Stocks
Nifty, Sensex still in a bullish mode – Weekly closing report

The markets continued to rise this week. Nifty ended the week with a gain of 1.90%. It witnessed continuous buying during the week before selling pressure forced  Nifty to close at 8400.35 down 60.7 points from its high on Friday. The trends of the major indices in the course of the week are given in the table below:

Profit booking, coupled with rupee depreciation subdued the Indian equities markets on Monday. Pharma tumbled 1.5% whereas Metal and Auto turned negative with 0.1% of marginal losses. All eyes were on third quarter earnings season and macro data especially after the currency demonetisation. Asian markets rose on Monday tracking strong closure from main three indices of Wall Street. The Markets remained buoyed post US jobs data and ahead of policy measures under the reign of newly elected President Trump.
 
Hopes of positive third- quarter results, along with expectations on more spending support from the upcoming Union Budget and a strengthened rupee lifted the Indian equity markets on Tuesday. Eight sugar stocks hit their respective 52-week highs on the BSE with heavy volumes. BSE Metal and BSE Industrials were the top performers with the indices gaining by 1.42% and 1.57%. Britain's FTSE 100 continued its climb to record highs on Tuesday while Europe's top benchmark failed to hold early gains with financials the biggest drag.
 
Positive global cues, coupled with healthy third quarter (Q3) results pushed the
Indian equities markets higher on Wednesday. Besides, higher global crude oil prices and anticipation of sops to be announced during the Union Budget enhanced investors' risk-taking appetite. Healthy buying was witnessed in banking, metal and capital goods stocks. In the broader market, BSE Midcap index (up 1.4%) outperformed the headline indices. BSE Smallcap index gained 0.9%. Metal index rose on account of rise in international coking coal prices and China’s expected cut down of steel output in the next fiscal. Investors awaited the key quarterly corporate results from software services firm TCS and Infosys. The Asian markets was trading on a two-month high as investors were on the edge watching for President-elect Donald Trump's news conference later in the day for any clues to his policies on tax, fiscal spending, international trade and currencies.
 
Anticipation of budgetary sops, coupled with a strengthened rupee, buoyed the Indian equities markets on Thursday. Buying was witnessed in capital goods, IT and TECK (technology, media and entertainment) stocks. However, negative European indices and caution ahead of the release of the Index of Industrial Production (IIP) and Consumer Price Index (CPI) data for December capped gains. Pharma index pared earlier losses but still settled the day 0.60% lower. The index was down after Trump said yesterday pharmaceutical companies are "getting away with murder".
 
The US dollar nursed widespread losses on Thursday after President-elect Donald Trump's long-awaited news briefing provided scant clarity on future fiscal policies, disappointing bulls wagering on major stimulus. European shares fell, bucking gains in Asia and Wall Street overnight and weighed down by a 2% slump in healthcare stocks after Trump said pharmaceutical firms had been "getting away with murder" with their prices.
 
Profit booking, along with disappointing earning guidance from IT major Infosys, dragged the Indian equities markets marginally lower on Friday. The key indices provisionally closed the day's trade on a flat note - marginally in the red, as selling was witnessed in IT, automobile and Teck (technology, media and entertainment) stocks. The wider 51-scrip Nifty of the National Stock Exchange (NSE) shed 6.85 points or 0.08% to 8,400.35 points. The Sensex touched a high of 27,459.75 points and a low of 27,143.07 points during the intra-day trade. The BSE market breadth was tilted in favour of the bears -- with 1,490 declines and 1,237 advances. Sensex closed the week with gains of 1.90%.
 

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Prosecutors to decide on Samsung heir's arrest by Sunday
Prosecutors investigating Samsung heir Lee Jae-yong's possible involvement in a corruption scandal that led to the impeachment of South Korean President Park Geun-hye will decide by Sunday whether to arrest him, media reports said on Friday.
 
"It appears that a decision on Vice Chairman Lee's arrest will be made tomorrow or the day after tomorrow," Yonhap news agency quoted investigation team spokesman Lee Kyu-chul as saying at a press briefing. 
 
Lee Jae-yong returned home on Friday after a marathon questioning session by prosecutors all night over suspicions that the country's largest family-run conglomerate gave financial support to Park's confidante Choi Soon-sil.
 
Choi, nicknamed the "female Rasputin", is being considered the apparent brain behind the plot involving business favours using her close relationship with Park.
 
The prosecution believes that the Samsung group signed a contract worth $18.6 million with a company based in Germany owned by Choi and also provided financial support for the equestrian training of her 20-year-old daughter.
 
Samsung also donated $17.3 million to two non-profit foundations operated by Choi. 
 
However, the Samsung chief insisted that they thought the money was given for good causes such as promoting local culture abroad and the sports sector.
 
It was suspected that the contract was signed in exchange for support from the National Pension Service for a major merger agreement between Samsung's subsidiaries in 2015.
 
Samsung admitted the donations but denied that they had been made to secure return favours in the merger process.
 
Lee Jae-yong took over the reins of the Samsung conglomerate after his father Lee Kun-hee in May 2014 suffered a heart attack, which still keeps him hospitalised and speechless.
 
The "female Rasputin" case sparked outrage in South Korea and led to Park's impeachment in December 2016. Park is now waiting for the South Korean constitutional court to decide whether the impeachment vote against her is valid.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Special data vouchers permitted with 365 days validity
The Telecom Regulatory Authority of India (TRAI) on Friday released the Telecom Consumers Protection (Tenth Amendment) Regulations, 2016 permitting special data vouchers with longer validity of 365 days.
 
The present regulatory regime allows telecom service providers (TSP) to offer data services in the form of special tariff vouchers either exclusively or in combination with other tariff items with a maximum permitted validity of 90 days, an official statement here said.
 
"Requests were received in TRAI seeking longer validity of data-packs primarily to address the concern of marginal consumers of wireless Internet who prefer lower denomination data packs with longer validity," the statement added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

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