Nifty seems to be headed towards 8,000 subject to dips
We had mentioned in Saturday’s closing report that Nifty, Sensex are weak and that Nifty is likely to meet selling on rallies. The major indices in the Indian stock markets opened lower on account of the terrorist attack in France and closed with marginal gains as the day’s trading progressed. The day’s trends in the indices are given in the table below:
India Vix closed at 17.88, up 1.27%. NSE turnover was at 82.42 crore.
The index for industrial production (IIP) growth was sharply lower than expected in September at 3.6% from 6.3% in August, while retail inflation inched up for the third successive month in October to 5%.
India's annual rate of inflation, based on wholesale prices, inched up to (-)3.81% for October from (-) 4.54% for the month before, mainly on account of a whopping 86% spike in the prices of onions and 53% in pulses over the past year. According to the data on official wholesale prices index released by the commerce and industry ministry, the indices for both the major groups of primary articles and manufactured products registered a decline of 0.36% and 1.67%, respectively, during the month under review. The index for the sub-category of food articles, though, was up 2.44% during the year. In the past month alone, prices for urad dal rose 17%, arhar 12%, gram 7% and moong 6%.
There was favourable news from China for Indian and global investors. President Xi Jinping said that the Chinese economy is predicted to grow by about 7% this year, which will continue to contribute as high as about a third to the global growth, the media reported on Monday. "China has the confidence and capability to maintain medium-high growth," Xi said on Sunday while addressing the ongoing two-day G20 Summit in Antalya in southwest Turkey. China shouldered the responsibility of driving economic growth in times of the world economic hardship, he said, noting that China had contributed up to 50 percent of world economic growth from 2009 to 2011, the Global Times reported. Despite a recent slowdown, China still contributes 30% to world economic growth, which means that China still acts as a major world economic powerhouse, said Xi.
In the domestic economy in India, fuel prices rose as oil companies on Sunday hiked the prices of petrol and diesel by 36 paise and 90 paise respectively. "The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant an increase in prices, the impact of which is being passed on to the consumers with this price revision," Indian Oil said in a statement on Sunday. The oil marketer said the price of petrol per litre from Monday will be Rs.61.06 in Delhi, Rs.66.39 in Kolkata, Rs.68.13 in Mumbai and Rs.61.38 in Chennai. Diesel will cost Rs.46.80 a litre in Delhi, Rs.50.29 in Kolkata, Rs.54.04 in Mumbai and Rs.48.00 in Chennai.
The levy of 0.5% Swachh Bharat cess on taxable services came into effect from Sunday. With the imposition of the cess, the service tax rate will go up from 14% to 14.5% on all taxable services. It is expected to fetch the exchequer about Rs3,800 crore in the remaining months of the fiscal. It will translate into a tax of 50 paise on every Rs100 worth of taxable services. Service tax on restaurant bills will go up from 5.6% to 5.8% following the levy of 0.5% Swachh Bharat, or Clean India, cess. The finance ministry has clarified that for restaurants or eating joints having air-conditioning facility, the cess would be 0.5% of 40% of the billed amount that is 0.2%. The Swachh Bharat cess, the statement said, will be levied only on the portion of taxable services (after abatement) and will go towards funding of the government's cleanliness drive.
Healthcare major Apollo Hospitals Enterprise Ltd. on Saturday said it closed its books for the second quarter with a net profit of Rs93.67 crore. In a regulatory filing with BSE the company said it posted a net profit of Rs93.67 crore for the quarter ended September 30, 2015 as compared to Rs91.50 crore for the quarter ended September 30, 2014. The company's total income has increased from Rs1,161.05 crore for the quarter ended September 30, 2014 to Rs1,371.80 crore for the quarter ended September 30, 2015. Apollo shares closed at Rs1,277.30, up 2.25% on the BSE.
The top gainers and top losers of the indices are given in the table below:
The closing values of the major Asian indices are given in the table below: