Nifty, Sensex remain firm – Wednesday closing report
We had written in Tuesday’s closing report that Nifty, Sensex were likely to head higher. The major indices of the Indian stock markets were range-bound on Wednesday and closed with marginal losses over Tuesday’s close. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
 
 
Selling pressure in IT (information technology) and Teck (technology, media and entertainment) stocks, coupled with disappointing macro-economic data pulled the Indian equity markets lower on Wednesday. Besides, investors were cautious ahead of the US Federal Open Market Committee's meet later in the evening on whether or not to raise interest rates. However, the rupee was strong. On the NSE, there were 790 advances, 661 declines and 63 unchanged. On the BSE, there were 1,426 advances, 1,384 declines and 187 unchanged.
 
Asia's oldest bourse BSE on Tuesday launched futures on S&P BSE Sensex 50 index which will help investors to achieve portfolio diversification. "The market participants would be able to take a long-term view on the underlying. Introduction of additional indices will also lead to increased participation in the index futures market," it said in a statement. The index is designed to measure the performance of the top 50 largest and liquid stocks in the exchange's Large and Mid Cap by float-adjusted market capitalisation. Further, index futures contracts will lead to better price discovery and will be useful in hedging and risk management tools. According to the exchange, it will also take market towards a multi-product environment. "The index is diversified index as it represents each key economic sector identified by bourse's sector model covering approximately 53.9% of total market capitalisation of the exchange listed companies as of October 30, 2016," it added.
 
Reliance Communications (RCOM) has got the approval of the SEBI, BSE and NSE for the proposed de-merger of its wireless division into Aircel, the company said on Wednesday. Post-closing, RCOM and the present shareholders of Aircel will hold 50% each in Aircel. Industrialist Anil Ambani-led RCOM and Aircel announced plans to merge their wireless operations on September 14, 2016 to give birth to an entity with assets worth Rs65,000 crore. Reliance Communications shares closed at Rs36.80, up 1.52% on the BSE.
 
Anchor investors of Reliance Mutual Fund Central Public Sector Enterprises-Exchange Traded Fund (CPSE ETF) have bid for Rs5,700 crore, that is, over 7.5 times of Rs750 crore of reserved quota, said industry sources. Some of the anchor investors who participated in the bid on day one on Tuesday are BNP Paribas, Morgan Stanley, SocGen, CitiGroup while the domestic investors include LIC, Exide Insurance, SBI Bank, Axis Bank and Canara Bank. Reliance Mutual Fund, a part of Reliance Capital, plans to raise Rs2,500 crore through its second further fund offer (FFO) of its CPSE ETF. The issue opens for all other investors from March 15-17, 2017 with allocation priority to retail and PFs. The bids received by the anchor investors also surpass the aggregate issue size on the first day by over two times. 
 
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:
 
  • User 

    Bhageria Industries: A Good Quarter, but a Tightrope Walk Ahead
    For the quarter ended December 2016, Bhageria Industries reported sales growth of 48.99% year-on-year (y-o-y), to Rs75.7 crore, operating profit growth of 119.55% y-o-y, to Rs9.66 crore and net profit growth of 162.92% y-o-y, to Rs6.31 crore. December 2015 was one of the worst quarters for the company in recent times. Over the past three years, the average sales growth has been 51.81% and...
    Premium Content
    Monthly Digital Access

    Subscribe

    Already A Subscriber?
    Login
    Yearly Digital Access

    Subscribe

    Moneylife Magazine Subscriber or MAS member?
    Login

    Yearly Subscriber Login

    Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
  • Nifty, Sensex to head higher - Tuesday closing report
    We had mentioned in Friday’s closing report that the stock market was inching up on global cues. The major indices of the Indian stock markets put up a strong rally on Tuesday and advanced by around 1.71% over Friday’s close. NSE trading volumes were on the higher side, thus justifying the rally. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
     
     
    Indian equity markets surged during the mid-afternoon trade session on Tuesday following crucial state election results declared on March 11. Besides, investors' sentiments were lifted by a strong rupee, broadly positive global cues and buying witnessed in banking, capital goods and automobile stocks. On the NSE, there were 944 advances, 523 declines and 75 unchanged. On the BSE, there were 1,703 advances, 1,124 declines and 218 unchanged.
     
    Indian equity markets witnessed firm opening, tracking positive state election results for ruling party at the Centre. The benchmark indices witnessed gap up opening on strong buying sentiments, according to market analysts. Bearish USD/INR futures prices also supported the firm sentiments of the markets. Almost all sector stocks traded with firm sentiments tracking over all buying activities in Indian equity markets.
     
    India's annual rate of inflation based on wholesale prices rose to 6.55% in February 2017 from 5.25% in the previous month, official data showed on Tuesday. According to the Wholesale Price Index (WPI) data released by the Commerce and Industry Ministry, the annual inflation rate was (-)0.85%  in February 2016. A rise in inflation could divert some fixed income investments into the stock markets and show higher trading volumes over a period of time.
     
    US stocks wavered and ended mixed, as Wall Street mainly awaited a possible interest rate hike from the US Federal Reserve on Wednesday. On Monday, The Dow Jones Industrial Average was down 21.50 points, or 0.10%, to 20,881.48. The S&P 500 rose 0.87 points, or 0.04%, to 2,373.47. The Nasdaq Composite Index gained 14.06 points, or 0.24%, to 5,875.78. Traders generally anticipated the Federal Open Market Committee to raise interest rates at the conclusion of its two-day monetary policy meeting later this week. Market expectations for a March rate hike were around 95.2%, according to the CME Group's FedWatch tool. A rise in interest rates could divert some funds of foreign institutional investors from India to developed countries.
     
    US total nonfarm payroll employment increased by 235,000 in February, well above market consensus of 188,000, the Labour Department announced Friday. The unemployment rate was little changed at 4.7%. After Friday's jobs report, market expectations for a March rate hike sharply increased. 
     
    Coal India on Saturday said its wholly-owned subsidiary Central Coalfields Limited (CCL), which had approved a Rs1,001.88 crore buyback proposal, has decided "not to proceed" with the plan. "..the Board of Directors of CCL at its meeting held on March 10, 2017 has, after reviewing the limited reviewed unaudited financials of the company ended December 31, 2016 based on the Revised valuation Report submitted by the merchant banker, decided not to proceed with the proposed buyback," the miner said in a regulatory filing. Last week, the miner's arm had approved buyback of 5,21,000 fully paid equity shares for an aggregate amount not exceeding Rs1,001.88 crore. It had also said the equity shares proposed to be bought back by the miner's subsidiary would represent 5.54% of the existing paid up capital of CCL. In another regulatory filing, CIL which produces 84% of the country's coal, said its board on Saturday approved to tender the shares held by the company in its subsidiaries -- Mahanadi Coalfields Ltd (MCL), Northern Coalfields Ltd (NCL), South Eastern Coalfields Ltd (SECL) -- in their respective buyback offer. Coal India shares closed at Rs295.55, down 0.76% on the BSE.
     
    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:
     
  • User 

    We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 3 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)