Nifty, Sensex May Rally a Bit if Today’s Low Holds – Wednesday closing report
We had mentioned in Tuesday’s closing report that Nifty, Sensex continued to be under pressure. The major indices of the Indian stock markets rallied on Wednesday and closed with gains over Tuesday’s close. On the NSE, there were 688 advances, 1,048 declines and 330 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
 
 
A recovery in the rupee value along with value buying buoyed the key Indian equity indices on Wednesday. The key equity indices -- S&P BSE Sensex and NSE Nifty50 -- which had a gap-up opening, traded in a flat-to-negative range, as investors were cautious over the upcoming macro-economic inflationary data point.
 
However, the key indices reversed the bearish trend after the mid-afternoon session as buying was witnessed in FMCG (fast moving consumer goods), metal and capital goods counters. In the past two trade sessions the Sensex had shed nearly 1,000 points and gave investors an opportunity to pick up stocks on an attractive valuation. On the currency front, the Indian rupee registered a recovery at 72.11 at 4.00 p.m. after it touched a new low of 72.91 earlier in the day. At the provisional closing time, the wider Nifty50 on the National Stock Exchange stood at 11,369.90 points, higher by 82.40 points or 0.73% from the previous close of 11,287.50 points.
 
An agreement was signed between the Uttar Pradesh government and private air carrier Spice Jet on Wednesday to fly on five new routes in the state, an official said. The new routes on which flights will begin after clearances from the Union Civil Aviation Ministry and the UP government are Varanasi-Kolkata, Varanasi-Bengaluru, Kanpur-Mumbai, Kanpur-Bengaluru and Gorakhpur-Bengaluru. SpiceJet shares closed at Rs79.60, up 0.32% on the BSE.
 
Reliance Capital Ltd, a part of the Reliance group, said it closed the first quarter with a net profit of Rs272 crore on a total income of Rs4,641 crore. In a statement issued here, Reliance Capital said on a consolidated basis its total income for the quarter ended June 30, 2018 stood at Rs4,641 crore up from Rs4,444 crore logged in the corresponding period of the previous year. The company has posted a net profit of Rs272 crore as against a loss of Rs378 crore in the corresponding period of the previous year. As on June 30, 2018, the company had a net debt equity ratio of 5.18. According to the statement, the total assets of the company stood at Rs87,041 crore, an increase of 7%. The consolidated results have been prepared in line with Ind AS. Insurance companies are not covered under Ind AS. Accordingly, the standalone results of Reliance General Insurance and Reliance Nippon Life Insurance have been disclosed on the basis of Insurance Regulatory and Development Authority of India (IRDAI) reporting. Reliance Capital shares closed at Rs414.20, down 5.81% on the NSE.
 
Budget passenger carrier IndiGo said that it has proactively grounded an Airbus A320neo aircraft for a routine engine replacement. "Post normal completion of a flight, an IndiGo aircraft was proactively grounded for a routine engine replacement yesterday (September 10, 2018)," the airline said in a statement. "There was no impact on our flight operations." In July, the budget passenger carrier had grounded a few of its A320neo aircraft due to want of spare engines from Pratt and Whitney. IndiGo, that time said the release of additional spare engines was initiated by PW and all aircraft are expected to be back in service in the second half of August. InterGlobe Aviation shares closed at Rs882.50, down 1.10% on the NSE.
 
Dr Reddy's launched Neostigmine Methylsulfate Injection, USP, a generic version of Bloxiverz Injection approved by the US FDA (Food and Drug Administration), in the US market. Approx. annual US sales for Bloxiverz brand and generic: US$ 111 million (ending July 2018). Dr Reddy’s Laboratories shares closed at Rs2,535.00, up 0.42% on the NSE.
 
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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Is KSE Undervalued After the Recent Decline?

With a market-capitalisation of about Rs820 crore, Kerala Solvent Extractions Ltd (KSE) is the largest manufacturer of compound cattle-feed in the private sector in India. The stock has had a great run from January 2017 till end-May 2018, when it went up by six times. But from June 1st after it had reached an all-time high of over Rs3700, the stock started falling. Due to the recent floods...

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Nifty, Sensex continue to be under pressure – Tuesday closing report

We had mentioned in Monday’s closing report that Nifty, Sensex were under pressure. The major indices of the Indian stock markets suffered a correction on Tuesday and closed with losses over Monday’s close. On the NSE, there were 468 advances, 1,282 declines and 315 unchanged. The trends of the major indices in the course of Tuesday’s trading are given in the table below:

 

 
Broadly negative global cues subdued the key Indian equity indices during the pre-noon trade session on Tuesday. According to analysts, investors feared that high petrol and diesel prices and a weak rupee would pump up the retail and wholesale inflation rates, thereby mitigating chances of a rate cut by the Reserve Bank of India in the near term. Selling pressure was witnessed in the consumer durable, FMCG (fast moving consumer goods), telecom and capital goods stocks. On the currency front, the rupee traded over 72.30 against the US dollar around 11.35 a.m. at the Inter-Bank Foreign Exchange Market.
 
Inflationary risks along with broadly negative global cues depressed the Indian rupee to a new low of 72.74 to the US dollar during late afternoon session on Tuesday. At 3.35 p.m. the rupee traded around 72.64 per dollar, against the previous close of 72.45 per dollar at the Inter-Bank Foreign Exchange Market. According to analysts, expectations of higher overall inflation rate, growing protectionism in global trade and an increasing outflow of foreign funds from the country's equity market have subdued the Indian currency.
 
Software major Tech Mahindra announced to open two 5G Centre of Excellence (CoEs) powered by Intel technology in Redmond, Washington State and Bengaluru. The CoEs will help communication service providers (CoSPs) optimise their capital expenditure on 5G migrations and accelerate new revenue-generating services that will lead the transformation journey, the company said in a statement. "We continue to build on our strategic partnership with Intel, collaborating to develop and co-create 5G solutions. 5G as an innovation platform will unlock unprecedented opportunities in every industry vertical," said Manish Vyas, President, Communications, Media & Entertainment Business, and the CEO, Network Services, Tech Mahindra. The company has over 926 global customers including Fortune 500 companies across diverse industry verticals like healthcare, manufacturing, banking, automotive and energy. Tech Mahindra shares closed at Rs746.70, down 2.51% on the BSE.
 
Budget airline SpiceJet announced the launch of its dedicated air cargo services and inducted the first freighter aircraft in its fleet. The company has created a separate division christened "SpiceXpress". It will commence operations on September 18, 2018. The current cargo capacity of SpiceJet's existing fleet is about 500 tonnes per day and this would go up to 900 tonne a day in a phased manner with the addition of four freighters by March 2019. SpiceJet shares closed at Rs79.35, down 0.06% on the BSE.
 
Automobile major Tata Motors Group's global wholesales in August 2018, including Jaguar Land Rover (JLR) rose by 14%, as compared to August 2017. According to the group, global wholesales in August 2018, including JLR stood at 107,030 units. Tata Motors shares closed at Rs267.20, down 3.03% on the BSE.
 
Cadila Healthcare - Zydus received a tentative approval from the USFDA for Sitagliptin Tablets uSP, an equivalent to US RLD — Januvia® Tablets. Sitagliptin is used in treating type-2 diabetes by lowering the blood sugar levels when it is high. Cadila Healthcare shares closed at Rs408.65, down 2.89% on the BSE.
 
YES Bank has successfully closed USD 400 million syndicated loan facility, borrowed out of the Bank’s IFSC Banking Unit (IBU) in Gujarat International Finance Tec City (GIFT) and will be utilised to support the IBU’s growing business. YES Bank Board has approved issue of Basel III compliant Tier 2 Bonds aggregating upto Rs3,000 crore with Green Shoe Option of upto Rs1,000 crore. Yes Bank shares closed at Rs316.70, down 2.18% 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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