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Indian Indices Pare Most Gains, End Marginally Higher
Tue, 11 Jul Closing

Indian share markets lost some steam towards the end of the day to end today's session only marginally higher. Losses were largely seen in the telecom sector and realty sector.

At the closing bell, the BSE Sensex stood higher by 31 points (up 0.1%) and the NSE Nifty closed higher by 15 points (up 0.2%). The BSE Mid Cap index ended the day down by 0.8%, while the BSE Small Cap index ended the day down by 0.6%.

Asian stock markets finished mixed as of the most recent closing prices. The Hang Seng gained 1.48% and the Nikkei gained 0.57%. The Shanghai Composite lost 0.29%. European markets are also trading mixed today. The FTSE 100 is down 0.77% while Germany's DAX is up 0.19% and France's CAC 40 is down 0.11%. The rupee was trading at 64.56 to the US$ at the time of writing.

As per a leading financial daily, the Union Tourism ministry has proposed to accord infrastructure status to hotel projects costing in excess of Rs 500 million.

The development is aimed at promoting small players to invest in the hotel industry.

The above proposal, if approved, would lower the threshold limit from the current Rs 2 billion for hotel projects to qualify for priority lending.

The above measure will also aid the tourism industry as well as infrastructure industry in India.

Speaking of infrastructure status, over the past decade and more, India has been grappling with the twin problems of project delays and cost overruns.

However, there has been some good news of late as the share of projects facing implementation delays has almost halved since 2013. This can be seen from the chart below:

Infrastructure Project Delays Witness a Significant Decline

Historically, the reasons for cost escalation were driven by high land acquisition costs and time overruns. However, the Modi government has tackled these issues, among others, to revive the infrastructure activity in India. From The 5 Minute WrapUp:

  • The Modi led government has implemented various policies since 2014 to tackle these issues and expedited removal of bottlenecks and approval delays. And this is showing results. Increased focus on public spending on projects and completion of stalled projects has resulted in a steady rate of improvement in ongoing projects. Increased efficiency in project implementation augurs well for the economy and will help India reign in the twin problems of project delays and cost overruns.

In other news, as per an article in the Times of India, the central region saw the maximum sale of sovereign gold bonds in the country during the period of Akshaya Tritiya.

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The region recorded a sale of 19.3 kilograms of gold worth Rs 56 million in just seven days under the 'sale of sovereign gold bonds' scheme.

On the subject of gold bonds, the latest issue for Sovereign Gold Bonds (SGBs) 2017-18 - Series II opened yesterday. The issue is open until 14th of July and the date of issue is 28th July. Under the scheme, SGBs will be denominated in one-gram units. Minimum investment is one gram. The limit per person per fiscal year (April-March) is five hundred grams.

The SGBs will bear a 2.5% fixed rate of interest per annum on the initial investment. Interest will be paid half-yearly and the last interest will be payable on maturity along with the principal.

SGBs are an alternative to owning physical gold. These government bonds mimic the price of physical gold and are tradable on the stock exchanges. And to entice gold-crazed Indians to buy paper gold instead of the shiny, yellow thing, the government offers some interest on the otherwise non-yielding asset.

The latest premium edition of The 5 Minute WrapUp discusses the above SGB issue in detail. You can read the same here.

And here's a note from Profit Hunter:

Hindalco is among the top gainer in the Nifty 50 Index today - up 2.3%. Let's have a look at its chart.

In our earlier note, we mentioned Rs 200 as strong resistance for the stock. In July 2014, the stock topped out at this level and has resisted here several times in the past five months. In fact, every time the stock approached the 200 level, it fell 6-10% in a week's time.

In the past one month, the stock broke out above this level thrice but immediately slipped below it in a session or two, reinforcing the importance of the level.

Today, the stock again broke above the 200 level with healthy volumes.

So it will be interesting to see if Hindalco can sustain above 200 this time or if it will again slip back below this important level.

Hindalco Near a Crucial Level
Hindalco Near a Crucial Level 

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Feb 16, 2018 (Close)