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26
March 2018
The
major indices of the Indian stock markets rallied on Monday and closed with
gains over Friday’s close. On the NSE, there were 823 advances, 934 declines
and 279 unchanged. The trends of the major indices in the course of Monday’s trading
are given in the table below: The Total
Investment & Insurance Solutions
 |
| Major Indices (The Total Investment & Insurance Solutions) |
India
would negotiate a FTA (Free Trade Agreement) with the AfCFTA (African
Continental Free Trade Agreement) which "will be unique in nature and will
be beneficial to Africa's needs", Commerce and Industry Minister Suresh
Prabhu said on Sunday. This is likely to help in the long term bullish trend of
the Indian stock markets. The Total
Investment & Insurance Solutions
India
is set to become a $5 trillion economy by 2025, Economic Affairs Secretary
Subhash Chandra Garg said on Monday. "We expect to grow at about 7%-8% in
real terms and 9%-10% in nominal terms. "I think it's very reasonable to
expect that we can achieve the five trillion economy mark. It's a reasonably
set goal," Garg said during a panel discussion on 'Shifting role of
associations for attaining $5 trillion GDP by 2025'. He said that India was
enjoying macroeconomic stability and exports, after declining for the last
couple of years, had started to pick up. He added the government was also on
the path to keep inflation within two per cent range of its four per cent
target. Garg said that in order to capitalise on this macroeconomic environment
and achieve the $5 trillion goal, India needed to improve its share in the
global trade pie. "As the global trade grows, we have to have a good part
of it," Garg said. He added that apart from a robust growth in the
traditional sectors like textiles, India also needed to concentrate on services
sector in an increasingly competitive global economy. This is also good news
for the long term bullish trend of the Indian stock markets.
The
Dubai Financial Market General Index (DFMGI) closed at 3,115.16 on Sunday, the
lowest point since the end of February, 2016. Shares of Dubai's bellwether
Emaar Properties, the developer of the world's tallest building Burj Khalifa,
dived by 2.72%, while regional logistics giant Aramex lost 3.70%. Selling
pressure piled up on the Dubai trading floor as Friday and Saturday marked the
Islamic weekend and the market remained closed, Xinhua reported. Experts of the
United Arab Emirates (UAE) argued that the decline was due to the fear of a
global trade war triggered by US President Donald Trump's recent tariff
campaigns on steel and aluminium imports as well as against China. Despite
warnings from business groups and trade experts, US President Donald Trump
signed a memorandum on Thursday that could impose tariffs on up to $60 billion
of imports from China and restrict Chinese investments in the US This fuelled
fears that the world's two largest economies could be sliding towards a trade
war.
Several
individuals have lost their money investing in the savings scheme floated by
Chennai-based jeweller Nathella Sampath Jewellry Private Ltd while State Bank
of India (SBI) has reported it had lost Rs250 crore. The jewellery company also
did not honour commitments made to people who had offered their jewellery for
sale and were promised they would be paid the money later. "I had invested
in the savings scheme floated by the jeweller. I had invested sizeable sum and
yet to get back the money," an investor told a television channel on
Saturday. Another person said Nathella Sampath Jewelry promised to pay him the
value of his jewellery after sometime but failed to do so. The jewellery chain
downed its shutters sometime back promising that it would settle the dues.
Meanwhile, the SBI on Friday in a filing in BSE said it had sanctioned an
aggregate limit of Rs250 crore in a consortium arrangement to Nathella Sampath
Jewelry. The bank said it has classified the loan as "fraud" on December
22, 2017 as the company had misrepresented its financial statements from 2010
and liquated its primary security. The matter has been reported to CBI, the
bank said. State Bank of India shares closed at Rs247.20, up 5.28% on the NSE.
Fears
over the imposition of more trade protectionist measures, along with a
parliamentary deadlock may flare up further volatility in the domestic equity
market in the coming truncated trade week. Besides, triggers such as higher
crude oil prices, derivatives expiry and the upcoming macro-economic data
points are expected to influence investors' sentiments. Markets would continue
to be volatile guided by global developments on the ongoing trade issues
between the US and China as well as the local political developments,
especially the outcome of Rajya Sabha polls, observed market analysts. Oil
prices (Brent) have hit $70, adding to the risk aversion in India. Last week,
economic tensions between the world's two largest economies escalated after the
US imposed tariffs on Chinese products and China announced plans for a
retaliatory action.
In
addition, parliamentary proceedings, macro-economic points like Index of Eight
Core Industries (ECI) figures, along with the country's fiscal deficit numbers
up to February and its external debt data will be keenly watched by investors.
The fiscal deficit number for February to be declared on the coming Wednesday
(March 28) will be closely watched for slippages, observed market analysts.
The
top gainers and top losers of the major indices are given in the table below:
Top Gainer (The Total
Investment & Insurance Solutions)
The
closing values of the major Asian indices are given in the table below: The Total Investment & Insurance Solutions
Asian Indices (The Total
Investment & Insurance Solutions)
