Nifty, Sensex waiting for India-Pakistan to cool off – Wednesday closing report -The Total Investment & Insurance Solutions

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27 February 2019

The major indices of the Indian stock market opened higher and went up further but fell sharply in a few hours due to escalating geo-political tensions between India and Pakistan. On the NSE, there were 792 advances, 942 declines and 329 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:

Sensex fell over 600 points during a highly volatile day when tension between India and Pakistan appeared to have further escalated. Investor’s sentiments dampened over reports that Pakistani jets had violated Indian airspace causing a steep fall on the BSE Sensex between 11 a.m. and 12.30 p.m. However, market pared its major losses around 2 p.m., and the S&P BSE Sensex traded 16.66 points or 0.05 per cent down at 35,957.05, from its previous close of 35,973.71. While the broader Nifty50 traded 12.05 points or 0.11 per cent lower at 10,823.25. Barring the Nifty PSU Bank index and pharma index all the sectoral stocks traded in the red. 

A day after Reserve Bank of India (RBI) took off Allahabad Bank, Corporation Bank and Dhanlaxmi Bank from the Prompt Corrective Action (PCA) framework, the stocks of PSU banks surged. Among the Sensex stocks which fell in the 1-2 per cent range were Tata Motors (DVR), Tata Motors, Vedanta, Hindustan Uniliver, Kotak Mahindra Bank. While the index toppers were Bajaj Auto, Sun Pharma, Larsen and Toubro, Axis Bank and TCS.

Finnish telecommunication giant Nokia on Wednesday said Bharti Airtel would deploy solution from Nokia’s Nuage Networks to upgrade its data centres. Nuage Networks is a Nokia venture focused on software-defined networking solution. Airtel will deploy Nuage Networks VSP (virtualised services platform) solution in 15 circles (service areas) in the northern and southern parts of the country to automate its data centre networks, Nokia said in a statement.

Credit rating agency Ind-Ra released a report on the cement sector. Ind-Ra believes the capacity utilisations of the cement industry may improve gradually over the next two years on account of limited capacity additions amidst the turnaround of acquired assets. Domestic cement demand is expected to register a modest growth of 6-8 percent in fiscal 2020 mainly driven by the diminishing base effect, increased thrust on infrastructure by the Central government and the affordable housing segment, the report said.

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:

Major Indices (The Total Investment & Insurance Solutions)