We had mentioned in our weekly closing report that Nifty, Sensex were fighting the fall. The major indices of the Indian stock markets were volatile during the week and closed on Friday with minor gains. The trends of the major indices in the course of the week are given in the table below:
The major indices of the Indian stock markets were range-bound on Monday and closed with losses over Friday’s close. On the NSE, there were 614 advances, 1,134 declines and 333 unchanged. The key Indian equity indices closed in the red on Monday following weak global cues. The indices, however, recovered major losses in the last hour of trade.
ITC opened its luxury hotel ITC Kohenur in IT hub Cyberabad. Built with an investment of around Rs775 crore, ITC Kohenur will offer 271 high technology enabled rooms, suites and service apartments, six signature restaurants, state-of-the-art meeting and convention spaces and Kaya Kalp Spa.
Automobile major Maruti Suzuki reported a rise of 36.3% in its overall sales including exports for June 2018 from a low base in June 2017. According to the company, overall sales during the month under review grew to 144,981 units from 106,394 units sold during June 2017. The overall sales include 135,662 units in the domestic market and 9,319 units which were exported. On a quarterly basis, the company sold a total of 490,479 units in the April-June quarter, "growing 24.3% over the same period previous fiscal".
After opening on a negative note, the key Indian equity indices ended higher on Tuesday, supported by healthy buying in auto, healthcare and oil and gas stocks. On the NSE, there were 895 advances, 819 declines while no change in 353 scrips.
The top gainers on the Sensex were Maruti Suzuki, Infosys, Sun Pharma, ONGC and Kotak Mahindra Bank whereas Vedanta, ICICI Bank, State Bank Of India, Yes Bank and Tata Motors (DVR) were the major losers. Pharma stocks continued to head higher after their sharp upturn last month.
On the NSE, Cipla, Bajaj Finserv and Maruti Suzuki were the highest gainers while Vedanta, Bharti Infratel and ICICI Bank lost the most.
The major indices of the Indian stock markets rallied on Wednesday and closed with gains over Tuesday’s close. On the NSE, there were 826 advances, 903 declines and 336 unchanged.
Healthy rise in new businesses accelerated the growth of India's service sector in June, a key economic data point showed on Wednesday. Accordingly, the seasonally adjusted Nikkei India Services Business Activity Index rose at the fastest pace since last June, despite the input cost inflation at overall high level. The index rose from 49.6 in May to 52.6 in June. An index reading of above 50 indicates an overall increase in economic activity and below 50 an overall decrease. "The service economy returned to expansion territory in June. Encouragingly, the latest performance was the strongest seen in a year, against a backdrop of improving demand conditions, as evidenced by the fastest gain in new business since last June," Aashna Dodhia, Economist at IHS Markit, and author of the report, was quoted as saying in a statement. Consequently, the seasonally adjusted Nikkei India Composite PMI Output Index rose from 50.4 in May to 53.3 in June, supported by output growth in both the manufacturing and service sectors. As per the report, the latest reading was the strongest seen since October 2016 and indicative of a solid rate of expansion. "The PMI data signalled the best improvement in the overall health of the economy since October 2016, propelled by solid growth in both the manufacturing and service economies, with the sharper rise in the former," Dodhia said.
The major indices of the Indian stock markets were range-bound on Thursday and closed with small losses over Wednesday’s close. On the NSE, there were 664 advances, 1,064 declines and 338 unchanged. Selling pressure was witnessed in the consumer durables, IT (information technology) and metal stocks. Riding high on Jio tide, Reliance Industries (RIL) Chairman and Managing Director Mukesh D Ambani on Thursday said the company has doubled its subscriber base to 215 million in 22 months. Announcing that the company's fixed line broadband service, JioGigaFiber, Ambani said: "We will now extend fiber connectivity to homes, merchants, small and medium enterprises and large enterprises simultaneously across 1,100 cities to offer the most advanced fiber-based broadband connectivity solutions."
The key Indian equity indices closed in the green on Friday tracking broadly positive global markets. According to market analysts, healthy buying activity was witnessed in auto, capital goods and oil and gas stocks. The indices, however, ceded the day's major gains in the last hour of trade.
In corporate news, Welspun Enterprises has received LoA from NHAI for a HAM project of 4-laning of Sattanathapuram to Nagapattinam section of NH-45A in Tamil Nadu. The consortium led by the company will develop the project at a Bid Project Cost of Rs2,004.51 Cr and first year O&M cost of Rs5 crore. Sterlite Technologies S.p.A. has entered into a share purchase agreement to acquire a 100% stake in Metallurgica Bresciana S.p.A., a European specialized optical cable manufacturer based in Italy, for a cash consideration of EUR 46.67 million.