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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
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Major Indices (The Total
Investment & Insurance Solutions)
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