- Nifty fut tanked forming bearish piercing line on weekly chart to close at 11955.70.
- Hindustan Construction Company won a challenge in the Supreme Court of lndia for setting aside Section 87 of the Arbitration and Conciliation Act.
- Reliance Jio Infocomm introduces “New All In One Plans”
- MMTC signs 2nd onion import order, to buy 11,000tn from Turkey – PTI
- Bharti Airtel to raise mobile calls, data charges by up to 50 pc from Dec 3.
- Bank of Baroda is to consider raising capital funds through the issue of capital debt instruments on December 5
- United Spirits board approved the merger of the company’s listed arm Pioneer Distilleries with self.
- Yes Bank sold its entire stake of 13.77 lakh shares i.e. 5.49% in One Point One Solutions.
- Vakrangee to launch India’s first rural focussed loyalty program for its customers.
Weekly Market View
The Nifty traded lower for the major part of the day and closed in the red for the second consecutive session on December 6, dragged by selling pressure across sectors. A weak economic growth outlook, expected higher inflation and a likely slip in fiscal path dented the sentiment. The index closed at over two-week low and formed a bearish candle on daily charts, while on the weekly scale, there was a bearish engulfing pattern formation. It lost a percent during the week.
Weekly Nifty Bank View
The Nifty Bank, too, witnessed a sharp fall in the last trading session. This index has formed a bearish candlestick with downward momentum. Both private and PSU banks witnessed selling. The Nifty Bank closed at 31,418.30, down 1.17 percent, while the Nifty Private Bank index declined 1 percent and PSU Bank was down 4.4 percent, the biggest loser among all indices.
Global Markets Update
Global markets edged higher as investors await employment data out of the U.S. and monitor trade developments between Beijing and Washington.
US DJIA and NASDAQ ended at 28015.06 and 8656.53 respectively. Asian peers also remained in positive mode and ended with Nikkei 225 closing at 23354.40 and China shanghai composite at 2912.01.
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