Nifty, Sensex may move sideways – Weekly closing report
We had mentioned in last week’s closing report that Nifty, Sensex were overbought and may trade sideways. The major indices made all-time highs but underwent correction and ended with minor gains. The trend of the major indices in the week is given in the table:
 
 
On Monday, the major indices closed with decent gains. On the NSE, there were 1,117 advances, 790 declines and 118 unchanged.
 
The Competition Commission of India has approved Reliance Retail Ventures and Reliance Retail and Fashion Lifestyle’s acquisition of the retail, wholesale, logistics, and warehousing businesses of Future Group. 
 
SREI Infra and its subsidiary, Srei Equipment Finance faced a special audit by an auditor appointed by the Reserve Bank of India. Brickwork Ratings India Pvt Ltd has downgraded the ratings for SREI Infrastructure Finance's perpetual debt instrument aggregating to Rs 10 crore.
 
BEML won an order from the Delhi Metro Rail Corporation (DMRC) valued at about Rs 501 crore. IIFL Securities board approved buy-back of equity shares of the company. Dai-ichi Karkaria’s plant in the Dahej Factory caught a fire on Saturday night. There was no loss or injury to human life.
 
On Tuesday, the major indices made major gains. On the NSE, there were 1,093 advances, 802 declines and 114 unchanged.
 
An arbitration tribunal has asked GMR Kamalanga (GKEL), to pay Rs 1,092 crore to SEPCO Electric Power Construction towards project payments and prolongation costs. The Chinese company had claimed project payments and prolongation costs from GKEL, which had also sought compensation for delays in project and defect liabilities.
 
Reliance Industries received a subscription amount of Rs 33,737 crore from Google International LLC. Jio Platforms has allotted equity shares to Google International LLC following which Google International LLC holds 7.73% of the fully diluted equity share capital of Jio Platforms.
 
Veego Pharma , the promoter of Wintac has accepted the discovered price of Rs. 350/- per equity share for delisting of the company.
 
On Wednesday, the major indices suffered a correction. On the NSE, there were 652 advances, 1,196 declines and 366 unchanged.
 
RBI rejected Muthoot Finance’s proposal to acquire IDBI Asset Management Company on the ground of synergy or lack of it.
 
The Finance Ministry has sanctioned the final scheme of amalgamation between crisis-hit Lakshmi Vilas Bank (LVB) and DBS Bank India which will come into effect from November 27, 2020.
 
DHFL lenders are seeking fresh bids and the company's committee of creditors (CoC) may vote on November 25 to decide on it.
 
Schneider Electric has reached out to PE funds and strategic players for the sale of Luminous Power and it has hired Citigroup as the adviser to the deal process. The company expects USD 700 million value from the sale.
 
On Thursday, the major indices bounced back and closed with decent gains. On the NSE, there were 1,261 advances, 588 declines and 366 unchanged.
 
Dewan Housing Finance reported net loss at Rs 2,122.7 crore for September 2020 quarter against loss of Rs 6,640.2 crore YoY. Net interest income went up 4.7% at Rs 2,204.8 crore against Rs 2,106.7 crore YoY.
 
Interglobe Aviation stock fell after Citi downgraded the stock to "sell" from neutral but it raised the target price to Rs 1,400 from Rs 1,300 per share. IndiGo’s market share might have peaked and could trend lower as its peer’s ramp up, said Citi.
 
NTPC plans to acquire at least 1,000 megawatt of operational wind power projects to add to its green energy portfolio, according to media reports.
Union Bank of India has proposed to raises up to Rs 6,800 crore during this fiscal to fund business growth.
 
On Friday, the major indices faced minor losses. On the NSE, there were 1,261 advances, 588 declines and 366 unchanged.
 
Cadila Healthcare said it will apply for Phase 3 clinical trials of its experimental COVID-19 vaccine in December and expects to launch it by March 2021.
 
The oil and gas regulator through a gazette notification for city gas distribution (CGD) removed a major overhang on competition for city gas distribution companies like IGL and Mahanagar Gas.
 
Mahindra Holdings has agreed to sell its entire 100% stake in Mahindra First Choice Services and optionally convertible redeemable preference shares in Auto Digitech (ADPL) to TVS Automobile Solutions (TASL).
 
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