Stocks
Sanghi Industries: A Much Better FY17-18?
With the current optimism about government spending on the infrastructure and construction sectors of the economy, stock prices of cement companies have rallied during the past few months. The implementation of GST (goods and services tax) will be positive too. This and the forthcoming elections in Gujarat are expected to benefit Sanghi Industries Ltd (SIL) which is located close to a...
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Fortnightly Market View: Bull on the Rampage
I mentioned last fortnight, that the euphoria is cooling off a bit, but the market proved me wrong by shooting up on two events. Late on Friday, 7th July, the Securities and Exchange Board of India announced that foreign portfolio investors cannot have exposure to participatory notes where the underlying asset is a derivative. Participatory notes, where the derivative is underlying, can be...
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Nifty, Sensex in consolidation mode – Weekly closing report

We had mentioned in last Friday’s closing report that Nifty, Sensex closed on a flat note. Indian shares entered into consolidation mode after a four-day rally that took benchmark indices to record highs. The trends of the major indices in the course of the week’s trading are given in the table below:

Positive global cues and buying in banking, IT (information technology) and capital goods stocks pushed the Indian equity markets to fresh highs during the mid-afternoon trade session on Monday. Equity benchmarks started-off on a strong note with both equity benchmark indices hitting record highs. Global cues and buying support aided in the markets' rise, pointed out market analysts.

 

Full-fledged trading resumed on the National Stock Exchange of India (NSE) during the mid-afternoon session on Monday after a technical glitch impacted trading during an early-morning session. The stock exchange said that the technical glitch impacted trading on its Cash and Future and Option (F&O) segment during the early-morning trade session, and that the glitch has been resolved. The NSE said that all its market segments were operational as of 12.30 p.m.

 

India's steel consumption grew by 4.6% to nearly 21 million tonne in the first quarter of the current fiscal over the same period in 2016, while the country's steel exports jumped by nearly 66% in the April-June period, a Ministry report said. "India's consumption of total finished steel saw a growth of 4.6% in April-June 2017 at 20.999 mt (million tonne) over same period of last year, under the influence of a rising production for sale," the report said. The Ministry's study also pointed out overall consumption at 7.204 mt in June was down by four per cent over the previous month (May 2017) and was up by 5.3% over corresponding month (June 2016) last year. "Export of total finished steel was up by 65.9% in April-June 2017 at 1.387 mt over same period of last year. Overall exports in June 2017 at 0.648 mt was up by 0.9% over May 2017 but was up by 20.2 per cent over June 2016," said the report of Joint Plant Committee. However, the import of total finished steel at 1.715 mt in June quarter declined by 6.4% over same period in 2016. Overall imports at 0.653 mt in June was up by 17% over May and increased year-on-year by 3.2% over same month last year (June 2016). India was a net exporter of total finished steel in April-June 2017, the report said.

 

After a huge fall in sugar production 2016-17, that forced the import of 500,000 tonnes, official and industry circles expect the upcoming "sugar year" to be sweeter, thanks to a good monsoon and signals of better yield from the field. According to the officials in the Agriculture Ministry and organisations representing private and cooperative sugar factories, output in 2017-18 (the "sugar year" starts from October) is to cross 25 million tonnes, almost 25% higher than in 2016-17.

 

The major indices of the Indian stock markets were range-bound on Tuesday and closed with minor gains over Monday’s close. Positive global cues and buying in automobile, capital goods and IT (information technology) stocks pushed the Indian equity markets to fresh highs during the mid-afternoon trade session on Tuesday. Equity benchmarks extended Monday's gain and is trading positive due to global market. Sugar stocks made gains on the back of government's decision to increase import duty in sugar, pointed out market analysts. State Bank of India shares gained more than 1% intraday after the central board of directors approved dilution of bank's stake in its life insurance subsidiary.

 

The major indices of the Indian stock markets were range-bound on Wednesday and closed with small gains over Tuesday’s close. Expectations of robust quarterly results, along with buying in energy sector stocks pushed the Indian equity markets higher on Wednesday. According to market observers, gains were capped due to investors' reluctance to further invest in expensive market conditions and caution over the upcoming macro-economic inflation and industrial production data points.

 

The major indices of the Indian stock markets rallied on Thursday and closed with gains over Wednesday’s close. The key domestic equity indices S&P BSE Sensex and NSE Nifty on Thursday scaled record highs on the back of positive global cues and hopes of an easing of the monetary policy. Global equities traded higher after US Federal Reserve Chair Janet Yellen, hinted at more gradual tapering programme at her testimony before the US Congress, pointed out market analysts. India's retail inflation hit a record low of 1.54% in June, lowest since 1999, raising hopes of an interest rate cut by RBI (Reserve Bank of India) ahead of monetary policy next month (in August).

 

After lowering the Immediate Payment Service (IMPS) charges, the State Bank of India (SBI) on Thursday reduced charges for National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) transactions up to 75% effective July 15. The reduced charges will be applicable on the transactions done through internet banking and mobile banking services offered by the bank, the bank said in an official statement here on Thursday.

 

With the retail inflation easing to a record low of 1.54% in June, the government's Chief Economic Adviser Arvind Subramanian on Wednesday said it reflects a paradigm shift in the process to low levels of inflation, which has been missed in the large systematic inflation forecasts made. As per the Central Statistics Office (CSO) data on Consumer Price Index (CPI), retail inflation was dragged lower to 1.54% in June due to a sharp fall in the prices of food items like pulses, vegetables, and other perishables. The current inflation rate is the lowest since the series began in 2012. With low inflation, interest rates are likely to soften, giving a boost to business and stock markets in India.

 

Indian shares entered into consolidation mode after a four-day rally that took benchmark indices to record highs. The S&P BSE Sensex index fell almost 90 points from the highest point of the day but managed to hold on to the 32,000 mark, ending at 30,020. The NSE Nifty-50 index recovered nearly 40 points from the lowest point of the day to end at 9,886, a shade lower than the record closing high of 9,891 which it posted on Thursday.

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