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Indian equity markets close in the green fourth consecutive day

Jainam Research | 27 Jan, 2017  | Follow Author | Add to my Favourites 
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Post session - Quick Review

Indian equity benchmarks traded on a choppy note and closed in green for fourth consecutive day supported by a rally in Power and Bankex stocks. Recent corporate results have been better than expected. The benchmarks made a gap-up opening and traded in fine fettle in early deals as traders took some support with President Pranab Mukherjee’s statement that demonetization may have led to temporary slowdown in economy but it will bring more  transparency in the system. Sentiments remained optimistic with the Finance Minister Arun Jaitley statement that the Indian economy is set to grow at a healthy rate in spite of the global economic slowdown in the coming years, because of three important initiatives taken by the present NDA Government. The minister added that JAM (jan dhan accounts, aadhaar cards and mobile phones) would make for financial inclusion, the GST for integrating India into one market and avoiding taxes on taxes and demonetization for removing black money from the system and integrating the shadow economy with the main economy. Investors expect bigticket announcements in the upcoming Union Budget on February 1, including incentives for employment generation in labour intensive sectors and a plan for setting up coastal employment zones that would directly link tax incentives to job creation etc. Meanwhile, a report indicated that India has marginally improved its ranking in the graft watchdog Transparency International’s corruption perception index for 2016. The Berlin-based anti-graft organization has used World Bank data, the World Economic Forum and other institutions to rank 176 countries by perceived levels of corruption in public sector. India, China and Brazil with a score of 40 each figured in the 10 key economies in the mid-range. India’s score has improved by two points from 38 in 2015.

Mixed reaction were displayed in sugar stocks, on reports that Indian Sugar Mills’ Association (ISMA) revised downwards its estimates for sugar production during the 2016-17 season (October-September) to 213 lakh tones, in view of drought in key growing states of Maharashtra and Karnataka.

The broader indices ended in green; the BSE Mid cap index was up by 0.65%, while Small cap index was up by 0.49%. (Provisional)

The top gaining sectoral indices on the BSE were Power up by 2.10%, Bankex up by 1.49%, Consumer Durables up by 1.35%, PSU up by 1.29% and TECK up by 0.64%, while FMCG down by 1.43% and Realty down by 0.45% were the only losing indices on BSE. (Provisional)

The top gainers on the Sensex were Bharti Airtel up by 4.70%, ICICI Bank up by 4.66%, NTPC up by 3.18%, SBI up by 2.83% and Maruti Suzuki up by 2.08%. (Provisional)

On the flip side, ITC down by 2.74%, Lupin down by 1.54%, Tata Motors down by 1.42%, Wipro down by 1.39% and Hindustan Unilever down by 1.36% were the top losers. (Provisional)

Meanwhile, the Reserve Bank of India (RBI) in the 76th round of its Industrial Outlook Survey (IOS) has indicated a decline in business sentiments. In the survey which was conducted during October-December 2016, RBI has said that business sentiments of the Indian manufacturing sector deteriorated in the third quarter of the current financial year and are likely to decline in the fourth quarter. The survey elicited response from 1221 manufacturing companies and was conducted during October-December 2016.

The CNX Nifty ended at 8641.95, up by 39.20 points or 0.46% after trading in a range of 8606.90 and 8672.70. There were 34 stocks advancing against 17 stocks declining on the index. (Provisional)

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About Jainam Research

Jainam Research was incorporated in 2003 with the vision to be the most preferred organization providing all financial services across the country. The foundation is on "Value" Systems - "Value" addition to Corporate, Retails and HNI Individuals through superior Wealth Creation Practices.


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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