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15
February 2019
I had
mentioned in last week’s closing report that Nifty, Sensex might head lower.
The major indices of the Indian stock markets suffered a correction during the
week and closed on Friday with losses over last Friday’s close. The trends of
the major indices in the course of the week’s trading are given in the table
below:
On
Monday, except for IT (information technology) stocks on the BSE, all the
others sectors traded lower. Oil and gas, capital goods and auto stocks lost
over 1%. The Sensex of the BSE opened at 36,585.50 from its previous close at
36,546.48 on Friday.
Jet
Airways has revised its change and cancellation fees for its flights within
India, based on the number of days prior to the travel date that the change or
cancellation is made. According to the airline, in the economy class, there
will be different charges across the various fare choices. There will be no
change in fees for Jet Airways award flight bookings, the airline said.
On
Tuesday the indices closed lower, ahead of the release of retail inflation and
industrial production data. After trading on a flat-to-negative note for most
part of the session, the key indices slumped in the last hour of trade with
selling pressure on telecom, IT (information technology) and finance stocks.
Markets anticipate a rise in the Consumer Price Index (CPI), the retail
inflation data in the month of January, analysts said. In December, India's
retail inflation in December eased to 2.19% from 2.33% in November due to lower
fuel prices.
The
Indian Hotels Company Ltd (IHCL) announced the takeover of the management of
one of Goa's oldest and iconic five star hotels, Cidade de Goa. The hotel,
which currently operates 207 rooms, will form a part of the IHCL's SeleQtions
portfolio - a collection of hotels and resorts with a distinct character. In
addition to the 207 rooms, an additional 299 rooms which are currently under
construction, will be added to the same complex under the Taj brand scheduled
to open by the end of this year, the IHCL statement said. The IHCL said it has
a special relationship with Goa since 1974 when Taj Fort Aguada Resort &
Spa, India's first beach resort opened its doors and firmly established Goa on
the global map. The Fomento Group are the promoters of Cidade de Goa.
The
key Indian equity indices traded in the green on Wednesday morning, supported
by easing retail inflation and firm global markets. India's retail inflation
fell to a 19-month low of 2.05% in January 2019, according to official data
released on Tuesday. The domestic market, however, trimmed the major initial
gains on Wednesday due to selling pressure on capital goods, consumer durables
and telecom stocks. As trading progressed, the major indices drifted downwards,
and closed with losses.
India's
annual rate of inflation based on wholesale prices eased to 2.76% in January
from 3.02% reported for the corresponding month of 2018, official data showed
on Thursday. On a sequential basis, the Wholesale Price Index (WPI) data for
January, furnished by the Ministry of Commerce and Industry, showed that wholesale
prices rose on a slower rate than the rise of 3.80% reported for December 2018.
"The annual rate of inflation, based on monthly WPI, stood at 2.76%
(provisional) for January 2019 (over January 2018) as compared to 3.80%
(provisional) for the previous month and 3.02% during the corresponding month
of the previous year," the Ministry said in its review of "Index
Numbers of Wholesale Price in India" for January. "Build up inflation
rate in the financial year so far was 2.49% compared to a build-up rate of 2.47%
in the corresponding period of the previous year."
The
major indices of the Indian stock markets closed with losses on Thursday. On
the NSE, there were 836 advances, 875 declines and 355 unchanged.
The
Yes Bank stock rose sharply after the Reserve Bank of India (RBI) found no
inconsistency, or "divergence", in the bank's disclosures on its
non-performing assets (NPAs). Yes Bank said it has received the RBI risk
assessment report that found "nil divergences in the bank's asset classification
and provisioning from the RBI norms". The RBI assesses compliance by banks
on several counts, like income recognition, asset classification and
provisioning for bad loans.
The
major indices of the Indian stock markets were range-bound on Friday and closed
with small losses over Thursday’s close. Sensex settles 67 points lower, Nifty
ends at 10,724. On the NSE, there were 640 advances, 1,155 declines and 102
unchanged.
GlaxoSmithKline
(GSK) Consumer Healthcare reported a 35.07% rise in net profit for the October-December
quarter. Its net profit for the third quarter of the current fiscal was
Rs221.06 crore against Rs163.66 crore reported for the year-ago period. On the
amalgamation of the company with Hindustan Unilever Ltd (HUL), it said
"presently, the company is in the process of seeking other requisite
approvals" after the Competition Commission of India approved the proposed
amalgamation on January 23. On December 3, 2018, the GSK Consumer Healthcare
board of directors had approved the plan of amalgamation with HUL.
GlaxoSmithKline Consumer Healthcare shares closed at Rs7,400.05, down 1.18% on
the NSE.The Total Investment & Insurance
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