We have mentioned in Monday’s closing report that Nifty, Sensex may rise a bit. The major indices of the Indian stock markets rose strongly in Tuesday but suffered a severe sellf off losing all the morning gains and closed in the red. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
Indian Equity markets settled with modest losses in a volatile session of trade as a strong intraday rally was derailed by sell-off in late trade. Weakness in European stocks caused reversal in intraday gains. Sensex fell by 94.56 points or 0.32% to settle at 29,319.10. The Nifty 50 index dropped 34.15 points or 0.37% to settle at 9,105.15. Both the benchmarks hit the lowest closing level in three weeks.
Tata Steel lost 2.55% after the company said its board meeting will be held on 20 April 2017, to consider a proposal for fund raising. The announcement was made after market hours yesterday, 17 April 2017. Axis Bank lost 0.89%. The bank announced that it has retained the marginal cost of funds based lending rates (MCLR) at the same levels across tenors. The bank's MCLR for overnight loans will be 7.9%, for one month will be 7.9% and for three months will be 8.05%.The MCLR on 6-month loans will be 8.15% and for one-year loans the rate would be 8.25%, the bank said. MCLR for two-year loans would be at 8.3% and loans with three-year maturity would carry an MCLR of 8.35%, the bank said. The new loans will be priced at the published internal benchmark MCLRs as mentioned above with effect from 18 April 2017. The announcement was made after market hours yesterday, 17 April 2017.
DCB Bank surged 2.37% to Rs 177.35 on reports that a domestic brokerage has maintained add rating on the stock. Shares of DCB Bank had declined 3.56% to settle at Rs 173.25 yesterday, 17 April 2017, after the bank reported weak Q4 March 2017 results on Friday, 14 April 2017. DCB Bank's net profit declined 24% to Rs 52.86 crore on 20.2% increase in total income to Rs 612.64 crore in Q4 March 2017 over Q4 March 2016. The bank's provisions and contingencies rose 24.5% to Rs 33.93 crore in Q4 March 2017 over Q4 March 2016.
Meanwhile, India Meteorological Department (IMD) in its first stage forecast of southwest monsoon for 2017, today, 18 April 2017, said that quantitatively, the monsoon seasonal rainfall is likely to be 96% of the long period average (LPA) with an error of ± 5%. Forecast assessment suggests 38% of probability for near normal monsoon rainfall, it added. IMD will issue the update forecasts in early June, 2017, as a part of the second stage long range forecast of monsoon rainfall.
The top gainers and top losers of the major indices are given in the table below:
Overseas, most European stocks were trading lower with commodity shares struggling and investors were nervous ahead of the first round of voting in France's presidential election on Sunday, 23 April 2017.Meanwhile, in a surprise move, UK Prime Minister Theresa May has announced plans for an early general election on 8 June 2017. In an unscheduled speech delivered today, 18 April 2017, May said an election is needed because other parties in parliament are opposed to the Conservative-led government's Brexit plans.Most Asian stocks finished lower on escalating geopolitical concerns. US stocks rose the most in six weeks yesterday, 17 April 2017 as investors turned their attention to first-quarter corporate earnings.The BSE market breadth was bearish -- with 1791 declines, 1101 advances and 134 unchanged. Similarly, on NSE, there were 1119 declines, 575 advances and 75 unchanged.
The closing values of the major Asian indices are given in the table below: