Nifty, Sensex May Rise on Relief Rally – Weekly closing report

We had mentioned in last week’s closing report that too many negatives had come together for Nifty, Sensex. The major indices of the Indian stock markets were range-bound during the week and closed with marginal losses over the previous close. The trends of the major indices in the course of the week’s trading are given in the table below:

The major indices of the Indian stock markets suffered a further correction on Monday. On the NSE, there were 273 advances, 1,526 declines and 276 unchanged.

Ramco Systems won an order for Ramco Aviation Suite from multidisciplinary technology services provider Advanced Global Resources, to track and manage inventory in real-time, ensuring auditability and accountability for their asset management responsibilities to the US Army.

L&T Technology Services has won a 5-year Engineering Content Management (ECM) deal worth US$ 40 million in Europe. LTI to provide AI & Virtual Reality based ECM solutions in the Industrial Products space.

The major indices of the Indian stock markets rallied on Tuesday and closed with gains over Monday’s close. On the NSE, there were 691 advances, 1,059 declines and 302 unchanged.

Software major Infosys said on Tuesday that Australian Military Bank (AMB) in Sydney went live digitally on the Finacle cloud platform of its subsidiary EdgeVerve Systems. The bank has been processing about 40,000 mixed transactions per day, with 22,000 card transactions and nearly 7,000 composite payments transactions on average per day on the digital platform.

Budget carrier SpiceJet will commence flight service on the Shirdi-Delhi-Shirdi sector from October 1, said the airline on Monday. Besides, it will also launch a new daily direct flight on the Mumbai-Kanpur route from October 8. The airline will also operate first direct flight on the Mumbai-Jaisalmer route starting October 29 and a third direct flight on Mumbai-Kolkata sector from November 1.

Capcite Infraprojects received contracts worth Rs674.75 crore. The company secured orders worth Rs560.90 crore from Glider Buildcon Realtors, a Piramal Group company. It also received an order worth Rs113.85 crore from Radius Group company.

The major indices of the Indian stock markets were range-bound on Wednesday and closed with losses. On the NSE, there were 844 advances, 903 declines and 312 unchanged.

Profit booking ahead of the September Futures and Options (F&O) expiry subdued the Indian equity markets on Wednesday. Accordingly, selling pressure was witnessed in auto, IT (information technology) and FMCG (fast moving consumer goods) counters.

HCL Technologies signed a new 5-year infrastructure services contract with Anglo American, a company headquartered in UK which runs mining operations across Southern Africa, North and South America and Australia, with a workforce of 69,000 people worldwide.

Torrent Power emerged as the winning bidder for capacity of 115 MW project in the E-reverse auction process conducted by SECI for setting-up of 1,200 MW ISTS connected wind power projects. The bid tariff for capacity addition is Rs2.76 / kWh.

The major indices of the Indian stock markets suffered a correction on Thursday and closed with losses over Wednesday’s close. On the NSE, there were 473 advances, 1,282 declines and 303 unchanged.

The S&P BSE Sensex closed 218 points down and the NSE's Nifty50 closed lower by 69 points as investors turned cautious ahead of the September futures and options (F&O) contracts’ expiry. Almost all the sectors led by finance, banking and capital goods stocks came under selling pressure on Thursday. However, IT (information technology) stocks gained due to a weakening rupee.

Private airline SpiceJet on Thursday announced a daily non-stop flight between Delhi and Hong Kong starting from November 22. The airline would deploy Boeing 737 MAX on the route, SpiceJet said in a statement.



Tata Power on Thursday said it has signed an MoU with state-run oil marketer Hindustan Petroleum Corp (HPCL) for setting up electric vehicle (EV) charging stations at HPCL's retail outlets and other locations across the country.

The US Federal Reserve has raised its key interest rate by 0.25% for a third time in 2018 bringing it to the 2-2.25% range. In a statement, following its two-day meeting in Washington, the Federal Open Market Committee also dropped its earlier "accommodative" stance on monetary policy. The majority of Fed members also said they expect another hike in rates before the end of 2018. The nine-member committee voted unanimously for the hike. In continuing with its policy of gradual rate rises, the latest one marks the Fed's eighth rate hike since 2015, indicating its favourable assessment of the US economy. The Fed statement said that growth and employment gains in the domestic economy have been strong and inflation has remained near the US central bank's target of 2%. "The committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labour market conditions and inflation near the committee's symmetric 2% objective," the statement said. America's GDP in the second quarter of 2018 grew at over 4%, while the unemployment rate continued to stay below 4%. According to Fed projections released after the meeting, the US economy was expected grow by 3.1% in 2018.

The key Indian equity indices closed in the red for the third consecutive session on Friday as the S&P BSE Sensex dropping nearly 100 points. According to market observers, selling pressure was witnessed in metal and auto stocks.

Take Solutions's subsidiary Navitas, Inc (USA) has sold off its supply chain unit namely 'TAKE Supply Chain' in Austin, USA to ESW Capital, LLC, USA for a consideration of US$ 3.25 million (approx. Rs23.58 crore).

Cochin Shipyard signed a Memorandum of Understanding with Andaman & Nicobar Administration for ‘Operation & Maintenance of the Marine Dry-Dock” at Port Blair. CSL would be assisting in setting up of Ship repair Eco-system, Augmentation & Modernization of Marine Dockyard and Skill Development & Training schemes.

Leel Electricals bagged orders worth Rs7.3 crore from HAL for Design, Development, manufacturing and Supply of Oil Cooling System including Heat Exchanger. Leel has been uniquely positioned and is the only Indian company to be technically qualified on this offering.

Eimco Elecon entered into a Technology & License Agreement with CZM USA Corp, USA for design, manufacture and sale of Drilling Rigs, for a term of 10 years, in various countries except America. It will be benefitting by expanding a new line of products in long term under this agreement.

Gayatri Projects has been declared as the lowest bidder for three road projects worth Rs405 crore, awarded by the Bihar State Road Development Corporation and funded by Asian Development Bank (ADB).