We had mentioned in Monday’s closing report that Nifty, Sensex were on an uptrend. The major indices of the Indian stock markets were range-bound on Tuesday and closed flat. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
Broadly negative global cues and selling pressure in automobile, healthcare and FMCG (fast moving consumer goods) stocks dampened investors' sentiments. On the NSE, there were 699 advances, 780 declines and 63 unchanged. There is market resistance when the indices try to fall lower and so the medium trend of the market is bullish.
As India shifts to a cashless economy, cyber-threats are at a new high with the number of such incidents occurring in banking systems increasing in the last five years, a study here said on Tuesday. The joint study by Assocham and PwC said that an ATM card hack hit the Indian banks in October last year, affecting around 3.2 million debit cards. "Hence, efforts are needed to enhance cyber security as businesses and citizens embrace this new digital wave," the study noted.
Central Bank of India's shareholders have approved a proposal to raise Rs6,500 crore through follow-on public offer (FPO), rights issue and qualified institutional placement (QIP). The state-owned lender on Monday said its shareholders approved the company's capital raising plans at the annual general meeting (AGM) held on June 30 at Mumbai. Central Bank shares closed at Rs87.10, down 0.23% on the BSE.
The Delhi High Court on Monday asked budget carrier SpiceJet to pay Rs250 crore as cash deposit and Rs229 crore in bank guarantee in connection with a share transfer dispute with previous owner Kalanithi Maran. A division bench of Justice S. Ravindra Bhat and Justice Yogesh Khanna, while dismissing the plea of SpiceJet and its co-founder Ajay Singh against a single judge order directing it to deposit Rs579 crore in share dispute with Maran, asked them to pay the money. SpiceJet was asked to deposit Rs250 crore in cash by August 31. This is one more blow to the ailing aviation sector after Kingfisher Airlines collapsed a few years ago. The airlines’ shares closed at Rs126.80, down 1.48% on the BSE.
Leading footwear brand Khadim India on Monday said it has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI for its initial public offering (IPO). According to the company, the IPO will comprise of a fresh issue aggregating up to Rs500 million and an offer for sale of up to 6,574,093 equity shares by the "selling shareholders". "The equity shares will have a face value of Rs10 each. The issue will be on book-building basis and the price band decided later," the company said in a statement. "The net proceeds from the fresh issue are proposed to be utilised towards prepayment or scheduled repayment of all or a portion of term loans and working capital facilities availed by the company and for general corporate purposes." As of March 31, the company operated 829 'Khadim's' branded exclusive retail stores across 23 states and one union territory in India, through their retail business vertical. In a range-bound stock market, with the indices often closing flat, IPOs of companies with good financial results are likely to do well.
While petroleum is yet to come under the GST, petrol prices per litre have decreased by Rs2.35, and of diesel by Rs1.02, ever since the daily revision in rates was implemented throughout the country from June 16. On that day, petrol cost Rs65.48 a litre in Delhi, while diesel sold for Rs54.49 per litre. Prices vary at locations according to state taxes. The Goods and Services Tax (GST), which rolled out pan-India, except in Jammu and Kashmir, from July 1 is a unified national tax subsuming the earlier myriad central and state levies and the petroleum industry has been demanding inclusion in the new regime so as not to lose the benefit of input tax refund available under the GST. Indian Oil Corporation shares closed at Rs382.15, down 1.18% 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: