The key benchmark indices reversed their two-day winning streak with losses in excess of a per cent. Index heavweight Reliance Industries, banking and FMCG shares were responsible for a significant amount of the losses.
The BSE benchmark index, the Sensex, had started trade on a positive note and soon rallied to a high of 57,757 (up almost 300 points from the previous close). Selling emerged towards the end of the first-hour of trades, and thereafter it accentuated in noon deals. The BSE 30 index slumped to a low 56,641 in late trade – down 1,116 points from the day’s high. The Sensex finally ended with a loss of 765 points at 57,696.
The NSE Nifty tumbled 309 points from the day’s high of 17,490 to a low of 17,181, and eventually settled 205 points lower at 17,197.
The broader indices, however, outperformed the key benchmark indices. The BSE Midcap index ended almost flat, while the Smallcap index added 0.3 per cent. The overall market breadth was also positive, with 1,778 advancing shares versus 1,475 declining stocks on the BSE.
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After a volatile start, benchmark indices swiftly rose in noon deals to end near the day’s high level on Friday. ICICI Bank and ITC (up 3 per cent each), followed by Axis Bank, Kotak Bank, SBI, and HCL Tech were the top contributors towards the indices’ rally.
At close, the S&P BSE Sensex quoted at 52,976 levels, up 138.5 points, or 0.26 per cent. The broader Nifty50, meanwhile, settled above the psychological level of 15,850 at 15,856, up 32 points or 0.2 per cent. The BSE MidCap and SmallCap indices, however, underperformed the benchmarks with the former slipping 0.07 per cent while the latter added 0.11 per cent.
Shares of ITC moved higher by 3 per cent at Rs 213.60 on the BSE in the intra-day trade on Friday, on back of heavy volumes, ahead of its April-June quarter (Q1FY22) earnings on Saturday, July 24. In comparison, the S&P BSE Sensex was up 0.39 per cent at 53,041 levels at 02:20 pm. Trading volumes on the counter more-than-doubled with a combined 36 million equity shares having changed hands on the NSE and BSE till the time of writing of this report.
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A steep hike in US treasury yields took the global markets by surprise on Friday as investors dumped equities for bonds. That apart, an air strike by the United States in Syria on Thursday, targeting facilities near the Iraqi border, further dented trading sentiment.
US Treasury yields vaulted to their highest levels, of about 1.5 per cent, since the outbreak of the coronavirus pandemic on expectations of a strong economic expansion and related inflation. Back home, the 10-year goverment bond firmed up to 6.23 per cent on Friday mirrowing similar trends. Effectively, fear of reversal in rate cut cycle, spooked investors who off-loaded equities worth Rs 5 trillion.
Additionally, the US air strike in retaliation for a rocket attack in Iraq earlier this month, and caution ahead of the release of the gross domestic product (GDP) for the December quarter made investors sit on the fence.
In the intra-day trade, the benchmark S&P BSE Sensex tumbled 2,149 points while the Nifty50 index slumped 629 points. The indices ended near the lowest point of the day, at 49,100 and 14,529 levels, respectively, down 1,939 points and 568 points.
All the 30 constituents on the Sensex index and 50 stocks on the Nifty ended the day in the red. ONGC, JSW Steel, GAIL, M&M, Bajaj Finance, Grasim, and Hero MotoCorp were the top Nifty losers, down up to 8 per cent; Axis Bank, HDFC, Power Grid, ICICI Bank, and HDFC Bank were the top drags on the Sensex.
In the broader markets, small-cap stocks held their ground relatively better as the S&P BSE SmallCap index settled only 0.7 per cent down. The S&P BSE MidCap index, on the the hand, ended 1.75 per cent lower.
On the sectoral front, banking counters got butchered as yield concerns soured sentiment in the sector. Expectations that banks may have to show yield-induced fall in G-sec value as losses, investors pushed the sell button for banks. The Nifty Bank, and Private bank indices closed 5 per cent down, followed by losses in the Nifty PSU Bank index, down 4.5 per cent.
The Nifty Metal and Auto indices dropped 3 per cent while the Nifty FMCG, IT, and Pharma indices slipped 2 per cent each.
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Source: https://stockarchitect.com/sector/Commercial-Vehicles
Despite a range-bound trade, domestic markets hit fresh lifetime highs for the third consecutive day on Friday. Investment sentiment remained in check in the absence of any key global and domestic cues.
The benchmark S&P BSE Sensex closed at 41,681.54-level, up 7.62 points or 0.018 per cent. Tata Steel, YES Bank, SBI, and Hero MotoCorp were the top gainers at the 30-share index, while Vedanta, Tata Motors, ITC, and M&M were the top drags for the day. On the NSE, the broader Nifty50 settled little changed at 12,271.8-mark, up 12.1 points or 0.09 per cent. Markets ended at record closing highs for the fourth straight session.
The benchmark Sensex and Nifty hit fresh highs of 41,809.96 and 12,293.90, respectively.
On the sectoral front, public sector banks gained the most on Friday fter the Reserve Bank of India (RBI) decided to buy and sell bonds worth Rs 10,000 crore via open market operations. At close, the Nifty PSU bank index was the top performer on the NSE, up over 2 per cent. On the downside, Nifty Auto index slipped 0.45 per cent.
For the week, the benchmark S&P BSE Sensex gained 1.6 per cent, while the Nifty50 added 1.5 per cent registering their biggest weekly gains in nearly two months. Besides, Nifty Bank index advanced 1 per cent this week.
In the broader markets, the S&P BSE mid-cap index ended 0.15 per cent higher at 14,835.97 level, while the S&P BSE small-cap index ended unchanged at 13,391.03 level, down 0.03 per cent.
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The frontline indices have pared their day’s gains and are trading on a flat note driven by a sharp selloff in the media stocks.
Among sectors, the Nifty Media index slipped around 10 per cent in the afternoon trade led by a sharp selloff in shares of Zee Entertainment Enterprises (ZEEL) and Dish TV.
In the broader market, S&P BSE MidCap index was trading 0.79 per cent or 118 points lower at 14,742, while S&P BSE SmallCap index was ruling at 14,113, down 112 points or 0.79 per cent.
Maruti Suzuki slipped nearly 9 per cent to Rs 6,420 in afternoon trade after the country’s largest passenger car maker reported a 17.26 per cent fall in its net profit at Rs 1,489.3 crore for the third quarter of FY19. The carmaker had reported PAT of Rs 1,800 crore in the year-ago quarter. On QoQ basis, the figures fell 33.5 per cent. Total revenue from operations stood at Rs 19,668.3 crore against Rs 19,283.2 crore in the year-ago period. Basic EPS (earnings per share) came in at Rs 49.30 against Rs 59.56 in the corresponding quarter previous fiscal.
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Benchmark indices rose for the second straight session on Friday amid hopes the ruling Bharatiya Janata Party (BJP) would win critical state elections in Gujarat beginning this weekend, while automakers gained on reports of an expected price hike next year.
The election in Prime Minister Narendra Modi’s home state is a key test for the BJP, ahead of general elections in 2019. The results will be out later this month.
According to polls, the BJP could win, but with a reduced majority – an outcome that would still soothe investors, who are hoping for more political stability and have largely welcomed Modi’s reform agenda.
The S&P BSE Sensex ended at 33,250, up 301 points while the broader Nifty50 index settled at 10,265, up 98 points. Broader markets were in line with the frontline indices with BSE Midcap up 0.9% and BSE smallcap up 1%
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The benchmark indices on Friday extended losses to end lower as global markets dipped after the United States launched cruise missiles against an airbase in Syria, while back home expectations of no further rate cuts this year by Reserve Bank of India (RBI) also impacted the sentiment.
The S&P BSE Sensex ended at 29,706, down 221 points, while the broader Nifty50 settled at 9,198, down 64 points.
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices pared all intraday gains to end 0.3% and 0.5% lower.
The breadth, indicating the overall health of the market, turned negative. On the BSE, 1,620 shares declined and 1,293 shares rose. A total of 129 shares were unchanged.
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