We had mentioned in last week’s closing report that Nifty, Sensex might head lower. The major indices of the Indian stock markets rallied strongly during the week and closed on Friday with weekly gains of over 3% over last Friday’s close. The trends of the major indices in the course of the week’s trading are given in the table below:
The major indices of the Indian stock markets rallied on Monday and closed with gains over Friday’s close. On the NSE, there were 681 advances, 1,033 declines and 359 unchanged.
India's benchmark stock indices advanced about 1% on Monday, as investors stepped up equity purchases after a string of declines last week. Firm Asian cues, and a persistent decline in global crude oil prices also buoyed investor sentiment, sending the Sensex over 370 points higher, while the broader Nifty topped the 10,600-mark. Buying was witnessed in the FMCG (fast moving consumer goods) and consumer durables stocks. The index pivotals -- finance and banking -- were 1.32% and 1% higher, respectively. Export-oriented stocks like IT (information technology) gained, while the healthcare traded lower. The overall market breadth was negative, with 1,067 stocks advancing and 1,536 declining on account of a 0.15% fall in the small-caps.
HEG reported that its Board approved a proposal to buy back upto 13.63 lakh shares (3.41%) of the company for an aggregate amount not exceeding Rs750 crore at a price of Rs5,500 per equity share.
Lupin has received approval for its Clomipramine HCl Capsules USP, a generic version of SpecGx's Anafranil Capsules, from the US FDA. It is indicated for the treatment of obsessions and compulsions in patients with OCD. Lupin has also received approval for its Potassium Chloride for Oral Solution USP, 20 mEq from the US FDA. It is indicated for the treatment and prophylaxis of hypokalemia with or without metabolic alkalosis.
The major indices of the Indian stock markets rallied, after a dip, on Tuesday and closed with gains over Monday’s close. On the NSE, there were 792 advances, 921 declines and 342 unchanged.
The key equity indices were higher on Tuesday, but banking stocks were subdued. Buying was witnessed in energy and IT (information technology) stocks. On Monday, the Centre's recapitalization announcement of Rs42,000 crore to unhealthy PSU (public sector undertakings) banks boosted investor sentiments. Currently, 11 of the 21 state-run banks are under RBI's (Reserve Bank of India) Prompt corrective action (PCA) framework which restricts weak banks from carrying out certain operations.
Granules India has received USFDA (Food and Drug Administration) approval for its ANDA for Methylphenidate Hydrochloride Extended-Release Tablets USP. The approved ANDA is therapeutically equivalent to the RLD - Ritalin SR Sustained-Release Tablets of Novartis Pharmaceuticals.
Alembic Pharmaceuticals has received approval from the USFDA for its ANDA Temazepam Capsules USP, therapeutically equivalent to RLD, Restoril Capsules of SpecGx LLC. Temazepam Capsules are indicated for short term treatment of insomnia.
The major indices of the Indian stock markets rallied on Wednesday and closed with gains over Tuesday’s close. On the NSE, there were 593 advances, 1,131 declines and 340 unchanged.
The benchmark S&P BSE Sensex advanced 200 points on Wednesday, extending its third straight session of gains led by strong gains in the IT (information technology) stocks. In addition, the markets also took cues from an appreciating rupee and retreating foreign fund inflow as India's macro-economic conditions improved largely owing to declining crude oil prices. However, the Brent Crude prices logged a slight increase which comes ahead of the OPEC (Organisation of Petroleum Exporting Countries) meeting next week. The benchmark crude price traded at $61 a barrel. The local currency strengthened to Rs70.66 against a US dollar from its previous close of 70.76. IT stocks led the gains on Sensex, followed by Teck (technology, entertainment and media). In contrast, healthcare, oil and gas stocks witnessed selling pressure.
Appearing before the Parliamentary Standing Committee on Finance, RBI (Reserve Bank of India) Governor Urjit Patel said that the effect of demonetisation was temporary while he will respond to issues related to the RBI's autonomy and reserves in the next 10 to 15 days in the midst of differences with the government.
YES Bank's foreign currency issuer ratings was downgraded to Ba1 from Baa3 by Moody's Investors Service. The outlook, where applicable, has been changed to negative from stable.
Cadila Healthcare reported that Zydus Cadila has received final approval from the USFDA (Food and Drug Administration) to market Baclofen Tablets (US RLD- Lioresal®). Baclofen is used to treat muscle spasms caused by certain conditions such as multiple sclerosis, spinal cord injury/ disease.
The major indices of the Indian stock markets rallied strongly on Thursday and closed with gains over Wednesday’s close. On the NSE, there were 863 advances, 858 declines and 342 unchanged.
India's equity indices jumped on Thursday, their fourth straight session of gains, amid expectations the US Federal Reserve would slow its pace of interest rate increases. Doubts about the Fed's future tightening also spurred the domestic currency, with the rupee vaulting 74 paise so far on Thursday's trade. The financials, which led the gains, were up over 1.5% while selling pressure was witnessed in the export-dependent IT (information technology) stocks as the rupee strengthened to Rs69.88 per US dollar from its previous close of 70.62.
Private sector ICICI Bank Ltd will grow its retail loan by 40% in Tamil Nadu, said a senior official. Speaking to reporters here, Anup Bagchi, Executive Director, said the company is expecting to grow retail loan disbursement in Tamil Nadu by over 40% to Rs13,000 crore this fiscal. He said the growth will happen across retail loans like consumer, home, agriculture. This fiscal ICICI Bank plans to grow its disbursement of consumer loans by nearly 50% to Rs5,000 crore. The bank will also increase its home loan disbursement by nearly 40% to Rs3,700 crore. Within the home loans portfolio, the bank is focusing on the affordable housing segment and expanding its presence across tier two and three markets.
The major indices of the Indian markets closed on Friday with minor gains over Thursday’s close. On the NSE, there were 897 advances, 822 declines and 343 unchanged.
The key equity indices settled on a flat-to-positive note on Friday amid concerns falling crude oil prices and an inflow of foreign funds. However, markets had reversed initial gains to slip in the red during the late afternoon session of trade as investors turned cautious ahead of the release of key macro-economic data. Q2 GDP, fiscal deficit and core sector growth data will be released later in the day. Banking, oil and gas and telecom stocks witnessed selling pressure on the BSE. In contrast, IT, realty and healthcare stocks outperformed the benchmark index, gaining 1%-2%.
Reserve Bank of India (RBI) has relaxed the rules to sell or securitise NBFCs’ (non-banking finance companies) loan books to ease persistent stress in the sector. In a bid to help non-banking finance companies overcome liquidity issues in the backdrop of the IL&FS imbroglio, RBI has cut the minimum holding period requirement for NBFCs raising funds via securitisation of loans of original maturity above 5 years. In respect of loans of original maturity above 5 years, the minimum number of instalments to be paid before securitisation is now six monthly instalments (12 earlier) or two quarterly instalments (four).