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28
December 2018
I had
mentioned in last week’s closing report that Nifty, Sensex were under pressure.
The major indices of the Indian stock markets were volatile during the week and
closed on Friday with small weekly gains of less than 1% over last Friday’s
close. The trends of the major indices in the course of the week’s trading are
given in the table below:
The
major indices of the Indian stock markets suffered a correction on Monday and
closed with losses over Friday’s close. On the NSE, there were 532 advances,
1,177 declines and 365 unchanged.
Taking
cues from weak global markets major Indian equity indices on Monday ended lower
for the third straight session on concerns over the slowing global growth.
Except for IT (information technology), Teck (technology, entertainment and
media) and telecom sectors on BSE, all the sectors traded lower led by
financial stocks. Stocks of major sectors like banking ended 0.33% lower. While
metal, energy, oil and gas along with auto and consumer durables counters lost
over 1%, dragging down the benchmark index. The domestic currency which closed
at 70.15 per US dollar on Friday gained 12 paise as the benchmark Brent Crude
declined to 53.64 per barrel.
The
major indices of the Indian stock markets were volatile on Wednesday and closed
with gains over Monday’s close. On the NSE, there were 730 advances, 953
declines and 378 unchanged. Tuesday was a market holiday for Christmas.
Despite
decline in crude oil prices the Sensex on Wednesday dropped over concerns of a
slowdown in global growth and a partial shutdown of the US government. All sectors,
except consumer durables and capital goods, traded in red. Selling pressure was
seen in finance, banking and IT (information technology) stocks. The benchmark
Brent Crude prices declined to 50.15 a barrel following which the domestic
currency appreciated to 69.97 per US dollar from its previous close of 70.14.
However, late in the trading session, the major indices recovered and rallied
to close with gains.
All
banking operations were paralysed in the country's financial capital on
Wednesday, following a strike by various banking employees and officers unions,
officials said here. Bank staffers responded enthusiastically to the nationwide
strike call for various demands issued by the United Forum of Bank Unions
(UBFU).
The
major indices of the Indian stock markets were range-bound on Thursday and
closed with gains over Wednesday’s close. On the NSE, there were 913 advances,
795 declines and 353 unchanged.
IT
(information technology) stocks gained, while the oil and gas and energy stocks
edged higher on the BSE. In the past days, investor sentiments were low on
concerns that US President Donald Trump would attempt to fire Federal Reserve
Chairman Jerome Powell. Key economic adviser Kevin Hassett's reassurances on
Wednesday put this to rest. According to reports, the US president was unhappy
post the US central bank hiking the short-term interest rate.
Credit
ratings agency ICRA expects the domestic two-wheeler industry's volumes to grow
at 8%-10% during FY2019. According to ICRA, the expected growth rate will be
supported by growing per capita income, improved farm sentiment following near
normal monsoon over last three fiscal, higher MSP and farm loan waiver in
select states. "The two-wheeler industry has reported a 11.1% Year over
year (YOY) volume growth in April-October 2019.
This
is despite some one-off adverse events during the period increase in insurance
premium across the country, floods in Kerala in August 2018 and regulatory
changes in West Bengal mandating two-wheeler sale to only valid license holders
in July 2018," ICRA said in a statement. "While increase in rural
income would support motorcycle demand; the demand for scooters is expected to
be led by rapid urbanisation, increased affordability and greater penetration
through targeted product launches."
Automobile
major Maruti Suzuki India has recalled 5,900 units of light commercial vehicle
Super Carry. According to the company, it is "proactively and
voluntarily" undertaking the recall campaign. The company would inspect a
possible defect in fuel filter of 5,900 Super Carry vehicles manufactured
between April 26, 2018 and August 1, 2018. This would also include vehicles in
which fuel filter has been replaced in field during this period, the company
said in a statement. Starting December 26, 2018, owners of the suspected
vehicles would be contacted by Maruti Suzuki dealers for inspection and
replacement of the faulty part free of cost. Recall campaigns are undertaken
globally to rectify faults that may be potential safety defects.
The
major indices of the Indian stock markets rallied on Friday and closed with
gains over Thursday’s close. On the NSE, there were 1,085 advances, 611
declines and 367 unchanged.
The
financial sector led the gains on the major indices -- BSE Sensex and Nifty50
-- on Friday, as Asian markets advanced, tracking overnight gains in the US
markets. Finance stocks, which have the highest weightage among all the sectors
on BSE, rose 1.24%. Markets are up on the news of fresh infusion of capital in
public sector banks, analysts pointed out.The
Total Investment & Insurance Solutions
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Weekly Indices (The Total
Investment & Insurance Solutions)
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