Benchmark indices staged a one-way rally, surging nearly a per cent on Friday, despite tepid global cues. The frontline S&P BSE Sensex zoomed 390 points to close at 56,072. The index hit an intra-day high of 56,186.
The Nifty50, on the other hand, ended at 16,719, up 114 points. It hit a high of 16,752. Ultratech Cement, Grasim, UPL, HDFC, HDFC Bank, Eicher Motors, and ICICI Bank were the top gainers, ralling over 2 per cent each. Infosys, Tata Consumer Products, NTPC, and Power Grid, on the other hand, shed over 1 per cent.
Sectorally, the Nifty Bank added 1.6 per cent, followed by the Nifty PSU Bank index (up 1.5 per cent). The Nifty IT fell 0.6 per cent.
In the broader market, the BSE MidCap index fell 0.2 per cent, but the BSE SmallCap index added 0.2 per cent.
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Benchmark indices, which seemed to be recovering from morning losses, lost ground yet again in the fag-end of the session as investors dumped stocks across the board. Sentiment remained tepid throughout the day after Federal Reserve Chair Jerome Powell said overnight that a half-percentage point rate hike is “on the table” for next month.
While Bank, Financial Services, Pharma, and Metal indices were the worst hit (down around 2 per cent each), Auto, FMCG, and IT indices were the least hit sectors, down 0.6 per cent each.
Overall, the S&P BSE Sensex index shed 714.5 points to end at 57,197, and the Nifty50 index tumbled 221 points to shut shop at 17,172. Both the indices hit intra-day lows of 57,135 and 17,149, respectively.
In the broader markets, the BSE MidCap index and Smallcap index slipped 0.7 per cent and 0.4 per cent, respectively.
Meanwhile, in the money market, 10-year government bond yield hardened by 0.46 percent to hit 7.17 per cent-mark in India. Globally, the 5-year US Treasury yield topped the 3 per cent-mark in early deals.
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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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Equity market ended an action-packed day in the positive territory on Friday, though the benchmark indices trimmed most of their gains towards the end of the session. Shares of telecom companies – Vodafone Idea and Bharti Airtel surged amid hopes that the government would step in to help the ailing sector, a day after the two companies reported a combined loss of Rs 74,000 crore and warned their ability to operate and make profits would depend on relief from the country.
Besides, rally in PSU banks post Supreme Court ruling in Essar Steel case and reports that important trade issues between India and the US have been resolved and the countries may sign initial trade package boosted investor sentiment. That apart, US-China trade deal hopes, too, cheered market particpants.
The S&P BSE Sensex ended 70 points or 0.17 per cent higher at 40,356.69. During the day, the index hit a high and low of 40,650.06 and 40,308.09, respectively. Bharti Airtel (up around 8.50 per cent) emerged as the biggest gainer on the index while Hero MotoCorp (down nearly 2 per cent) was the top laggard.
SBI, Bharti Airtel, HDFC Bank, Reliance Industries (RIL), and Sun Pharma contributed the most to the index’s gains while ITC, TCS and Maruti were the top drags. In the broader market, the S&P BSE MidCap index ended at 14,773 levels, up 93 points or 0.63 per cent while the S&P BSE SmallCap index slipped 17 points or 0.13 per cent to end at 13,326.40.
On the NSE, the Nifty50 index added 23 points or 0.20 per cent to end at 11,895.30 levels.
Sectorally, PSU bank stocks advanced the most. Pharma counters came second on the list. Nifty PSU Bank index climbed 3.50 per cent to 2,462.75 levels. On the other hand, auto stocks bled the most with the Nifty Auto index falling 0.54 per cent to 8,146.65 levels.
Volatility guage India VIX declined over 4 per cent to 14.96 levels.
On a weekly basis, Sensex added 0.08 per cent while Nifty lost 0.10 per cent.
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After reclaiming the crucial 40,000 and 12,000 levels, respectively in the early deals, the benchmark indices S&P BSE Sensex and Nifty50 index turned volatile in the afternoon session.
The S&P BSE Sensex ended at 39,714, down 118 points while the broader Nifty50 index settled at 11,923, down 23 points.
The S&P BSE Sensex was trading 132 points or 0.33 per cent lower at 39,700 levels while the NSE’s Nifty50 index was quoting 33 points or 0.28 per cent lower at 11,913 levels. Nifty Bank saw a swing of 1,200 points during the session. Volatility index India VIX was trading over 4 per cent higher at 16.24.
Sectorally, barring IT and FMCG counters, all the indices were trading in the red with the Nifty PSU Bank index taking the hardest knock, followed by media and realty stocks. The Nifty PSU Bank index was trading nearly 2 per cent lower at 3,232.50 levels.
In the broader market, the S&P BSE MidCap index was trading flat at 15,070 levels while the S&P BSE SmallCap index was ruling at 14,876, down 88 points or 0.59 per cent.
Putting rest to all speculation, the President of India on Friday released the portfolio details of new Cabinet, a day after Narendra Modi took oath as the country’s 16th Prime Minister. There were expectations that Amit Shah, a seasoned stock broker and a key architect of NDA’s victory for the second consecutive time will be handed over reigns of the Finance Ministry. This is after Arun Jaitley expressed his desire to stay away from any role in the new government citing health reasons. However, Nirmala Sitharaman has been appointed the new Finance Minister, while Amit Shah will handle the Home Ministry. Smriti Irani, who was expected to be awarded handsomely for defeating Rahul Gandhi in Amethi, has been made the Minister of Women and Child Development and Minister of Textiles.
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Benchmark indices ended lower on Friday, after touching record highs for four straight sessions, following global market trends. Metals, pharma and PSU banks were the top draggers during the day.
The S&P BSE Sensex ended the day at 37,869 down 155 while the Nifty50 index settled at 11,429 down 41 points
SBI slipped 4% after it reported a bigger-than-expected quarterly loss on Friday, as the country’s biggest lender by assets made higher provisions for treasury losses. SBI’s third consecutive quarterly net loss came in at Rs 48.76 billion ($707.28 million) for the three months to June 30, compared with a profit of Rs 20.06 billion a year ago, and a record loss of Rs 77.18 billion in the March quarter. Gross NPA stood at 10.69% vs 10.91% QoQ while provisions were at Rs 192.28 billion vs Rs 280.96 billion QoQ
Shares of Jet Airways hit a three-year low of Rs 262, down 10% on the BSE on Friday in early morning trade after the company deferred announcing their June quarter numbers to an unspecified date. On the National Stock Exchange (NSE), the stock hit a low of Rs 258, and is trading at its lowest level since June 16, 2015
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The Nifty50 index pared gains to end in negative after hitting record highs earlier in the session, as Yes Bank slumped nearly 10% on concerns over bad loans. The Sensex ended flat but at new closing high for the day.
The NSE Nifty and BSE Sensex were gained more than 1.5% each for the week after the cabinet’s decision to inject $32.4 billion into state-run lenders over the next two years boosted sentiment.
Reliance Industries, oil marketing companies, metals, Bharti Group, select banks and technology stocks saw selling pressure whereas NBFCs, Tata Group stocks, ICICI Bank and ITC supported the market.
State-run oil marketing major, Indian Oil, reported a fall of 18.7% in its net profit for September quarter at Rs 3,696 crore against Rs 4,548 crore during the previous quarter. The revenue came in 13.7% lower at Rs 1.1 lakh crore against Rs 1.28 lakh crore quarter on quarter.
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Benchmark indices ended higher, amid choppy trades, after weak US data dimmed prospects of an interest rate increase by the Federal Reserve next week.
Besides, India’s trade deficit declined sharply to 38.1% to $7.67 billion in August 2016 from $12.39 billion in August 2015. Exports fell 0.3% to $21.52 billion in August 2016 over August 2015. Imports fell 14.09% to $29.19 billion in August 2016 over August 2015.
The S&P BSE Sensex rose 186 points to end at 28,599 and the Nifty50 gained 37 points at 8,780. In the broader markets, BSE Midcap index slipped 0.3% whereas the BSE Smallcap index inched up by 0.2%.
Among key stocks, Power Grid, ITC, Maruti Suzuki, Reliance Industries and Adani Ports surged between 1.5%-2.5%.
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