We had mentioned in previous week’s closing report that Nifty, Sensex headed up. The major indices opened lower this week and closed with losses as the US Federal Reserve declared tapering its accommodative stance and also raising interest rates in FY22. On Monday, the indices opened higher and ended with loss. On the National Stock Exchange (NSE), 1,007 stocks advanced, 1,037 declined and 66 remained unchanged with advance decline ratio of 0.97.
Vedanta has withdrawn its appeal at Income Tax Appellate Tribunal to settle retrospective dispute. Shriram Group has announced amalgamation of Shriram City Union with Shriram Transport Finance. BPCL will collaborate with BARC to produce green hydrogen. SEBI has approved Emcure Pharmaceuticals IPO plan.
On Tuesday, the indices opened gap down and ended with loss. On the National Stock Exchange (NSE), 983 stocks advanced, 1,045 declined, and 48 remained unchanged with advance decline ratio of 0.94. Nifty Bank looked relatively strong declining only 0.08%.
WPI (wholesale price index) inflation has spiked to 14.23% in November 2021. It was 2.29% in the same month last year. The CPI (consumer price index) inflation reached 4.91% in the month of November 2021.
Jindal Poly Investment and Finance Company will voluntarily delist from exchanges, promoters will acquire remaining 25.37% equity shares from public shareholders at discovered price through reverse book building process. Power Grid Corporation of India has fixed 23 December 2021 as record date for the payment of interim dividend.
On Wednesday, the indices opened flat and ended with loss. On the National Stock Exchange (NSE), 819 stocks advanced, 1,206 declined, and 58 remained unchanged with advance decline ratio of 0.68. Sensex and Nifty opened flat and plunged sharply in first hour to day’s low. Sun Pharma was top gainer and Bajaj Finance was top loser in Nifty and Sensex. Bank Nifty witnessed a sharp selloff in last hour shedding 200 points. Kotak Mahindra Bank was the only constituent to end in the green on Wednesday. According to Bank of America, India’s GDP will grow at 8.2% in FY22-23 and RBI will hike repo rates by 100 basis points. Rupee plunged to its lowest level since 24 April 2020, recording a 20-month low of 76.8 a dollar.
Union Cabinet has approved Rs 76,000 crore PLI (production linked incentive) scheme for semiconductor manufacturing. RBI has permitted Scheduled Payments Banks and Scheduled Small Finance Banks to conduct government business.
On Thursday, the indices opened higher after the US markets ended […]