Nifty, Sensex Trending Up - Weekly closing report
We had mentioned in last week’s closing report that Nifty, Sensex were under pressure. The major indices were volatile and ended with minor gains. The trends of the major indices in the course of the week’s trading was:
 
 
On Monday, the major indices ended with losses. On the NSE, there were 608 advances, 1,179 declines and 358 unchanged. Ashok Leyland's shares fell over 5% over production halt for up to 15 days. In an exchange filing, it informed that in order to "align our production in line with our sales, the company's plants at various locations will be observing non-working days ranging from 2-15 days, during the month of October 2019". 
 
Yes Bank informed the exchanges that it has lodged a complaint with Mumbai Police and Cyber Cell against the dissemination of fake news about the bank's financial health. The bank has requested the authorities to form a multi-disciplinary team of experts for detecting the origin of the fake news and assess the short-sell positions, held either directly or indirectly by such accused persons.
 
JSPL registered a 16% rise in production in Q2FY20 to 1.58 million tonnes in its domestic operations, with sales increasing by 10% to 1.46 million tonnes during the same quarter. The quarterly production and sales of steel & related products stood at 1.36 MT and 1.32 MT respectively in the same period last year.
 
The markets were closed on Tuesday on account of Dussehra.
 
On Wednesday, the major indices rallied. On the NSE, there were 964 advances, 821 declines and 346 unchanged. The cabinet hiked the dearness allowance (DA) for government employees 12% to 17%. The State Bank of India has lowered its marginal cost of funds based lending rate (MCLR) by 10 basis points across all tenors to 8.05 per cent from October 10. The MCLR cut will make home and other retail loans cheaper for the existing borrowers.
 
Zydus Cadila has received the final approval from the USFDA to market Colesevelam Hydrochloride Tablets, (US RLD - Welchol), 625 mg. This medication is used to lower cholesterol in people with high levels of cholesterol in the blood. It will be manufactured at the group's formulations manufacturing facility at SEZ, Ahmedabad.
 
Lupin announced the receipt of good manufacturing practice certificate from the pharmaceutical and medical devices agency (PMDA), Japan for its Mandideep API facility (Unit II). The GMP Certificate was issued following an inspection conducted by PMDA between May 14, 2019 and May 17, 2019.
 
Minda Industries has entered into definitive agreement with shareholders of Germany based Delvis Gmbh, to acquire 100% interest in the company. The enterprise value of the company along with its two subsidiaries Delvis Solution and Delvis Products is ~Euro 21 million, subject to adjustments, if any, at closing. The transaction is expected to be concluded in next two months. The transaction will be funded by mix of debt and equity.
 
On Thursday, the major indices suffered losses. On the NSE, there were 644 advances, 1,139 declines and 346 unchanged. Air India said that the second bond issue of the special purpose vehicle (SPV) Air India Assets Holding Ltd (AIAHL) has been fully subscribed. The 10-year tenure bonds of AIAHL worth Rs1,000 crore with a "green shoe" option of Rs6,000 crore was fully subscribed at the rate of 7.39%. The official said that the company received bids worth Rs21,736 crore and has decided to accept the entire issue of Rs7,000 crore.
 
ARSS Infrastructure Projects has secured two work orders of Rs220.65 crore for construction of roadbed, major and minor bridges, etc.
 
Steel Strips Wheels (SSWL) has received an exports order for market in the Western Hemisphere. The orders would be executed over a period of 12 months with supplies beginning this month from Chennai plant. This additional business will ensure continuation of 100 percent utilization of Chennai plant.
 
Sterlite Power has received funds from newly issued infrastructure debentures rated by Fitch Ratings as AAA for the Arcoverde Project. This is an important milestone for Sterlite as it is its first infrastructure debenture in the Brazilian capital markets.
 
The stock of Indiabulls Housing collapsed by 19% after the RBI rejected the proposed merger with Lakshmi Vilas Bank Limited.
 
On Friday, the major indices suffered losses. On the NSE, there were 864 advances, 902 declines and 361 unchanged. 
 
The MSCI has announced addition of Bandhan bank to MSCI India largecap index. The combined free float market capitalisation of Bandhan Bank will increase to above $2.5 billion after its merger with Gruh Finance, which made it eligible for largecap index. Both Gruh and Bandhan shot up 
 
The boards of Indiabulls Ventures and Indiabulls Real Estate on Friday approved the proposals of equity share buyback of Rs1,000 crore and Rs500 crore, respectively. Capital markets company Indiabulls Ventures said in a filing that its board has approved buyback of up to 6.66 crore equity shares at Rs150 per share. The stock was quoted at Rs99.60 on Thursday. It closed 4.47% higher on Friday. Indiabulls Real Estate, on the other hand, would spend Rs500 crore to buyback 5 crore shares with at Rs100 per share. The stock was quoted at Rs41.35 on Thursday. It closed 5% higher on Friday.
 
Despite a 135 basis point rate cut since February and a number of measures announced by the central government including the corporate tax cut, vehicle sales plummeted for the 11th straight month. Society of Automobile Sales (SIAM) data released on Friday showed that commercial vehicle sales -- a proxy for the commercial health of the economy -- steeply fell by of 39% to 58,419 units.
 
Signs that the customers are still away from showrooms was visible in passenger vehicles sales data which witnessed a decline of 23.69% to 223,317 units this September. Passenger cars sales witnessed a decline of 33.4% to 131,281 units.
 
In August, its sales were down 41%. Overall domestic automobile sales fell 22.41% in September 2019. Two wheeler sales - often tracked to analyse the rural markets health - was also down 22.09%.
 
The Civil Aviation Ministry has approved Alliance Air plan to launch foreign operations by starting flights to Sri Lanka even as the airline's parent Air India remains on top of the government's disinvestment agenda. The move has triggered speculation among Air India employees that government may continue in airline business by not selling Alliance Air. This runs counter to the government's often repeated argument that "government has no business to be in airline business."
 
A Delhi court sent Malvinder Singh and brother Shivinder Singh, the former promoters of Ranbaxy, to a 4-day custodial interrogation in the Religare Finvest Ltd (RFL) case, causing the company losses to the tunes of Rs 2,397 crore. Three other accused in the case were also sent to custody.
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    Weekly Moneylife Indices & Sector Trends
    INDIAN MARKET TRENDS
    For the period from 4 October 2019 to 10 October 2019, the NIFTY and the Sensex rose 1% each, while ML Mega-cap Index ended flat. ML Large-cap Index and ML Mid-cap Index fell 2% each, while ML Small-cap Index and ML Micro-cap Index fell 3% each.
     
     
    FUND FLOWS
    Foreigners: Foreign institutional investors were net sellers of equities during the...
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