- Market post biggest yearly gain since 2014 as strong foreign fund inflows, hopes of an improving economy and higher corporate earnings boosted investor confidence.
- Lupin gets final approval from the US health regulator for its generic version of Dovonex scalp solution.
- Tata Global Beverages has sold its stake in joint venture firm Estate Management Services Private Ltd for a consideration of Rs120cr.
- Bank of Baroda will purchase its joint venture partner UniCredit’s entire 51% stake in Baroda Pioneer Asset Management Company AMC and Baroda Pioneer Trustee Company Private Ltd (Trustee).
- RCom stock zooms; SBI says deal protects lenders’ interest.
- United Spirits allots NCDs worth Rs 750 cr on private placement basis.
- IOC plans to commission new Tripura LPG unit by May 2019.
Weekly Market View
Nifty traded higher as the foreign fund inflow and buying by domestic institutional investors kept the market abundantly liquid to its native buy trend and scored new life time high of 10568 to end the last trading week of the year at 10556.90. Nifty looks bullish ahead too on charts and a close above the life time high 10568 then further buying may be seen in index. Nifty has a good support zone near 10400 and a break below may trigger some correction to test the level of 10250.
Weekly Nifty Bank View
Nifty Bank consolidated on charts in last week’s trading and remained volatile throughout the week witnessing profit booking in PSU banks. Nifty bank ended the last weekly trading session of the year at 25570.05. It looks bullish on charts and if closes above 25800 then further buying may take the index to test the life time high of 26200. However 25250 is good support area for banking index.
Global Markets Update
World markets traded lower in thinly traded week on account of Christmas holiday though the macroeconomic data of USA Q3 GDP showed improvement signaling steady growth in US economy. US S&P 500 ended the last week of the year at 2673.61.The German index DAX also ended lower following the US at 12917.64.Asian peers had a mixed reaction as the Nikkei 225 form Japan headed down to close lower at 22764.94 while Shanghai composite from China traded higher to close at 3307.17.