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Post market report: Benchmarks end the session with minor gains

Jainam Research | 14 Sep, 2017  | Follow Author | Add to my Favourites 
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Indian equity benchmarks traded on a lackluster note throughout the day and ended the session with minor gains. Markets have gained in seven of total ten trading sessions this month. Index heavyweight Reliance Industries (RIL) snapped three day gaining streak. The equity benchmarks traded in fine fettle in early deals, as traders took some support with private brokerage firm’s report which highlighted that India’s GDP growth is expected to be around 7.1% this fiscal following a likely pick up in industrial production as firms resort to restocking post GST especially ahead of festive season. The report added that the ongoing remonetisation will have a positive impact on the cash-intensive services sectors and this in turn will help to augur growth numbers. Investors took note that industry body ASSOCHAM has sought from the government slew of tax relief for companies against whom insolvency proceedings have been initiated. It added that the resolution plans approved after factoring in these reliefs/concessions will result in quick revival of assets, freeing up liquidity for banks for further lending, increased economic activity, job creation, increased contribution to the exchequer and will have multiplier effect on the associated economy.

Selling crept in after data released by the commerce and industry ministry highlighted that higher inflation in food and fuel products drove India’s Wholesale Price Inflation (WPI) to 3.24% in August from 1.88% in July. Food articles inflation was up 5.75% with that in vegetables at 44.91% and onions at 88.46%. Separately, the Reserve Bank of India (RBI) is likely to hold the key rate in the monetary policy review next month following a jump in inflation and is expected to focus more on resolving the problem of bad loans in the banking system. Meanwhile, CRISIL Ratings said that banks have only recognized two-thirds of their stressed loans as non-performing assets, and estimated the bad loan ratio to rise by 1% point to 10.5% by March 2018. The agency estimates the total amount of stressed loans, which includes NPAs and standard assets that are under pressure currently and could deteriorate into NPAs, to be at Rs 11.5 trillion or 14% of the system.

Oil marketing companies - Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) closed in green after Oil Minister Dharmendra Pradhan said that the government doesn’t plan to intervene to check fuel prices that have soared to the highest in three years. Select stocks related to railways were buzzing in today’s trade after Prime Minister Narendra Modi and Japan PM Shinzo Abe laid the foundation for 508-km bullet train project.

The broader indices ended in green; the BSE Mid cap index was up by 0.61%, while Small cap index was up by 0.66%. (Provisional)

The top gaining sectoral indices on the BSE were Healthcare up by 2.05%, Industrials up by 0.94%, Power up by 0.80%, Bankex up by 0.35% and Auto up by 0.29%, while Metal down by 0.72%, Realty down by 0.49%, Energy down by 0.36%, Oil & Gas down by 0.22% and Basic Materials down by 0.05% were the top losing indices on BSE. (Provisional)

On the flip side, Wipro down by 4.07%, Kotak Mahindra Bank down by 1.07%, Mahindra & Mahindra down by 0.98%, ONGC down by 0.93% and Hindustan Unilever down by 0.70% were the top losers. (Provisional)

The CNX Nifty ended at 10086.45, up by 7.15 points or 0.07% after trading in a range of 10070.35 and 10126.50. There were 23 stocks advancing against 28 stocks declining on the index. (Provisional)

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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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