Thursday, 10 January 2019


Contact Your Financial Adviser Money Making MC
10 January 2019

I had mentioned in Wednesday’s closing report that Nifty, Sensex might log more gains. The major indices of the Indian stock markets were range-bound on Thursday and closed with small losses over Wednesday’s close. On the NSE, there were 846 advances, 860 declines and 359 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:


Sensex and Nifty traded lower on Thursday over a sharp rise in crude oil prices and decline in financial stocks. Brent crude futures on Thursday surpassed the $60-a-barrel mark. Also, investors awaited Q3 corporate results, set to start on Thursday, and more clarity regarding US-China trade talks. It is observed that crude price rise would have an adverse effect on the Indian rupee. In addition, the supply cut by OPEC and other major oil producers came into effect from January 1. Lately, excess US oil has pushed down prices. Accordingly, the Indian currency weakened to Rs70.57 per dollar from its previous close of 70.46.

Tata Power Delhi Distribution Ltd (TPDDL) has signed an agreement with Norwegian power technology company PIXII to explore the use of distributed pole-mounted storage to boost the strength of the distribution grid in the capital, a statement said on Thursday. The Delhi distribution company (discom) said the agreement, signed during Norwegian Prime Minister Erna Solberg's official visit earlier this week, was designed to explore the use of distributed pole-mounted storage for a resilient and sustainable distribution grid. Tata Power Company shares closed at Rs74.90, up 0.74% on the NSE.

US stocks closed higher after the summary of Federal Reserve's meeting held in December 2018 showed the central bank is patient on rate hikes. The Dow Jones Industrial Average on Wednesday increased 91.67 points, or 0.39%, to 23,879.12. The S&P 500 was up 10.55 points, or 0.41%, to 2,584.96. The Nasdaq Composite Index was up 60.08 points, or 0.87%, to 6,957.08. Fed officials acknowledged that the policy path ahead is "less clear" after approving an interest rate hike at their recent meeting. The minutes showed the rate hike came with reluctance from a few members who thought the lack of inflationary pressures argued against another increase. The minutes came after Fed chair Jerome Powell hinted at slower monetary tightening. He said Fed officials were keeping a close eye on the voices of financial market, and that Fed policy was flexible and clung to real-time economic developments. He added that the central bank would not hesitate to adjust its balance sheet reduction plan if it causes problems in the markets. US stocks were also found trading higher on Wednesday as trade talks between China and the US concluded favourably.

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
 
Major Indices (The Total Investment & Insurance Solutions)


No comments:

Post a Comment