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13 February 2019
I had mentioned in Tuesday’s closing report that Nifty, Sensex might try to bounce. The major indices of the Indian stock markets were range-bound on Wednesday and closed with losses over Tuesday’s close. On the NSE, there were 643 advances, 1,094 declines and 330 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
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.
Budget passenger carrier IndiGo said that it is "adjusting" some flight operations to deal with expected weather related disruptions in the coming days. However, industry insiders say that the airline has cancelled about 30 flights on Tuesday and over 30 flights on Monday. According to industry sources, the airline had cancelled around 50 flights during the last weekend due to shortage of pilots which, but IndiGo said that was due to a hailstorm that lashed the national capital and surrounding areas. "IndiGo is slightly adjusting its flight schedule in the coming days by approximately 30 flights per day," the airline said in a statement on Tuesday.
"This is in order to stabilize the network and operations impacted due to various ongoing Notams (Notice to Airmen) and predicted bad weather in the coming days." According to the airline, in order to avoid inconvenience, these adjustments are being made in advance. "They are being accommodated close to their original flight schedule. These adjustments amount to 1% to 2% of the originally planned number of flights," the statement said. At present, IndiGo, with its fleet of over 200 aircraft, offers over 1,300 daily flights and connects 52 domestic and 16 international destinations. InterGlobe Aviation shares closed at Rs1,164.95, down 0.79% on the NSE.
Coal India reported a 50% increase in its net profit to Rs4,566.81 crore during the third quarter of the current fiscal (FY19), as compared to Rs3,042.68 crore in the year-ago period. Its revenue from operations during the quarter under review was at Rs25,045.83 crore, up 5% from Rs21,707.04 crore in the corresponding quarter of the previous fiscal (FY18). Net sales stood at Rs23,385.43 crore during the three months ended December 31, 2018, up by nearly 13% as compared to Rs20, 772.23 crore in the year-ago period. The state-run miner reported that its employee benefits expense soared by 8.84% to Rs9,517.62 crore during the December quarter as against Rs8,744.10 crore in the corresponding quarter of the FY18. Coal India shares closed at Rs221.00, down 0.92% on the NSE.
US stocks ended higher as the market has been boosted by a tentative deal by US lawmakers to keep the government open and US Federal Reserve Chairman Jerome Powell's positive remarks on US economy. The Dow Jones Industrial Average rebounded 372.65 points, or 1.49%, to 25,425.76 on Tuesday. The S&P 500 was up 34.93 points, or 1.29%, to 2,744.73. The Nasdaq Composite Index rose 106.71 points, or 1.46%, to 7,414.62. Democrats and Republicans reached a temporary deal on border security funding on Monday night, which has lifted investors' risk-on sentiments.
Powell said during a forum in Mississippi on Tuesday that the country is continuing to see solid economic growth, according to media reports. On the economic front, U.S. job openings increased to 7.3 million in December 2018, compared with nearly 6.9 million in November, the Bureau of Labour Statistics said in a JOLTS report on Tuesday. The report, tracking monthly change in job openings, hiring and quits, is an important indicator to gauge the strength of US labour market.
The top gainers and top losers of the major indices are given 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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