Daily Market Reports From CapitalHeight

Daily Market Reports From CapitalHeight
Market commentary
                               Today Nifty gave gap up opening from the previous day opening; the market has ended above the 11000 level. The Sensex has managed to hold above the 36,500, while the Nifty ended just below 11100-mark.The Sensex is down 6.78 points or 0.02% at 36,541.463, while the Nifty is also down4.30 points or 0.04% at 11018.90. The market breadth isnegative as 803 shares advanced, against a decline of 1809 shares, while 149 shares were unchanged. We have seen selloff in the last hour dragged benchmark indices from its high points. The market has managed to end on a flat note. Reliance, Titan and Bajaj Finance were the top gainers, while Zee Entertainment, Bharat Infratel, UPL, lost were losers. 
                                               Nifty Daily Chart
Nifty Daily Chart by CapitalHeight


Market Highlights
· SpiceJet is considering entering into major business partnerships with two American companies, including a US airline. There would be some strategic understanding with US companies in the sphere of cargo and courier.
· GlaxoSmithKline's $4 billion (around Rs 27,330 crore) consumer nutrition business in India is set to go under the hammer soon and has evinced interest from companies like Coca-Cola, Nestle, Hindustan Unilever and ITC.
·    State Legislative Council, Maharashtra Minister said the people can carry their own food items in multiplexes. "We will act against multiplexes if they don’t allow people to carry their own food.” It will give impact on PVR, Mukta Arts, Inox Leisure.
·   Wage revision for IDBI Bank's employees is pending since November 2012. They had threatened to go on strike last year but later it was called off following an assurance from the management.
·   The promoterslost control of the company after a group of lenders acquired a majority stake following non-payment of dues and debt restructuring. The group of lenders led by Andhra Bank acquired a 51% stake in Provogue by swapping debt into equity in 2016.

·    Infosys declared its result Net profit for the June quarter fell 2.1 percent to Rs 3,612 crore compared to Rs 3,690 crore in the previous quarter. The previous quarter's profit included positive impact of Rs 1,432 crore on account of conclusion of an advance pricing agreement with the US revenue service.
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