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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Benchmark indices rose for a seventh straight session on Friday, their longest winning streak since November 2017, on the back of gains in index heavyweights such as Reliance Industries and ICICI Bank.
Sentiment was also upbeat after retail inflation eased to a five-month low in March, but remained above the central bank’s medium-term target, supporting views that monetary policy is likely to remain unchanged at the next review in early June.
Investors now await January-March corporate results for future direction. IT Major Infosys will kick-start the March-quarter results season later in the day.
The S&P BSE Sensex ended at 34,193, up 92 points while the broader Nifty50 index settled at 10,481, up 22 points.
KPIT Technologies rose for a third straight session, quoting at Rs 230.5, up 1.86% on the day as on the NSE. KPIT Technologies is up 79.24% in last one year as compared to a 14.96% gain in Nifty and a 33.16% gain in the Nifty IT index.
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The markets settled at their five-week lows as PSU banks and metal stocks tanked, while escalating tensions between the United States and North Korea continued to drive investors away from risk assets.
The Nifty PSU Bank index dipped nearly 5% after Oriental Bank, Union Bank of India and State Bank of India fell 5% each post disappointing earnings for the June quarter. Meanwhile, volatility index India VIX hit its highest in six months, suggesting market participants expect major volatility on the Nifty over the next thirty days.
Benchmark indices ended the session and the week on a negative note, with indices seeing big cuts in the day’s trade.
The Sensex closed down 317.74 points at 31213.59, while the Nifty ended lower by 109.45 points at 9710.80. The market breadth was negative as 1,003 shares advanced against a decline of 1,525 shares, while 135 shares were unchanged.
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Markets on Friday ended lower, amid weak global cues, as investors booked profits after sharp gains in the previous session which lifted the benchmarks to 18-month highs. Further, testing of a nuclear weapon by North Korea also dampened sentiment for riskier assets.
The S&P BSE Sensex ended down by 248 points at 28,797 and the Nifty50 slipped 86 points to settle at 8,867. In the broader markets, BSE Midcap and the Smallcap indices eased between 0.5%-1% each. Market breadth ended weak with 1604 losers and 1146 gainers on the BSE.
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Another week ends and we are nearing the financial year end. We at StockArchitect hope that all of you have made a lot of money during this financial year. Our motto is to help investors take an informed decision based on the collective views of others.
Here are some picks we pulled out from the week gone by.
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