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  • Market tumbles on fiscal deficit woes

    The market declined last week as India's positive GDP numbers for the second quarter failed to offset growing fiscal deficit concerns. The Sensex and the Nifty declined in four out of five trading sessions last week. The Sensex settled below the psychologically important 33,000-mark.

    In the week ended on Friday, 1 December 2017, the Sensex fell 846.30 points, or 2.51%, to settle at 32,832.94. The Nifty 50 index fell 267.90 points, or 2.58%, to settle at 10,121.80.

    The S&P BSE Mid-Cap index fell 177.05 points, or 1.05%, to settle at 16,757.27. The S&P BSE Small-Cap index fell 7.07 points, or 0.04%, to settle at 18,017.48.

    Trading for the week began on a dull note. Key benchmark indices logged small gains on Monday, 27 November 2017, after languishing in negative zone for most part of the trading session. The barometer index, the S&P BSE Sensex, rose 45.20 points or 0.13% to settle at 33,724.44. The Nifty 50 index rose 9.85 points or 0.09% to settle at 10,399.55.

    Key benchmark indices corrected on Tuesday, 28 November 2017, on profit booking after rising in the previous eight trading sessions. The barometer index, the S&P BSE Sensex, fell 105.85 points or 0.31% to settle at 33,618.59. The Nifty 50 index fell 29.30 points or 0.28% to settle at 10,370.25.

    Key equity benchmarks settled a tad lower after a range bound trading session on Wednesday, 29 November 2017. The barometer index, the S&P BSE Sensex, fell 15.83 points or 0.05% to settle at 33,602.76. The Nifty 50 index fell 8.95 points or 0.09% to settle at 10,361.30.

    Key benchmark indices witnessed sell-off in volatile trade on Thursday, 30 November 2017, as investors were cautious ahead of release of GDP figures and infrastructure output and OPEC meeting. The barometer index, the S&P BSE Sensex, fell 453.41 points or 1.35% to settle at 33,149.35. The Nifty 50 index fell 134.75 points or 1.30% to settle at 10,226.55.

    Key benchmark indices tumbled on Friday, 1 December 2017, as India's gross domestic product (GDP) data, mostly in line with expectations, failed to lift sentiment after fiscal deficit reached 96% of the budgeted target for the fiscal year ending in March 2018. The barometer index, the S&P BSE Sensex tumbled 316.41 points or 0.95% to settle at 32,832.94. The Nifty 50 index declined 104.75 points or 1.02% to settle at 10,121.80.

    Auto stocks declined. Tata Motors (down 6.07%) and Mahindra & Mahindra (down 1.77%), edged lower. Among two-wheeler makers, Hero MotoCorp (down 1.31%) and Bajaj Auto (down 2.44%), declined.

    Car major Maruti Suzuki India was the top gainer in the Sensex pack last week. The stock rose 1.41% to Rs 8,607.55. The company said its total sales rose 14.1% to 1.54 lakh units in November 2017 over November 2016. The announcement was made during trading hours on Friday, 1 December 2017.

    State-run Coal India rose 0.42% to Rs 272.25. The stock bucked weak market trend on reports a foreign brokerage house has upgraded its ratings to outperform from neutral on the stock.

    The foreign brokerage house also reportedly hiked target price on Coal India stock to Rs 310 from earlier Rs 280. It expects domestic coal market to remain tight in near to medium term, while lower supply and strong global prices to help e-auction prices from third quarter. It feels that the supply tightness makes the risk-reward favourable. Wage hikes and grade slippage has factored in the first half of the current financial year (FY 2018), while low coal inventory is going to keep volumes elevated in the next financial year, it added. The brokerage house expects Coal India's earnings per share (EPS) to grow after five years and expecting 100% dividend payout in FY 2018.

    Engineering and construction major L&T fell 0.30% to Rs 1,212.60. The company said its construction arm has won orders worth Rs 3572 crore across various business segments. The announcement was made on Monday, 27 November 2017.

    Drug major Sun Pharmaceutical Industries lost 4.12% to Rs 525.95. The company is recalling two lots of Riomet (Metformin Hydrochloride Oral Solution), 500 mg/5ml, to the retail level (Class II Recall). This product is manufactured for SPII by a contract manufacturer. The Riomet has been found to be contaminated. The contamination was discovered during sample preparation for the Antimicrobial Preservative Effectiveness Testing (AMPET) being performed as part of the 12 month stability study interval. The announcement was on Friday, 24 November 2017.

    Cipla fell 2.80% to Rs 597.25. The company on Thursday, 30 November 2017, announced that it has received an approval for its product Q-TIB from World Health Organisation (WHO). Q-TIB is a novel fixed dose combination in a single tablet. This is the first time that such a combination has been made available in the world. Cipla will market the product globally. Q-TIB will help prevent tuberculosis infection in people living with HIV. People living with HIV face a challenged immune system and are prone to opportunistic infections, which constitute the major source of premature deaths among them. As per Global TB Report, 2016, by WHO, about one million people died of AIDS-related illness. Most of them succumbed to opportunistic infections, and among them, 400,000 died of tuberculosis.

    Among other pharmaceutical shares, Dr Reddy's Labs (down 2.97%) and Lupin (down 1.93%)m edged lower.

    IT stocks declined. Wipro (down 1.06%) and TCS (down 2.16%), edged lower.

    IT major Infosys fell 5.09%. Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys, announced the global availability of Finacle Trade Connect, a blockchain based trade finance solution for banks. The solution will help digitize the trade finance business process, including validation of ownership, certifying documents and making payments, while working on a distributed, trusted and shared network. The announcement was made on Wednesday, 29 November 2017.

    Banks witnessed selling pressure. State Bank of India (down 5.93%), ICICI Bank (down 3.72%), Kotak Mahindra Bank (down 2.76%), Axis Bank (down 2.06%) and HDFC Bank (down 0.16%), edged lower.

    On the macro front, global ratings agency Standard & Poor's Ratings Services affirmed its 'BBB-' long-term and 'A-3' short-term sovereign credit ratings on the Republic of India. The outlook remains stable. The ratings on India reflect the country's sound external profile and improved monetary credibility. The announcement was made after market hours on Friday, 24 November 2017.

    India's gross domestic product (GDP) growth recovered to 6.3% in quarter ended September 2017 from a low of 5.7% recorded in the previous quarter ended June 2017. Quarterly GVA at basic price at constant (2011-12) prices improved 6.1% in Q2 of 2017-18, showing improvement in growth from 5.6% in Q1 of 2017-18. The GDP growth stood at 6% in April-September 2017, compared with 7.7% recorded in the corresponding period last year. The data was released by government on Thursday, 30 November 2017.

    India's fiscal deficit at the end of October hit 96.1% of the budget estimate for 2017-2018. In absolute terms, the fiscal deficit -- the difference between expenditure and revenue -- was Rs 5.25 lakh crore during April-October of 2017-2018, according to data of the Controller General of Accounts (CGA) announced on Thursday, 30 November 2017. During the same period of 2016-2017, the deficit stood at 79.3% of the target.

    The CGA data showed that the government's revenue receipts were at Rs 7.29 lakh crore in the seven months of the current fiscal, which work out to 48.1% of the budget estimate (BE) of Rs 15.15 lakh crore for the entire year. The receipts, comprising taxes and other items, were at 50.7% of the target in the year-ago period. As per the data, the government's total expenditure was Rs 12.92 lakh crore at October-end, or 60.2% of the budget estimate. It was 58.2% of the budget estimate a year ago.

    The Eight Core Industries comprising 40.27% of the weight of items included in the Index of Industrial Production (IIP) recorded 4.7% growth in its output in October 2017 over October 2016. Its cumulative growth was 3.5% during April to October 2017-18. The data was announced on Thursday, 30 November 2017.

    The Nikkei India Manufacturing Purchasing Managers' Index rose to 52.6 in November from 50.3 in October. This indicated a substantial improvement of operating conditions in India's manufacturing sector. At the broad market group level, growth in consumer and intermediate goods offset a marginal deterioration in investment goods category. The data was released on Friday, 1 December 2017.

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Flash News 15-Oct-2018
  •  ( 15:53) Volatile session ends with modest gains  
  •  ( 12:15) Sept wholesale inflation at 5.13% v/s 4.53% in August  
  •  ( 08:24) Nalco board approves share buyback worth Rs 504.8 crore  
  •  ( 07:42) Asian shares slip on lingering trade, US rates worries  
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15 October 2018 00:00
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