We had mentioned in Monday’s closing report that Nifty and Sensex were headed higher. On Tuesday, the major indices of the Indian stock markets opened weak but still closed with gains. The trends of the major indices in Tuesday’s trading are given in the table below:
Negative global cues, coupled with profit booking, subdued the Indian equity markets on Tuesday. Consequently, the key indices of the Indian equity markets traded flat -- marginally in the green in the morning. With value buying in capital goods, healthcare and bank stocks lifting prices, by afternoon, the major indices closed with small gains. The BSE market breadth was marginally tilted in favour of the bears -- with 1,315 declines and 1,298 advances.
Steel exports fell 27% in April this year to 0.308 million tonnes (mt), while finished steel production in the country grew 3.2% to 7.48 million tonnes in the first month of the current fiscal, as per the steel ministry's latest report. "Export of total finished steel was down by 27% in April 2016 (0.308 mt) over April 2015 and declined by 12% over March 2016," said the report of the ministry's Joint Plant Committee (JPC). India imported 0.654 mt of total finished steel in April 2016, down 15.5% over the same month last year. According to the provisional data released by JPC, production for sale of total finished steel at 7.487 mt, registered a growth of 3.2% during April over year-ago month. "During April 2016, the ISP (integrated steel plants) producers produced 3.956 mt, which was a growth of 1.2% while production for the other producers was up by 3.3%," the report said. The country's steel consumption posted a 5.2% growth in April 2016 at 5.75 mt over corresponding month last year. The report pointed out steel consumption in April was down 29% as compared to March (2016) consumption under the influence of a declining supply side as both production for sale and imports declined. Steel Authority of India shares closed at Rs42.40, down 1.17% on the BSE.
Even as Reliance Industries doesn't intend to offer doles on its 4G handsets under the "LYF" brand, some concessions are certainly expected given the state of play in India's mobile phone and data market, global investment advisory CLSA has said in an analysis. "While Reliance has said categorically it is not looking to give handset subsidies, we expect it to come up with some bundled promotional offerings. In a prepaid market like India, any bundled offering may be very different from the handset-subsidy model popular in several other markets," it said. "Unlike the bundling of the phone with the service, we expect Reliance to bundle the service with phones," it said, adding Jio may offer a phone for around Rs.3,400 and free services in the first 3-months, which can cover a part of the handset price and reduce the cost of ownership. "In fact, in the recently launched invite-based scheme, Jio is offering unlimited 4G data, 1,500 voice minutes and 9,000 SMS free for three months on purchase of a LYF phone," it said referring to the scheme under which each employee is allowed to extend the offer to 10 friends. The brokerage was also upbeat on the use of 4G in India. Reliance Industries shares closed at Rs981.35, down 0.16% 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: