Stocks
Nifty, Sensex continue to be in a mild downtrend – Tuesday closing report
We had mentioned in Monday’s closing report that Nifty, Sensex might weaken further. The major indices of the Indian stock markets were range-bound on Tuesday and closed with marginal losses over Monday’s close. Trading volumes on the NSE were on the lower side, reflecting caution among investors. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
 
 
The key indices closed in the red as selling pressure was witnessed in capital goods, banking and automobile stocks. The BSE market breadth was tilted in favour of the bears -- with 1,430 declines and 1,254 advances. On the NSE there were 614 advances, 828 declines and 61 unchanged.  IT (information technology) stocks traded with mixed sentiments, while banking stocks traded down due to profit booking. Textile and FMCG stocks traded with mixed sentiments on profit booking, according to market analysts. 
 
Automobile major Tata Motors on Tuesday announced its foray into the Bolivian commercial vehicle market by entering into a distribution agreement with local partner -- Bolivian Auto Motors. "We at Tata Motors understand our customers well and today have introduced class-leading products, suitable for varied terrains, with each of these built for better load carrying capability, more trips, with the lowest turnaround time," Rudrarup Maitra, Head (International Business), Commercial Vehicles, Tata Motors, was quoted as saying in a statement. According to the company, it has launched three commercial vehicles in the Bolivian market -- Tata SuperAce Petrol, Tata Xenon Petrol and Tata LPT 613 truck. Besides Bolivia, Tata Motors commercial vehicles are also sold in other South American markets like Chile and Ecuador. Tata Motors shares closed at Rs531.95, down 0.67% on the BSE.
 
State-run Coal India Ltd's share buy-back offer will open from October 3 to October 18, a regulatory filing said on Tuesday. Coal India board had approved the buy-back of over 10.89 crore shares at a price of Rs335 per share for an aggregate consideration not exceeding Rs3,650 crore. SBI Capital Markets Ltd on Tuesday informed about the letter of offer regarding buy-back offer to the equity shareholders of coal miner. "The buy-back offer size represents approximately 24.95 per cent of the aggregate of the fully paid-up share capital and free reserves, as per the audited accounts of the Company for the financial year ended 31 March 2016 and is within the statutory limits of 25% of the aggregate of the fully paid up share capital and free reserves as per the audited accounts of the Company for the financial year ended 31 March 2016," the filing said. Coal India shares closed at Rs332.00, down 0.20% on the BSE.
 
The US dollar slipped against most major currencies on Monday ahead of the country's first presidential debate between Republican Donald Trump and Democrat Hillary Clinton. Analysts said the debate has cast huge amount of uncertainties over the country and thus hurt the currency. The dollar index, which measures the greenback against six major currencies, was down 0.23% at 95.262 in late trading. On the economic front, US sales of new single-family houses in August were at a seasonally adjusted annual rate of 609,000, beating market consensus, reported the Commerce Department on Monday. American investors are cautious over the outcome of the US Presidential elections. However, Indian market analysts feel that in our stock markets it would be ‘business as usual’ irrespective of who wins the election.
 
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 below:
 

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COMMENTS

Shekhar Mirgunde

1 year ago

Congestion in bull market intrest rates are going down major currencydollardepreciating bond market volatality

IG Petrochemicals: Turning Around?
IG Petrochemicals Ltd (IGPL) which makes phthalic-anhydride (PAN) is equipped with one of the largest production capacities at a single location. The company has the ability to cater to local and international market requirements. PAN is used in industries such as flexible PVC, plastics, paints, construction, transportation and marine.
 
IGPL has a technical collaboration with Lurgi...
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Nifty, Sensex may weaken further – Monday closing report
We had mentioned in Friday’s closing report that Nifty, Sensex were trendless. The major indices of the Indian stock markets suffered a strong correction on Monday and the losses were more than 1.20% over Friday’s close. However, market trading volumes were on the lower side on the NSE. The trends of the major indices in the course of Monday’s trading are given in the table below:
 
 
Indian equity markets plunged on the back of negative global cues and caution ahead of F&O (futures and options) expiry during the mid-afternoon trade session on Monday. The key indices traded in the red with losses of more than 1% each, as heavy selling pressure was witnessed in stocks of banking, automobile and capital goods. The BSE market breadth was tilted in favour of the bears -- with 1,644 declines and 1,052 advances. On the NSE, there were 542 advances, 1,070 declines and 259 unchanged.  Volatility in global crude oil prices and negative Asian markets dragged the Indian equity markets lower at the start of the day's trade, pointed out market analysts. Lower European market accelerated the falls in the key domestic indices. Unwinding of positions ahead of F&O expiry also depressed the equity markets. The CNX Nifty traded lower tracking negative global cues. IT and banking stocks traded down on profit-booking. Auto and oil-gas stocks traded with sideways sentiments.
 
Indian multinational Tata Steel is set to begin crucial talks with trade union representatives of its British steelworks to settle the deadlock over a 15 billion pound pension scheme for its workers, British media reported on Sunday. According to The Sunday Times, Tata Steel will start talks here with unions on Monday to break the deadlock over a 15 billion pounds sterling pension scheme, which is the major obstacle in its merger with German steel maker Thyssen Krupp. The newspaper said the Indian company "is understood" to have called two days of pension talks to try to secure the merger of its European operations with those of Thyssen Krupp. German engineering conglomerate Thyssen Krupp and Tatas have held talks on combining their continental European steel operations, as global overcapacity weighs on prices and profits. Following this summer's British referendum verdict to exit the European Union, which has raised concerns about the viability of the British steel industry that has already been under prolonged and serious pressure, there were reports in the local media that Tata Steel would likely to put the sale on hold. Tata Steel shares closed at Rs370.40, down 0.40% on the BSE.
 
"India records its highest ever year-on-year FDI inflows. There has never been a better time to #MakeInIndia," the Department of Industrial Policy and Promotion (DIPP) said in a post on the programme's Twitter handle. "With 2 years of #MakeInIndia comes 2 years of doing business made easier," it said in a separate tweet. The stock markets in India have hardly reacted to this aspect of government policy in the current year. Industry chamber Assocham said earlier this year on the basis of a survey that the Indian economy is expected to improve in short-term but private sector investments would be a matter for concern due to sluggish capacity utilisation and pressure on corporate earnings.
 
India's foreign exchange reserves went down $369.60 billion as on September 16, the Reserve Bank of India (RBI) announced. According to data released by the RBI, the reserves stood at $369.60 billion as on September 16, as against $371.27 billion as on September 9. On September 16, the foreign currency assets stood at $344.07 billion, gold at $21.64 billion, special drawing rights at $1.49 billion and the reserve position in the International Monetary Fund (IMF) at $2.39 billion. The Indian stock markets have done well in attracting investments from foreign institutional investors, when the foreign exchange reserves have moved down.
 
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:
 

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COMMENTS

PRASAD AMBEGAOKAR

1 year ago

It has been a great experience to be associated as a member, your articles are full of knowledge, it has changed my perception towards investments. Thanks a million!

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