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07
January 2019
The
major indices of the Indian stock markets were range-bound on Monday and closed
with gains over Friday’s close. On the NSE, there were 876 advances, 862
declines and 347 unchanged.
The
Sensex advanced on Monday following Asian markets on signs of an easing trade
tensions. Talks between US and China are scheduled to be held on Monday and
Tuesday. Barring the healthcare sector, all the other sectorial stocks traded
comfortably in the green on both the NSE and the BSE.
The
Indian currency, however, was trading flat at Rs69.73 per US dollar from its
previous close of 69.72.
Earlier,
concerns of slowdown were fuelled by outcome of weak manufacturing data from
major economies like the US, China and India. To add to this was the cut in the
financial forecast by tech major Apple, citing the US-China trade tension among
one of the reasons. The trend was only reversed after news of trade talk
between US-China came on Friday and has managed to keep the investor sentiments
upbeat since then.
The
Union Cabinet on Monday approved 10% reservation for economically backward
upper castes in jobs and educational institutions, informed sources said. They
said the government was likely to introduce a constitutional amendment bill in
Parliament on Tuesday to push for 10% extra reservation for economically
deprived sections among general categories. Being an election year, the
government has begun to introduce populist measures, which are likely to push up
fiscal deficit. This is likely to have an adverse effect on the long term
bullish trends of the Indian stock markets.
Cash-strapped
state-run Hindustan Aeronautics Ltd (HAL) on Sunday said it had taken an
overdraft of Rs962 crore. "With anticipated collection up to March, the
cash position is expected to improve. Orders for LCA (Light Combat Aircraft)
Mark 1A 83 and LCH (Light Combat Helicopter) 15 are in advanced stages,"
said HAL in a tweet from its official Twitter account. The defence aerospace major,
however, did not mention from whom or which bank the overdraft was taken and
for what purpose. The company's clarification on its cash crunch is the wake of
a media report in a national newspaper on Friday that it had borrowed nearly
Rs1,000 crore "to pay salaries to its 29,000 employees". Earlier in
the day, Defence Minister Nirmala Sitharaman dubbed a tweet by Congress
President Rahul Gandhi against her statement in the Lok Sabha on Friday on IAF
orders to HAL "a lie". "It's a shame that the president of (the)
Indian National Congress is spreading lies and misleading the country. The HAL
has signed contracts worth Rs26,570.8 crore between 2014 and 2018 and contracts
worth Rs73,000 crore are in the pipeline," Sitharaman she said in a tweet.
S & P BSE PSU closed at 7,182.95, up 0.18% on the BSE.
Budget
airline IndiGo on Saturday said its Chennai-Kolkata flight returned to Chennai
due to a "technical caution" noted by the crew. The incident
took-place on Thursday when IndiGo flight 6E 923 (Neo) operating on
Chennai-Kolkata route returned to Chennai after take-off due to the
"technical caution". "The crew followed the normal operating
procedures and asked for a priority landing. There was no engine shutdown and
no emergency landing was declared...," the airline said in a statement.
InterGlobe Aviation shares closed at Rs1,114.05, down 2.31% on the BSE.
Banking
services across the country are likely to be affected on January 8-9 due to a
nationwide strike, notice for which was served on Saturday by the All India
Bank Employees Association (AlBEA) and the Bank Employees Federation of India
(BEFI). S & P BSE Bankex closed at 30,551.36, up 0.37% on the BSE.
The
top gainers and top losers of the major indices are given in the table below:
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| Major Indices (The Total Investment & Insurance Solutions) |
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