Equity markets turned volatile on Thursday after the Reserve Bank of India’s (RBI’s) Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 6.5 per cent during its bi-monthly policy meeting. This was against Markets’ expectations of a 25-basis point hike. The dovish decision lifted investors’ spirits marginally as governor Shaktikanta Das said the move was only “a pause and not a pivot”.
Given this, the benchmark S&P BSE Sensex swung 430 points during the day, before ending 144 points, or 0.24 per cent, higher at 59,833. The Nifty50, too, settled near 17,600-mark at 17,599, up 42 points or 0.24 per cent.
The broader markets, meanwhile, outran the frontline indices with 0.7 per cent gain each on the BSE MidCap and SmallCap indices.
Among sectors, rate-sensitive Realty index surged nearly 3 per cent, followed by the Nifty Auto index (up 0.9 per cent), and the Nifty PSU Bank index (up 0.33 per cent). The Nifty IT index, however, capped gains as it fell 0.75 per cent.
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Equity markets logged solid gains on Friday, the last trading day of the financial year 2022-23, as fears of contagion risk from the US banking crisis receded. Index heavyweights – Reliance Industries, ICICI Bank and Infosys accounted for almost 60 per cent of the gains on the BSE benchmark.
The S&P BSE Sensex rallied to a high of 59,068, before ending with a solid gain of 1,031 points at 58,992. In the process, the BSE 30-share index edged 0.1 per cent up for the month, and finished FY23 0.7 per cent higher.
The NSE Nifty 50 hit a high of 17,382, and settled 279 points higher at 17,360. The 50-share index advanced 0.3 per cent in March, but was down 0.6 per cent for the fiscal year 2022-23.
The broader indices also logged smart gains. The BSE Midcap index was up a per cent, while the Smallcap index vaulted 1.4 per cent. The overall breadth too was fairly positive, with two advancing shares for every declining stock on the BSE.
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Weakness gripped Dalal Street on Friday as equity markets declined for a third straight session registering their first weekly loss of 2023. Investors remained on the sidelines as they awaited a key jobs report in the US due for release later today.
The jobs data will likely dictate the market trend in the US as strong job additions could mean continued monetary tightening by the Federal Reserve.
The BSE Sensex sank 683 points to the day’s low of 59,670 before closing 453 points lower at 59,900. The NSE Nifty touched a low of 17,796 and eventually pulled back to end 133 points lower at 17,859.
The top laggards that weighed on the benchmark indices were financial and IT shares. TCS, IndusInd Bank, Bajaj twins, Tech M, Kotak Bank, Infosys, Airtel, Tata Motors, Titan and Wipro led losses on Sensex, shedding 1-3 per cent, while JSW Steel was the top Nifty loser.
Handful of index winners included M&M, Reliance, Nestle, ITC, L&T, Britannia, BPCL and ONGC, which closed up to 1 per cent higher.
Besides, broader markets also could not escape the selloff and declined in line with benchmarks. The BSE Midcap and Smallcap indices slipped 0.7 per cent each.
Losses were equally spread across sectors. Nifty IT fell 2 per cent followed by 0.7-1 per cent cuts each in Bank, Financial, Metal, Realty and Pharma indices. FMCG and Consumer Durables outperformed with fractional gains.
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The frontline indices snapped their eight-day winning streak run as investors preferred to take home some profits ahead of the weekend and upcoming RBI policy next week. Auto and IT shares, in particular, witnessed selling pressure.
The S&P BSE Sensex dropped to a low of 62,680, and ended 415 points lower at 62,869. In the process, the benchmark trimmed its weekly gain to 575 points.
The NSE Nifty 50 settled just a shade below the 18,700-level, down 117 points on Friday.
Among the Sensex 30 shares, auto stocks were the major losers as they reacted to the monthly auto sales numbers. Mahindra & Mahindra slipped over 2 per cent. Maruti was down 1.5 per cent.
Hindustan Unilever, Nestle India, HDFC, Asian Paints, Bajaj Finance, PowerGrid Corporation, ICICI Bank, Sun Pharma, TCS and Infosys were the other significant losers, down over a per cent each.
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Benchmark indices snapped their three-day losing run and settled 0.8 per cent higher on Friday. Investors heaved a sigh of relief as the Reserve Bank of India decided to keep the interest rates unchanged and maintained ‘accommodative’ stance despite liquidity unwinding by global central banks. The RBI also announced revised inflation and GDP growth forecasts in-line with market expectations. Yields on 10-year bonds, however, hit multi-year high of 7.075, inching up 2.3 per cent.
Against this backdrop, the S&P BSE Sensex climbed 571 points from the day’s low to end at 59,447, up 412 points against Thursday’s close. The NSE Nifty, too, advanced 145 points to settle at 17,784 in a broad-based rally. Both the indices had hit intra-day highs of 59,654 and 17,843, respectively.
The broader BSE MidCap and SmallCap indices rose in tandem with the frontline indices and closed 0.9 per cent higher each.
Among individual stocks, ITC ended as the top gainer as it advanced 4.7 per cent on the Sensex index. The stock of the cigarettes to fast-moving consumer goods (FMCG) major has rallied 24 per cent in the past six week.
That apart, Dr Reddy’s Labs, M&M, Tata Steel, Titan, Reliance Industries, Asian Paints, Nestle India, and IndusInd Bank were the other gainers, rising upwards of 1.5 per cent each.
On the downside, only Tech M, NTPC, Maruti Suzuki, Sun Pharma, and HCL Tech were the laggards, down up to 1.2 per cent.
Sectorally, the Nifty Metal index was the biggest gainer, rising 2 per cent. Meanwhile, the Nifty IT index ended wee bit in the red.
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Indian equities fell in-line with global stocks after minutes released by the US Federal Reserve suggested tapering of the Fed’s stimulus plan by late 2021. Besides, rampant spread of the Delta variant of Covid-19 and faltering global growth worried investors.
The 30-share Sensex index declined 300 points, or 0.4 per cent, and closed at 55,329 levels on Friday while the Nifty50 index ended at 16,451 levels, down 118 points or 0.7 per cent. Both the indices had hit intra-day lows of 55,014 and 16,376, respectively, earlier today.
The broader markets, meanwhile, were hit harder by the selloff as both, the BSE MidCap and SmallCap indices fell 2 per cent each. The advance to decline ratio favoured sellers and India VIX — the volatility index — surged 8.6 per cent.
Sectorally, the Nifty Metal index cracked 6 per cent while the FMCG index rose 2 per cent.
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Large-cap stocks staged a spectacular rally on Friday, and lifted benchmark indices to fresh all-time highs. Tata Consumer Products (up 4 per cent) emerged as the top gainer, followed by TCS, LT, HCL Tech, Tata Steel, HDFC Bank, Bharti Airtel, Infosys, Wipro, HDFC, RIL, and ITC.
Overall, the S&P BSE Sensex went past the 55,400-mark for the first time and hit a new milestone of 55,488 in the intra-day trade. Meanwhile, the broader 50-share index on the NSE surpassed the 16,450-mark and rallied ahead to hit an all-time high of 16,543.6.
By close, both the indices were quoting at 55,437 and 16,529 levels, up 593 and 165 points, respectively.
On the contrary, broader indices underperformed and ended mildly lower. The MidCap and SmallCap indices slipped 0.06 per cent and 0.01 per cent, respectively.
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Domestic equities witnessed sharp profit booking in the fag end of the session as European stocks slipped in early trade and US stock futures hinted at a muted start on Wall Street later today.
After ruling higher for better part of the day, domestic equities witnessed sharp profit booking in the fag end of the session as European stocks slipped in early trade and US stock futures hinted at a muted start on Wall Street later today.
Concerns about the fast-spreading Delta variant and regulatory actions in China dragged the pan-European STOXX 600 index down 0.5 per cent while Dow Jones Futures were quoting 100 points, or 0.3 per cent, lower. Nasdaq Future, meanwhile, tumbled 1.1 per cent and those linked to S&P500 declined 0.6 per cent. Earlier in Asia, Nikkei skidded 2 per cent, and Kospi and Hang Seng erased over 1 per cent each.
Against this backdrop, the frontline S&P BSE Sensex gyrated 376 points in intra-day trade and ended 66 points, or 0.13 per cent, lower at 52,587 levels dragged by Bajaj Finance (down 2.5 per cent), Bajaj Finance, SBI, Tata Steel, Titan, Asian Paints, Axis Bank, IndusInd Bank, and Nestle India.
It’s NSE counterpart, Nifty50, shut shop at 15,763 levels, down 15 points or 0.1 per cent. The broader markets, however, outperformed with the BSE MidCap and SmallCap indices zooming 0.52 per cent an 0.69 per cent, respectively.
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Markets oscillated between gains and losses in Friday’s intra-day session as investors remained torn between strong corporate earnings back home and mixed global cues.
The benchmark S&P BSE Sensex ended today’s choppy trade 19 points down at 53,140 levels while the broader Nifty50 shut shop at 15,923-mark, down 1 point. Both the indices hit their respective lifetime highs of 53,291 and 15,962 in intra-day session.
HCL Tech (down over 3 per cent), Eicher Motors, Bajaj Finserv, Infosys, Tata Consumer Products, and Adani ports were the top drags on the benchmarks today. On the flipside, Divis Labs, Bharti Airtel, Ultratech Cement, and Tata Steel were the top gainers.
The mid- and small-cap indices meanwhile, outperformed and ended over 0.4 per cent higher each amid gains in shares of brokerage firms, IRCTC, AB Capital, Datamatics, and RPP Infra.
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Benchmark indices built on gains clocked through the day and ended nearly 2 per cent higher on Friday after India’s largest public sector bank, State Bank of India, reported a healthy quarterly show. The lender’s net profit zoomed over 80 per cent to Rs 6,451 crore in Q4FY21 as it set aside lower provisions and expected asset quality to improve going forward.
Supported by rally in other financial stocks, the BSE barometer of 30-shares ended at 50,540 levels, up 976 points or 1.9 per cent. On NSE, the Nifty50 index advanced 269 points to settle above the crucial level of 15,150-level at 15,175. Both the indices hit their respective highs of 50,591 and 15,190.
SBI was the second best gainer on the Sensex, up 4 per cent, while IndusInd Bank, HDFC Bank, ICICI Bank, Axis Bank, HDFC, and Kotak Mahindra Bank were the other top gainers, up between 3 per cent and 4.5 per cent. All these stocks contributed nearly 680 points towards the Sensex’s total gains.
On the downside, Dr Reddy’s Labs and Power Grid on the Sensex, and Eicher Motors, Indian Oil Corporation, Grasim, and SBI Life on the Nifty were the only only laggards on the indices, down up to 0.3 per cent.
Financial indices — Nifty Bank, Private Bank, PSU Bank, and Financial Services — outperformed on the NSE today, and gained between 3-3.5 per cent. Meanwhile, all other sectoral indices settled up to 1 per cent higher.
In the broader markets, the S&P BSE MidCap and SmallCap indices underperformed the benchmarks today and ended 0.8 per cent and 0.65 per cent higher, respectively.
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