Nifty, Sensex Headed Lower Subject to Pullback Rallies – Weekly Closing Report
Moneylife Digital Team 22 September 2023
As we have been suggesting since Tuesday, the market trend has turned down and we are headed for several weeks of rough going for the bulls. The trends of the major indices in the course of the week’s trading are given in the table below:
On Monday, 1699 stocks advanced, 2074 declined and 174 remained unchanged, with an advance decline ratio of 0.82 on the Bombay Stock Exchange (BSE), indicating a negative closing of stocks in broader markets, after a remarkable winning streak. 
On NSE, 131 securities advanced and closed at a new 52-week high whereas 10 securities sank to close at their new 52-week lows.  In sectoral indices, Nifty Media, Nifty Metal, Nifty IT and Nifty Pharma were among the biggest losers.  Nifty PSU Bank, Nifty Auto and Nifty FMCG were among the biggest gainers.  
Salasar Techno Engineering secured a significant EPC contract valued at $9.40 million from Energy Development Corporation. 
Radico Khaitan announced successful commissioning of its 350 KLPD  greenfield grain distillery. 
TCS introduced cloud-based solution for environmental impact.
HFCL has secured the order worth  Rs1015 crores from Madhya Pradesh Jal Nigam for providing EPC Services including provision for laying of optical fiber cables on critical and important routes.
KP Energy has successfully commissioned further 21MW (Phase-IV) ISTS connected wind power project comprising 10 numbers of WTGs of 2.1MW each at Sidhpur site in Devbhoomi Dwarka.
RMC Switchgear received order from Maharashtra government under Revamped Distribution Sector Scheme (RDSS) worth Rs112.82 crore. 
Defence Acquisition Council approved acceptance of necessity for nine capital acquisition proposals for the armed forces worth Rs45,000 crore.
Texmaco Rail & Engineering has approved fund raising up to Rs1,000 crore by way of issuance of equity shares through QIP and Rs50 crore by way of preferential issue to promoters.
Bharat Electronics bagged multiple orders worth Rs3,000 crore for the supply of various equipment to Cochin Shipyard and others.
Tata Steel and the UK government jointly agree on a proposal for the largest investment in the UK steel industry for decades.
Indian Oil Corp board approved an additional investment of Rs 903.52 in JV Hindustan Urvarak and Rasayan to be used for setting up fertiliser plants in Gorakhpur, Sindri, and Barauni.
In large trades, NHPC 0.01% equity change hands at an average price of Rs55.20 per share. Indian Overseas Bank 0.01% shares equity shares change hands at an average price of Rs45.65 per share. 
ADF Foods promoter sold net 29,000 shares through open market. Gati promoter sold net 11,952 shares through open market. Divi's Laboratories relatives sold net 870 shares through open market. Hindustan Foods insiders sold net 51,338 shares through open market. Mrs Bectors Food Specialities promoter bought net 5,100 shares through open market. Usha Martin 1.53promoter sold net 400,000 shares through open market. Jindal Photo promoter bought net 81,000 shares through open market.  
On Wednesday, 1476  stocks advanced, 2207 declined and 120 remained unchanged on the Bombay Stock Exchange (BSE), with an advance decline ratio of 0.67 indicating a positive closing of stocks in broader markets. Following several days of steady growth, frontline stocks were under pressure today, especially after HDFC Bank gave a muted guidance of growth. Investors engaged in profit-taking in anticipation of the outcome of the US FOMC meeting on interest rates. 
On NSE, 79 securities advanced and closed at a new 52-week high whereas 11 securities sank to close at their new 52-week lows.  In sectoral indices, all sectores ended in red - Nifty Metal, Nifty PSU bank and Nifty Infrastructure were among the biggest losers.  
Coal India received three-day strike notice from central trade unions.
Infosys and NVIDIA collaborate to help world’s enterprises boost productivity with Generative AI.
Amber Enterprises subsidiary joined forces with Noise to manufacture smart wearables.
Droneacharya Aerial Innovations signed franchise deal with Wollstone Capital SA for $2.7 million to open 100 plus training centres in India.
Gelatin India said an accident at Kakkanad factory took place on Sept 19 consequent to an explosion near scrap yard wherein one contract worker succumed to injuries and four workers are under treatment.
SJVN and PFC signed a MoU for financial assistance to various projects including renewable Energy & thermal generation worth Rs1.18 Lakh crore.
Welspun Corp Limited has entered into an agreement on September 18, 2023 for liquidation of a part of specified assets lying at Dahej Shipyard of for a consideration of approx. Rs80 Crore.
Zydus Lifesciences received FDA report with zero observations for Ahmedabad Formulation Manufacturing Facility at SEZ.
NBCC has won a Rs150 crore order from the Khadi and Village Industries Commission to construct office buildings, residential campuses, and redevelop, repair, and renovate KVIC properties across India.
In large trades, Yesbank 0.03% equity changed hands at an average price of Rs18.30 per share. Tarsons Product 858669 equity changed hands at an average price of Rs530 per share.
On Thursday, the market fell sharply as 1317 stocks advanced, 2337 declined and 139 remained unchanged on the Bombay Stock Exchange (BSE), indicating a negative closing of stocks in broader markets. The domestic market fell for the third consecutive session as a result of the Fed chair's hawkish tone and the Fed's prolonged high interest rate trajectory, which is not good for a weakening global economy. Investors were alarmed by the US Fed's announcement that there would be one more rate hike this year. Investors are uneasy due to further negative drivers such continuing outflows of foreign funds, rising US dollar index and government yields, and rising crude oil prices. 
On NSE, 58 securities advanced and closed at a new 52-week high whereas 12 securities sank to close at their new 52-week lows.  In sectoral indices, Nifty PSU bank, Nifty Metal and Nifty Auto were among the biggest gainer. Nifty Media and Nifty FMCG were among the biggest loser. 
AU Small Finance Bank entered into bancassurance tie-up with Max Life Insurance Company.
SJVN invited developers to bid for 1500 MW ISTS-connected wind-solar projects. The stock fell sharply as the government is selling 4.92% stake as offer  for sale.
BLS International has suspended India visa services in Canada till further notice. Canadian visa issuance contributes 2% of its annual revenue.
ABB India won order from Samskip to power new hydrogen fueled container vessels
MSME lender TruCapFinance and HDFC Bank in co-lending partnership for business and gold loans.
Apollo Tyres stopped Bias and OTR tire production at its Limda, Gujarat plant. Production was halted due to concerns among shop floor employees related to a long-term settlement agreement.
KFin Technologies appointed as registrar, share transfer agent of State Bank of India.
BPCL issued $200 million corporate guarantee for wholly owned subsidiary BPRL International.
Casio will start local manufacturing of watches by the end of this year in India.
HDFC AMC recieved RBI nod to acquire up to 9.5% stake in Karur Vyasya Bank. 
Biocon unit Biocon Biologics received European Commission-granted marketing authorisation in the EU for Yesafili, a biosimilar of Aflibercept.
Exide Industries has invested Rs124.99 crore by way of subscription in the equity share capital of its wholly owned subsidiary, Exide Energy Solutions, on a rights basis.
Kallam Transco has been incorporated as a wholly-owned subsidiary of REC Power Development and Consultancy. The company also announced the sale of Beawar Transmission to Sterlite Grid 27, comprising 50,000 equity shares.
In large trades, Jio Financial Services 0.07% equity changed hands at an average price of Rs231.00 per share. Electronic Mart 2.5% equity changed hands at an average price of Rs150 per share. 
20 Microns Promoter bought net 23,000 shares through open market. Action Construction Equipment insiders bought net 1,455 shares through open market. Atul Auto Promoter sold net 2,815 shares through open market. The India Cements insiders sold net 33,272 shares through open market. Info Edge (India) Director sold net 20,000 shares through open market. Titan insiders bought net 160,700 shares through open market. Emmbi Industries promoter bought net 25,000 shares through open market. Bajaj Healthcare promoter bought net 56,000 shares through open market.
On Friday, 1777 stocks advanced, 1857 declined and 154 remained unchanged on the Bombay Stock Exchange (BSE), with an advance decline ratio of 0.95, indicating a negative closing of stocks in broader markets. The markets continued their downward trajectory, experiencing a nearly 0.5% decline. This decline is part of an ongoing corrective phase in the market. The valuations in the Indian market have become increasingly expensive, and this has raised concerns among investors. Additionally, there are other significant worries, including the rising prices of crude oil, a strong US Dollar index, and increasing treasury yields. These factors, combined with the continuous selling by foreign institutional investors (FIIs), have been putting a dent in market sentiment.
On NSE, 40 securities advanced and closed at a new 52-week high whereas 10 securities sank to close at their new 52-week lows. In sectoral indices, Nifty PSU bank, Nifty Auto and Nifty Media were among the biggest gainers. Nifty Pharma, Nifty Metal and Nifty Energy were among the biggest losers.
Cipla's US subsidiary InvaGen received five inspectional observations from USFDA.
Modulus Alternatives infused Rs105 crore in Shivam Autotech, commits total investment of Rs150 crore.
IFC, Sunteck Realty create joint platform investing up to Rs7,500  crore  to expand green urban housing in Maharashtra.
NBCC received Rs100 crore work order from SAIL for projects at Bhilai Steel plant.
EaseMyTrip launched smart voice recognition technology.
Thomas Cook India launched forex services via whatsapp first company in India to offer end-to-end foreign exchange services using the popular platform to offer customers a seamless user interface.
Central Bank of India entered into strategic co-lending partnership with ECL Finance to offer MSME loans.
Zen Technologies has received order worth of Rs227.65 crores from Ministry of Defence, Government of India.
Income Tax Department conducted searches at Lux Industries premises.
HCLTech expanded partnership with Australian Bank ANZ, bags order for workplace experience.
SpiceJet promised to pay Credit Suisse $1 million in each of the next six months.
In large trades, Indus Tower 15.2 lakh equity shares changed hands at an average price of Rs178.10 per share. 
Electronics Mart India Promoter sold net 9,618,718 shares through open market. Pidilite Industries Relatives sold net 51,500 shares through open market. The India Cements insiders sold net 141,344 shares through open market. Chalet Hotels Promoter bought net 360,000 shares through open market, 5Paisa Capital KMP sold net 12,141 shares through open market. Gujarat Ambuja Exports insiders bought net 4,500 shares through open market.
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