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Nifty, Sensex still under the control of bulls – Tuesday closing report
We had mentioned in Monday’s closing report that that there was a fresh upsurge in Nifty and Sensex. The major indices of the Indian stock markets suffered a minor correction on Tuesday. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
 
 
On Tuesday, the benchmark indices opened on a flat-to-positive note in sync with their Asian peers. However, negative Japanese indices, lower crude oil prices and a weak rupee dented sentiments. Besides, investors were seen cautious ahead of Finance Minister Arun Jaitley's meeting with his counterparts from the states to discuss proposed amendments to the GST (Goods and Services Tax) Bill. The pan-India tax reform has been passed by the Lok Sabha but is stuck in the Rajya Sabha, where the government lacks a majority. It is widely expected that the bill will be listed for discussion in the Rajya Sabha following Jaitley's consultations with the Empowered Committee of State Finance Ministers. Nevertheless, a logjam in parliament has spooked investors over the prospects of the bill getting passed. In addition, volatility was flared by the start of the US Fed's FOMC (Federal Open Market Committee) meet.  The meet assumes significance as it will decide whether or not to increase interest rates. A hike in the US interest rates can potentially lead FPIs (Foreign Portfolio Investors) away from emerging markets such as India.
 
The US dollar declined against most major currencies on Monday as investors were awaiting the closely-watched Federal Reserve meeting due to open on Tuesday. The seasonally adjusted Markit Flash US Manufacturing Purchasing Managers' Index (PMI) rose from June's reading of 51.3 to 52.9 in July, the highest level in a year, pointing to a solid improvement in overall US business conditions. Moreover, US Commerce Department reported last week that privately-owned housing starts in June were at a seasonally adjusted annual rate of 1.189 million units, 4.8% above the revised May estimate. The latest reading also beat market consensus of 1.170 million. Oil prices dropped on Monday as rising US crude rigs and fuel inventories spurred market concerns that another glut is building up. Analysts said recent data have intensified fears on oversupply in the market, which weighed on oil prices on Monday. US stocks ended lower after wavering in a tight range, as a decline in oil prices weighed on Wall Street ahead of the Federal Reserve's policy meeting.
 
Passenger car maker Maruti Suzuki on Tuesday reported a rise of 23% in its net profit for the first quarter (Q1) of 2016-17. The company's net profit stood at Rs1,486.2 crore for the quarter ended June 30, 2016 - up from Rs1,208.1 crore in the corresponding period of 2015-16. "The profit in the quarter was helped by a higher turnover, material cost reduction, higher non-operating income and lower depreciation," the automobile manufacturer said in a statement. "Adverse foreign exchange movement reduced profits to some extent." The passenger car major's net sales during the quarter under review stood at Rs14,654.5 crore -- up 12.1% from Rs13,078.3 crore for the quarter ended June 30, 2015. Maruti Suzuki sold 348,443 vehicles during the quarter under review, logging a growth of 2.1% over the similar period of the previous fiscal.  The company's sales in the domestic market grew by 5.4% to 322,340 units. However, exports during the quarter plunged by 26.7 per cent to 26,103 units.  "The growth in the first two months of the quarter had been 10.2 per cent but the unfortunate incident of fire at a key vendor of the company resulted in lower sales in June 2016," the statement said. "The company hopes to recover the lost sales during the course of the year." Maruti Suzuki shares closed at Rs4,485.25, down 1.44% 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:
 

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