Indices end flat on Friday, Nifty holds 10,550; TCS gains 7%


Benchmark indices were flat on Friday even as minutes of the central bank’s policy panel meeting stoked expectations of an interest rate hike, with losses in financials and metals overshadowing gains in information technology stocks.

The S&P BSE Sensex ended at 34,416, down 12 points while the broader Nifty50 index settled at 10,564, down 1 points.

The rupee dropped to its lowest in more than a year following a hawkish tone in the minutes, released on Thursday, of the Reserve Bank of India’s monetary policy committee (MPC) meeting that took place earlier this month.

Among sectoral indices, the Nifty PSU Bank index slipped nearly 2.5% led by a fall in shares of Bank of India and IDBI Bank.

Investors cheered the results of Tata Consultancy Services, sending its shares to an all-time high of Rs 3,421 after the country’s top software services exporter posted its biggest-ever profit on Thursday.

Prakash Constrowell share price rallied 10% after the company has been declared L-1 bidder by the MCGM (Municipal Corporation of Greater Mumbai) for the new project Dumpsite Reclamation at Mulund Dumping Ground (MDG) in Mumbai by adopting suitable technology for existing garbage dump.

J B Chemicals & Pharmaceuticals fell 2.33% to Rs 312.65 on BSE after the company said it received an order from Pollution Control Committee, Daman for closure of its formulation manufacturing facility at Daman.

They were once seen as among India’s most promising growth stories. Now, however, the fate of ABG Shipyard, Alok Industries and Lanco Infratech is seen as near-certain but in the opposite direction. With huge debt, few takers for their assets and the whopping write-offs (‘haircuts’) that banks are likely to take on the loans given to these companies, industry experts believe liquidation of the trio are among the few options. All three have defaulted on their huge payment obligations.

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Sensex rises 124 points, Nifty50 ends near lifetime high


In a highly volatile session, the domestic equity market ended on a positive note with BSE Sensex just 40 points shy of its record high level and Nifty50 closing near its all-time high.

Sensex closed 124 points or 0.39 per cent higher at 32,020.89 while Nifty50 closed the day at 9,915.25, up 42 points or 0.42 per cent.

The 30-share pack had opened at 32,035.88 and touched an intraday high and low of 32,062.23 and 31,808.93, respectively, as index heavyweights WiproBSE 6.47 % (up 6.54 per cent) and Reliance (up 3.75 per cent) hogged the limelight.

BSE Midcap index gained 6 points or 0.04 per cent to 15,185.53 as shares of Adani Power, Bajaj Holdings and Bajaj Finserv surged up to 7 per cent.

On the other hand, BSE Small Cap index shed 7 points or 0.05 per cent to end the day at 15,992.63 as shares of Gujarat NRE Coke (down 6.55 per cent), Nucleus (down 6.07 per cent) and Dish Tv (down 5.85 per cent) capped gains.

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Markets end flat on Friday. SBI gains over 2% as banking stocks rally


Benchmark indices settled on a flat note tracking mixed cues from global peers after ECB unexpectedly reduced its monthly asset buys but pledged to keep its quantitative easing (QE) program beyond 2017, if needed. Nifty saw the biggest weekly gain since the first week of September and comfortably maintained its crucial 8250 levels in today’s session.

S&P BSE Sensex settled the day 53 points higher at 26,747 while Nifty50 gained 15 points to end at 8,262.  In broader markets, BSE Midcap gained 0.21% while BSE small cap was up 0.52%.

Banking sector gained after RBI reversed its order forcing lenders to surrender all their extra cash and place it under the cash reserve ratio.

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The week ended June 4, 2016


The market hit fresh 7-month high intraday Friday with the Sensex reclaiming 27000 and Nifty 8250 levels. However, profit booking in the last couple of hours of trade dragged the benchmarks as well as broader markets to end flat despite positive global cues.

The 30-share BSE Sensex declined 0.11 points to 26843.03 while the 50-share NSE Nifty rose 1.85 points to 8220.80. The market breadth was also weak as about 1521 shares declined against 1092 advancing shares on Bombay Stock Exchange. The market volatility may continue for some more time after hitting multi-month highs, as investors are eagerly waiting for key events – RBI policy meeting on June 7, Fed meeting on June 14-15 and the referendum in Britain.

Here are some picks from the week gone by.

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