Nifty, Sensex struggling to rise – Thursday closing report
We had mentioned in Wednesday’s closing report that Nifty, Sensex continued to look overbought. The major indices opened high and closed with minor gains. On the NSE, there were 1,068 advances, 719 declines and 359 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:
 
 
India's benchmark equity index, Sensex, touched a record high of 42,000. This came after the US and China signed the first phase of the trade deal. Midcap index gained for the 8th straight day to post longest gaining streak in 18 months. Kotak Mahindra Bank & HDFC Bank helped Nifty Bank close in the green. Axis Bank topped Nifty Loser after SEBI Disposed the bank's plea in Karvy Case.
 
Share prices of RIL & TCS close in the green while HCL Tech ended lower ahead of earnings. Eicher Motors topped Nifty gainers. Share price of Wockhardt gained over 5% after the Indian regulator approved two antibiotics.
 
The Enforcement Directorate has summoned AirAsia's top management including its Malayasia-based CEO Tony Fernandes for questioning under the sections of Prevention of Money Laundering Act.
 
Reliance Industrial Infrastructure reported a rise of 12.6% in its consolidated net profit for the third quarter of financial year 2019-20. However, the company's total income fell to Rs.24.42 crore from Rs.25.02 crore on a Y-o-Y basis.
 
GMR Infrastructure may divest 49% (vs previously agreed 44.44%) in GMR Airports to TRIL Urban Transport Private in one or more tranches. 
 
For the quarter ended December 2019, Plastiblends India reported 5.26% decline in revenues to Rs144.98 crore. Net profits jumped 101.41% to Rs11.40 crore. Aditya Birla Money reported 4.25% decline in revenues to Rs39.86 crore. Net profits rose 17.8% to Rs2.78 crore.
 
For the quarter ended December 2019, Tinplate Company of India reported 15.23% decline in revenues to Rs538.79 crore. Net profits rose 198.91% to Rs46.45 crore.
 
Shares of Nestle India gained over 3% amid expectations of improving financial performance. The company will announce its December quarter results on February 13, 2020.
 
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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  • Nifty, Sensex Continue to Look Overbought – Wednesday closing report
    We had mentioned in Tuesday’s closing report that Nifty, Sensex were in the overbought zone. The major indices opened low and closed with minor losses. On the NSE, there were 1,095 advances, 684 declines and 355 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
     
     
    The benchmark index, Sensex, closed 80 points lower as global investors turned cautious after US said that tariff on China would continue till the US Presidential elections were over. 
     
    IndusInd Bank’s stock price fell more than 5% after the lender reported sharp increase in gross slippages due to one travel account. Slippages increased significantly to Rs.1,945 crore in Q3, from Rs.1,102 crore in Q2FY20.
     
    To meet the AGR dues of Rs.35,500 crore by January 23, Bharti Airtel came closer to arrange the funds as it announced allotment of Rs.32.35 crore equity shares to eligible buyers at an issue price of Rs.445 apiece as part of $2 billion qualified institutional placement.
     
    Claiming that e-commerce giants like Amazon import as much as 80% of the items sold on their platforms, small manufacturers'' body has said that their business models do not benefit local industry and are creating jobs of delivery boys only.
     
    The Enforcement Directorate (ED) arrested G.S.C. Raju, promoter of Leo Meridian Infrastructure Projects and Hotels and his close associate A.V. Prasad in connection with its probe into a money laundering case worth Rs.1,768 crore.
     
    Deepak Nitrite has acquired industrial land of around 125 acres situated at Industrial Phase, Dahej-2 in Gujarat for Rs.99.25 crores. The land will be utilized for future growth and expansion plans.
     
    For the quarter ended December 2019, Larsen & Toubro Infotech posted 14.84% growth in revenues at Rs2,875.3 crore. Net profits remained flat at Rs21.50 crore.
     
    Future Retail has raised USD 500 million through fixed rate, senior, secured bonds of a 5-year (non-call 3-year) tenor at 5.600%. FRL's debut bond transaction also marks the first international bond deal from the retail & consumer sector space in India.
     
    Sun Pharma’s subsidiary has entered into exclusive licensing and supply agreements with Rockwell Medical Inc. to commercialize Rockwell's Triferic, a proprietary iron replacement and haemoglobin maintenance drug, for treating anaemia in hemodialysis patients in India.
     
    Mindtree reported a 3% year-on-year rise in consolidated net profit to Rs197 crore for the December 2019 quarter. Revenues grew 10% to Rs.1,965.3 crore from Rs.1,787.2 crore in the year-ago period.
     
    The Bombay High Court has set up a three-member committee for valuation and sale of encumbered assets of Housing Development and Infrastructure to expeditiously recover dues payable by the firm to crisis-hit PMC Bank.
     
    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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