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16
January 2019
The
major indices of the Indian stock markets opened higher on Wednesday and closed
flat. On the NSE, there were 828 advances, 861 declines and 374
unchanged.
Broadly
negative global cues, especially owing to the political uncertainty in the UK,
subdued the Indian equity market on Wednesday. Globally, investors reacted with
caution after the incumbent British government lost the Brexit vote triggering
a no-confidence motion. However, positive macro-trade data kept the benchmark
Sensex and Nifty in the green for most part of the day's session.
The
trade deficit in December narrowed due to fall in imports -- $41.01 billion or
2.44 per cent down from $42.03 billion in the same month in 2017.
Interest-sensitive banking stocks led the gains on both BSE and NSE as
investors expect the central bank to cut policy rates in the Monitory Policy
Committee (MPC) meet scheduled for February 7. Recent data has indicated a
cooling inflation providing room for the RBI to go for the rate cut, analysts
said.
Etihad
offered to invest in Jet Airways at 50% discount of Jet’s 15 January closing
price. Jet Airways has now gone through three consecutive quarters of over Rs
1,000 crore in losses. Earlier reports suggested the airline's lessors and MRO
(maintenance, repair, overhaul) partners are losing patience over non-payment
of dues. And its lenders are now wary of a Kingfisher-like situation after Jet
Airways defaulted on loan repayments in December. Jet Airways owes over Rs
8,000 crore to SBI-led consortium and its account. As a part of restructuring,
Etihad, which holds a 24% stake in the Naresh Goyal-led company, said it would
invest in Jet only at a price of Rs150 apiece, which is nearly half of
Tuesday's closing price of Rs 294.40.
SBI
plans to sell over Rs 15,000 crore worth bad loans belonging to Essar Steel to
recover its dues from the debt-laden steel maker. The lender has put the
reserve price for the recovery of bad loans from Essar Steel India at Rs
9,587.64 crore. SBI said the resolution plan for the recovery of non-performing
asset (NPA) has been approved and filed in NCLT Ahmedabad, according to which
the minimum recovery to the bank is Rs 11,313.42 crore.
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 Investment & Insurance Solutions) |
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