Nifty down 2nd straight week, Nifty PSU Bank (+1%), Nifty Media (-2%) & more
Market Summary
Nifty fell for the 2nd straight week with most of the indices posting losses.
Companies
ONGC (+5%) rose after the govt slashed windfall taxes on crude. Titan (-5%) declined due to profit booking. Adani Ports (-3%) declined after domestic fund managers trimmed their stakes in the company.
Sectors
Nifty PSU Bank (+1%) rose due to strong performance of UCO Bank, Union Bank and PNB. Nifty Oil & Gas (+1%) rose due to strong performance of GAIL, Oil India and ONGC. Nifty Media (-2%) declined due to weak performance of PVR, Zee Entertainment and Dish TV.
News of The Day
1. Dilip Buildcon receives Letter of Acceptance for a NHAI road in Jharkhand. (Business Standard)
2.Tech Mahindra partners with Airtel to deploy a captive private network at Mahindra’s Chakan unit. (Mint)
3.Biological E gets DGCI nod to market Pneumococcal Conjugate vaccine in India. (Money Control)
4.Tata Motors (+1%) rose after the company signed an agreement with BMTC to supply 921 electric vehicles. (Business Standard)
5.NCPCR summons Byju's CEO over charges of course hard-selling, student exploitation. (Money Control)
Tribe Weekly
19 December: RBI will issue the next tranche of Sovereign Gold Bonds 2022-23 series. Kfin Technologies Limited IPO
20 December: Elin Electronics IPO
21 December: Nippon India Mutual Fund will declare Income Distribution cum income withdrawal on the face value of Rs 10/unit.
22 December: Precision Wires India, Sheela Foam Ltd, and Zim Wires Ltd will issue bonus shares.
23 December: Kama Holdings will buy back shares worth Rs 50 cr at Rs 14,000 per share.
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