We had mentioned in last week’s closing report that Nifty, Sensex were overbought but trending up. The major indices were marginally down this week. The trends of the major indices in the course of the week’s trading was:
On Monday, the major indices closed with minor losses. On the NSE, there were 839 advances, 969 declines and 345 unchanged. Selling in index heavyweights like Reliance Industries, ICICI Bank and State Bank of India led the Sensex and Nifty to finish marginally lower.
Larsen and Toubro Technology Services arm bagged a multi-million dollar project from a European firm to provide engineering, procurement and construction management services.
SpiceJet has said that three of its B737 freighter aircraft, which were grounded earlier this month due to a "potential defect", would return to operation on Monday.
The Registrar of Companies under the Corporate Affairs Ministry moved the National Company Law Appellate Tribunal seeking modification in its order in the Tata Sons matter where it wants removal of the word "illegal" with respect to conversion of Tata Sons from a public company to private company which was done after the government body's approval. It also stated that its decision on conversion following Cyrus Mistry's exit was not done in a hurry and was done after proper scrutiny and due diligence.
On Tuesday, the major indices suffered a minor correction. On the NSE, there were 813 advances, 964 declines and 366 unchanged.
The CBI has registered a case against former Maruti Udyog Managing Director Jagdish Khattar in connection with an alleged bank loan fraud of Rs.110 crore by his new company.
Bharti AXA General Insurance has recorded a 46% growth in its gross written premium at Rs.1,586 crore in the first half of financial year 2019-20 against Rs.1,087 crore in the corresponding fiscal period a year ago.
Transformers and Rectifiers India has been awarded the order of transformers amounting to Rs.166 crore from Transmission Company of Nigeria Plc, Maitama, Abuja (World bank funded Project). The said order falls under the normal course of business. With this order, the order book as on date stands around Rs.1,161 crores.
The stock market was closed on Wednesday on account of Christmas.
On Thursday, the major indices suffered a correction. On the NSE, there were 951 advances, 850 declines and 340 unchanged.
The Ministry of Environment, Forest & Climate Change has provided clearance to the expansion of camphor manufacturing facility of Kanchi Karpooram located at Kanchipuram, Tamilnadu.
Dai-Ichi Karkaria has entered into a MOU for sale of its land parcel situated at 105th Milestone, Mumbai-Pune road, Pune. The consideration to be received from the above sale is Rs.158.25 crores.
CRISIL upgraded Gujarat Gas rating on its long-term bank facilities to 'CRISIL AA+/Stable' from 'CRISIL AA / Positive'. CARE Rating downgraded Hindustan Aeronautics’ long term rating to CARE AA+; Stable from CARE AAA; Stable.
Dishman Carbogen Amcis announced that the officials of Income-Tax Department conducted search at the company's offices and manufacturing sites. The search operation was concluded on 25th December, 2019.
On Friday, the major indices opened high and closed with major gains. On the NSE, there were 1,116 advances, 678 declines and 350 unchanged.
Snapping a three-day losing streak, the Sensex and Nifty both jumped 1% on Friday with Reliance Industries, ICICI Bank, Axis Bank and HDFC leading the rally, contributing over 50% to the Nifty gains.
RIL-run retail major Reliance Retail has been valued at around Rs.2.4 lakh crore as per a proposed share-swap scheme for the shareholders. Under to the scheme, shareholders of Reliance Retail would get one share of the listed Reliance Industries (RIL), in exchange for four of its shares.
Government may conduct a fresh capital infusion fund of Rs.2,153.00 crore in equity shares of Allahabad Bank during the financial year 2019-20, as an investment.
CRISIL has reaffirmed "CRISIL A1+" rating on Cera Sanitaryware’s Rs.30 crore commercial paper. Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations.