Investors lightened their portfolios and decided to sit on cash on Friday as they await Finance Minister Nirmala Sitharaman’s third Union Budget presentation due on Monday, February 1. In a sea-saw trade today, stock specific moves swayed markets even as overall mood remained subdued.
At the index level, the benchmark S&P BSE Sensex swung 1,260 points in the intra-day trade and hit an intra-day high and low of 47,424 and 46,160. The index eventually settled 588 points, or 1.26 per cent, lower at 46,286 levels. Dr Reddy’s Labs (down 5.5 per cent) was the top loser on the index after the pharmaceutical major’s consolidated net profit came in at Rs 19.8 crore for the quarter ended December, sharply lower than analysts’ estimate of Rs 726.5 crore.
That apart, Maruti Suzuki, Bajaj Auto, Infosys, Bharti Airtel, and Bajaj Finserv, down between 5 per cent and 2.5 per cent, were the top drags. On the flipside, IndusInd Bank (up nearly 6 per cent), Sun Pharma, HDFC Bank, and ICICI Bank were the only gainers on the Sensex.
On the NSE, the Nifty50 index closed at 13,635 levels, down 183 points or 1.32 per cent. The index hit an intra-day low of 13,597.
Both the benchmarks have erased around 5 per cent during the week.
The broader market, however, remained relatively stable with the S&P BSE MidCap and S&P BSE SmallCap index down 0.69 per cent and 0.25 per cent, respectively at close.
On the sectoral front, financial and realty stocks held their ground with the Nifty PSU Bank and Realty indices settling 1.7 per cent and 0.7 per cent higher, respectively. On the downside, Nifty Auto index tumbled around 3 per cent, while Nifty Pharma and Metal indices declined around 2 per cent each.
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The bulls continued to be in the driver’s seat on Friday as the benchmark indices scaled fresh all-time highs after the Reserve Bank of India (RBI) revised upwards the economic growth projections for the fiscal year 2020-21 (FY21) and assured ample liquidity for the stressed sectors.
The S&P BSE Sensex hit a new milestone today as the index breached the crucial 45,000 level for the first time ever to end at 45,080 levels, up 447 points, or 1 per cent. On similar lines, NSE’s Nifty ended at 13,259, up 125 points, or 0.95 per cent. Volatility index, India VIX, dropped over 5 per cent to 18 levels.
On a weekly basis, Nifty gained 2.2 per cent while Sensex added 2 per cent.
In the broader market, the S&P BSE MidCap index ended 0.44 per cent higher at 17,389 levels while the S&P BSE SmallCap index settled at 17,317, up 72 points, or 0.42 per cent.
On the NSE, all sectoral indices ended in the green with Nifty Bank surging the most – up 2 per cent or 604 points to 30,052 levels.
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The bulls continued to dominate markets on Friday, thanks to a healthy buying in financial counters. The S&P BSE Sensex gained for the sixth consecutive session to settle at 39,467 levels, up 354 points, or 0.9 per cent.
NSE’s Nifty ended at 11,648, up 88 points or 0.76 per cent. Volatility index, India VIX, continued to decline and ended at 18.24 levels, down nearly 3.5 per cent.
Sun Pharma surges 4%, hits 52-week high; stock rallies 76% from March-low. For the quarter ended June 2020, Sun Pharma had reported a surprise loss due to one-time charges. The company’s US business posted a 33.5 per cent decline during the quarter, while India sales were up 3.2 per cent on a year-on-year (YoY) basis. Consolidated sales from operations at Rs 7,467 crore, a decline of about 9.6 per cent over the same quarter last year.
Shares of Edelweiss Financial Services rose as much as 3.16 per cent to Rs 86.50 on the BSE on Friday after Hong-Kong based private equity group PAG picked up 51 per cent stake in Edelweiss Wealth Management (EWM) for Rs 2,200 crore. The Edelweiss Group runs corporate and retail credit, wealth management, asset management and life and general insurance businesses.
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Investors were up for a volatile trading session on Friday as expectations from the Union Budget 2020-21, and December quarter earnings kept investors jittery. That apart, concerns over the outbreak of Coronavirus, too, weighed on investor sentiment.
Markets closed at their lowest level in 2020 ahead of the Budget presentation tomorrow. The benchmark S&P BSE Sensex ended the day near day’s low, at 40,723 level, down 190 points or 0.47 per cent, while the Nifty50 breached below the crucial 12,000-mark and settled at 11,962 level, down 74 points or 0.61 per cent.
During the day, the Sensex and Nifty fell 483 and 158 points, respectively from the day’s high.
In the broader markets, the S&P BSE mid-cap index closed at 15,463.46 level, down 0.6 per cent, while the S&P BSE small-cap index was at 14,671.53, down 0.22 per cent.
Most domestic and foreign brokerages are looking forward to credible steps to prop-up growth and provide some relief to the individual income-tax payers when the government tables the Union Budget on Feb 1.
In the Economy Survey tabled today in the Parliament, the government said it expects a pick-up in economic activity in the second half of the fiscal on the back of improved foreign direct investment flows, a build-up of demand pressure, positive outlook for rural consumption, and rebound of industrial activity.
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Source: https://stockarchitect.com/sector/Pharmaceuticals
The benchmark indices ended marginally lower on Friday, weighed down by automobile and information (IT) stocks. The S&P BSE Sensex ended at 36,227, down 97 points, while the broader Nifty50 index settled at 10,930, down 47 points.
In sectoral indices, the Nifty IT index settled 1.1 per cent lower due to a fall in the shares of Infibeam Avenues which crashed 71 per cent to end at Rs 57.90. The Nifty Auto Index, too, fell 2.3 per cent driven by fall in Hero MotoCorp, Apollo Tyres and Mahindra & Mahindra.
Among individual stocks, YES Bank stock fell 9.5 per cent to Rs 183.90 on the BSE. The stock had hit an intraday low of Rs 166.15.
In broader markets, the shares of midcap and smallcap companies continued to remain under pressure on Friday as well, with the S&P BSE Midcap (14,762) and the S&P BSE Smallcap (14,643) indices hitting their respective 52-week lows in intra-day trade on the BSE.
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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 benchmark indices settled over 1 per cent higher on Friday after falling for two consecutive days, led by a rise in the financial stocks and a ‘normal’ monsoon forecast during August-September by the India Meteorological Department (IMD). They also rose taking cues from their Asian peers which inched higher following a tech-led rise on Wall Street.
The S&P BSE Sensex ended at 37,556, up 391 points while the broader Nifty50 index settled at 11,361, up 116 points.
Among sectoral indices, the Nifty Bank index rose 1.24 per cent led by a rise in the shares of Axis Bank, YES Bank and Punjab National Bank. The Nifty Fin Service index, too, settled 1.54 per cent higher led by Indiabulls Housing Finance and Edelweiss Financial Services.
Shares of VIP Industries have moved higher by 10% to Rs 538 per share, also their record high on the BSE, after the company reported a strong 55% year on year (yoy) jump in its consolidated net profit at Rs 634 million in June quarter (Q1FY19). The company, which is engaged in manufacturing and marketing of luggage and bags, had a profit of Rs 410 million in the same quarter year ago.
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Benchmark indices settled the day flat even ahead of December factory output later today on hopes of reviving economy. The factory output grew by 5.7% in November even after the note ban announced by PM Narendra Modi.
Sentiment was also affected as Asian shares rallied to an 18-month peak on Friday, as investors cheered upbeat Chinese trade data.
Nifty 50 continued to hover around 8,800 levels, gaining for third consecutive week, led by TCS, Grasim, Tech Mahindra and Infosys.
The BSE Sensex index rose 0.4% this week while the NSE added 0.6% even after the RBI held rated for the second time and changed its stance to ‘Neutral’ from ‘Accomodative’
Benchmark indices ended lower weighed down by profit taking in financials and index heavyweight Reliance Industries. However, the downslide was limited due to buying interest in select IT and FMCG shares.
The benchmark S&P Sensex closed at 28,077 levels, down 52 points or 0.2%. Nifty50 index slipped 6 points, or 0.1%, to close at 8,693 levels. The broader markets out performed the benchmark indices. The S&P BSE Midcap and Smallcap rose 0.1%-0.3%.
Cipla was the top Sensex loser, down over 3% after the pharma major today lost a case related to overcharging in certain drugs, in violation of the provisions of drug (price control) order, 1995. As per the company’s latest annual report, it had received notices of demand aggregating to Rs 1,768.51 crore.
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