Weakness gripped Dalal Street on Friday as equity markets declined for a third straight session registering their first weekly loss of 2023. Investors remained on the sidelines as they awaited a key jobs report in the US due for release later today.
The jobs data will likely dictate the market trend in the US as strong job additions could mean continued monetary tightening by the Federal Reserve.
The BSE Sensex sank 683 points to the day’s low of 59,670 before closing 453 points lower at 59,900. The NSE Nifty touched a low of 17,796 and eventually pulled back to end 133 points lower at 17,859.
The top laggards that weighed on the benchmark indices were financial and IT shares. TCS, IndusInd Bank, Bajaj twins, Tech M, Kotak Bank, Infosys, Airtel, Tata Motors, Titan and Wipro led losses on Sensex, shedding 1-3 per cent, while JSW Steel was the top Nifty loser.
Handful of index winners included M&M, Reliance, Nestle, ITC, L&T, Britannia, BPCL and ONGC, which closed up to 1 per cent higher.
Besides, broader markets also could not escape the selloff and declined in line with benchmarks. The BSE Midcap and Smallcap indices slipped 0.7 per cent each.
Losses were equally spread across sectors. Nifty IT fell 2 per cent followed by 0.7-1 per cent cuts each in Bank, Financial, Metal, Realty and Pharma indices. FMCG and Consumer Durables outperformed with fractional gains.
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The key benchmark indices bounced back with panache in opening trades this morning taking cues from the global peers. The S&P BSE benchmark index soared to a high of 58,435 in intra-day deals led by strong gains in IT major Infosys and the HDFC twins.
Infosys rallied over 5 per cent to a high of Rs 1,494 on the back of healthy Q2 performance and Rs 9,300 crore share buyback. Analysts expect the stock to log further gains in the coming trading sessions. READ MORE
The key indices, however, pared gains in the latter half of the trading sessions as the overall sentiment remained cautious in the backdrop of a high inflation scenario globally. The Sensex eventually ended 685 points higher at 57,920. Thanks to the Friday-rally, the BSE index was able to trim its weekly loss to 271 points.
The NSE Nifty 50 index rallied past the 17,300-level in early deals, but finally settled at 17,186 – up 171 points.
The broader indices erased the entire day’s gain towards the close. The BSE Midcap index was up 0.1 per cent, while the Smallcap index ended unmoved.
Sectorally, the BSE IT and Bankex surged 1.7 per cent each. The Capital Goods index was the other notable gainer. On the other hand, Oil & Gas and Power indices slipped over a per cent each.
The overall breadth was marginally positive, with 1,835 stocks advancing versus 1,608 declining shares on the BSE.
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Investors became poorer by Rs 4.83 trillion on Friday as equity markets went into a tailspin amid fears of a global recession. The benchmark S&P BSE Sensex crashed 1,021 points, or 1.73 per cent, to close at 58,099 today, while the Nifty50 broke below 17,350 levels to end at 17,327, down 302 points or 1.72 per cent. With this, the indices have yet again turned negative for the calendar year 2022.
During the day, the Sensex had tumbled over 1,100 points, and the Nifty50 had erased nearly 350 points as they hit their respective lows of 57,982, and 17,292.
In the broader markets, the BSE MidCap and SmallCap indices underperformed the frontline indices as they declined between 2 per cent and 2.3 per cent. Overall, there were three sellers for every one buyer on Dalal Street as over 2,472 stocks fell on the BSE as against 1,000 gainers.
Sectorally, the Nifty PSU Bank index plunged 4 per cent, while the Niftyy Bank, Private Bank, and Realty indices fell 2.6 per cent each.
The Nifty IT index fell just 0.7 per cent on the NSE today after analysts said Accenture’s Q4FY22 results showed better outsourcing revenue for larger Indian IT stocks.
Shares of Tata group were in spotlight on Friday after the multinational steel-major Tata Steel announced merging all its group metal companies with itself.
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Financial shares came to the rescue of the benchmark indices for the second straight day, as select index heavyweights weighed under selling pressure.
The BSE benchmark index, the Sensex, opened 120-odd points higher at 61,044, and rallied to a high of 61,420 on the back of fresh buying in early trades. Selling pressure re-emerged in second half of the trading session, with ITC, technology and metal stocks leading the fall. The BSE 30-share index slid to a low of 60,551 – down 869 points from the day’s high.
The Sensex eventually ended with a minor loss of 100 points at 60,822. The NSE Nifty from a high of 18,314, dropped to a low of 18,034, and finally settled 63 points lower at 18,115. The India VIX declined 1.8 per cent to 17.70.
Among sectors, the Bank Nifty rallied to a fresh all-time high at 40,587, and ended 0.7 per cent higher at 40,315. The Realty index surged 2.4 per cent to 509.75. On the flip side, the NSE Metal index tumbled over 3 per cent to 5,686. The Media index shed 2.3 per cent, while the ITC and Pharma indices were down 1.5 per cent each.
In the broader markets, the BSE Midcap and Smallcap indices were down over a per cent each. The overall breadth too was fairly negative, with 1,967 declining stocks versus 1,327 advancing shares on the BSE.
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The Indian benchmark indices erased early gains partially but were still trading positively in the afternoon. The S&P BSE Sensex held the 60,000-mark, up 220 points at 60,106 while the Nifty was below the 17,900-level at 17,865.
The top gaining sectors were Nifty Realty and Nifty IT, up 1 per cent each, while the laggards were the metals, public sector banks, FMCG and media stocks. The broader indices were trading mixed. The Nifty Midcap 50 fell over a per cent, while the Smallcap 50 rose 0.2 per cent.
Shares of information technology (IT) companies were on roll with most of the frontline stocks trading at fresh all-time highs on the bourses on strong revenue guidance by global IT firm Accenture for the financial year 2021-22 (FY22). Accenture forecasted 12-15 per cent revenue growth for FY22, on top of the $50.5 billion revenue it achieved in the current fiscal.
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Benchmark indices oscillated between gains and losses on Friday as concerns over the second wave of Covid-19 in the country and nervousness in the global markets overpowered the risk appetite of bargain hunters.
After starting gap-down, the benchmark S&P BSE Sensex recouped all the losses and jumped nearly 200 points to hit a high of 48,265 in the intra-day deals. However, bears roared back on Street and sent the index down 600 points from the day’s high to a low of 47,669. It eventually nursed losses of 202 points, or 0.42 per cent, to end the day at 47,878.45 levels.
On the NSE, the broader Nifty50 closed at 14,341 levels, down 65 points or 0.45 per cent. The index hit a high and low of 14,461 and 14,273 in the intra-day deals.
Over 30 constituents in the Nifty ended the session in the red including Britannia (down 2.6 per cent), Dr Reddy’s Labs, M&M, Wipro, Grasim, Hindalco, and Tech Mahindra. On the Sensex, HUL, ICICI Bank, Bharti Airtel, and Infosys closed as top laggards.
On the upside, NTPC (up 4 per cent), Power Grid, HDFC Life, SBI Life, BPCL, Coal India, and HDFC outperformed the benchmark indices.
The overall market breadth remained in the favour of the bulls, courtesy rally in the broader markets. The S&P BSE MidCap index gained 0.2 per cent today while the S&P BSE SmallCap index added 0.5 per cent riding on the back of gains in Confidence Petroleum India, HFCL, MTNL, Panacea Biotech, Indian Bank, Indian Hotel, Muthoot Finance, and Varroc Engineering.
The overall advances on the BSE were 1,566 while 1,357 were the declines. About 170 counters remained unchanged.
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Domestic markets snapped the streak of weekly losses even as sombre global mood butchered bulls at the bourses for two days straight. A rise in Brent crude prices along with a jump in bond yields acted as the double whammy on stocks on Friday, pushing benchmark equity indices down by nearly a per cent. However, a tilt towards defensives towards the fag-end of the session lifted markets off-lows.
Among headline indices, the S&P BSE Sensex ended at 50,405 levels today, erasing 441 points or 0.87 per cent. From the day’s high of 50,886, the index tumbled 726 points to hit a low of 50,160. Financial, pharma, and IT counters were the top drags on the index today with IndusInd Bank, State Bank of India, ICICI Bank, HCL Tech, Bajaj Finserv, Infosys, Dr Reddy’s Labs, Sun Pharma, and HDFC leading the list of losers. All these stocks were down in the range of 1.7 per cent to 5 per cent.
On the upside, ONGC, Maruti Suzuki, Nestle India, Titan, Reliance Industries, and L&T supported the markets with up to 2.5 per cent gains.
On the NSE, the Nifty50 settled above the 14,900-mark at 14,938, down 143 points or 0.95 per cent. 38 of the 50 stocks declined on the Nifty today, while 12 advanced.
All the sectoral indices were painted red amid across-the-board sell-off. The Nifty PSU index plunged 4 per cent on the NSE, followed by the Nifty Metal index (down 3 per cent), and the Nifty IT and Realty indices (down 2 per cent each). The Nifty Bank, Auto, FMCG, and Financial Services indices slipped between 0.5 per cent and 1.7 per cent.
In the broader markets, the S&P BSE MidCap and SmallCap indices dropped 1.9 per cent and 1.5 per cent, respectively.
The overall market breadth favoured bears with 1,904 stocks ending the day in the red, compared with around 1,083 stocks that advanced on the BSE.
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Earnings optimism and positive global cues fuelled a broad-based rally in the markets with benchmark indices settling over a per cent higher on Friday. IT stocks led from the front and contributed nearly half of Sensex’s 600-point gains today. Reliance Industries, Maruti Suzuki, HDFC Bank, and L&T provided the remaining fillip to the BSE barometer.
The S&P BSE Sensex notched 689 points, or 1.43 per cent, to end at fresh closing peak of 48,782.5. The index hit a new lifetime high of 48,854.34 levels earlier in the day. The Sensex index gained 2 per cent during the week and clocked the longest stretch of weekly gains since 2009.
Maruti Suzuki jumped 6 per cent and remained the top Sensex gainer, followed by Tech Mahindra, up 5 per cent. The IT company today entered the elite Rs 1-trillion market capitalisation club, becoming the fifth IT firm to achieve the feat. At close, its m-cap was Rs 1.01 trillion.
That apart, Tata Consultancy Services (TCS) hit a record high of Rs 3,127.55 apiece in the intra-day trade and closed 3 per cent higher ahead of the announcement of Q3FY21 results. The IT firm’s revenue in constant currency (CC) terms is expected to rise in the range of 2.4-4 per cent on quarter-on-quarter (QoQ) basis while it may grow between 3-4.5 per cent in dollar revenue.
The broader Nifty50 too, ended at fresh closing peak of 14,347, closing 210 points or 1.48 per cent higher on the NSE. 41 of the 50 constituents ended the day in the green. The index touched lifetime high of 14,367 in noon deals today. For the week, the index was up 2.3 per cent.
In the mid-cap space, S&P BSE MidCap index, though underperformed the frontline index, settled 1 per cent higher at 19,138.7 level after hitting a record peak of 19,161 earlier in the day, and clocked a 5-per cent weekly gain. The S&P BSE SmallCap index, on the other hand, ended at 18,908.59 levels, up 0.72 per cent.
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Source: https://stockarchitect.com/sector/Heavy-Electrical-Equipment
A 25 basis point (bps)-rate cut by the Reserve Bank of India (RBI) on Friday failed to cheer market participants as concerns over slowing economic growth dented investor sentiment. In its fourth bi-monthly monetary policy meet, the RBI’s monetary policy committee (MPC) did cut the repo rate, as widely expected; however, a sharp reduction in the GDP growth forecast to 6.1 per cent for the financial year 2019-20 (FY20) caught investors off guard.
Benchmark indices, S&P BSE Sensex and NSE’s Nifty50, lost over 1 per cent, thus taking their losing streak to the fifth consecutive session.
The S&P BSE Sensex dropped 434 points or 1.14 per cent to settle at 37,673.31. Financial stocks led the decline with HDFC Bank, ICICI Bank, and Axis Bank falling up to over 3 per cent.
On the NSE, the frontline index Nifty50 ended at 11,175, down 139 points or 1.23 per cent.
On a weekly basis, Sensex shed nearly 3 per cent while Nifty50 lost 2.93 per cent.
On the sectoral front, Nifty Bank index slid nearly 700 points or 2.40 per cent to settle at 27,731.85 levels, with 10 out of 12 constituents ending in the red. Nifty IT index was the only sectoral index on the NSE that ended in the green. The Nifty IT index ended at 15,340.30, up 62 points or 0.41 per cent.
In the broader market, the S&P BSE MidCap index lost 131 points or 0.94 per cent to settle at 13,713.79 levels, while the S&P BSE SmallCap index closed at 12,809, down 102 points or 0.79 per cent.
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