We had mentioned in last week’s closing report that Nifty, Sensex were under pressure. The major indices of the Indian stock markets were range-bound during the week and closed with gains on Friday over last Friday’s close. The trends of the major indices in the course of the week are given in the table below:
The major indices of the Indian stock markets rallied on Monday and closed with gains over last Friday’s close. On the NSE, there were 986 advances, 825 declines and 94 unchanged.
The key Indian equity indices -- S&P BSE Sensex and the NSE Nifty50 -- crossed the psychological marks of 36,700 points and 11,700 points for the first time today before closing the day just below the landmark levels.
Supported by firm global cues, the Sensex and the Nifty 50 touched their all-time high levels of 38,736.88 points and 11,700.95 points, respectively and settled at record closing levels.
Healthy buying was witnessed in banking, consumer durables and IT (information technology) stocks. The S&P BSE banking index surged around 530 points during the day.
A major deadline in the process of resolving the country's most pressing corporate and banking problem of non-performing assets (NPAs), or bad loans ended on Monday. The Reserve Bank of India (RBI) had set this six-month timeframe for finalising resolution plans for around 70 large stressed accounts in banks that are worth over Rs3.8 lakh crore.
The major indices of the Indian stock markets opened up positively on Tuesday over previous day’s close and remained range bound. On the National Stock Exchange (NSE), there were 716 advances, 1028 declines and 329 unchanged.
Both the BSE Sensex and the NSE Nifty50 touched their respective record intra-day highs of 38,938.91 points and 11,760.20 points, before ending Tuesday's trade at record closing levels.
Market observers credited the easing of global trade tensions and buying in metal, auto and IT (information technology) stocks as factors, which pushed the key indices higher.
ITI Ltd says it has received a letter of intent (LoI) valued at Rs2,658 crore for the selection as the Project Implementation Agency (PIA) for MahaNet-I (BharatNet Phase II) in Maharashtra for two packages, A and C, issued by Maharashtra Information Technology Corporation Ltd.
Pharmaceutical company Lupin said it received final approval for its Gabapentin Tablets from the US FDA to market a generic version of Pfizer Inc's Neurontin tablets. The drug is use in the treatment of postherpetic neuralgia.
The major indices of the Indian stock markets were range-bound on Wednesday and closed with losses over Tuesday’s close. On the NSE, there were 832 advances, 891 declines and 349 unchanged.
Broadly negative global cues along with a weak rupee subdued the Indian equity market on Wednesday. Selling pressure was witnessed in the IT (information technology), energy and consumer durable stocks. Key Indian equity indices closed in the negative territory on Wednesday as the rupee slumped to an all-time low, while weak global cues further subdued the sentiments, analysts said. The Indian currency earlier in the day plunged to 70.55 per dollar, the lowest-ever level, which dampened the domestic investor sentiments. The market indices have continuously traded higher for the last six weeks and looks highly stretched.
Jain Irrigation bagged an export order valued at Rs127 crore from Rwanda Agriculture Board (RAB), Kigali, Rwanda for irrigation and watershed development project in Rwanda.
Natural resources major Vedanta Ltd has won 41 of the 55 oil and gas exploration blocks offered through auction under the government's new open acreage licensing policy (OALP), the Directorate General of Hydrocarbons (DGH) said.
The major indices of the Indian stock markets were range-bound on Thursday and closed with minor losses over Wednesday’s close. On the NSE, there were 973 advances, 770 declines and 328 unchanged.
The key equity indices traded in the red on Thursday due to a weak rupee along with profit booking ahead of August futures and options expiry later in the day. The indices had, however, opened on a positive note, but could not hold on to the gains. The Indian currency earlier in the day touched its lowest-ever mark of 70.81-82 per US dollar, which dampened the market sentiments. According to analysts, selling pressure was witnessed in banking stocks, followed by finance and FMCG (fast moving consumer goods) counters.
Cadila Health - Zydus has received the final approval from the USFDA (United States Food and Drug Administration) to market two products, Gemfibrozil Tablets USP and Aripiprazole Orally Disintegrating Tablets USP. Gemfibrozil used in treating high cholesterol, risk of stroke, heart attack and Aripiprazole is an antipsychotic drug.
Tata Power has commissioned 820.8kWp World’s largest solar rooftop installation on a cricket stadium, at CCI, Mumbai. This will help to generate 1.12 million units per year which lead to 25% savings in power consumption cost and curbs CO2 emission of over 840 tonnes annually.
The key Indian equity indices ceded all their gains made earlier in the day to trade in the negative territory on Friday as the rupee plunged further, along with decline in the global indices. The Indian currency earlier in the day touched its lowest-ever mark of 71 per US dollar, which dampened the domestic investor sentiments. Further, major Asian and other global indices traded on a negative note after US President Donald Trump in an interview threatened to pull out of the World Trade Organisation if the body "doesn't shape up". According to analysts, selling pressure was witnessed in banking stocks, followed by oil and gas stocks and metal counters.
Fortis Healthcare's Chief Financial Officer Gagandeep Singh Bedi has resigned, citing personal reasons. According to a BSE filing, the company Board at its meeting on Friday accepted Bedi's resignation "after discussion and deliberation" with effect from September 30 due to personal reasons. Fortis Healthcare shares closed at Rs146.65, down 1.35% on the NSE.
Jindal Stainless Group, which is planning to ramp up its capacity, is looking at a 15%-20% growth in revenue in the current financial year, an official said on Friday. "Given the stable condition of the commodity market, we are expecting 15-20 per cent growth in revenue in the current fiscal. In 2017-18, our revenue was around Rs20,000 crore," its Senior Vice President and Head (Sales and Distribution) Vijay Sharma said. He said that the volume growth is expected to be around 12%-13% in the current fiscal over last year. The group sold about 1.4 million tonnes of stainless steel in FY18 (2017-18). The stainless steel market is growing by around 5% globally and about 9%-10% in India, he said, adding that per capita consumption is around 2 kg in India, compared with a global average of 5 kg. The group, which presently has most exposure in the flat stainless products category, has a smelting capacity 1.6 million tonnes a year. "Our plan is to invest in cold rolling mills. Currently, we have a 450,000-tonne capacity in cold rolling and another 150,000 tonnes in our Indonesia facility. We will have about 200,000-tonne cold rolling capacity in our Jajpur plant," he said. Jindal Stainless shares closed at Rs66.50, down 3.41% on the NSE.