Nifty, Sensex Range-bound – Weekly closing report
We had mentioned in last week’s closing report that Nifty, Sensex maybe under some pressure. The major indices of the Indian stock markets were volatile during the week and closed with minor losses over previous Friday’s close. The trends of the major indices in the course of the week’s trading are given in the table below:
 
 
On the major indices rallied on Monday. On the NSE, there were 866 advances, 892 declines and 358 unchanged. Two-wheeler major Hero MotoCorp sold 652,028 bikes in May, recording a 13.5% increase over April, when it sold 5,74,366 units. In a regulatory filing, the company said it surpassed the 6,00,000 monthly sales mark first time since February. Hero MotoCorp in April launched three new motorcycles -- XPulse 200, XPulse 200T and Xtreme 200S. Shares of Apollo Hospitals Enterprises surged 9% to Rs 1,351 in intra-day trade on Monday, after the company reported a more-than-doubled consolidated net profit at Rs 84.4 crore in March quarter (Q4FY19).
 
The indices were range-bound on Tuesday and closed with losses over Monday’s close. On the NSE, there were 789 advances, 990 declines and 316 unchanged. As many as 17 stocks advanced in the Nifty 50 index while 33 stocks declined. 
 
In the BSE Sensex, 15 stocks including Tata Steel, ITC were trading in green while 15 stocks, including TCS, HDFC were trading in red. In a fresh development in the ongoing saga of Sterling Biotech Ltd, the public sector Bank of India (BoI) on Tuesday declared the Sandesara brothers, the company's absconding directors, as "willful defaulters" for not repaying their loans. The BoI has also separately declared Nitin J. Sandesara as "willful defaulter" for not repaying another loan of Rs113.69 crore plus interest availed by his company Sterling Global Oil Resources Pvt Ltd from the same branch in September 2015. The markets were closed on Wednesday on account of Eid-ul-Fitr.
 
The indices suffered a correction on Thursday. On the NSE, there were 457 advances, 1,310 declines and 329 unchanged. Disappointment over a less-than-expected lending rate cut by the Reserve Bank of India (RBI) dragged the S&P BSE Sensex more than 500 points lower on Thursday. The key lending was reduced by 25 basis points (bps) to 5.75% and the monetary policy stance changed from neutral to accommodative. According to market observers, investors were also rattled by lack of RBI support to NBFC sector. 
 
Shares of GAIL (India) plunged over 11% in Thursday's session after global brokerage CLSA downgraded the stock to underperform from buy while cutting the target price to Rs365 from Rs420. CLSA attributed the downgrade to the disappointing tariff revision for key pipeline against the brokerage's expectation of 15%. Eros International Media shares tanked by 20% to Rs53.10 after a downgrade by rating agency CARE. CARE cited delays or likely defaults in serving debt availed from banks as rationale for the downgrade. It has lowered the long-term loan facilities to ‘D’ or default from BBB-. 
 
The Indian equity indices turned to negative territory minutes on Friday after opening higher, with the Sensex trading over around 140 points lower. However, the markets eventually closed on a positive note. 
 
Indiabulls Real Estate promoters have sold around 12% stake in the company to Embassy group, according to media sources to raise money. 
 
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