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18
December 2018
I had
mentioned in Monday’s closing report that Nifty, Sensex might pause for breath.
The major indices of the Indian stock markets were range-bound on Tuesday and
closed with minor gains over Monday’s close. On the NSE, there were 965
advances, 755 declines and 342 unchanged. The trends of the major indices in
the course of Tuesday’s trading are given in the table below:
The key
equity market indices trimmed their major losses during the afternoon session
of trade on Tuesday on the back of gains by the domestic currency. IT
(information technology) along with financial stocks dragged the benchmark
index down. Earlier the BSE Sensex and Nifty opened in the red ending gains in
five consecutive trading sessions and giving investors an opportunity to book
profits. Sensex lost around 200 points during the initial session, but pared
its losses. Both global and domestic markets were subdued as investors traded
with caution ahead of the US Federal Open Market Committee's (FOMC) two-day
meet starting on Tuesday. The committee is expected to raise interest rates,
which has kept the sentiments tepid, analysts said. The Indian rupee was
trading 71.01 per US dollar from its previous close of 71.55.
Financially
strained Jet Airways said a forensic audit is being conducted by state-owned
lender State Bank of India on specific transactions of the company and it is
cooperating with the same. The statement comes after the state owned-lender
commenced the audit of specific transactions of the company for the period
April 1, 2014 to March 31, 2018. "The company is fully cooperating with
the auditors and providing them all the information, as is being sought in this
connection," the airline said in a regulatory filing after stock exchanges
sought clarification from Jet Airways on reports over SBI's forensic audit. "The
company has been regular in making the required disclosures in accordance with
regulation 30 of the listing regulations. The company is, however, unable to
comment on the reasons for the decrease in its share price on the stock
exchanges." Jet Airways shares closed at Rs245.55, down 1.82% on the BSE.
Within
hours of being sworn-in as Chhattisgarh Chief Minister, Bhupesh Baghel
announced to waive off farm loans amounting to Rs6,100 crore. The new
government has also decided to raise minimum support price of paddy to Rs2,500
per quintal. Immediately after taking over as the new Chief Minister of Madhya
Pradesh, Kamal Nath waived loans of farmers to the tune of Rs2 lakh each,
delivering on the Congress pre-poll promise of cancelling farm loans within 10
days of coming to power. Relief in the agricultural sector is likely to
increase aggregate demand in the Indian economy and is an indicator of a long
term bullish trend in the domestic stock markets.
The
Delhi High Court dismissed a plea challenging the LIC (Life Insurance
Corporation of India) move to acquire 51% stake in the government-owned IDBI
Bank. Justice Vibhu Bakhru dismissed the All India IDBI Officers Association
plea challenging LIC purchasing the stake in the IDBI on the ground that change
in shareholding could take away the public sector bank status.
Telecom
Secretary Aruna Sundararajan said SpiceJet and Vistara have shown interest in
providing in-flight connectivity on their aircraft. She also said that global
service providers are interested in facilitating in-flight connectivity
services in the country. The Department of Telecommunication on Friday notified
the rules for in-flight and maritime connectivity within the Indian territory which
allows people to make voice calls and access internet services during air and
maritime travel.
Prime
Minister Narendra Modi on Tuesday said the government is aiming to bring 99% of
items below the 18% GST (Goods and Services Tax) slab and warned of stringent
action against defaulters of bank loan and fugitives.
US
stocks closed lower as soft economic data renewed investors' worries over a
possible economic slowdown. The Dow Jones Industrial Average fell 507.53
points, or 2.11%, to 23,592.98. The S&P 500 decreased 54.01 points, or
2.08%, to 2,545.94. The Nasdaq Composite Index was down 156.93 points, or
2.27%, to 6,753.73 on Monday. The Dow is now more than 11% lower than its
52-week high while the S&P 500 is down 12% compared its record high.
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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