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31 January
2019
I had
mentioned in Wednesday’s closing report that Nifty, Sensex might rally a bit.
The major indices of the Indian stock markets rallied on Thursday and closed
with gains over Wednesday’s close. On the NSE, there were 998 advances, 742
declines and 318 unchanged. The trends of the major indices in the course of
Thursday’s trading are given in the table below:
Sensex
and Nifty logged strong gains on Thursday amid a surge in global markets as the
US Federal Reserve decided to keep the interest rates unchanged. Shares of IT
(information technology) companies led the gains as BSE IT index rose close to
2%. Key sectors banking, finance as well as oil and gas stocks also surged over
1%. US Fed's decision to keep the interest rates unchanged is good for the
emerging markets. Investors are also upbeat owing to the healthy Q3 results by
large caps, according to market analysts. Also, the short covering ahead of the
F&O expiry due later in the day gave a push to the markets.
Finance
Minister Piyush Goyal will present the Interim Budget in the Lok Sabha on
Friday that could virtually be a full-fledged budget of the Modi government
ahead of the Lok Sabha elections in which tax sops for the middle class and the
corporates could be expected along with a relief package to address agrarian
distress and the stressed small scale industry sector.
Stocks
of Dewan Housing Finance Corp (DHFL) plunged further on Thursday after reports
emerged that the Ministry of Corporate Affairs (MCA) may probe allegation of a
Rs31,000 crore scam. Stock exchanges have also sought clarification from the
company over reports of the likely probe. Around 10.20 a.m., the share price of
DHFL on the National Stock Exchange slumped nearly 20% to touch an intra-day
low of Rs129.50. On Tuesday, the investigative media organisation Cobrapost
alleged that DHFL promoters routed around Rs31,000 crore through dubious
companies and parked it outside India to acquire assets. The company on Tuesday
rejected the allegations. DHFL said it had met all its obligations to its
lenders by paying them back over Rs17,000 crore in the last three months. Dewan
Housing Finance Corporation Limited shares closed at Rs134.95, down 16.41% on
the NSE.
Thermax
Limited, a leading energy and environment solutions provider, on Thursday
inaugurated its new manufacturing facility in Andhra Pradesh's Sri City. The
facility will manufacture a wide range of vapour absorption machines comprising
chillers, heat pumps and heaters in its first phase, the company said in a
release. Thermax shares closed at Rs1,092.35, down 1.69% on the NSE.
US
stocks closed higher after the Federal Reserve left interest rates unchanged.
The Dow Jones Industrial Average jumped 434.90 points, or 1.77%, to 25,014.86.
The S&P 500 was up 41.05 points, or 1.55%, to 2,681.05. The Nasdaq
Composite Index increased 154.79 points, or 2.20%, to 7,183.08. The US central
bank said in a statement that the Federal Open Market Committee decided to
maintain the target range for the federal funds rate at 2.25% to 2.5% in
support of the goals to foster maximum employment and price stability. Major
indexes surged after Fed released its statement.
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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