Nifty, Sensex May Head Higher – Weekly closing report

We had mentioned in last week’s closing report that Nifty, Sensex might try to push higher. The major indices of the Indian stock markets suffered a minor correction during the week and closed with losses on Friday 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 suffered a correction on Monday and closed with losses over Friday’s close. On the NSE, there were 595 advances, 1,161 declines and 323 unchanged.
 
The key Indian equity indices traded on a negative note on Monday afternoon owing to weak rupee and negative global cues, with the benchmark Sensex losing nearly 400 point so far. Both the S&P BSE Sensex and the NSE Nifty50 fell around 1% so far. The Indian rupee touched a new low of 72.67 on Monday, depreciating by almost a rupee from its previous close of 71.73 per US dollar, which dampened the domestic investor sentiment. Globally, markets sentiments were subdued on concerns that the US might impose further tariffs on Chinese imports. Among the sectoral indices, selling activity was witnessed in banking, auto and oil and gas counters.
 
Budget passenger carrier SpiceJet launched a dedicated air cargo service. The airline inducted its first freighter aircraft here. Another three freighter aircraft are expected to join its fleet in 2018-19. Currently, the country has only five freighter aircraft. The separate division within the company has been christened "SpiceXpress". The company plans to operate the first freighter aircraft between Delhi and Bengaluru. Amongst cargo, the airline has planned to provide services to the automobile and pharmaceutical sector and also ferry perishable goods. 
 
Credit Access Grameen has received an upgrade in Credit rating by ICRA. Bank facilities, NCDs & Debt (3,409 Cr) have been upgraded to [ICRA]A+(Stable) from [ICRA]A(Positive). Factors include Comfortable capitalisation levels, comfortable profitability indicators, adequate liquidity position, funding lines.
 
The major indices of the Indian stock markets suffered a correction on Tuesday and closed with losses over Monday’s close. On the NSE, there were 468 advances, 1,282 declines and 315 unchanged.
 
Broadly, negative global cues subdued the key Indian equity indices during the pre-noon trade session on Tuesday. According to analysts, investors feared that high petrol and diesel prices and a weak rupee would pump up the retail and wholesale inflation rates, thereby mitigating chances of a rate cut by the Reserve Bank of India in the near term. Selling pressure was witnessed in the consumer durable, FMCG (fast moving consumer goods), telecom and capital goods stocks. On the currency front, the rupee traded over 72.30 against the US dollar around 11.35 a.m. at the Inter-Bank Foreign Exchange Market.
 
Cadila Healthcare - Zydus received a tentative approval from the USFDA for Sitagliptin Tablets uSP, an equivalent to US RLD—Januvia® Tablets. Sitagliptin is used in treating type-2 diabetes by lowering the blood sugar levels when it is high. 
 
YES Bank has successfully closed USD 400 million syndicated loan facility, borrowed out of the Bank’s IFSC Banking Unit (IBU) in Gujarat International Finance Tec City (GIFT) and will be utilised to support the IBU’s growing business. YES Bank Board has approved issue of Basel III compliant Tier 2 Bonds aggregating upto Rs3,000 crore with Green Shoe Option of upto Rs1,000 crore. 
 
The major indices of the Indian stock markets rallied on Wednesday and closed with gains over Tuesday’s close. On the NSE, there were 688 advances, 1,048 declines and 330 unchanged.
 
A recovery in the rupee value along with value buying buoyed the key Indian equity indices on Wednesday. The key equity indices—S&P BSE Sensex and NSE Nifty50—which had a gap-up opening, traded in a flat-to-negative range, as investors were cautious over the upcoming macro-economic inflationary data point.
 
However, the key indices reversed the bearish trend after the mid-afternoon session as buying was witnessed in FMCG (fast moving consumer goods), metal and capital goods counters. On the currency front, the Indian rupee registered a recovery at 72.11 at 4.00 p.m. after it touched a new low of 72.91 earlier in the day. The wider Nifty50 on the National Stock Exchange stood at 11,369.90 points, higher by 82.40 points or 0.73% from the previous close of 11,287.50 points.
 
Budget passenger carrier IndiGo said that it has proactively grounded an Airbus A320neo aircraft for a routine engine replacement. "Post normal completion of a flight, an IndiGo aircraft was proactively grounded for a routine engine replacement yesterday (September 10, 2018)," the airline said in a statement. "There was no impact on our flight operations." In July, the budget passenger carrier had grounded a few of its A320neo aircraft due to want of spare engines from Pratt and Whitney. IndiGo, that time said the release of additional spare engines was initiated by PW and all aircraft are expected to be back in service in the second half of August. 
 
Dr Reddy's launched Neostigmine Methylsulfate Injection, USP, a generic version of Bloxiverz Injection approved by the US FDA (Food and Drug Administration), in the US market. Approx. annual US sales for Bloxiverz brand and generic: US$ 111 million (ending July 2018). 
 
A recovery in the Indian rupee's value along with broadly positive global cues and a slower rise in wholesale price inflation for August pushed the Indian equity indices higher on Friday. Sector-wise, all the indices closed in the positive territory. Buying was witnessed in the consumer durables, banking and oil and gas stocks. Nifty closed higher by 145.30 points at 11515.20.
 
Ashok Leyland has won an order from Bangladesh Road Transport Corporation (BRTC) for the supply of 200 Ashok Leyland Buses. The order is for Single Decker AC buses which include Intercity AC buses as well as City AC buses. Ashok Leyland shares closed at Rs131.00, up 2.46% on the NSE.
 
Caplin Point Laboratories and Hainan Jointown Pharmaceutical, China have signed a JV agreement for establishing a Joint Venture company named 'Hainan Jointown Caplinpoint Pharmaceutical Company Limited' in Haikou City of China. The shares of the company closed at Rs510.00, up 0.38% on the NSE.
 
Suven Life Sciences secured product patents in New Zealand and Sri Lanka corresponding to the New Chemical Entity for the treatment of disorders associated with Neurodegenerative diseases and patents are valid through 2034 and 2031 respectively. Suven Life Sciences shares closed at Rs311.55, up 1.61% on the NSE.

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