Nifty, Sensex on a strong rally – Weekly closing report
Moneylife Digital Team 17 September 2021
We had mentioned in previous week’s closing report that Nifty, Sensex were headed higher. The major indices rallied this week and closed with major gains.
 
The trend of the major indices in the week is given in the table:
 
 
On Monday, the indices opened lower and ended with minor loss. On the NSE, there were 1,007 advances, 962 declines and 89 unchanged.
 
Zomato closed its nutraceuticals business, after discontinuing its grocery delivery service. 
 
Jet Airways is said to be working closely with authorities to start its domestic operations. The airline is in the process of slot allocation, airport infrastructure and night parking, it said.
 
Reliance Infrastructure won an arbitration award asking the Delhi Metro Rail Corporation (DMRC) to pay damages of Rs 2,950 crore plus interest to Delhi Airport Metro Express Private Limited (DAMEPL), which is promoted by Reliance.
 
Granules India’s foreign subsidiary Granules USA, Inc, is voluntarily recalling a batch of Naproxen Sodium 220mg tablets at a retail level due to a minor “CGMP deviation”.
 
On Tuesday, the indices opened higher but ended with minor gains. On the NSE, there were 1,203 advances, 820 declines and 4 unchanged.
 
Zee Entertainment shares jumped 40% after two of its largest shareholders Invesco Developing Markets Fund and OFI Global China Fund LLC called an extraordinary general meeting (EGM) seeking removal of Punit Goenka, Manish Chokhani and Ashok Kurien as directors of the firm.
 
Zomato co-founder and top executive Gaurav Gupta announced his exit from the company.
 
Dish TV was issued a special notice by its shareholder Yes Bank asking the company to remove board directors Rashmi Aggarwal, Bhagwan Das Narang, Shankar Aggarwal, Jawahar Lal Goel, and Ashok Mathai Kurien.
 
The government plans to offload 0.15% stake or around 5 lakh shares of Hindustan Aeronautics via an OFS. It held a 75.15% stake in HAL as of June 2021.
 
On Wednesday, the indices rallied and closed with decent gains. On the NSE, there were 1,262 advances, 695 declines and 2 unchanged.
 
Telecom stocks rose after a report by CNBC-TV18 said that the Union Cabinet had approved a relief package for the telecom sector while announcing a four-year moratorium on Adjusted Gross Revenue (AGR) dues. 
 
Glenmark Pharma announced that it found no new side effects in the post-marketing surveillance study on Favipiravir (FabiFlu) in over 1,000 COVID-19 patients. 
 
Ramkrishna Forgings won an export order worth Rs 25 crore from a North American customer in the oil & gas segment.
 
On Thursday, the indices continued its rally and closed with decent gains. On the NSE, there were 930 advances, 1,007 declines and 80 unchanged.
 
Poonawalla Fincorp managing director Abhay Bhutada and seven others have been barred from accessing the securities market by the regulator Sebi due to allegations of insider trading. 
 
The government is seeking LIC’s valuation to be between Rs 8 lakh crore (USD 109 billion) and Rs 10 lakh crore for its initial public offering, according to a report by Bloomberg.
 
The government will sell 5% of its stake in state-owned Hindustan Copper through an offer for sale (OFS) this week.
 
Hindustan Aeronautics’ long-term credit rating was upgraded to AAA from AA+ by CARE Ratings.
 
On Friday, the indices opened higher but lost all gains and closed in the red with minor losses. On the NSE, there were 576 advances, 1,370 declines and 3 unchanged.
 
Coal India subsidiary Eastern Coalfields commissioned a 250-kilowatt (kW) rooftop solar power project at ECL's headquarters in Sanctoria ramping up its total installed solar rooftop capacity to 692 kW.
 
Larsen & Toubro Infotech hit the Rs 1 lakh crore market capitalisation, becoming the sixth IT company to accomplish this feat.
 
IIFL Finance stock hit lower circuit after CDC Group offloaded 50 lakh equity shares at Rs 295.47 per share on the NSE and 1 crore shares at Rs 294.52 per share on the BSE, via bulk deals.
 
eClerx Services Limited board approved buy back of shares at Rs. 2,850 per share for a total amount of Rs 303 crore.
 
IDFC board approved divestment of its mutual fund business.
 
Rajesh Exports bagged an order worth Rs. 691 crore of designer range of jewelry from Germany.
 
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