We had mentioned in Tuesday’s closing report that Nifty, Sensex were continuing to rise. The major indices of the Indian stock markets were range-bound on Wednesday and closed with gains over Tuesday’s close. On the NSE, there were 701 advances, 1,009 declines and 356 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
Sensex gained during Wednesday afternoon's trade session over signs of easing US-China trade tensions and expectation of healthy Q3 corporate results. The third quarter results session will start with the earning announcement of Tata Consultancy Services. The IT (information technology) major is scheduled to announce its results on Thursday. Globally, investors awaited the outcome of US-China trade talks which has been extended. Sector-wise, metal, oil and gas stocks lost over 1% but key finance and banking stocks traded in the green.
The government increased the advertisement rates for print media by 25% over the existing rates, which is expected to especially benefit small and medium newspapers. An Information and Broadcasting Ministry release said that the decision has come into force immediately and will be valid for a period of three years. "This decision has been taken based on the recommendations of the 8th Rate Structure Committee constituted by Information and Broadcasting Ministry which took into account several factors, including the increase in the price of newsprint, processing charges and other factors which go into the computation of advertisement rates," the release said. The last such revision had taken place in 2013 when an increase of 19% was made over the rates of 2010. "The decision will be of great benefit especially to the medium and small newspapers including a large number of such papers in regional and vernacular languages," the release said. It is actually a pre-election measure of the ruling government to keep the media happy.
State-owned NMDC announced a buyback of 3.23% equity shares at a price of Rs98 per stock for a consideration not exceeding Rs1,000 crore. The buyback decision was taken by the company's Board in its meeting held on Tuesday. The company's regulatory filing to the BSE said that its Board has "approved the proposal to buyback of not exceeding 10,20,40,815 equity shares at a price of Rs98 per equity share payable in cash for an aggregate consideration not exceeding Rs1,000 crore representing 4.11% of the aggregate of the fully paid-up equity share capital and free reserves." NMDC shares closed at Rs91.40, down 3.74% on the BSE.
Just a week after lowering its revenue estimate for the first quarter of fiscal 2019, Apple is cutting its current production plan for new iPhones by about 10% for the January-March quarter, the Nikkei Asian Review reported on Wednesday. Apple, being a market leader, is conservative on growth and consequently, equity analysts are conservative about capital appreciation in 2019 in the US stock market as a whole.
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: