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Nifty, Sensex May Try to Rally – Weekly closing report

We had mentioned in last week’s closing report that Nifty, Sensex were going strong on positive news all round. The major indices of the Indian stock markets suffered a correction during the week and closed on Friday 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 below:

 

 

The major indices of the Indian stock markets were range-bound on Monday and closed with marginal gains over Friday’s close. On the NSE, there were 925 advances, 811 declines and 342 unchanged.
 
On Monday, the markets opened on a positive note in line with global markets on signs of easing US-China trade tension who agreed to halt additional tariffs in the G20 meeting in Buenos Aires. Reversing early gains, the key equity indices traded in the red during the afternoon trade session on Monday as investors reacted to disappointing macro-economic data and a rise in global crude oil prices. While the financials traded on a flat note, realty, power and utility stocks gained over 2%. In contrast, the healthcare and auto stocks witnessed selling pressure. Besides, ahead of the OPEC meeting this week, the crude oil prices surged on expectations of supply cuts by the oil cartel. The benchmark Brent Crude traded higher at $62.07 a barrel. Even the domestic currency weakened 63 paise against the US dollar, trading at Rs70.22 from its previous close of 69.59. However, the major indices moved up before the end of the trading session on Monday and closed with marginal gains over Friday’s close.
 
India's factory output in November rose to an 11 month high on the back of improved demand, according to the Nikkei India Manufacturing PMI. The Nikkei India Manufacturing Purchasing Managers' Index (PMI) was recorded at 54 in November, up from 53.1 in October.
 
Commercial vehicles major Ashok Leyland Ltd on Monday said its sales went down by 9% last month. In a statement issued here, the company said it sold a total of 13,121 units in November 2018, down from 14,457 sold during November 2017. 
 
Two and three wheeler maker TVS Motor Company Ltd on Monday said it logged 27% sales growth last month. In a statement, the company said it sold 319,965 units in November 2018, up from 251,965 in November 2017. The company sold 307,142 two-wheelers and 12,823 three-wheelers last month as against 243,323 two-wheelers and 8,642 three-wheelers during November 2017. 
 
The major indices of the Indian stock markets were range-bound on Tuesday and closed with minor losses over Monday’s close. On the NSE, there were 766 advances, 949 declines and 349 unchanged.
 
Selling pressure in finance and banking sectors and a slight rise in global crude oil prices dragged the key equity indices lower on Tuesday. According to the analysts, investors were cautious due to the ongoing poll processes in Chhattisgarh, Mizoram, Madhya Pradesh, Telangana and Rajasthan. Counting of votes would take place on December 11. Finance and banking stocks traded over 0.60% lower, while selling pressure was witnessed in telecom, auto and FMCG (fast moving consumer goods) sectors. 
 
In contrast, buying was seen in IT (information technology) and oil and gas stocks. Ahead of the OPEC (Oil and Petroleum Exporting Countries) meeting this week, the crude oil prices surged on Tuesday on expectations of supply cuts by the oil cartel. The benchmark Brent Crude traded higher at $62.32 a barrel. The rupee, after losing 88 paise on Monday, traded flat at Rs70.44 to a US dollar. Domestic markets like stock markets across the world reacted well on Monday to signs of an easing US-China trade tensions as the two countries agreed to halt additional tariffs. But the domestic markets in India had ended on a flat note on Monday due to release of weak macro data.
 
Shriram EPC has secured two orders worth Rs166.16 crore and Rs59.55 crore from Jharkhand Urban Infrastructure Development Co. Ltd. for augmentation and strengthening of Dhanbad Water Supply Scheme-Phase 1 and Water Supply for Khunti Nagar Panchayat. 
 
Alembic Pharma's subsidiary company Orit Laboratories LLC has received approval from the US FDA (Food and Drug Administration) for its ANDA for Glycopyrrolate Tablets USP. The drug is indicated for use as adjunctive therapy in the treatment of peptic ulcer. 
 
The major indices of the Indian stock markets suffered a correction on Wednesday and closed with losses over Tuesday’s close. On the NSE, there were 467 advances, 1,242 declines and 353 unchanged.
 
In its penultimate monetary policy review of the current fiscal, the RBI (Reserve Bank of India) on Wednesday kept its key lending rate for commercial banks unchanged at 6.5% for the second time in succession. The Reserve Bank of India also made no changes to its stance of "calibrated tightening" adopted in the policy review of October India's central bank keeps key lending rate intact at 6.5%.
 
Caution on account of the monetary policy and broadly negative global stock markets dragged the key Indian equity indices lower on Wednesday. All sectoral indices on BSE and NSE traded in the red led by metal, auto and healthcare stocks. According to analysts, the markets on Wednesday are affected more from the global factors rather than the RBI monetary policy. 
 
In addition, crude oil prices remained volatile amid expectations of supply cuts by OPEC (Oil and Petroleum Exporting Countries), the group of 15 of the world's top oil producers which is to meet on December 7. Brent crude traded lower at $61.02 per barrel. The rupee continued to depreciate and traded at Rs70.53 to a US dollar from its close of Rs70.49.
 
A Delhi court on Wednesday sentenced former Coal Secretary H.C. Gupta and two other former government officials to three years in jail in a coal block allocation case. CBI Special Judge Bharat Parashar also slapped a fine of Rs50,000 on Gupta and former officials K.S. Kropha and K.C. Samria. He also sentenced Vikash Metal and Power Ltd (VMPL) Managing Director Vikash Patni and authorised signatory Anand Mallick to four years in jail. Last week the court convicted all five of conspiring to get the Moira-Madhujore coal block of West Bengal in favour of VMPL. It was the sixth judgment by the Special Central Bureau of Investigation (CBI) court that is exclusively dealing with the coal block allocation cases.
 
TCS has launched its intelligent power plant solution - TCS IP2. The solution combines AI (artificial intelligence), IoT (Internet of Things), and Digital Twin Technologies to support critical power plant assets, enhance reliability, improve flexibility, cut emissions and reduce operating costs by 2%-3%.
 
Absconding liquor baron Vijay Mallya, wanted in a Rs9,000 crore bank loan default case, on Wednesday offered to pay back "100% of the principal amount" as speculations over his extradition were raised after AgustaWestland middleman Christian Michel was brought to Delhi for interrogation. 
 
The indices suffered a correction on Thursday and closed with losses over Wednesday’s close.
 
But on on Friday they rallied thanks to strong global cues and closed with gains over Thursday’s close. On the NSE, there were 732 advances, 969 declines and 363 unchanged.
 
The market was supported by a decline in crude oil prices and an appreciating rupee. Buying in banking, auto and consumer goods stocks also supported the domestic equity market, analysts said.
 
Global ratings agency Fitch Ratings lowered India's growth forecasts to 7.2% from an earlier projection of 7.8% rise for fiscal year ending March 2019.
 
Indian software major HCL Technologies on Friday said it was buying IBM Software Products for $1.8 billion (Rs12,700 crore) in an all-cash deal. "The transaction is expected to close by mid-2019, subject to completion of applicable regulatory reviews," said the Noida-based company in a mandatory filing on the BSE. HCL Technologies shares closed at Rs961.90, down 5.00% on the NSE.
 
The Cabinet Committee on Economic Affairs (CCEA) accorded in-principle approval for the strategic sale of the governments existing 52.63 % majority shareholding in the Rural Electrification Corporation (REC) to the state-run Power Finance Corporation (PFC), along with transfer of management control. REC shares closed at Rs104.70, up 0.82% on the NSE and PFC shares closed at Rs89.50, down 0.61% on the NSE.
 
US trade deficit widened for a fifth consecutive month and reached a 10-year high in October, according to data from the Commerce Department. US stocks closed mixed as fears for economic slowdown continued. The US dollar extended losses in late trading on Thursday, as a batch of negative economic data cast a poll over investors’ sentiment.

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COMMENTS

Karthikeyan

4 weeks ago

Does moneylife team try and keep track of how many times they got their prediction right? Can you folks do an infographic of prediction vs result? These articles clutter the 'stocks' space and I am not too sure how worthy this is?

Nifty, Sensex Indecisive – Wednesday closing report

We had mentioned in Tuesday’s closing report that Nifty, Sensex were in no man’s land. The major indices of the Indian stock markets suffered a correction on Wednesday and closed with losses over Tuesday’s close. On the NSE, there were 467 advances, 1,242 declines and 353 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:

 

 
In its penultimate monetary policy review of the current fiscal, the RBI (Reserve Bank of India) on Wednesday kept its key lending rate for commercial banks unchanged at 6.5% for the second time in succession. The Reserve Bank of India also made no changes to its stance of "calibrated tightening" adopted in the policy review of October India's central bank keeps key lending rate intact at 6.5%.
 
Caution on account of the monetary policy and broadly negative global stock markets dragged the key Indian equity indices lower on Wednesday. All sectoral indices on BSE and NSE traded in the red led by metal, auto and healthcare stocks. According to analysts, the markets on Wednesday are affected more from the global factors rather than the RBI monetary policy. 
 
In addition, crude oil prices remained volatile amid expectations of supply cuts by OPEC (Oil and Petroleum Exporting Countries), the group of 15 of the world's top oil producers which is to meet on December 7. Brent crude traded lower at $61.02 per barrel. The rupee continued to depreciate and traded at Rs70.53 to a US dollar from its close of Rs70.49.
 
A Delhi court on Wednesday sentenced former Coal Secretary H.C. Gupta and two other former government officials to three years in jail in a coal block allocation case. CBI Special Judge Bharat Parashar also slapped a fine of Rs50,000 on Gupta and former officials K.S. Kropha and K.C. Samria. He also sentenced Vikash Metal and Power Ltd (VMPL) Managing Director Vikash Patni and authorised signatory Anand Mallick to four years in jail. Last week the court convicted all five of conspiring to get the Moira-Madhujore coal block of West Bengal in favour of VMPL. It was the sixth judgment by the Special Central Bureau of Investigation (CBI) court that is exclusively dealing with the coal block allocation cases. Coal India shares closed at Rs245.30, down 2.76% on the NSE.
 
The Enforcement Directorate has attached Rs117.09-crore movable and immovable properties of Prakash Industries in connection with its ongoing probe against it in allocation of Fatehpur coal block in Chhattisgarh in 2008, the agency said on Tuesday. Prakash Industries shares closed at Rs85.60, down 7.61% on the NSE.
 
Lupin reported that the US FDA (Food and Drug Administration) completed inspection carried out at the company's Mandideep location with 4 observations for Unit-2, cardiovascular "Pril" API facilities, 10 observations for Unit-1, Cephalosporin facilities and 8 observations for Cephalosporin Solid Oral Dosage Form facility. Lupin shares closed at Rs858.45, down 3.29% on the NSE.
 
Larsen & Toubro reported that the construction arm of L&T has won orders worth Rs2,106 crore across its businesses. A major order of Rs1,954 crore has been secured by its Water & Effluent Treatment business from Andhra Pradesh Capital Region Development Authority (AP CRDA). L & T shares closed at Rs1,397.05, down 1.61% on the NSE.
 
Alembic Pharma has received approval from the US FDA for its ANDA for Candesartan Cilexetil Tablets USP. Candesartan cilexetil tablets are indicated for the treatment of hypertension in adults and in children 1 to 17 years of age. The company’s shares closed at Rs619.15, up 0.52% on the NSE.
 
NTPC has won 85 MW Solar capacities from the 550 MW tender floated by Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) for grid-connected solar projects. The bid tariff rate is Rs3.02/unit, applicable for 25 years. NTPC shares closed at Rs140.70, down 1.75% on the NSE.
 
Kridhan Infra reported that the Vijay Nirman Company has received a LoI (Letter of Intent) worth Rs105 crore for construction of major and minor bridges etc. for Package 4 of the Mumbai-Nagpur Super Communication Expressway in Maharashtra. The project is expected to be completed over a period of 12 months. Kridhan Infra shares closed at Rs48.40, up 2.76% on the NSE.
 
TCS has launched its intelligent power plant solution - TCS IP2. The solution combines AI (artificial intelligence), IoT (Internet of Things), and Digital Twin Technologies to support critical power plant assets, enhance reliability, improve flexibility, cut emissions and reduce operating costs by 2%-3%. TCS shares closed at Rs2,003.90, down 0.35% on the NSE.
 
Absconding liquor baron Vijay Mallya, wanted in a Rs9,000 crore bank loan default case, on Wednesday offered to pay back "100% of the principal amount" as speculations over his extradition were raised after AgustaWestland middleman Christian Michel was brought to Delhi for interrogation. State Bank of India shares closed at Rs280.20, down 0.83% on the NSE.
 
US stocks plunged on Tuesday with all three major indices erasing more than 3%, amid worries over inverted yield curve signalling a possible economic slowdown. The Dow Jones Industrial Average decreased 799.36 points, or 3.10%, to 25,027.07. The S&P 500 decreased 90.31 points, or 3.24%, to 2,700.06. The Nasdaq Composite Index fell 283.09 points, or 3.80%, to 7,158.43. The US three-year treasury note yield stood at 2.805%, higher than the five-year note on Tuesday. The inverted yield curve caught investors' attention because historical statistics showed that when short-term yields trade above longer-term rates a recession could follow. Fears of a possible economic slowdown were also spurred by weaker-than-expected quarterly guidance from Toll Brothers. The US leading builder reported its first fall in quarterly orders in more than four years, hit by rising interest rates and higher home prices. The company's results are the latest evidence of slowing housing demand, after years of steady recovery following the housing crash a decade ago. The US Census data showed new home sales have declined for 11 straight months.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
 

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