Nifty, Sensex may continue to be under pressure – Weekly closing report
We had mentioned in last week’s closing report that Nifty, Sensex may give up some gains. The major indices suffered a correction. The trends of the major indices in the course of the week’s trading was:
Index
 
 
On Monday, the major indices opened high but ended flat or with minor losses. On the NSE, there were 718 advances, 1,095 declines and 347 unchanged. Both the Sensex and Nifty opened slightly higher led by heavyweight like Reliance Industries (RIL) and Bharti Airtel following tariff-hike announcement of up to 40% on Sunday by the telecom companies. 
 
A day after Yes Bank announced that it has received investment interest from a bunch of unknown and somewhat shady investors, the stock tanked 6.22%.
 
L&T's technology services arm won a contract from global aerospace major Airbus India to manage its avionics software development, validation, verification and data analytics. "The win from Airbus reaffirms our years of expertise in the aviation space and investment in technologies," the company said.
 
Hero MotoCorp sold 516,775 units in November 2019, as against 610,252 units in November 2018. TVS Motor Company registered sales of 266,582 units in November 2019 as against sales of 319,965 units in the month of November 2018.
 
On Tuesday, the major indices opened low and closed with losses. On the NSE, there were 576 advances, 1,212 declines and 350 unchanged. The equity markets traded in the red as banks and financial services saw mild selling pressure.
 
Shares of YES Bank fell more than 7% for a third straight session, even as the US-based Capital International committed to pump in $120 million. Investors were not convinced of the kind of investors who were wanting to commit money. There are apprehensions that the Reserve Bank will reject the offers.
 
Thomas Cook India has acquired the Thomas Cook brand for Rs13.9 crore for use in India, Sri Lanka and Mauritius markets, said a senior company official. The company signed an agreement with AlixPartners, Thomas Cook UK's appointed Special Managers. Thomas Cook India was previously contracted to pay an annual brand licence fee of Rs2 crore to Thomas Cook UK until 2024 for usage of the brand.
 
Maruti Suzuki will increase vehicle prices from January 2020. According to the company, the price increase is necessitated on account of increase in input cost. Besides, the auto major said the "price increase shall vary for different models"
 
Biocon announced that Siddharth Mittal has taken over as their CEO & joint MD starting December 1, 2019. Mittal has been serving as Biocon's CFO since August 2014.
 
On Wednesday, the major indices opened low and ended with gains. On the NSE, there were 999 advances, 789 declines and 352 unchanged.
 
Tata Motors share price rallied 7% after double-digit growth in Land Rover improved overall sales in the United States. In November, Jaguar Land Rover sold 12,472 units in the US, an increase of 6.2% year-on-year. 
 
Shilpa Medicare announced the successful closure of inspection, with the receipt of Establishment Inspection Report (EIR) from the USFDA for the inspection conducted at API manufacturing site located at Karnataka.
 
The Union Cabinet cleared the creation and launch of the Bharat Bond exchange traded fund (ETF) to deepen the bond market and to broaden investor base by allowing retail investors to participate.  Finance Minister Nirmala Sitharaman said that each bond ETF unit is to be priced at Rs1,000. Sebi has recently issued the debt ETF circular.
 
On Thursday, the major indices were volatile and closed with losses. On the NSE, there were 778 advances, 992 declines and 370 unchanged. The equity indices opened on a positive note on Thursday ahead of the key monetary policy announcement by the Reserve Bank of India. But the RBI in a surprise move kept the repo rate unchanged, causing the markets to go jittery. RBI Governor Shaktikanta Das defended the decision by recalling the "primary objective" of the central bank, which is inflation targeting and price control.
 
Karnataka Bank has reported to RBI a fraud amounting to Rs40.39 crore in the credit facilities extended earlier to Hanung Toys and Textile, on account of diversion of funds. The company had availed various credit facilities under consortium arrangement wherein, Karnataka Bank was one of the member banks. 
 
State Bank of India may divest its stake in UTI AMC up to 8.25% through IPO by way of offer for sale of up to 1,04,59,949 equity shares, subject to the approval of the SEBI.
 
On Friday, the major indices suffered a correction. On the NSE, there were 525 advances, 1,313 declines and 106 unchanged. What dragged the Indian equity markets lower was no chances of interest rate cut in the near future on the back of rising inflation, along with premium valuations and fears of a prolonged economic slowdown.
 
VA Tech Wabag will start assessing the sewage treatment plants in Agra and Ghaziabad in Uttar Pradesh and give a report to the state government, said a senior official. The offical also said the company will be foraying into the African market soon as the opportunities are more there.
 
Va Tech Wabag has won the Rs1,477 crore contract from Uttar Pradesh government for operation and maintenance of the sewage treatment plants in the two towns.
 
Axis Bank’s group executive and chief financial officer Jairam Sridharan has resigned and would serve his three-month notice period. In a regulatory filing, Axis Bank said that he stepped down "to pursue other career opportunities". The bank also said that it has started the succession plan for the post.
 
Former bureaucrat Girish Chandra Chaturvedi has been appointed as the chairman of the governing board of the NSE. He held the post of Public Interest Director at the company.
 
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  • Nifty, Sensex Under Mild Pressure – Thursday closing report
    We had mentioned in Wednesday’s closing report that Nifty, Sensex await RBI’s move on policy rates. The major indices were volatile and closed with losses. On the NSE, there were 778 advances, 992 declines and 370 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:
     
     
    The Indian equity indices opened on a positive note on Thursday ahead of the key monetary policy announcement by the Reserve Bank of India. But the RBI in a surprise move kept the repo rate unchanged, causing the markets to go jittery. RBI Governor Shaktikanta Das defended the decision by recalling the "primary objective" of the central bank, which is inflation targeting and price control.
     
    The much-talked about Jaypee Infratech (JIL) insolvency has another player in the game with JSW Infrastructure partnering with Suraksha Realty to support the latter in building and completing the stalled projects of the bankrupt firm. Mumbai-based Suraksha has submitted a letter from JSW Infrastructure Ltd confirming it will provide financial, technical and strategic support to Suraksha for the project.
     
    Karnataka Bank has reported to RBI a fraud amounting to Rs40.39 crore in the credit facilities extended earlier to Hanung Toys and Textile, on account of diversion of funds. The company had availed various credit facilities under consortium arrangement wherein, Karnataka Bank was one of the member banks.
     
    The borrowing account was classified as non-performing asset in July 2015 and had been fully provided for and as such, no negative impact on the Bank's profitability at present.
     
    Hindalco Industries has launched India's first all-aluminium freight trailer in Jaipur, Rajasthan. The aluminium freight trailer can ferry a wide range of materials such as cement, alumina, fly ash, grains, flour, steel coils and cylinders. The trailer is being engineered with inputs from ARAI (Automotive Research Association of India) to ensure optimum results.
     
    Renascent Power Ventures has acquired 75.01% equity stake and 27 crore preference shares of Prayagraj Power Generation Company. Renascent is a wholly owned subsidiary of Resurgent Power Ventures (JV between Tata Power International, ICICI Bank) and other reputed global investors, set up to acquire assets in the Indian Power Sector. TPIPL owns 26% stake in Resurgent Power and the balance 74% is held by ICICI Bank and other global investors.
     
    State Bank of India may divest its stake in UTI AMC up to 8.25% through IPO by way of offer for sale of up to 1,04,59,949 equity shares, subject to the approval of the SEBI.
     
    Artson Engineering has received a work order of Rs6.30 crores, including taxes.
     
    The order is received from Tata Projects Limited for project management and erection work for ASRS System at Kapurthala. The duration of order is 10 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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