Sensex falls 215 points post RBI policy; Nifty at 16,238; RIL sheds 2%
Shares of Reliance Industries single-handedly knocked Sensex and Nifty lower on Friday after the Supreme Court ruled in favour of Amazon, stalling Reliance Retail’s Rs 24,000 crore deal with Future Retail. Further, while RBI’s policy decision was along expected lines, the 5:1 vote on maintaining accommodative stance and rise in CPI projection for FY22 to 5.7 per cent from 5.1 per cent earlier also concerned markets, indicating that debate on inflation is gaining centre stage.
The domestic benchmark indices snapped their 4-session winning run. The 30-pack Sensex closed the day at 54,278, down 215 points or 0.39 per cent. Meanwhile, NSE Nifty settled the day 56 points or 0.35 per cent at 16,238.
IndusInd Bank, Tech Mahindra, Bharti Airtel, Maruti were the top gainers in the 30-pack Sensex while Reliance Industries, Ultratech Cement, Tata Steel, HCL Tech were the top losers.
The broader markets outperformed, with Nifty Midcap index rising 0.06 per cent and Nifty Smallcap 0.04 per cent. Sectorally, Nifty Realty and Nifty Media were the top losers while Nifty IT was the best performer.
Overall, for the five days ended Friday, Nifty ended the historic week, up 1.97 per cent high, above 16,000 mark for the worst time and also snapped its two-week losing run.
Shares of Barbeque Nation Hospitality surged 18 per cent to Rs 1,215 on the BSE in the intra-day trade on Friday, gaining 37 per cent in the the past four trading days, after the company reported a strong recovery in sales at 86 per cent in July 2021 as compared to the same month of the previous year. The stock was trading at its highest level since its market debut on April 7, 2021. With the past four days’ rally, it has zoomed 143 per cent from its issue price of Rs 500 per share.
Shares of Adani Enterprises rallied 7 per cent to Rs 1,528.30 on the BSE in intra-day trade on Friday, bouncing back 8 per cent from its day’s low of Rs 1,417 on the back of heavy volumes. The stock had hit a record high of Rs 1,718.45 on June 7, 2021. Trading volumes on the counter jumped 1.6 times, with a combined 9.74 million equity shares having changed hands on the NSE and BSE till 12:19 pm. In comparison, the S&P BSE Sensex was down 0.24 per cent at 54,363 points.
Glenmark Life Sciences makes a quiet debut, lists 4% above issue price. Post listing, the stock moved higher to Rs 799.50, 11 per cent higher against the issue price on the BSE. The stock hit an intra-day low of Rs 737.35 on the BSE and Rs 738 on the NSE. At 11:29 am, it was trading at Rs 772, 7 per cent above its issue price. A combined around 24 million equity shares had changed hands on the counter on the NSE and BSE.
TAKE Solutions zooms 12% as the firm enters strategic partnership with H.I.G. Capital. An affiliate of H.I.G. will be acquiring a 75% stake of Navitas Life Sciences, a wholly-owned subsidiary of TAKE, to support the current management team in accelerating their growth plan and enabling TAKE to capture future Navitas growth potential.
Here are some picks from the week gone by.
