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30 December
2016
I had
mentioned in last week’s closing report that Nifty, Sensex might bounce back
next week. Despite often being oversold in the course of the last one week, the
major indices of the Indian stock markets have staged a weekly rally with small
gains. The trends of the major indices in the course of the week are given in
the table below: The Total Investment & Insurance
Solutions
 |
| Weekly closing report (The Total Investment & Insurance Solutions) |
On
Monday, investors were spooked by Prime Minister Narendra Modi's hint of
raising taxes on income generated via stock market. Besides, continuous outflow
of foreign funds dragged the key domestic indices lower. However, the Finance
Minister Arun Jaitley clarified on Sunday itself that the government has no
plans to impose long-term capital gains tax on share transactions in the
upcoming budget, describing media reports of Prime Minister Narendra Modi's
speech earlier as erroneous. Market sentiments however remained low on Monday.
The BSE market breadth was tilted in favour of the bears -- with 2,015 declines
against 583 advances. On the NSE, there were 197 advances, 1,249 declines and
53 unchanged. Pharma stocks continued to be under pressure as were metal stocks
after there was a sharp decline of metal prices in Asian trade. Trading was
listless, and NSE trading volumes were on the lower side at just 62.77 crore. The Total Investment & Insurance Solutions
An
auditors body on Monday sought independent powers of investigation for
Parliament's Public Accounts Committee (PAC), and demanded that banks, other financial
institutions and PPP projects be brought under the purview of India's official
auditor. "The Institute of Public Auditors of India (IPAI) has strongly
demanded that the PAC be given enough powers to take up issues for
investigation on its own. “It also advocated to bring banks, other financial
institutions and projects under the public-private partnership (PPP) within the
scope of the Comptroller and Auditor Generals' (CAG) audit," the body of
public finance specialists said. Bank Nifty closed lower on Monday. The Total Investment & Insurance Solutions
Short
covering and value buying lifted the Indian equity markets on Tuesday. The key
indices provisionally closed with substantial gains of around 1.5% each, as
buying was witnessed in automobile, banking and healthcare stocks. The Nifty
recaptured 8000 while the Sensex surged up 400 points Tuesday. The wider
51-scrip Nifty of the National Stock Exchange (NSE) surged by 124.60 points or
1.58% to 8,032.85 points. The Sensex touched a high of 26,249.03 points and a
low of 25,803.19 points during the intra-day trade. The BSE market breadth was
tilted in favour of the bulls - with 1,692 advances and 875 declines. Out of
1,362 stocks traded on the NSE, 320 declined and 986 advanced on Tuesday.
Lupin
advanced 2% after the pharma company had received tentative approval from the
US health regulator to sell Olmesartan medoximil tablets, used for treating
high blood pressure, in the American market. Shares of Bharat Financial
Inclusion snapped a seven-session losing streak to rise 8% to Rs518 on bargain
buying on Tuesday. The Total Investment & Insurance
Solutions
Outflow
of foreign funds, along with profit booking ahead of derivatives expiry and
broadly negative global indices, subdued the Indian equity markets on
Wednesday. The key indices were rising all through the day but lost their gains
and closed on a flat note, as heavy selling pressure was witnessed in stocks of
oil and gas, capital goods and energy. The Sensex touched a high of 26,415.05
points and a low of 26,191.75 points during the intra-day trade.
On
Wednesday, Sunil Hitech hit its upper circuit of 5% at closing after the
company informed bourses that it has bagged an order worth Rs434 crore in the
state of Arunachal Pradesh for National Highways & Infrastructure
Development Corporation Ltd on Engineering, Procurement & Construction
(EPC) Mode. The Total Investment & Insurance
Solutions
On
Thursday, the market was flat in the afternoon till 1.30 pm and then started to
rise on short-covering and rising rupee. The key indices provisionally closed
with gains of more than 0.50% each as buying was witnessed in automobile, oil
and gas, and consumer durables stocks. The wider 51-scrip Nifty of the National
Stock Exchange (NSE) gained 68.75 points or 0.86% to 8,103.60 points. The
Sensex touched a high of 26,429.63 points and a low of 26,166.67 points during
the intra-day trade. The Total Investment
& Insurance Solutions
Indian
equity markets soared on Friday as investors' sentiments were buoyed by rupee
appreciation, firm global cues and value buying. The key indices provisionally
closed with gains of around 1% each over Thursday’s close as banking,
healthcare and capital goods stocks witnessed buying. The wider 51-scrip Nifty
of the National Stock Exchange (NSE) gained 82.20 points or 1.01% to 8,185.80
points. The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which
opened at 26,441.51 points, provisionally closed at 26,626.46 points (at 3.30
p.m.) -- up 260.31 points or 0.99% from the previous day's close at 26,366.15
points. The Sensex touched a high of 26,678.60 points and a low of 26,406.53
points during the intra-day trade. The BSE market breadth was tilted in favour
of the bulls -- with 1,739 advances and 879 declines. On the NSE, on Friday,
there were 1,146 advances, 437 declines and 94 unchanged. In a year (2016)
marked by sharp volatility and bouts of bear dominance in the first two and
last two months, the key indices closed between 1.95% and 3% higher, with
nearly a third of the gains coming on the last few days of trading. The Total Investment & Insurance Solutions
