Nifty, Sensex comes under pressure as US markets correct – Weekly closing report
We had mentioned in last week’s closing report that Nifty, Sensex trending higher on fund flows. The major indices declined this week and posted major losses.
The trend of the major indices in the week is given in the table:
On Monday, the major indices ended in the red and suffered major losses. On the NSE, there were 284 advances, 1,614 declines and 336 unchanged.
Adani Group is set to gain control of Mumbai and Navi Mumbai airports through its subsidiary Adani Airport Holdings (AAHL). The firm has entered into an agreement to acquire the debt of GVK Airport Developers (GVKADL).
RBL Bank’s MD & CEO sold nearly 19 lakh shares of the bank on August 27 and 28, 2020, for approximately Rs 38.52 crore.
Reliance Industries bought Future Group’s retail and wholesale business, as well as the logistics and warehousing business, for a consideration of Rs 24,713 crore.
On Tuesday, the major indices closed with minor gains. On the NSE, there were 818 advances,1,016 declines and 349 unchanged.
The Supreme Court granted telecom operators 10 years to pay pending AGR dues. The carriers will have to pay 10% of the statutory dues stemming from the top court's October 2019 verdict. The chairmen of the telecom companies will have to give undertakings for payments. A default on payment installments will invite interest, penalty and contempt of court.
Escorts reported strong auto sales for the month of August. Domestic sales jumped 79.4% to 6,750 units against 3,763 units in July, while exports rose 90.4% to 518 units from 272 units in the previous month.
Reliance Power said it had defaulted on payment of principal and intereston a term loan from Axis Bank, YES Bank, IDBI Bank and Laxmi Vilas Bank totalling to Rs 300.22 crore.
On Wednesday, the major indices ended with minor gains. On the NSE, there were 1,232 advances, 621 declines and 368 unchanged.
Vodafone Idea plans for fund raising proposals, as it struggles to keep its business alive in India.
Steel Strips Wheels received new orders from the US market of nearly 139,000 wheels worth USD 1.17 million, to be executed in the period of 4 months, starting November 2020 from its Chennai plant.
Bajaj Auto’s domestic sales for the month stood at 1,85,879 units as compared to 2,08,109 vehicles in the same month of 2019, a drop of 11%. Two-wheeler sales declined 1% to 3,21,058 units against 3,25,300 units in August 2019.
NCC received six new orders totaling to Rs 1,548 crore in August, 2020.
On Thursday, the major indices ended with minor losses. On the NSE, there were 1,018 advances, 807 declines and 364 unchanged.
US wireless carrier Verizon Communications and Amazon may invest more than $4 billion in Vodafone Idea, according to a report by Mint.
Aviation stocks gained after the Centre allowed domestic airlines to operate at 60% of their pre-COVID level capacity.
Page Industries posted a net loss of Rs 39.6 crore in June 2020 quarter versus a profit of Rs 111 crore in the same period last year. Revenue was down 65.9% YoY at Rs 284.4 crore.
On Friday, the major indices ended with major losses, after the US market fell sharply overnight. On the NSE, there were 578 advances, 1,252 declines and 358 unchanged.
Tata Motors’s JLR UK sales grew 13.8% at 3,101 units against 2,726 units YoY. Total Jaguar UK sales were up 1% at 1,059 units against 1,049 units YoY. Total Land Rover UK sales jumped 21.8% at 2,042 units against 1,677 units YoY.
Private equity firm Silver Lake Partners is in talks to invest $1 billion in the retail arm of Reliance Industries Ltd, the Financial Times reported.
Jubilant Industries reported a net loss to Rs 3.10 crore in the quarter ended June 2020 as against a net profit of Rs 9.55 crore in the year-ago quarter. Sales declined 37.88% YoY to Rs 9