Sensex recovers 1,433 points from day’s low, ends 243 points higher
It was a topsy-turvy session for the domestic equity market on Friday. After tumbling over 3.5 per cent in the early deals, the benchmark indices made a sharp comeback to end 0.7 per cent higher.
The S&P BSE Sensex witnessed 1,508-point swing during the day before settling at 33,781 points, up 243 points or 0.72 per cent. Of 30 constituents, 17 advanced and 13 declined.
NSE’s Nifty ended at 9,973, up 71 points or 0.72 per cent.
On a weekly basis, Sensex slipped 1.47 per cent while Nifty shed 1.66 per cent.
Volatility index, India VIX, jumped nearly 4 per cent to 30.82 levels.
Among individual stocks, Mahindra & Mahindra (M&M) ended over 7 per cent higher at Rs 508.70 apiece on the BSE after the company reported a consolidated loss of Rs 3,255 crore for the March quarter of 2019-20 (Q4FY20), which it attributed to “impairment provision for certain long-term investments”.
Financial stocks bounced back 13 per cent from the day’s low on the BSE after the Supreme Court gave three days to Finance Ministry, Reserve Bank of India (RBI) to decide on moratorium period interest.
Reliance Industries (RIL) ended over 3 per cent higher at Rs 1,588.80. Its partly paid-up rights shares are set to debut on the bourses on Monday, June 15.
On the sectoral front, barring IT and media stocks, all the other sectoral indices on the NSE ended in the green. The Nifty IT index declined nearly 1.5 per cent to 14,403 levels after media reports said the US President Donald Trump is considering suspending a number of employment visas including the H-1B, most sought-after among Indian IT professionals, in view of the massive unemployment in America due to the coronavirus pandemic.
In the broader market, the Nifty SmallCap 100 index ended at 4,393.50, down 0.11 per cent and the Nifty Midcap 100 index rallied over a per cent to 14,339.35 points.
Tata Power sells shipping assets for $212.76 mn as it seeks to pare debt. The company said, sale of these assets, is part of the company’s long-term plan to reduce debt and raise funds for future growth plans. Tata Power’s net debt as of March 2020 was at Rs 43,578 crore. “Trust Energy Resources (TERPL), a wholly-owned subsidiary of Tata Power has completed the signing of definitive agreements on June 11, 2020, with Oldendorff Carriers GmbH & Co KG, Germany,” the company said in its statement to BSE.
Dr Reddy’s shares scaled their 52-week high on Wednesday, and continue to trade firm. With the pharma major completing its acquisition of 62 brands run by Wockhardt in India — at a lower-than-expected valuation — investor sentiment received a lift.
Eicher Motors skids up to 6% ahead of March quarter results. The stock, however, recovered later and at 11:45 am, it was trading 1 per cent lower at 16,252.90 levels. In comparison, the benchmark S&P BSE Sensex was trading over 1 per cent lower at 33,113.63 levels. Eicher Motors had a hit a 52-week high of Rs 23,427.75 on November 26, 2019, while it declined to a 52-week low of Rs 12,460, on April 7 this year.
Shares of Dhanuka Agritech were trading higher for the fourth straight day on Friday, hitting a new high of Rs 667, up 4 per cent on the BSE in an otherwise weak market after reporting healthy numbers for the quarter ended March 2020 (Q4FY20). In the past four trading days, the stock of the agrochemical company has rallied 15 per cent, as compared to a 3.9 per cent decline in the S&P BSE Sensex.
Edible oils firm Ruchi Soya Industries has entered into the list of top-100 most valued companies in terms of market capitalisation (m-cap) after the stock of the company hit a new high of Rs 926 on the BSE today. Shares of Ruchi Soya were locked in the upper circuit for the 12th straight day, up 5 per cent at Rs 926. At 09:55 am, the company stood at 94th position in the overall m-cap ranking on the BSE, the exchange data shows.
Here are some picks from the week gone by.
