Nifty will decline sharply if it closes below 7,750
We had mentioned in Monday’s closing report that Nifty, Sensex are in no- man’s land and that Nifty is likely to rally if its closes above 7,900. The major indices in the Indian stock markets were range bound during Tuesday’s trading and closed with small losses of upto 0.42%. The trends of the major indices during the day’s trading are given in the table below:
The upcoming winter session of parliament and derivatives expiry subdued Indian equity markets on Tuesday. The government needs to get the Goods and Services Tax (GST) bill passed in the upcoming session to meet the 1 April 2016, roll-out deadline. The US Fed held an 'unscheduled' meet on Monday. The meet precedes the Federal Reserve policy meet in December, when a rate hike is expected to be announced. The US central bank has given signs that it might go in for a series of gradual rate hikes starting from December. However, in the short term, higher interest rates in the US are expected to lead away FPIs (Foreign Portfolio Investors) from emerging markets such as India.
The price of the OPEC basket of twelve crudes stood at $38.18 a barrel on Monday, compared to $38.37 last Friday, the organisation's secretariat said.
Japanese life insurer Nippon Life Insurance will increase its stake in Reliance Life Insurance to 49% by acquiring 23% stake from Reliance Capital for Rs2,265 crore, the two groups said. In line with the new shareholding structure, the name of the company will also be changed to Reliance Nippon Life Insurance Company Ltd.
Admitting that there were still a number of regulatory and taxation issues in India, Prime Minister Narendra Modi on Tuesday tried to hard sell the country's business potential to Singapore's corporate community and assured that he will do the hand-holding when they come to India. "In the past few months, the interest of foreign investors in India has gone up tremendously. However, there were a number of regulatory and taxation issues which were adversely impacting on their sentiments. We have taken very decisive steps to remove many of the long-pending concerns," Modi said. He was addressing the Singaporean business community at the India-Singapore Economic Convention here in the city-state. Referring that IMF chief Christine Lagarde has recently said that India is a bright spot in the global economy, Modi said: "I did not want to wait for that brightness to reach to you on its own. Hence, I am here. I am here to invite you to India in a bigger way. I have also come to assure you that I am there to carefully hold your hands."
Tata Consultancy Services (TCS) and France-based Gfi Informatique - a value-added IT services and software vendor - on Tuesday said they have entered into a strategic partnership agreement on smart cities to meet the requirements of digital initiatives in public transportation, water, and energy. The French company will include Intelligent Urban Exchange - an advanced analytics solution developed by TCS - as part of their joint value-added capabilities to address market requirements and deliver greater benefits to smart city programmes in France. "The agreement introduces advanced analytics software capabilities to expand Gfi Informatique's approach to unite and leapfrog the digital transformation of public sectors to build new revenue streams and create a culture of more fully engaged, satisfied citizens," Seeta Hariharan, general manager and group head of TCS Digital Software and Solutions, said in a statement. Big data and domain specific advanced analytics would be combined to provide cities, utilities or transport operators with real-time actionable insights and deliver cost-effective operations across multiple intelligent city domains such as transportation, water, energy, open governance and city commerce.
Filmmaker Shoojit Sircar has lent his creativity to bring different emotions alive to welcome Maggi. He says it was a "big responsibility" to portray the noodle brand in the "right manner". "I have been associated with Nestle for a long time. They wanted me to do the Maggi relaunch campaign and got in touch with me. It was a big responsibility to portray this in the right manner. These are simple short films that welcome Maggi back from different people's perspective," Sircar said. Nestle India re-launched its marquee product earlier this month after a five-month long ban by India's food regulator due to alleged high levels of lead and Monosodium Glutamate (MSG) in the Maggi noodles. With the 'Welcome Back' campaign for Maggi noodles, Sircar returns to one of his better-known commercial associations. Having worked with Nestle India before, making popular ads with the brand, he has focused the new commercials on showing the unique connect with Maggi that Indians across age groups share. In 10-15 seconds, Maggi's impact on the lives of a mother, a college student, a café owner and many such people will be told.
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: