The week that was, Nifty up another 1.2% hits record high again



The Indian equity markets carried forward the momentum as indices hit fresh life time high almost every day of the week. The smart rally was seen despite mixed macro-economic data and monthly auto sales numbers.

Sentiment got a boost after index heavyweights like Bharti Airtel, ICICI Bank, Maruti, Vedanta and Glenmark came out with better than expected quarterly numbers which aided indices to scale record highs. PNB too came out with quarterly numbers that beat market expectations which further lifted the sentiment among the PSU Banks. 

Manufacturing activity slowed in the month of October. The Nikkei Manufacturing PMI fell to 50.3 in October from 51.2 in September.

On the other hand, services industry activity expanded at its fastest pace in 4-months in October. The Nikkei Markit Services PMI rose to 51.7 recording its highest since June as compared to 50.7 in September. In July and August, the index was below the 50-mark.

Passenger vehicle sales lost momentum in the months of October, with many companies posting a decline in dispatches. However, Maruti continued to register strong numbers. It registered a 9.3% increase YoY. On the other hand, Tata Motors saw modest improvement in volume. Among two-wheeler Royal Enfield continued to enjoy a good run with sales (domestic and exports) growing 18% in October, While, TVS Motor reported a 1.5% increase in two-wheeler sales.

Globally too there was a lot of action, England raised its benchmark interest rate for the first time in a decade. While, US President Donald Trump chose Jerome Powell as the Federal Reserve Chair after the current Chair Janet Yellen's term expires.

For the week, Nifty and Sensex gained by 1.2% each.

Important news that mattered:

Bharat Forge: North America Class 8 truck sales for October at 35,700 vs 13,674 last year (up 161% YoY and up 62% QoQ).
 
Hindalco subsidiary Novelis reported better than expected results.
 
Dr. Reddy’s launched Azacitidine injection in the Canadian market.
 
Lupin launched antibiotic gActiclate Tablets, which has a market size of US$263mn in U.S.
 
AU Small Finance Bank gets RBI nod for Scheduled Commercial Bank.
 
Adani in talks with Chinese firm for Carmichael project financing
 
Bharti Airtel to transfer optical fibre business to Telesonic Networks for an overall consideration of not more than Rs. 5,650cr.
 
Tata Teleservices says NTT Docomo tendered its entire stake of 21.63% to Tata Sons.
 
TVS Motor’s October sales rose 3% year-on-year
 
NBCC bagged reconstruction order worth Rs. 400cr
 
AU Small Finance Bank entered into an agreement with Cholamandalam MS for General Insurance Business as Corporate Agent
 
Kolte- Patil in talks with private equity investors to set up Rs. 500cr real estate platform
 
Reliance Communications completed merger with Sistema Shyam Tele
 
SBI cuts MCLR by 5 basis points
 
GIC, CPPIB may join hands with Bain to buy 10% in Axis Bank




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