We had mentioned in last week’s closing report that Nifty, Sensex were on an uptrend. The major indices of the Indian stock markets suffered a correction during the week and closed on Thursday with losses over last Friday’s close. The trends of the major indices in the course of the week’s trading are given in the table: (Friday was a market holiday for Guru Nanak Jayanthi)
The major indices of the Indian stock markets rallied on Monday and closed with gains over Friday’s close. On the NSE, there were 922 advances, 807 declines and 345 unchanged.
Key equity indices jumped amid bets the government and the Reserve Bank of India (RBI) will bury their differences at a crucial central bank board meeting on Monday. Subdued global oil prices, and foreign fund inflows amid a stable domestic currency also burnished the appeal of stocks. Interest-rate sensitive stocks like banking, automobile and capital goods rose, while the oil and gas sector came under pressure.
Surya Roshni has secured an order worth Rs59 crore for design, manufacture, testing, supply and O&M of LED Street Lights & Poles and other related works for implementation of Greenfield Street Lighting Projects for ULBs in Odisha from Government of Odisha.
PSP Projects has bagged new Institutional & Industrial projects worth Rs372.47 crore from various clients including two projects of Rs208.49 crore in which the company has been ranked the L1 bidder (Lowest Bidder) by regulatory authority.
Kridhan Infra’s Singapore subsidiary Swee Hong Limited has won an order valued SG$ 37.2 million (approx. Rs195 crore) for the Construction of Link Sewers for the DTSS Phase 2 Project from the Public Utilities Board, Singapore.
The major indices of the Indian stock markets suffered a correction on Tuesday and closed with losses over Monday’s close. On the NSE, there were 481 advances, 1,265 declines and 319 unchanged.
The BSE Sensex fell taking cues from its Asian peers on Tuesday, as the Nifty also slipped below the 10,700-mark, despite both the domestic currency and crude oil prices being in the favourable zone. The markets are taking cues from the global markets and hence the negativity. With regards to the RBI (Reserve Bank of India) meeting the markets cheered the fact that the stand-off with the government did not escalate. However, it was more or less a status quo, according to market analysts.
All the 19 sectors on the BSE came under selling pressure led by the metal counter, which fell by over 2%, while healthcare, IT (information technology) and TECK (technology, entertainment and media) fell over 1%.
The Indian rupee strengthened significantly for the second day in a row as it traded at Rs71.38 per dollar, gaining 26 paise against the greenback. The benchmark Brent Crude prices also eased to $66.36 per barrel. According to analysts, the rupee's recovery was in line with the gains across the emerging market currencies, which bottomed on November 13 and then started to correct upwards.
A global Top 10 Casino and Resort Chain has chosen Ramco System’s Global Payroll platform to manage its multi-country Payroll operations covering 20,000+ employees across Asia and Mediterranean region on a unified platform.
IDFC Bank has been downgraded in Credit Rating by ICRA. NCDs (non-convertible debentures have been downgraded to AA+(Stable) from AAA (Stable). The reason is that the bank's profitability even after the proposed merger with Capital First, would remain subdued in the near to medium term.
The major indices of the Indian stock markets suffered a further correction on Wednesday and closed with losses over Tuesday’s close. On the NSE, there were 880 advances, 831 declines and 350 unchanged.
The losses could have been steeper but for a decline in international crude oil price, and as financials held on to gains. The Asian markets were mixed post a heavy sell-off in the US markets. Selling pressure was witnessed in the IT (information technology) counters, which fell close to 3%, followed by Teck (technology, entertainment and media) and energy stocks.
Crude oil prices are falling as US inventories rose last week. US inventories are at their highest level since 2015. Crude oil remains under pressure amid expectations of slowing global demand, pointed out market analysts. The Brent crude is trading at $63.58 per barrel and is expected to decline further.
UPL Limited has signed definitive agreement to acquire 100% in INDUSTRIAS BIOQUIM CENTROAMERICANA, a company head quartered in San Jose, Costa Rica, along with its subsidiaries. The annual turnover of the group is US$ 20+ mn. The acquisition is expected to be completed by H12019.
Adani Gas has bagged authorisation from the Petroleum & Natural Gas Regulatory Board, Government of India to expand its City Gas Distribution (CGD) networks in 13 more geographical areas (GAs) becoming the largest private CGD player in India.
HDFC Bank has acquired a 4% equity stake (20 lakh shares) in The Clearing Corporation of India Limited (CCIL) at a price of Rs620 per equity share. The total cost of acquisition is Rs124 crore. The Bank's equity stake has increased from 5% to 9% in CCIL.
The major indices of the Indian stock markets suffered a further correction on Thursday and closed with losses over Wednesday’s close. On the NSE, there were 671 advances, 1,042 declines and 350 unchanged.
The key equity indices traded lower on Thursday after ceding initial gains owing to profit booking. Although the indices traded in the red, the overall market breadth was positive with 1,245 advances and 1,159 declines. Also, a decline in crude oil prices and a strengthening rupee capped further losses. The domestic currency rose to Rs71.13 from its previous close of 71.45 while the benchmark Brent Crude traded $63.37 a barrel. Selling pressure was witnessed in the metal and power stocks which fell over 1% whereas the index pivotals -- finance and banking -- were 0.27% and 0.66% lower from its previous close.
Pennar Industries reported that the Pennar Group has bagged orders worth Rs317 crore across its various business verticals and the subsidiary, PEBS Pennar.
Glenmark Pharma has been granted final approval by the US FDA for Atovaquone Oral Suspension USP, a generic version of GSK's Mepron® Oral Suspension.
GMR Infra reported that the Kakinada Gateway Port, a subsidiary of Kakinada SEZ, has signed the Concession Agreement with Government of Andhra Pradesh for the development of green-field commercial port on DBFOT basis on Kona Village, East Godavari with an investment of Rs2,100 crore.