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Nifty, Sensex dip on global impact – Thursday closing report

We had mentioned in Wednesday’s closing report that Nifty, Sensex continue to be in an uptrend. The major indices of the Indian stock markets suffered a correction on Thursday and closed with losses of upto 1.03% over Wednesday’s close. The trends of the major indices over Thursday’s trading are given in the table below:

After three consecutive days of record highs during the week, the Indian equity markets slipped on Thursday tracking bearish global cues, a weak rupee and heavy selling pressure in automobile, capital goods and consumer durables stocks. According to market observers, investors were also cautious over the ongoing two-day meet of the Good and Services Tax (GST) Council in Srinagar, which will finalise tax slabs on services and commodities in the country. On the NSE, there were 236 advances, 1,285 declines and 61 unchanged. The BSE market breadth was bearish -- with 2,043 declines and 702 advances.
 
Power utility CESC Ltd announced a business restructuring scheme which is based on demerger of certain existing businesses, group's Chairman Sanjiv Goenka said on Thursday. "This (the restructuring scheme) will lead to four entities focusing on generation, distribution, organised retail and other ventures," he said. All four entities will be listed with stock exchanges, Goenka said. The business restructuring scheme aims to simplify the present corporate structure, he added. The company’s shares closed at Rs829.80, down 15.10% on the BSE.
 
British unemployment rate has fallen to 4.6% in three months to March, hitting the lowest since 1975, the Office for National Statistics (ONS) has said. A year earlier the figure was 5.1%. The number of jobless people, who are not in work but seeking and available to work, fell by 53,000 to 1.54 million in the first quarter this year, Xinhua news agency reported on Thursday. Meanwhile, the employment rate, the proportion of 16 to 64 year olds in work, was 74.8%, the highest since comparable records began in 1971. However, despite the sustained fall in unemployment and rise in employment, wage growth has slowed down further, even lagging behind inflation for the first time since mid-2014. Average weekly earnings (excluding bonuses) increased by 2.1% in the three months to March, while inflation rose by 2.3% in the year to March 2017. The Bank of England (BoE) has warned of a consumer spending squeeze this year as inflation rises and real wages fall in its latest Inflation Report. This year will be "a more challenging time for British households" and "wages won't keep up with prices," BoE governor Mark Carney said. The FTSE was at 7,401.01 down 1.37% in London on Thursday at around 16:20 p.m. IST.
 
Following other prominent banks, the country's third largest private sector lender
Axis Bank on Thursday announced 30 basis points (bps) reduction in its home loan interest rates to promote affordable housing finance. "Taking forward its commitment towards affordable housing finance, the bank has revised its rates for home loans up to Rs 30 lakh for the salaried segment to 8.35%, the lowest in the industry," the bank said in a statement. For self-employed, rates for home loan up to Rs30 lakh have been revised to 8.40%.  The revised rates will be available with effect from May 16. The bank’s shares closed at Rs491.85, down 2.15% on the BSE.
 
In a bid to deal with economic offenders like liquor baron Vijay Mallya, who flee the country to escape the legal process, the government on Thursday said it has prepared a draft legislation to enable confiscation of their assets. The draft law -- Fugitive Economic Offenders Bill, 2017 -- has been prepared and put in public domain at the Department of Economic Affairs, Ministry of Finance, website for comments and suggestions of all stakeholders.  "It is widely felt that the spectre of high-value economic offenders absconding from India to defy the legal process seriously undermines the rule of law in India," the Finance Ministry said here in a statement.  "It is, therefore, felt necessary to provide an effective, expeditious and constitutionally permissible deterrent to ensure that such actions are curbed," the statement said.  "The government is considering to introduce legislative changes or even a new law to confiscate the assets of such absconders till they submit to the jurisdiction of the appropriate legal forum," the statement added. All stakeholders need to submit their suggestions by June 3. The legislative action is part of the Union Budget announcement. The Bank Nifty closed at 22,698.60, down 1.03% on the NSE.
 
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:
 

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Nifty, Sensex continues to be in an uptrend - Wednesday closing report

We had mentioned in Tuesday’s closing report that Nifty, Sensex were trading higher. The major indices of the Indian stock markets were range-bound on Wednesday and closed with small gains over Tuesday’s close. The trends of the major indices in the course of Wednesday’s trading are given in the table below:

The key Indian equity indices touched new intra-day highs during the mid-afternoon trade session on Wednesday, as a strong rupee and healthy buying in metal and automobile stocks buoyed investors' sentiments. Around 2 p.m. on Wednesday, the NSE Nifty rose by 15.40 points or 0.16% to 9,527.65 points. Investors remained firm ahead of a crucial GST (Goods and Services Tax) panel meet in Srinagar starting on Thursday. Both the benchmark indices touched all-time high levels. Appreciation of the rupee against the US dollar also supported the firmness, according to market analysts.
 
Bharti Airtel on Wednesday announced new plans for its home broadband users, offering up to 100% more high-speed data benefits within the same monthly rentals. "Our new plans are aimed at putting India onto the digital super highway and complement our superfast broadband offerings like ‘V-Fiber'," said Hemanth Kumar Guruswamy, CEO - Homes, Bharti Airtel (India). In-home high speed data consumption in India is increasing exponentially and to serve this growing demand and enable a seamless high speed data experience in a multi-device environment, Airtel has built a future ready network and introduced ‘V-Fiber' that delivers consistently superfast broadband speeds of up to 100 Mbps to homes, the company statement said. Airtel's refreshed broadband plans are designed for ‘V-Fiber' superfast broadband. Bharti Airtel closed at Rs376.00, up 0.35% on the BSE.
 
Pharma major Dr Reddy's Laboratories Ltd has received approval from the US Food and Drug Administration (USFDA) to launch doxorubicin hydrochloride liposome injection, for intravenous use, in the US market. Doxorubicin hydrochloride liposome injection is a therapeutic equivalent generic version of Doxil® (doxorubicin hydrochloride liposome injection). The USFDA approval is an outcome of extensive collaboration with the company's partner, Natco Pharma Ltd. on R&D and manufacturing capabilities, the Hyderabad-based Dr Reddy's said in a statement on Wednesday. "This approval represents the first of its kind for Dr Reddy's in the complex depot injectables arena," explains Alok Sonig, Executive Vice President and Head of the North America Generics business at Dr Reddy's Laboratories. "It is a testament to our commitment to bring affordable generic medicines to market for patients. The approval further validates our capabilities to successfully develop and manufacture complex liposomal formulations. We are preparing for a commercial launch soon," he said. Dr Reddy’s Laboratories closed at Rs2,731.95, up 0.32% 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:
 
 
 

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Nifty, Sensex Trading Higher – Tuesday closing report

We had mentioned in Monday’s closing report that Nifty, Sensex were headed higher. The major indices of the Indian stock markets rallied on Tuesday and closed with gains of 0.71%-0.86% over Monday’s close. The trends of the major indices in the course of Tuesday’s trading are given in the table below:

The wider 51-scrip Nifty of the National Stock Exchange (NSE) crossed the 9,500-mark for the first time during the mid-afternoon trade session on Tuesday. Around 2 p.m., the NSE Nifty traded at 9,503.50 points -- up 58.10 points or 0.62%. According to market observers, positive global cues, coupled with healthy macro-economic data and expectations of a normal monsoon lifted the Indian equity markets to record high levels intra-day. Healthy macroeconomic trends, prediction of a normal monsoon and the news on EFPO (Employee Provident Fund Organisation) increasing its equity investment limits led to the rise, observed market analysts. According to market analysts, buying was witnessed in consumer durables, automobile, banking and IT (information technology) stocks. Sector-wise, the S&P BSE consumer durables index augmented by 122.50 points, followed by the automobile index by 112.28 points and the banking index by 72.90 points.
 
State-run Indian Oil Corp (IOC) has reduced price of petrol by Rs2.16 per litre and that of diesel by Rs2.10 a litre excluding state levies. According to IOC, the current level of international prices of petrol, diesel and the Indian rupee-US dollar exchange rate warranted a decrease in selling price. Inflationary trends in India are however, likely to soften with lower oil prices and this could contribute to favourable bull market trends.
 
IT major Tata Consultancy Services (TCS) on Monday said it will commence its Rs 16,000 crore share buy-back program from Thursday. The company said that it will start the process after securities markets regulator Sebi gave its approval to the share buy-back plan. According to a regulatory filing with BSE, the IT major through letter dated 12 May 2017 has received the final observations from Sebi on the draft letter of offer for the buy-back dated 25 April 2017. "In accordance with the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998, the company will dispatch the Letter of Offer for the Buyback to eligible shareholders appearing on the record date of 8 May 2017, on or before 16 May 2017," the company said in the filing. On 20 February 2017, the global software major announced that it will buy back up to 5.61 crore equity shares of Re1 face value for Rs16,000 crore. TCS shares closed at Rs2,427.25, up 2.66% 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:
 
 
 

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