Nifty, Sensex May Consolidate– Weekly closing report
Moneylife Digital Team 02 July 2022
The major indices opened higher this week and closed with gain.
 
 
On Monday, on the National Stock Exchange (NSE), 1,562 stocks advanced, 532 declined and 67 remained unchanged with advance decline ratio of 2.94, indicating strength in broader markets.
 
On NSE, 20 stocks advanced and closed at new 52 week high whereas 26 stocks sank to close at their new 52-week lows. The broader market indices outperformed their larger peers with BSE Midcap and BSE Small rising 0.87% and 1.57% respectively. All Sectorial indices ended in green with Nifty IT and Nifty Metal being the biggest gainers.
 
Bajaj Auto board approved buyback of up to Rs 2,500 crore at a maximum price of Rs 4,600 crore per share via open market. Paras Defence has signed letter of intent for transfer of technology for optical imaging systems developed by ISRO from NSIL (New Space India Limited). On Tuesday, the indices opened gap down and ended with gain. On the National Stock Exchange (NSE), 1,112 stocks advanced, 943 declined, and 76 remained unchanged with advance decline ratio of 1.18.
 
On NSE, 15 stocks advanced and closed at new 52 week high whereas 17 stocks sank to close at their new 52-week lows. In sectoral indices, Nifty Consumer Durables and Nifty Private Banks were the biggest losers whereas Nifty Oil& Gas and Nifty Metal were the biggest gainers. Rupee closed at record low of 78.77/$ after hitting record lows of 78.84/$ during the day.
 
GST Council has agreed to adopt the recommendations of GoM on system reforms. The recommendations include real time validation of bank accounts through NPCI, inclusion of electricity bill meta data, site verification using geo-coding, using biometric for high risk applicants.
 
According to sources, GST Council has decided to waive requirement for filing refund claims by condoning Covid period between 1 March 2020 to 28 Feb 2022.
 
Reliance Jio board has approved the appointment of Akash Ambani as Chairman of Board. On Wednesday, the indices opened gap down and ended with a loss. On the National Stock Exchange (NSE), 822 stocks advanced, 1,220 declined, and 89 remained unchanged with advance decline ratio of 0.67; 17 stocks advanced and closed at new 52 week high whereas 33 stocks sunk to close at their new 52-week lows. Nifty IT and Nifty FMCG were the biggest losers whereas Nifty Oil& Gas and Nifty Metal were the biggest gainers. BSE Midcap underperformed Nifty Sensex and fell 0.70% and BSE Small cap outperformed Nifty Sensex and declined just 0.18%. Rupee closed at another record low of 78.97/$.
 
GST Council has deferred the proposal to levy 28% GST on casinos, online gaming and lottery.
 
Cabinet has approved deregulation of sale of domestically produced crude oil with effect from 1 October 2022. Exports of domestically produced crude will not be permissible. On Thursday, the indices opened gap down, and ended in slightly in the red. On the National Stock Exchange (NSE), 763 stocks advanced, 1,295 declined, and 69 remained unchanged with advance decline ratio of 0.59.
 
On NSE, 19 stocks advanced and closed at new 52 week high whereas 34 stocks sunk to close at their new 52-week lows. Nifty Metal and Nifty Auto were the biggest losers whereas Nifty Bank and Nifty Financial Services were the biggest gainers. The broader market indices underperformed their larger peers with BSE Midcap and BSE Small cap closing 0.74% and 0.54% down. Rupee ends flat at 78.97/$.
 
Zydus has received the final approval from US FDA for Lacosamide Injection used to treat partial onset seizures. JB Chemicals is set to acquire portfolios of four brands of Dr Reddy’s for Rs98 crore. Biocon has acquired 26% equity stake in AMPYR Renewable Energy Resources Eleven.
 
MTAR Technology won order worth Rs 174.6 crore; the stock closed in green. Ahluwalia Contracts has won order worth Rs 209 crore from DC Development to build data centre in Noida.
 
On Friday, the indices opened gap down and ended in the red. On the National Stock Exchange (NSE), 1,147 stocks advanced, 929 declined, and 76 remained unchanged with advance decline ratio of 1.23. On NSE, 20 stocks advanced and closed at new 52 week high whereas 50 stocks sunk to close at their new 52-week lows. Nifty Oil & Gas was the only loser whereas Nifty FMCG and Nifty Realty were the biggest gainers. The broader market indices outperformed their larger peers with BSE Midcap and BSE Small cap gaining 0.67% and 0.09% respectively. The government raised import duty on gold from 10.75% to 15% to control current account deficit.
 
The government has levied additional excise duty/cess of Rs 6/l on petrol, Rs 13/l on diesel and Rs 6/l on ATF exports to tax windfall gains made by oil refiners. A cess of Rs23,250/tonne using special additional excise duty was levied on crude. Reliance, ONGC and MRPL closed 7%, 13% and 10% down respectively. GST collection for June was at Rs 1.44 lakh crore, up 3% m-o-m and 56% y-o-y. Vedanta promoters have pledged 69.68% equity for availing loan facility of $200 million from Canara Bank’s UK arm. 
 
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