major indices erasing more than 3%,
amid worries over inverted yield curve signalling a possible economic slowdown.
The Dow Jones Industrial Average decreased 799.36 points, or 3.10%, to
25,027.07. The S&P 500 decreased 90.31 points, or 3.24%, to 2,700.06. The
Nasdaq Composite Index fell 283.09 points, or 3.80%, to 7,158.43. The US three-year
treasury note yield stood at 2.805%, higher than the five-year note on Tuesday.
The inverted yield curve caught investors' attention because historical
statistics showed that when short-term yields trade above longer-term rates a
recession could follow. Fears of a possible economic slowdown were also spurred
by weaker-than-expected quarterly guidance from Toll Brothers. The US leading
builder reported its first fall in quarterly orders in more than four years,
hit by rising interest rates and higher home prices. The company's results are
the latest evidence of slowing housing demand, after years of steady recovery
following the housing crash a decade ago. The US Census data showed new home
sales have declined for 11 straight months.
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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