- Nifty fut surged higher to new life time high and settled at 12099.85.
- Sun Pharma’s arm Taro gets tentative USFDA nod for Tavaborole drug
- Government to sell RITES’ up to 3.75 crore shares (15% equity) via OFS on November 22 and 25.
- The promoter group of Zee Entertainment Enterprises sold more than 14cr shares of the company in bulk deals on November 21
- Reliance Jio Infocomm (RJio),has placed bids for the assets of debt-laden Reliance Communications RCom.
- DLF to invest Rs 1500 cr on new commercial project in Gurugram.
- Goodyear India will close its manufacturing operations of Ballabgarh plant, Haryana from November 25-30.
- Tata Power set to clinch power distribution licence in central Odisha.
- Container Corporation of India Limited and Kohinoor India Private Limited has signed a settlement agreement on Nov 20, 2019.
Weekly Market View
The Nifty lost ground as soon as trading opened and closed sharply lower on November 29, marking a weak start to the December series. Expectations of below-5 percent GDP growth in the second quarter and the uncertainty over a US-China trade deal caused selling pressure. The index closed way below 12,100 and on the weekly scale; it formed a bullish candle, as the index gained more than a percent during the week.
Weekly Nifty Bank View
The Nifty Bank was also caught in a bear trap but the fall was softer compared to the Nifty. The index fell 0.55 percent to close at 31,946.10 and formed a bearish candle on the daily charts, but bullish candle pattern on the weekly scale. It gained 2.7 percent during the week. Until it sustains above 31411 levels, an up move towards 32,150 and 32,600 levels cannot be ruled out.
Global Markets Update
Global markets edged lower as investors worried that a new US law backing Hong Kong protests could derail Washington’s and Beijing’s efforts to end their trade war.
US DJIA and NASDAQ ended at 28051.41 and 8665.47 respectively. Asian peers also remained in positive mode and ended with Nikkei 225 closing at 23293.91 and China shanghai composite at 2871.98.
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