We had mentioned in Tuesday’s closing report that Nifty, Sensex were trendless. The major indices of the Indian stock markets rallied on Wednesday and the gains were upto 1.25% over Tuesday’s close. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
Value buying, key economic decisions and a strong rupee lifted the Indian equity markets on Wednesday as healthy buying was witnessed in capital goods, banking, and automobile stocks. In contrast, the BSE market breadth was skewed in favour of the bears -- with 1,546 declines and 952 advances. Value buying, after five consecutive days of falling share prices, triggered short covering which supported prices, point out market analysts.
Consumer electrical and electronics appliances maker V-Guard Industries Ltd is expanding its kitchen product range by launching gas stoves while its new voltage stabiliser factory at Sikkim will go on stream soon, said a senior company official. "We will soon launch gas stoves there by expanding our kitchen product range. Further, our new voltage stabiliser factory at Sikkim will go on stream soon. The expansion of our wire capacity at Coimbatore facility will also be completed soon," V Ramachandran, director and chief operating officer, told IANS on Wednesday. He was here to launch the Rs1,862-crore revenue company's new intelligent water heater branded Verano, that can be operated from anywhere in the world with a smart phone. Currently, the company sells kitchen items like induction cooktops and mixers. The company’s shares closed at Rs1,317.95, up 0.81% on the BSE.
The country has a lot of "unmet demand" for bank loans and a lot of gap is still to be filled in the banking space, Reserve Bank of India Deputy Governor Harun Rashid Khan has said. "We have a lot of unmet demands (for bank loans)...still a lot of gaps to be filled," Khan said in reply to a question on the central bank's plan to issue more licences for setting up new banks. Speaking to the media on the sidelines of a programme on Tuesday, Khan said the RBI would finalise draft guidelines for issuing on-tap universal bank licences. The RBI released in May the draft guidelines for 'on tap' licensing of universal banks in the private sector. According to Khan, with more and more people in the country getting involved in economic activities and demand for credit rising, there is a greater need for different types of banks. The Bank Nifty closed at 17,917.90, up 1.39% on the NSE.
India's cabinet on Wednesday cleared a new civil aviation policy with some changes in the rules that allow carriers to fly abroad, besides measures to promote regional connectivity and boost cargo operations, sources said. The policy seeks to create an eco-system to handle 300 million domestic passengers by 2022 and 500 million by 2027, and 200 million international travellers by 2027. India had seen 139.32 million domestic and over 50 million international air travellers in 2014-15.
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: