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09
January 2019
I had
mentioned in Tuesday’s closing report that Nifty, Sensex were continuing to
rise. The major indices of the Indian stock markets were range-bound on
Wednesday and closed with gains over Tuesday’s close. On the NSE, there were
701 advances, 1,009 declines and 356 unchanged. The trends of the major indices
in the course of Wednesday’s trading are given in the table below:
Sensex
gained during Wednesday afternoon's trade session over signs of easing US-China
trade tensions and expectation of healthy Q3 corporate results. The third
quarter results session will start with the earning announcement of Tata
Consultancy Services. The IT (information technology) major is scheduled to
announce its results on Thursday. Globally, investors awaited the outcome of
US-China trade talks which has been extended. Sector-wise, metal, oil and gas
stocks lost over 1% but key finance and banking stocks traded in the green.
The
government increased the advertisement rates for print media by 25% over the
existing rates, which is expected to especially benefit small and medium
newspapers. An Information and Broadcasting Ministry release said that the decision
has come into force immediately and will be valid for a period of three years.
"This decision has been taken based on the recommendations of the 8th Rate
Structure Committee constituted by Information and Broadcasting Ministry which
took into account several factors, including the increase in the price of
newsprint, processing charges and other factors which go into the computation
of advertisement rates," the release said. The last such revision had
taken place in 2013 when an increase of 19% was made over the rates of 2010.
"The decision will be of great benefit especially to the medium and small
newspapers including a large number of such papers in regional and vernacular
languages," the release said. It is actually a pre-election measure of the
ruling government to keep the media happy.
State-owned
NMDC announced a buyback of 3.23% equity shares at a price of Rs98 per stock
for a consideration not exceeding Rs1,000 crore. The buyback decision was taken
by the company's Board in its meeting held on Tuesday. The company's regulatory
filing to the BSE said that its Board has "approved the proposal to
buyback of not exceeding 10,20,40,815 equity shares at a price of Rs98 per
equity share payable in cash for an aggregate consideration not exceeding Rs1,000
crore representing 4.11% of the aggregate of the fully paid-up equity share
capital and free reserves." NMDC shares closed at Rs91.40, down 3.74% on
the BSE.
Just
a week after lowering its revenue estimate for the first quarter of fiscal
2019, Apple is cutting its current production plan for new iPhones by about 10%
for the January-March quarter, the Nikkei Asian Review reported on Wednesday.
Apple, being a market leader, is conservative on growth and consequently,
equity analysts are conservative about capital appreciation in 2019 in the US
stock market as a whole.
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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