Stellar December quarter results by State Bank of India (SBI) and a status-quo in policy rates by the Reserve Bank of India (RBI) kept markets afloat on Friday even as mild profit-booking amid heightened volatility trimmed gains at higher levels.
In the early deals, the benchmark S&P BSE Sensex surpassed the 51,000-mark on the BSE for the first time and hit a fresh record high of 51,073. The index, however, erased gains partially and ended 117 points, or 0.23 per cent, higher at 50,732 levels.
SBI (up 11.3 per cent) was the top gainer on the index as analysts raised their targets on the stock post better-than-expected December quarter results. Global brokerage CLSA, for instance, has set a target price of Rs 560 on the lender’s stock. READ MORE
Kotak Mahindra Bank, UltraTech Cement, Dr Reddy’s Labs, ITC, HUL, and HDFC Bank, all up between 1 per cent and 4 per cent, were the other top gainers on the index. On the downside, Axis Bank (down 3 per cent), Bharti Airtel, ICICI Bank, Maruti Suzuki, TCS, and HCL Tech were the top laggards on the index.
On the other hand, Nifty50 index surpassed the psychological 15,000-mark and hit a record high of 15,015 levels. At close, the index was at 14,924 levels, up 29 points or 0.19 per cent.
The broader markets, however, came under selling pressure. The S&P BSE MidCap and SmallCap indices ended 0.93 per cent and 0.28 per cent lower, respectively.
On the sectoral front, the Nifty Auto an the IT indices ended 1 per cent lower each, while the Nifty PSU Bank index advanced 4 per cent on the NSE.
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Equity market witnessed one of the steepest falls in the recent years on Friday as the fears of coronavirus turning into a pandemic triggered all-round sell-off at the bourses. Hopes that the epidemic that started in China would be over in a few months and economic activity would return to normal have been shattered, as new infections reported around the world now surpass those in China.
As a result, the S&P BSE Sensex nosedived 1,448 points or 3.64 per cent to end the session at 38,297. All 30 constituents ended in the red. Tech Mahindra (down around 9 per cent) took the biggest knock on the index. Other major contributors to the index were Reliance Industries (RIL), Infosys, HDFC, ICICI Bank, and TCS.
On the NSE, the 50-share index Nifty plunged 432 points or 3.7 per cent to end at 11,202.
Volatility index India VIX zoomed 29 per cent to 22.87 levels.
Sector wise, all the indices on the NSE ended deep in the red. Nifty IT index dropped over 5 per cent to 15,274 levels while Nifty Metal index cracked over 7 per cent to 2,233 levels.
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After a one-day blip, benchmark indices once again slipped into the negative territory on Thursday, pulled down by heavyweights such as Reliance Industries (RIL), HDFC Bank, TCS, HUL and Asian Paints. Further, investors awaited more clarity on US President Donald Trump’s statement ahead of his visit to India that the two countries were working on a major trade deal.
The S&P BSE Sensex lost 153 points or 0.37 per cent to settle at 41,170, with Asian Paints (down over 2 per cent) being the top loser and IndusInd Bank (up over 3.5 per cent) the biggest gainer.
NSE’s Nifty50 index ended the session at 12,081, down 45 points or 0.37 per cent.
Among individual stocks, IRCTC gained over 5 per cent to end at 1,928 . Adani Gas rallied 13 per cent to Rs 185.50 apiece on the BSE after media reports said Petroleum and Natural Gas Regulatory Board (PNGRB) disposed November 29 showcause notice to the company and the regulator has approved TOTAL’s 37 per cent stake buy in the company.
In the broader market, the S&P BSE Midcap index added 62.5 points or 0.4 per cent to 15,694 while the S&P BSE SmallCap index rallied 0.5 per cent to settle at 14,747.
On the sectoral front, IT stocks bled the most, followed by FMCG and media counters. On the other hand, PSU bank stocks advanced the most. The Nifty PSU Bank index climbed 1 per cent to 2,169 levels.
Markets remained shut on Friday on account of Mahashivratri.
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