We had mentioned in Tuesday’s closing report that Nifty, Sensex might rally a bit. The major indices of the Indian stock markets were range-bound on Wednesday and ended flat compared to Tuesday’s close. NSE trading volumes were on the lower side. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
Indian equity markets succumbed to profit booking to close the day's trade on a flat note on Wednesday. Selling pressure was witnessed in FMCG and banking stocks. The markets were largely positive as hopes of a rate-hike turned down in the US Fed meet enhanced the risk-taking appetite, according to market analysts. However, investors were not willing to push prices higher as caution still prevails ahead of the FOMC's final decision. The Bank of Japan (BoJ) decision (to keep its policy balance rates unchanged) did not have much impact on the domestic markets. Initially on Wednesday, the benchmark indices opened on a flat-to-positive note on the back of positive Asian markets. The CNX Nifty traded with firm sentiments on buying support from traders. Most IT stocks traded firm on recovery in USD/INR futures. Auto and oil-gas stocks also traded with firm sentiments. On the NSE, there were 731 advances, 725 declines and 67 unchanged. The BSE market breadth was tilted in favour of the bulls -- with 1,413 advances and 1,314 declines.
The Bank of Japan (BOJ) unveiled its new policy framework on Wednesday, saying it will keep its negative policy rate at minus 0.1% while modifying the framework of its bond-buying programme to guide long-term rate at around 0%. The BOJ said it will continue to expand the monetary base until consumer prices exceed two percent in a stable way. The Japanese central bank concluded a two-day Policy Board meeting on Wednesday dedicated to having a "comprehensive assessment" of its monetary easing steps in an effort to achieve a 2% inflation goal.
Adani Green Energy (Tamil Nadu) Ltd on Wednesday dedicated its 648MW solar power project in the state to the nation, the company said. In a statement issued here, Adani Green Energy said it has dedicated the world's largest solar power plant at a single location of 648MW set up in Kamuthi, Ramanathupuram district. Adani Power closed at Rs27.70, down 0.72% on the BSE.
Coal India Ltd (CIL), which produces 84% of country's coal output, "needs to step up to a double digit growth rate from that of around 9% achieved during 2015-16" to meet its production targets, company Chairman Sutirtha Bhattacharya said on Wednesday. "Going forward, in order to meet the production targets, Coal India needs to step up to a double digit growth rate from that of around 9% achieved during FY 2016...during the first four months of FY 2017, Coal India's production growth was more than 6 million tonnes (mt) over the same period last year," he said while addressing shareholders at the company's 42nd Annual General Meeting. Coal India closed at Rs330.10, up 0.21% on the BSE.
E-commerce platform Flipkart on Wednesday announced the registration of 100 million customer users -- making it the first online marketplace in India to reach this milestone. This landmark was crossed just six months after hitting the 75 million registered users mark in March 2016. Flipkart's registered customer base stands at around 63% of entire wireless and wireline broadband connections in India, the company said in a statement.
With an aim to boost digital transformation, HCL Technologies will increase investment on SMAC (Social, Mobility, Analytics, Cloud) -- especially Cloud -- in next couple of years, a top company executive has said. "Currently, 60% of our IT budget is focused on SMAC. It will go up to 80-90 per cent of total IT spend by 2019-20," Manoj Kumbhat, CIO of HCL Technologies, told IANS on Tuesday on the sidelines of the ongoing Oracle OpenWorld (OOW) 2016 conference. "As we aim to become a $10 billion company by 2020, total IT investment on SMAC will go up significantly and Cloud gives tremendous flexibility for scaling up," Kumbhat said. Moving towards digital transformation, he said the company will shut down four of its six data centres in India in next three-four years. "We are not investing in data centres anymore. Currently, we have six data centres in the country. By 2019-20, we will keep only two data centres as we move towards Cloud services," Kumbhat noted. HCL Technologies closed at Rs787.00, down 0.66% 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: