We had mentioned in Monday’s closing report that Nifty, Sensex were overbought, but the indices might move sideways. The major indices of the Indian stock markets were range-bound on Tuesday and closed with small losses of 0.40%-0.45% over Monday’s close. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
Bearish global cues, combined with profit booking, subdued the Indian equity markets on Tuesday. Consequently, the key indices traded in the red during the late-afternoon session. Heavy selling pressure was witnessed in automobile, banking and information technology (IT) stocks. The BSE market breadth was tilted in favour of the bears -- with 1,277 advances and 1,476 declines.
The impact of Brexit on India will be "very limited" as New Delhi does not play a key role in global trade, a leading Chinese daily said on Tuesday. At the same time, following its exit from the European Union, the UK's role in promoting India-EU relations will no longer exist, said an opinion piece in the Global Times. "Given the fact that New Delhi is not playing a crucial role in global trade or the international geopolitical system, the influence of Britain leaving the European Union will prove to be very limited," it said. The newspaper pointed out that in economy and trade, there would be impact "though not significant ones".
British business confidence has fallen sharply in the aftermath of the vote to leave the European Union (EU), a new research revealed. The share of businesses that reported feeling pessimistic about the British economy doubled in the week after the Brexit vote on June 24, according to the YouGov and the Centre for Economics and Business Research (CEBR). The figure jumped from 25% the week before the referendum to 49%, BBC reported. Falling confidence can lead companies to pull back on investment and hiring. Scott Corfe, director at the CEBR, said that the figures indicated a "significant shock reaction" among British businesses following the vote last month.
Larsen & Toubro Ltd (L&T) on Tuesday said it has secured export orders worth $71.3 million from Mitsubishi Hitachi Power Systems Ltd (MHPS) through its joint venture companies. The contract of L&T-MHPS Boilers Private Ltd (LMB), a joint venture (JV) of the company, includes supply of pressure parts for a 2x1,000 MW power plant in Indonesia and includes furnace header, panel, coils and piping, the company said in a statement. The company’s shares closed at Rs1,574.65, up 0.60% on the BSE on Tuesday.
China is highly concerned with Indian trade remedy measures against Chinese steel products, the Ministry of Commerce said on Monday. The Indian government has launched an anti-dumping investigation into colour-coated steel sheets imported from China. It is the fifth such probe against China from India this year, the highest record among WTO members, according to a statement on the ministry's website. The global steel industry was experiencing difficulties due to sluggish economic growth and weak demand, but abuse of trade remedy measures would not help resolve industrial overcapacity but hamper normal trade, the statement said. China and India have broad room for cooperation in the industry, the ministry said, adding it hoped the two countries can seek common development through trade, investment and technological cooperation and properly handle trade frictions. The ministry said it hoped the Indian government could conduct a fair and transparent investigation in line with WTO rules and refrain from trade remedy measures. SAIL shares closed at Rs47.50, up 1.50% on the BSE on Tuesday.
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: