We had mentioned in Friday’s closing report that Nifty, Sensex were likely to trade sideways. The major indices of the Indian stock markets rallied on Monday and closed with gains over Friday’s close. The trends of the major indices in the course of Monday’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. On the NSE, there were 966 advances, 515 declines and 472 unchanged. On the BSE, there were 1,554 advances, 1,090 declines and 165 unchanged.
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. An earlier statement from the bourse said: "Due to technical reasons in cash market, trading has been stopped in both Cash and F&O segment of the NSE. The technical team of NSE is looking into the issue." However, stock brokers contacted by IANS said that though the trading has resumed some minor issues in the Cash segment remained. "It has restarted now. The problem seems to be resolved. However, some minor display issues on the cash segment are still there. The Futures segment is operating seamlessly," a stock broker told IANS here. According to the broker, the problem about price updation and "placing of orders" started during the early phase of the day's trade session. "Afterwards, we were informed by the NSE that trade will restart at 10.15 a.m. and then at 11.00 a.m.," the broker said. The technical glitch was noticed after the NSE stock rates were not in tandem with BSE (Bombay Stock Exchange) scrip prices.
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. Steel Authority of India shares closed at Rs63.00, up 2.19% on the BSE and Tata Steel shares closed at Rs559.20, up 0.98% on the BSE.
Airtel has launched 'Project Next', a digital programme which, it says, will transform customer experience across all its services, with an investment of Rs2,000 crore over the next three years. "We plan to invest Rs2,000 crore over the next three years to launch several digital innovations to make our customers' experience more simple and interactive," said Gopal Vittal, Managing Director and CEO (India and South Asia), Bharti Airtel. As part of the project, the company will revamp all its 2,500 stores across the country. It will also introduce data rollover opportunity for customers so that their data of a particular month if unused does not go waste. Bharti Airtel shares closed at Rs405.40, up 5.39% on the BSE.
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. "Most of the water reservoirs in the sugarcane-producing states, especially in Maharashtra, are filled to their normal level. In addition, the cultivation area in Uttar Pradesh is likely to be increased. As per the inputs from the state Cane Commissioners, we are expecting the output to go above 25 million tonnes," said a senior official, who requested anonymity. Bajaj Hindustan Sugar shares closed at Rs15.90, down 2.81% and Parrys Sugar Industries shares closed at Rs47.65, down 12.08% 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: