We had mentioned in last week’s closing report that Nifty, Sensex were Trending Up. The major indices ended with major gains. The trends of the major indices in the course of the week’s trading was:
On Monday, The major indices ended with minor gains. On the NSE, there were 907 advances, 879 declines and 359 unchanged. Sensex gained 225 points during the afternoon trade session on Monday following supportive global markets after US President Donald Trump said in a tweet that China will "immediately start buying" US agricultural products.
Adani Group and TOTAL have signed definitive agreements to deepen their existing partnership and commitment for developing multi-energy offerings to the Indian energy market. Total will purchase 37.4% shares in Adani Gas Limited through a tender offer to public shareholders to acquire up to 25.2% shares subject to applicable regulations and purchase the residual shares from Adani Family.
Sun Pharmaceutical announced that one of its wholly-owned subsidiaries has commercialized CEQUA (cyclosporine ophthalmic solution) 0.09% in the U.S. It is indicated to increase tear production in patients with keratoconjunctivitis sicca (dry eye), an inflammatory disease that afflicts more than 16 million people in the U.S.
An indefinite strike by about 20,000 employees of the Hindustan Aeronautics Ltd (HAL) for wage revision on Monday grounded the operations of the state-run defence behemoth across the country, a union official said. The wage revision is due since January 1, 2017, as the previous two revisions were in 2012 and 2007 for five years, respectively.
On Tuesday, the indices ended with further gains. On the NSE, there were 861 advances, 912 declines and 356 unchanged. Rejecting the employees’ demand for higher wage revision, the state-run Hindustan Aeronautics Limited (HAL) said workers could not be treated at par with officers or executives in salaries and perks. The strike by about 20,000 HAL workforce entered the second day, grounding the defence behemoth’s operations at all its 9 locations across the country.
Wipro reported year-on-year 4% increase in revenues to Rs15,875 crore for the quarter ended September 2019. Net profits soared 35% y-o-y to Rs2,553 crore.
Berger Paints India approved the purchase of 1.89 crore equity shares of STPL representing 95.53% of the paid-up equity share capital of STPL. The balance 4.47% of the paid-up equity share capital of STPL will be held by the existing shareholders of STPL.
On Wednesday, the major indices went up again. On the NSE, there were 874 advances, 896 declines and 356 unchanged. Reliance Jio asked regulator TRAI to stop the consultation process on a new timeline for removing Interconnect Usage Charges (IUC) and enforce ''Bill and Keep'' regime under the IUC regulations from January 1, 2020. The incumbents - Airtel and Vodafone - oppose the BAK model, saying this is a break away from the global practice of IUC.
Bank of Baroda said that bank operations may get badly affected owing to the proposed strike by trade union organizations on October 22. In a statement, the bank, however, assured that it is taking all necessary steps for smooth functioning in bank branches on the day of strike.
Federal Bank reported year-on-year 20% increase in net interest income to Rs3,748 crore for the quarter ended September 2019. Net profits increased 52% y-o-y to Rs424 crore.
On Thursday, the indices closed with sharp gains, most of which came during the second half of the trade session on Thursday after the Brexit uncertainty troubling the global markets seemed to have come to an end. It was the fifth consecutive session of gains for the Nifty as it closed almost at a one month high.
Auto stocks gained the most after the Brexit deal. The Nifty auto index surged 3.13% led by Tata Motors, up 13.27%. Motherson Sumi Systems, TVS Motor Company and Eicher Motors were other top auto gainers.
TVS Motor Company has reported net sales of Rs4966.88 crores during the period ended 30th September 2019 as compared to Rs5468.75 crores while net profit was Rs.253.57 crores, up from Rs207.19 crores.
PVR Ltd reported a huge jump in consolidated net sales of Rs979.40 crores during the period ended 30th September 2019 compared to Rs714.65 crores. Its net profit was Rs47.67 crores as against Rs35.39 crores.
On Friday, the indices closed with further gains. On the NSE, there were 1299 advances, 517 declines and 132 unchanged. BSE flagship Sensex ended 246 points higher at 39,298 while the 50-share Nifty rose 75 points to 11,661. Nifty Midcap and Smallcap indices outperformed their headline peer and rose 2 per cent and 1.7 per cent, respectively.
Zee Entertainment sunk 5.5% cent to Rs 250 on BSE as it missed street estimates reporting profit at Rs 413 crore for the September quarter. Morgan Stanley retained an ‘underweight’ call while CLSA had a ‘buy’ rating with a price target of Rs 320.
Shares of Bharat Heavy Electricals(BHEL) surged after a media report said the government is looking to sell its stake in the company. The government may consider bringing down its stake in BHEL to 26% per cent from 63.17%, the report claimed. The stock ended up 22% to Rs 54.30. BHEL stock had its best weekly show since 1996, rising 25%.
YES Bank continued its rally, rising further 8% to close at Rs 51.30. It was the biggest gainer in Nifty and Nifty Bank and fifth straight day of gains for the stock. This was also the best week for the stock since 2009, gaining 30%.