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08 January
2019
I had
mentioned in Monday’s closing report that Nifty, Sensex were continuing to be
bullish. The major indices of the Indian stock markets were range-bound on
Tuesday and closed with small gains over Monday’s close. On the NSE, there were
829 advances, 896 declines and 341 unchanged. The trends of the major indices
in the course of Tuesday’s trading are given in the table below:
Caution
ahead of the outcome of ongoing US-China trade talks and Q3 corporate earning
session kept the major indices in a short range on Tuesday. Sensex and Nifty
logged marginal gains during the afternoon session. The US-China trade talks
assume special significance as analysts say both sides face a resumption of
tariffs in March if they don't strike a deal. The two economic giants agreed on
a 90-day trade truce in early December. Also, Q3 corporate earning session
starting this week kept the investors from taking position. On the domestic
front, RBI Governor Shaktikanta Das will meet representatives of Non-Banking
Financial Companies (NBFC) on Tuesday pushing the banking stocks 0.82% higher.
In contrast, consumer durable and power sectors traded lower but the finance
stocks managed to stay in the green.
Most
of the central government offices, banks, port trusts and other state
government departments wore a deserted look on Tuesday as employees launched a
two-day nationwide trade strike, a top organiser said here in Mumbai.
Bandhan
Bank on Monday said its board of directors has approved merger of GRUH Finance
Limited into the lender. On Tuesday, Bandhan Bank shares closed at Rs479.70,
down 3.68% on the NSE. Gruh Finance shares closed at Rs255.50, down16.60% on
the NSE.
The
Delhi High Court set aside a Central government notification restricting the
manufacture, sale and distribution of an anti-inflammatory medicine
manufactured by pharma company Wockhardt Ltd. Ace Proxyvon, a medicine
manufactured by Wockhardt Ltd was part of the 328 Fixed Dose Combination (FDC)
drugs whose manufacture, distribution and sale was banned by the Ministry of
Health and Family Welfare in September last year. Ace Proxyvon, which combines
the dosage of aceclofenac, paracetamol and rabeprazole, is used to get relief
from pain and inflammation associated with rheumatoid arthritis, osteoarthritis
and ankylosing spondylitis. The high court observed that the Centre's decision
to ban the drug had been taken without application of mind and order was passed
without following certain procedures. Wockhardt shares closed at Rs513.70, up
1.42% on the BSE.
US
stocks closed higher in volatile trading as investors digested key economic
data. The Dow Jones Industrial Average on Monday increased 98.19 points, or
0.42%, to 23,531.35. The S&P 500 was up 17.75 points, or 0.70%, to
2,549.69. The Nasdaq Composite Index increased 84.61 points, or 1.26%, to
6,823.47. On the data front, the US services sector expanded at a
slower-than-expected pace in December. The Institute for Supply Management said
its non-manufacturing index stood at 57.6 last month, lower than analysts'
estimate and the figure in November.
On
Friday, Federal Reserve 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.
The Fed hiked interest rates for four times last year. Its rate hike pace,
considered too rapid by some investors, has rattled the market.
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:
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Major Indices (The Total
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