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23
March 2017
I had
mentioned in Wednesday’s closing report that Nifty, Sensex might give up some
gains. The major indices of the Indian stock markets were range-bound on
Thursday, having partially recovered from the correction seen on Wednesday. The
trends of the major indices in the course of Thursday’s trading are given in
the table below: The Total
Investment & Insurance Solutions
 |
Major Indices (The Total
Investment & Insurance Solutions)
Positive
global cues, coupled with a marginally strong rupee and buying in automobile,
oil and gas, and capital goods stocks lifted the Indian equity markets on
Thursday. The key indices traded in the green during the mid-afternoon trade
session on the back of short covering -- breaking the streak of three
consecutive sessions of losses. On the NSE, there were 1,059 advances, 563
declines and 304 unchanged. On the BSE, there were 1,687 advances, 1,112
declines and 204 unchanged. The Total
Investment & Insurance Solutions
The
CNX Nifty, which opened on a firm note tracking positive global cues, currently
traded with firm sentiments due to short covering. Bearish USD/INR futures
prices also supported the recovery of the Indian equity markets at current
levels. IT (information technology), banking, pharma, auto, oil-gas and textile
stocks traded in the green due to short covering, while media-entertainment and
telecom sector stocks also traded with firm sentiments due to continuous buying
support, according to market analysts.
European
shares fell in early trade on Thursday as investors assessed the risks to Donald
Trump's stimulus plans, just before a vote in the U.S. Congress on his
healthcare bill. The U.S. vote, which could come as early as Thursday, is
considered a key test of Trump's ability to push through legislation, including
business-friendly tax cuts. Expectations of a big economic stimulus in the
world's largest economy have helped fuel a global rally in equity markets.
External
Affairs Minister Sushma Swaraj on Thursday said there was no reason to worry
about the curbs on H1B visas or the job security of Indian IT professionals
working in the US for the time being as the Indian government is in talks with
the US regarding this. "Currently there are four bills in the US Congress
about curbs on H1B visas. We are engaged (in a dialogue) with the US at very
high level regarding this... We are making all efforts (through diplomatic
channels) to ensure these bills are not passed," Sushma said in the Rajya
Sabha. "So there is no reason to worry about it as of now," she
added. The Minister pointed out that even before Donald Trump became President,
there had been a "flip-flop" in the H1B visa policy by the US.
"In 1990 when H1B visas were first introduced, the cap was 65,000. In
2000, it was raised to 1,95,000 for three years. In 2004 the number of these
visas was again reversed to 65,000 by the US. So there has been a flip-flop on
this policy even before Donald Trump government," she said. The Minister
also informed the house that the visa facility extended to the spouse of the
Indian professionals has not been withdrawn by the US so far. S & P BSE
Information Technology Index closed at 10,522.91, up 0.58%. The Total Investment & Insurance Solutions
With
a unified pan-India market slated to become a reality through implementation of
the Goods and Services Tax (GST) from July 1, the removal of octroi barriers
between states would help make exports more competitive, Commerce Minister
Nirmala Sitharaman said on Thursday. "GST gives a feeling that market in
India is one now, and there are no barriers between regions or provinces,"
Sitharaman told reporters here on the sidelines of a trade facilitation
workshop. "Even within the country, the value chains which will get
integrated, will have a simpler and straightforward flow and, therefore, it
should make exports more competitive rather than expensive," she said. The
stock markets are likely to be on an upward trajectory when such tax reforms
are implemented by the government. The Total
Investment & Insurance Solutions
Stock
market major BSE on Thursday reported that with HDFC and IREDA raising Rs1,498
crore and Rs200 crore worth of debt capital on Wednesday, it has raised a total
of Rs200,111 crore via its bond issuance platform. "BSE's platform for
bond issuances crossed the Rs2 lakh crore-mark of fund, raising through debt
securities by corporates in India," the stock exchange major said in a
statement. "On March 22, 2017, HDFC and IREDA (Indian Renewable Energy
Development Agency) successfully raised Rs1,498 crore and Rs200 crore
respectively by issuing bonds on private placement basis using the BSE Bond
platform." According to the statement, 383 issues of bonds by 68 issuers
have successfully raised Rs200,111 crore using the BSE Debt platforms during
the financial year 2016-17 till March 22, 2017. The bond market in India has
clearly improved over the years. The Total
Investment & Insurance Solutions
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
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| Asian Indices (The Total Investment & Insurance Solutions) |
