Only a sudden reversal below 8,330 will be bearish for Nifty
We had mentioned in Wednesday’s closing report, India’s benchmark NSE’s CNX Nifty may move sideways now. A firm move above 8,450 would be needed to head higher and a decline below 8,300 could be bearish, we had said. As expected, the Indian indices were range-bound and recorded minor gains.
Making a strong pitch for investments, Finance Minister Arun Jaitley has asked long-term US investors to start investing without any delay as India's growth story is on a firm footing and all outstanding issues are under the government's active consideration. In his meeting with a group of US investors, Jaitley, who concluded his nine-day US tour Wednesday, alluded to the extensive reforms that have been launched by the Indian government during the last one year. Addressing long-term investors at a roundtable organised by CII and Kotak in San Francisco, Jaitley said the economic fundamentals are very strong, making India one of the most attractive investment destinations. This is the same pitch, former finance minister P Chidambaram used to make.
Shares of Information technology (IT) companies were under pressure, declining by up to 9% in an otherwise firm market. KPIT Technologies closed at Rs90.15, down 9.08% on BSE and Mindtree closed at Rs1,294.35, down 5.05%. KPIT Technologies shares also saw a spurt in volume with 40 lakh shares traded on the BSE as compared to a 2-week average of 1.26 lakh. Ravi Pandit, chairman and group CEO of KPIT Technologies, denied rumours of promoters selling stake in the company. He also clarified that the company has not issued a profit warning. The share price of KPIT touched its 52-week low of Rs85.05 on BSE.
State Bank of India (SBI) said it will install 10 lakh payment card swipe machines (point of sales, or PoS, terminals) across the country. It will double the number of places where card payment is accepted. The bank is also launching a huge campaign to promote cash withdrawal of up to Rs1,000 at these PoS terminals, which will reduce pressure on automated teller machines (ATMs). SBI shares closed at Rs265, up 1.01% on NSE.
Axis Bank has launched a new debit card Secure+ which will protect the customer from frauds of up to Rs75,000, even in cases where the fraudster has obtained the PIN number. The secure card also comes with a service that enables customers to store details of all their cards (including other banks) and block all of them with a single call in case of the wallet being lost. Axis Bank shares closed at Rs570, down 0.26% on NSE.
The top gainers and losers in main categories in the stock market are given in the following table:
The closing figures of other indices in India and abroad is given in the table below:
Among European indices, FTSE 100 was trading at 6,863.92, up 0.28% and DAX was at 11,555.78, up 0.74%. Athex Composite Share Price Index was at 786.50, up 0.72%.
The US index futures were in the green.