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Indian equity markets trade on firm note throughout the day and end the session in green

Jainam Research | 17 Jul, 2017  | Follow Author | Add to my Favourites 
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Post session - QuickReview

Indian equity markets traded on a firm note throughout the day and ended the session in green, with Nifty closing above 9,900 mark for first time ever. Market capitalization of India’s most valued firm Reliance Industries (RIL) surpassed Rs 5 lakh crore level in trade. Shares of the company have been on a rising spree since the launch of its telecom unit Reliance Jio Infocomm in September last year. The equity benchmarks made an optimistic start and traded in fine fettle in early deals amid sustained inflows by foreign institutional investors. Foreign investors have poured nearly Rs 11,000 crore in the capital markets in the first two weeks of July, supported by the trouble-free rollout of GST and stimulating Indian economy. The latest inflow comes following a net infusion of over Rs 1.62 lakh crore in the previous five months (February-June) on several factors. Traders also took support from the latest edition of the OECD’s economic outlook report on India, which said that economic growth is projected to remain strong and India will remain the fastest growing G20 economy. It said that the acceleration of structural reforms in the Indian economy, with the efforts made by Prime Minister Narendra Modi led BJP government in the centre, is bringing a new growth impetus, which has won the confidence of the people by increasing public wages and pensions that will support consumption. Separately, India’s trade deficit narrowed in June after swelling to a 30-month high in May even as exports grew slowly in the month. Exports grew 4.39%, a fourmonth low in the 10-months of continuous growth, to $23.5 billion. Trade deficit was $8.1 billion in the year ago period and $13.84 billion in May.

Some buying also crept in led by rally in banking stocks after Gujarat High Court dismissed Essar Steel’s petition against the Reserve Bank of India (RBI). Essar Steel is amongst the 12 stressed companies that RBI has shortlisted for insolvency proceedings. Separately, the government is working on a consolidation agenda in a bid to create 3-4 global-sized banks and reduce the number of state-owned lenders to about 12. Meanwhile, both houses of Parliament were adjourned until Tuesday after making obituary references to members who passed away recently and to victims of Amarnath Yatra terror attack in which seven people were killed.

Religare Enterprises and Fortis Healthcare closed in red after rating agency India Ratings downgraded RHC Holding’s NCDs to default. RHC Holding, along with Oscar Investments jointly owns the two companies. The rating agency said that a default was a result of RHC failing in servicing its coupon obligations on its non-convertible debentures. Tobacco stocks like ITC, Godfrey Phillips India and VST Industries closed in red on reports that the Goods and Services Tax (GST) Council is likely to meet today to consider a cess on tobacco.

The BSE Sensex ended at 32063.93, up by 43.18 points or 0.13% after trading in a range of 32045.17 and 32131.92. There were 23 stocks advancing against 8 stocks declining on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index was up by 0.05%, while Small cap index was up by 0.02%. (Provisional)

The top gaining sectoral indices on the BSE were Realty up by 1.14%, Basic Materials up by 1.10%, Metal up by 1.03%, IT up by 0.98% and TECK up by 0.93%, while FMCG down by 2.03% was the sole losing indices on BSE. (Provisional)

The CNX Nifty ended at 9916.15, up by 29.80 points or 0.30% after trading in a range of 9894.70 and 9928.20. There were 38 stocks advancing against 13 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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