Nifty has to stay above 7,800 for the uptrend to continue
We had mentioned in the Friday’s closing report that Nifty, Sensex are headed higher and that as long as Nifty stays above 7,800, the market will be bullish. Negative cues from Asian stock markets and anxiety on macro-economic data to be released by the government kept investors cautious and the major indices in the Indian stock markets were trading flat through the day. They closed with marginal gains/ losses. The trends of the indices during the day are given in the table below:
Initially, both the bellwether indices of the Indian equity markets opened on a firm note supported by hopes that the Goods and Services Tax (GST) bill will get passed during the winter session of parliament. However, concerns over the weak Asian markets, given the major fall in Chinese exchanges on Friday and a decline in country's industrial profits spooked investors in India. Furthermore, there were concerns ahead of the release of the upcoming macro-economic data like India's July-September GDP (gross domestic product) and eight core industries (ECI) numbers both of which are expected to be released later in the evening.
Aiming to provide better quality network, Bharti Airtel on Monday said it will invest Rs60,000 crore in the next three years. "The programme, called Project Leap, will see a network transformation. Large parts of this investment will improve voice services," Gopal Vittal, MD and CEO, Bharti Airtel, said. Airtel will deploy over 70,000 base stations in 2015-16. Its shares closed at Rs334.50, down 2.09% on the BSE.
Ahead of the Reserve Bank of India's fifth bi-monthly policy review for this fiscal next week, industry chamber CII on Sunday said the country's overall financial conditions have shown a healthy improvement, thanks to low cost of funds, strong liquidity, better external financial linkages and uptick in economic activity. "The CII-IBA Financial Conditions Index at 70.3 for Q3 FY 2015-16 shows healthy improvement in the overall financial conditions in the Indian economy vis-a-vis the previous quarter," the Confederation of Indian Industry (CII) said. The index is based on a survey of major banks and financial institutions on their expectations of key financial and economic variables determining financial conditions of the Indian economy. A majority of respondent banks and financial institutions surveyed reported improvement or no change in overall financial conditions as against the deterioration over the previous quarter. "It is heartening to note that financial conditions of the Indian economy are improving in tandem with the overall macro-economic outlook," said CII director general Chandrajit Banerjee. “The scale of improvement in the financial conditions index for the current quarter will provide necessary comfort to RBI in continuing and further extending the accommodative monetary policy stance for supporting higher economic growth," he said. A total of 36 leading banks, including 21 state-run ones, and financial institutions took part in the survey.
Prime Minister Narendra Modi said on Sunday "though the MUDRA (Micro Units Development and Refinance Agency) Yojana is in place to help small entrepreneurs, the speed at which I want to go with it has not been attained," in his Mann Ki Baat address on All India Radio. "But the beginning is good. So far about 66 lakh people have benefited ... with Rs42,000 crore spent. I am happy to announce that out of 66 lakh people, some 24 lakh are women," he said. "And the majority of these beneficiaries are from among the Scheduled Caste, Scheduled Tribe and Other Backward Class, people who stand up and themselves take responsibility to take care of their families.”...PMMY funds the unfunded and is thus focused on empowering people in the true sense," he said. "It provides a boost to three Es - Enterprises, Earning and Empowerment. The scheme encourages enterprises, provides opportunity for earning, and in the truest sense empowers people. It is helping small entrepreneurs." "The scheme is trying to help small workers such as barbers, laundrymen, milkmen, newspaper vendor...," he added.
The top gainers and top losers of the indices are given in the table below:
The closing values of the major Asian indices are given in the table below: