Sensex, Nifty end flat after choppy day; Titan up 5%, Varroc Engg tanks 7%
Equity markets were volatile on Friday, swinging rapidly during the day, as every bargain buying witnessed selling pressure on the top. The S&P BSE Sensex hit a high of 58,269, and a low of 57,851 during the day before closing at 58,191. It slipped 31 points, or 0.05 percent, compared to Thursday’s close.
The NSE Nifty50, on the other hand, shut shop at 17,315, down 17 points or 0.1 percent. The benchmark indices were weighed down by energy, IT, FMCG, and financial stocks with Tata Consumer Products, M&M, Coal India, BPCL, SBI, TCS, JSW Steel, Adani Ports, HCL Tech, and ITC being the top laggards. On the upside, Titan Company, IndusInd Bank, PowerGrid, Grasim, and Maruti Suzuki trimmed losses, rising over 1 percent each.
In the broader markets, the BSE MidCap index fell 0.15 percent, while the BSE SmallCap index added 0.3 percent.
The rupee weakened to a new low against the US dollar on Friday as Federal Reserve officials in the US outlined a large quantum of rate hikes going ahead, leading to a stronger greenback globally. The rupee, which weakened past the 82 per dollar mark for the first time, hit a low of 82.42 per dollar during the day. Its previous low was 81.95 per dollar. Meanwhile, yields on 10-year government bonds were back above 7.5 percent during the day.
IPO Market was buzzing with the three-day issue of Electronics Mart India, the consumer durables company was subscribed 62 times till 3:30 PM. The QIB portion subscribed at 138 times, NII at 60.4 times, and Retail at 19 times.
The richest Asian, Gautam Adani on Friday announced a Rs 65,000 crore investment in Rajasthan over the next 5 to 7 years in setting up a mega 10,000 MW solar power capacity, expanding cement plant and upgrading Jaipur airport.
Kalyan and PC Jewellers hit 52-week highs on hopes of strong demand. After muted months of July and August, mainly due to delayed weddings in South India, analysts expect demand to bounce back in the December quarter given Navaratri, and the RattanIndia Enterprises Ltd said on Friday it was buying the stake it did not already own in electric motorcycle maker Revolt Motors, at a time when eco-conscious consumers are turning to alternatives to conventional vehicles. festive season across India.
Consumer goods major Dabur India on Thursday warned that soaring inflation during the second quarter could lower its operating margin by around 150-200 basis points year-on-year, while revenue likely grew in mid-single digits.
RattanIndia Enterprises Ltd said on Friday it was buying the stake it did not already own in electric motorcycle maker Revolt Motors, at a time when eco-conscious consumers are turning to alternatives to conventional vehicles.
Shares of Power Mech Projects gained 4 per cent to hit a new high of Rs 2,089.45 in Friday’s intra-day trade, in an otherwise weak market. The stock quoted higher for fifth straight trading days as shares surged 21 per cent during the period. In comparison, the S&P BSE Sensex was down 0.41 per cent at 57,984 points at 12:32 PM.
Varroc Engg tanked 9% as the firm sold 4-wheeler lighting biz at reduced price. As per the revised terms, the said transaction price was reduced from euro 600 million to euro 520 million.
Quess Corp rose 1% on plans to sell 53% stake in Simpliance Tech. The company will sell its stake in Simpliance Technologies for Rs 120 crore. Aparajitha, a Human Resource compliance service firm from Madurai, Tamil Nadu, along with its affiliates would be buying over 53 per cent stake from the company.
Shares of Nykaa edged up in weak market on inking pact with Dubai-based Apparel Group. The company has entered into a strategic alliance with Dubai-based fashion and lifestyle retail conglomerate Apparel Group to expand in Gulf countries. Nykaa will hold a 55 per cent stake in the entity and Apparel Group will hold the rest.
Here are some picks from the week gone by.
