The Reserve Bank of India’s in-line monetary policy action lifted equities on Friday. The benchmark indices snapped their seven-day losing streak as the RBI delivered a 50-basis point repo rate hike, and underscored the resilience of the Indian economy in his statement.
At the index level, the S&P BSE Sensex climbed 1,313 points intra-day before cooling off a little to end at 57,427, up 1,017 points or 1.8 per cent. The NSE Nifty50, meanwhile, inched closer to 17,200 level before ending at 17,094, up 276 points or 1.64 per cent.
26 of the 30 Sensex constituents, and 41 of the 50 Nifty constituents closed in the positive zone led by Hindalco, Bharti Airtel, IndusInd Bank, Bajaj Finance, Kotak Bank, Titan, HDFC Bank, Bajaj Finserv, Tata Steel, and ICICI Bank. These shares rallied between 2 per cent and 5.6 per cent.
The list of losers included Asian Paints, Coal India, Dr Reddy’s Labs, Britannia, Adani Enterprises, and ITC.
Among sectors, the Nifty PSU Bank, and Private Bank indices advanced around 3 per cent each, followed by the Nifty Metal, and Financial Services indices, up 2 per cent each.
Continue Reading →
Firm global cues and healthy corporate earnings back home helped domestic equity indices to settle higher for third straight day on Friday. In Europe, stocks hit a record high as strong economic data from Germany and other major economies as well as upbeat earnings underpinned hopes of a swift economic recovery from the pandemic.
The frontline indices gained little over 0.5 per cent as volatility gauge, India VIX, eased 5.5 per cent, propelled largely by metal stocks. The Nifty Metal index advanced 5 per cent on the NSE while all other sectoral indices clocked gains between 0.04 per cent and 1 per cent. The Nifty PSU Bank index was the only loser, down 0.14 per cent.
Against this backdrop, the benchmark Nifty50 shut shop at 14,823 levels, up 98 points. On the BSE, the 30-share Sensex index closed 257 points higher at 49,206 levels.
Individually, Tata Steel, Hindalco, JSW Steel, Adani Ports, SBI Life, M&M, and HDFC were the top Nifty gainers of the day while Tata Consumer Products, Bajaj Auto, Hero MotoCorp, Bajaj Finance, and Eicher Motors declined up to 3.5 per cent.
Trading in the broader markets, however, remained mixed. The S&P BSE MidCap index dipped 0.04 per cent while the SmallCap index ended 0.15 per cent higher.
Continue Reading →
The benchmark indices witnessed a see-saw trade on Friday as markets failed to breach crucial resistance zones at the higher levels. As per technical charts, if the frontline S&P BSE Sensex and the Nifty surpass their psychological levels of 50,000 and 15,000 levels, respectively, then the indices may log a 4-per cent rally in the short-term.
However, with the Covid-19 situation in the country getting grimmer day by day, market participants have stayed on the sidelines. During Friday’s session, the Sensex index dropped 250 points from day’s high of 49,089 to settle 28 points, or 0.06 per cent higher at 48,832.
The NSE’s Nifty50, on the other hand, ended at 14,618 levels, up 36 points or 0.25 per cent. The index had reached an intra-day high of 14,698.
Wipro, which jumped 10 per cent in the intra-day trade and hit a record high of Rs 474 on the NSE, ended as the top gainer (up 9 per cent) on the Nifty after clocking its best performance in the March quarter in a decade. ICICI Securities said that the key highlights of the quarter were healthy deal wins, up 16.7 per cent QoQ, to $1.4 billion, healthy net addition of 7,404 employees, higher offshore up 180 bps to 54.5 per cent. READ MORE
That apart, Hindalco, Asian Paints, Cipla, BPCL, HCL Tech, and UltraTech Cement were the other best performing stocks on the Nifty, up in the range of 2 per cent to 4 per cent. On the downside, Tata Steel, L&T, ICICI Bank, SBI, Bajaj Finance, and JSW Steel slipped up to 2 per cent to end as top drags on the index.
Investor participation in the broader markets, however, remained strong with the S&P BSE MidCap and SmallCap indices settling 1.2 per cent and 1.05 per cent higher, respectively.
Sectorally, the Nifty Pharma index ended 2 per cent higher while the Nifty Auto, IT, Metal, and FMCG indices gained between 0.6 per cent and 1.2 per cent. On the downside, the Nifty Bank, PSU Bank, and Realty indices slipped up to 0.6 per cent.
Continue Reading →
Rally in information technology (IT) stocks, HDFC Bank, and Reliance Industries (RIL) helped the benchmark index, S&P BSE Sensex, settle with 329 points or 0.94 per cent gains at 35,171 levels on Friday.
NSE’s Nifty rallied 94 points or 0.91 per cent to end at 10,383. Volatility index, India VIX, dropped over 4 per cent to 28.50 levels.
IT stocks advanced in the trade after Accenture posted a better than expected quarterly numbers. The S&P BSE Information Technology index jumped over 5 per cent to end at 15,125 levels. Among individual stocks, Infosys gained 7 per cent, TCS rose 5 per cent while Wipro ended over 3 per cent higher. READ MORE
On a weekly basis, Sensex gained 1.26 per cent while Nifty added 1.35 per cent.
The broader indices underperformed the benchmarks. The S&P BSE MidCap index ended 0.27 per cent higher at 13,258.44 levels while the S&P BSE SmallCap rose 0.19 per cent to 12,630 points.
Continue Reading →
Source: https://stockarchitect.com/sector/Pharmaceuticals
Selling in banks, realty and metal counters dragged the domestic equity market lower on Thursday. The headline index, S&P BSE Sensex lost 135 points or 0.34 per cent to settle at 39,140, with YES Bank being the biggest loser and Reliance Industries (RIL) the top gainer.
Out of 30 components, 22 scrips ended in the red and rest eight in the green.
Market breadth remained in favour of declines as out of 2,727 securities traded on BSE, 1,671 declined and 888 advanced while 168 scrips remained unchanged.
The broader Nifty50 index of the National Stock Exchange (NSE) lost 34 points or 0.29 per cent to end at 11,753.
On a weekly basis, both the indices gained around 1 per cent.
In the broader market, the S&P BSE Midcap index slipped 138 points or nearly 1 0.89 per cent to close at 15,382.57 while the S&P BSE Smallcap index ended at 15,021, down around 150 points or 1 per cent.
All the sectoral indices ended in the negative territory with realty stocks taking the hardest knock, followed by media and PSU banks.
Continue Reading →
The benchmark indices pared their day’s gains to end flat on Friday.
The S&P BSE Sensex ended at 36,542, down 7 points. The index had hit a fresh all-time high of 36,740.07 in intra-day deals earlier today tracking global markets ahead of information technology (IT) heavyweight Infosys June quarter earnings later in the day. The broader Nifty50 index settled at 11,019, down 4 points.
Among sectoral indices, the Nifty PSU Bank index fell over 2% weighed by a decline in Canara Bank and Indian Bank.
Shares of smallcap companies were under pressure with the S&P BSE Smallcap index falling more than 1% after a sharp decline in stock prices of PVR, KNR Constructions, Inox Leisure and Gujarat Narmada Valley Fertilizers & Chemicals (GNFC).
Idea Cellular share price fell 2.7 per cent intraday on Friday after global research firm Credit Suisse maintained its Underperform rating on the stock with a target price at Rs 45, implying a 17 per cent downside. After the merger between the company and Vodafone, the new entity may prioritise cost savings over market share retention and the cost base should be close to current Bharti mobile cost base, the research house said.
Continue Reading →
The benchmark indices on Friday settled higher thanks to gains in banking stocks following news reports that the Finance Minister Arun Jaitley has promised to offer a solution to the growing non-performing assets (NPA) crisis in next few days.
The S&P BSE Sensex ended at 29,421, up 89 points, while the broader Nifty50 settled at 9,108, up 22 points. Both the indices logged their first weekly loss in March, retreating from a record high hit last week.
In the broader market, the S&P BSE Midcap ended 0.1% down, while the S&P BSE Smallcap index gained 0.3%.
The market breadth, indicating the overall health of the market, turned negative. On the BSE, 1,471 shares declined and 1,346 shares advanced. A total of 218 shares were unchanged.
Continue Reading →
The benchmark indices on Friday ended flat as investors preferred to stay on the sidelines ahead of the Reserve Bank of India’s policy meeting next week. The S&P BSE Sensex settled the day at 28,240, up 14 points, while the Nifty50 quoted 8,740, up 7 points at close. In the broader market, BSE Smallcap index outperformed the frontline indices and BSE Midcap to gain 1%. BSE Midcap added 0.6%. The market breadth, indicating the overall health of the market, was strong. On BSE, 1,600 shares rose and 1,187 shares fell. A total of 159 shares were unchanged.
Shares of Bombay Stock Exchange (BSE) made a strong debut on Friday, with the scrip listing at Rs 1,085, a 35% premium over the issue price of Rs 806 on the National Stock Exchange (NSE). The stock hit a high of Rs 1,200, up 49% against its issue price within minutes of listing. The stock eventually settled the trade 33% higher at Rs 1,070 against its issue price.
