We had mentioned in Monday’s closing report that Nifty, Sensex were to move sideways. The major indices of the Indian stock markets were range-bound on Tuesday and ended flat over Monday’s close. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
Indian equity markets slipped for the second consecutive trade session on Tuesday as selling pressure was witnessed in healthcare, banking and automobile stocks. The key indices traded in the red during the mid-afternoon trade session as investors booked profits. By the end of the day’s trading, bulls returned and the major indices ended flat. A strong rupee and broadly positive global cues aided the key indices to pare some losses and close the day on a flat note. On the NSE, there were 498 advances, 960 declines and 56 unchanged. On the BSE, there were 1,088 advances, 1,694 declines and 192 unchanged.
IT (information technology), banking, pharma, auto, oil-gas and textile sector stocks traded with bearish sentiments due to profit booking at higher levels. Aviation, FMCG (fast moving consumer goods) and power sector stocks also traded on a lower note. However, cement sector stocks traded with firm sentiments due to buying support.
Titan Company Limited on Tuesday announced that it will integrate IBM Watson Customer Engagement solutions to serve as the backbone of its online platform, enabling the company to tailor online campaigns and increase its customer base. Titan aims to use IBM's platforms to drive visitors to its brand websites as well as footfall into its 1,500 retail stores and 10,000 multi-brand outlets located across India. Titan shares closed at Rs463.70, down 0.40% on the BSE.
State-run Bharat Sanchar Nigam Limited (BSNL) on Tuesday launched a plan that will provide 2GB data per day for Rs339 per month. "To compete with Jio and other private players, we have introduced the cheapest plan with a rental value of Rs 339 per month. Under this plan, the consumer will get 2GB per day," said Sanjiv Tyagi, General Manager, BSNL. "In a month, the consumer will get 30 GB data and 25 minutes free call per day. After consumption of 25 minutes a levy of 25 paisa per minute will be imposed," he added. The plan will be effective from April 1, 2017. The closely related state-run Mahanagar Telephone Nigam Limited’s shares closed at Rs24.15, down 3.01% on the BSE.
Finance Minister Arun Jaitley on Tuesday moved the Finance Bill, 2017, for consideration and passage in the Lok Sabha, saying that since it provides for electoral bonds, it required consideration as a Money Bill, which can only be debated in the Lower House. The passage of the Bill in Parliament would bring continued stability to the stock markets in India.
US stocks closed mixed after wavering between small gains and losses on Monday, as investors digested remarks from several US Federal Reserve officials. The Dow fell 0.04%, and the S&P 500 lost 0.20%, while the Nasdaq edged up 0.01%.
The US has told India that there is no significant change in its H1-B visa regime, Parliament was informed on Monday. Commerce Minister Nirmala Sitharaman told the Lok Sabha during Question Hour that India is vigorously articulating its concerns on visa policy to the new American administration, which has assured there is no significant change in the H1-B visa regime. The fear, at least for 2017, is not proved to be correct. They (US authorities) are saying their current priority is to deal with the illegal immigrants," Sitharaman said. This would quieten the fears of IT industry watchers in India. The S&P BSE Information Technology index closed at 10,475.39 up 0.33% 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: