Stock Market Report (18 - 22 November, 2019)

The stock market closed on Friday with Nifty down by 54 points or 0.45% at 11914.40 and Sensex down by 215.76 points or 0.53% at 40359.41. Bharti Infratel, Infosys, Asian Paints, TCS and UPL were among major losers, while top gainers included Eicher Motors, Tata Steel, Zee Entertainment, JSW Steel and NTPC.

BY HARSHIT GUPTA                                                                                                          2 min read

Real Estate Sector

Realty shares were trading with losses in Friday's morning session. Shares of Prestige Estates Projects were down by 1.83 per cent, Brigade Enterprises were down by 1.78 per cent, Oberoi Realty were down by 1.00 per cent and Phoenix Mills were down by 0.64 per cent. The top losers in the index were Sunteck Realty that was down by 0.59 per cent, Sobha by 0.25 per cent and DLF by 0.18 per cent.

IT Sector

IT companies' shares fell sharply on Friday Due to reports of amendments in the US work visa i.e. H-1B visa. There was a fall of 3.1% in Infosys and 2.4% in Tech Mahindra.

A fall of nearly 2% was witnessed by Tata Consultancy Services and HCL Technologies. There was a fall of over 2% in BSE Information Technology Index at 14,880.19 points. The US Department of Homeland Security aims at revising standards of providing specialty occupation to only invite the best and the brightest minds as well as protect wages of locals.

Dewan Housing Finance Ltd (DHFL)

The Reserve Bank of India on Wednesday replaced the board of Dewan Housing Finance Corp. Ltd (DHFL) and appointed an administrator in its place, in a step towards directing the debt-buried mortgage lender to a bankruptcy court. RBI said that it determines to start the procedure of resolution of the company under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 shortly.

Telecom Sector

Vodafone Idea and Bharti Airtel have been struggling and suffering due to enormous debts and cut throat competition from Reliance Jio. Both Bharti Airtel and Vodafone Idea have to pay a total of ₹92,000 Cr to the government in the form of Adjusted Gross Revenue. Vodafone Idea fell 1.20 per cent at Rs 6.56, while Bharti Airtel fell 1.23 per cent at Rs 421, on Friday.

Zee Entertainment

Zee Entertainment Shares increased by 5% to ₹363 on friday, continuing its Thursday's 16% rally. The increasing trends came as Essel group announced that it will be selling 16.5% stake of Zee Entertainment Limited (ZEEL)  to investors to pay loan obligations. On Thursday, the company did so, via the open market. Zee entertainment's promoter Mr. Subhash Chandra is down to 5% after the sale.