Investors turned to profit-booking on Friday as weak growth concerns dampened sentiment at D-Street. Financials slipped the most on the index with heavyweights such as State Bank of India, HDFC, and ICICI Bank declining up to 5 per cent.
On Thursday, the Reserve Bank of India (RBI) sharply lowered its gross domestic product (GDP) growth forecast for financial year 2019-20 (FY20) further by 110bps to 5 per cent from 6.1 per cent on substantially weaker growth in Q2FY20, and incremental data on Q3 which suggests that the slowdown is still persisting. Besides, the central bank retained status quo on rates, against expectation for a 25bps cut, on inflationary concerns. The accommodative stance was maintained on rising output gap.
The benchmark S&P BSE Sensex closed 334 points, or 0.82 per cent, lower at 40,445.15 level. YES Bank, SBI, Tata Motors, HDFC, and IndusInd Bank were the top laggards at the 30-share index. Loses were, however, trimmed by gains in Reliance Industries, and HDFC Bank. In the intra-day trade, the Sensex hit a low of 40,337.53.
On the NSE, the Nifty50 slipped below the 11,900-mark in the intra-day trade to hit a low of 11,888.85. At close, the index was at 11,921.5 level, down 97 points, or 0.81 per cent. All the sectoral indices ended the day in the red. Nifty PSU Bank index was the top loser, down over 4 per cent.
In the broader market, mid-caps tumbled the most. The S&P BSE mid-cap index ended the day 1.27 per cent lower at 14,668.31, while the S&P BSE small-cap index closed at 0.85 per cent lower at 13,341.39.
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Indices were highly volatile in the afternoon deals on Friday.
The benchmark S&P BSE Sensex was trading at 40,075 level. IndusInd Bank was the top performer on the index, up 4 per cent, while YES Bank was trading over 6 per cent lower ahead of its Q2 results. On NSE, the Nifty50 was trading at 11,850-mark.
Sectorally, Nifty Auto and IT indices were trading in the red. NIfty ITl index was the top loser, down 0.35 per cent. On the upside, Nifty PSU Bank, and Realty indices were trading over 1 per cent higher.
In the broader market, both S&P BSE mid and small-cap indices were trading 0.3 per cent higher.
Bank of India, Dr Reddy’s Lab, JK Lakshmi Cement, and YES Bank are among the 33 companies scheduled to report their Q2 earnings on Friday.
Analysts expect Yes Bank to report a loss up to Rs 1,907.3 crore due to exposure to bankrupt companies like DHFL, McLeod Russel, and Cox & Kings. However, all eyes would be on the Board’s decision with regards to the receipt of a binding offer worth $1.2 billion by a global investor.
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Benchmark indices ended little changed on Friday; however banking stocks had a field day with the State Bank of India (SBI) jumping over 7 per cent (Rs 282) on 3-fold jump in its net profit at Rs 3,012 crore for the September quarter.
YES Bank, too, rallied around 8 per cent to Rs 52 apiece on the BSE.
The S&P BSE Sensex added 38 points or 0.10 per cent to end the Samvat 2075 at 39,058 levels. The NSE’s Nifty50 index ended at 11,584, up just 1 point or 0.01 per cent.
In the broader market, the S&P BSE MidCap index ended at 14,342, up around 3 points or 0.02 per cent while the S&P BSE SmallCap index lost 51 points or 0.39 per cent to close at 13,153.
Among other buzzing stocks, ICICI Bank hit a new high of Rs 470.70 apiece on the BSE during the session with the market capitalisation (m-cap) surpassing Rs 3 trillion-mark.
On the other hand, Piramal Enterprises tanked 17 in the afternoon deals on the BSE after the company announced capital-raising plan. The stock eventually settled at Rs 1,590 apiece, down around 8 per cent.
Volatiity index India VIX slipped around 6 per cent to 15.30 levels.
Among the sectoral indices on the NSE, PSU bank stocks advanced the most, followed by IT counters. The Nifty PSU Bank index gained 3.38 per cent to end at 2,300 levels. Nifty Bank rallied 1 per cent to 29,396-mark.
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The benchmark indices ending Friday’s session at record closing highs, after investors’ optimism was boosted by Narendra Modi-led National Democratic Alliance (NDA’s) return to power the previous day. While the gains were across the board, bank stocks and financials made the highest contribution to the indices’ rise.
The S&P BSE Sensex ended the day 623 points, or 1.6 per cent, higher at 39,435, with ICICI Bank, Larsen & Toubro, Bharti Airtel, Vedanta, and Tata Motors leading the list of gainers. Oout of the 30 BSE constituents, only Hindustan Unilever and NTPC ended the day in the red.
The broader Nifty50 index rose 187 points to settle at 11,844. About 1823 shares advanced, while 676 declined, and 150 shares remained unchanged on the NSE.
This was the benchmark indices’ biggest weekly gain in 2019.
India VIX, a measure of volatility in Nifty, slipped 40 per cent in the last two days, registering its biggest 2-day fall in five years.
In the broader market, the S&P BSE MidCap index jumped 295 points, or 2 per cent, to hover at 14,945 levels, while the S&P BSE SmallCap closed at 14,670 levels, up 347 points, or 2.4 per cent.
All the Nifty sectoral indices ended the day with gains, with Nifty PSU Bank gaining the maximum 5.6 per cent, while Nifty Realty also rose 4.4 per cent.
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Snapping their three-day losing streak, the benchmark indices settled around 1 per cent higher on Friday ahead of the outcome of state exit polls due later in the day.
That apart, market will also closely watch the outcome of OPEC-Russia meet, which is expected to come later in the day.
The S&P BSE Sensex climbed 361 points or 1.02 per cent to settle at 35,673 while NSE’s Nifty50 index added 93 points or 0.87 per cent to end at 10,694.
Among sectoral indices, the Nifty Bank index rose 1.5 per cent led by a rise in ICICI Bank and HDFC Bank. The Nifty Auto index, too, rose 0.9 per cent led by Bajaj Auto and Maruti Suzuki.
In the broader markets, the S&P BSE MidCap index rose 0.2 per cent to end at 14,717, while the S&P BSE SmallCap index slipped 0.3 per cent to 14,105.
On the political front, market participants are awaiting exit poll results of five state elections due after market hours today. The result of the assembly elections will likely set the tone for the general elections next year.
The rupee traded on a firm note during the day rising to 70.45 against the US dollar amid fall in oil prices ahead of the crucial OPEC meet outcome. The domestic unit on Thursday closed at 70.90.
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The market ended lower amid political upheaval after the Telugu Desam Party (TDP) formally decided to quit the NDA government.
The S&P BSE Sensex ended at 33,176, down 510 points while the broader Nifty50 index settled at 10,195, down 165 points.
Among sectors, metal companies were under pressure falling by over 2% on the NSE on fears that the tariffs could disrupt growth. SAIL, Vendanta, Hind Copper were trading lower in the range of 3% to 5% on the NSE.
Shares of Tata Motors, Tata Motors DVR, Force Motors, BEML, ICRA, Great Eastern Shipping Company and Max Financial Services were among nine stocks from the S&P BSE 500 index hitting their respective fresh 52-week lows in noon deal on the BSE.
Ramky Infrastructure has been awarded project worth Rs 939.41 crore in Srinagar in the State of Jammu & Kashmir by National Highways Authority of India (NHAI) on EPC mode. The stock gained 1.5 percent.
Shares of Dr Reddy’s Laboratories declined 3 percent as it has received Form 483 with 4 observations for its API Hyderabad Plant 1 at Jinnaram Mandal, Medak Telengana from USFDA.
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In a volatile trading session on Friday, the benchmark indices ended lower with the Nifty50 settling the first day of December expiry below 10,200 as economic growth data came in largely as expected, failing to boost a market weighed down by concerns about the country’s fiscal deficit and global risk factors such as rising crude prices.
Data late on Thursday showed India’s gross domestic product grew 6.3% in July-September, in line with expectations, as businesses started to overcome troubles after the bumpy launch of Goods and Services Tax (GST).
The data failed to lift sentiment as country’s fiscal deficit reached 96% of the budgeted target for the fiscal year ending in March 2018, sending shares sharply lower on Thursday.
The Reserve Bank of India (RBI) is meeting next week at a time of rising concern about a rally in crude prices, which rose following OPEC’s decision to extend production curbs.
The S&P BSE Sensex ended at 32,832, down 316 points, while the broader Nifty50 settled at 10,121, down 104 points.
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Benchmark indices ended positive for a seventh straight session on Friday led by IT firms, while bonds dipped on market talk of a potential sovereign ratings upgrade by Standard & Poor’s (S&P) later in the day.
Speculation about an S&P rating upgrade on India surfaced late on Thursday. This comes after a surprise upgrade by Moody’s last week.
Foreign investors have net bought $2.33 billion worth of Indian shares in November so far.
The S&P BSE index ended the day at 33,679, up 91 points while the broader Nifty50 index settled at 10,389, up 40 points. Infosys, Bajaj Auto, GAIL and Aurobindo Pharma were the top gainers, while BHEL, SBI, Hindalco and Vedanta were the top losers.
The S&P BSE Midcap and the S&P BSE Smallcap indices hit their respective new high on the BSE on Friday, following an extending rally in infrastructure, auto ancillary, education, textiles and public sector banks.
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Trading in Samvat 2074 got off to a rocky start, with the benchmark indices ending more than half a % lower and gauge for banking stocks dropping 1.25%. The BSE Sensex on Thursday fell 194.4 points, or 0.6% to close at 32,390, the Nifty 50 index fell 64.3, or 0.63% to close at 10,147.
The fall in the market was on account of a global sell-off which saw the Hong Kong market tumble the most this year and the European equities fall the most in two months. Market players said some domestic investors also resorted to profit-booking after a healthy 18% rally in the just-concluded Samvat 2073.
The BSE Bankex fell 1.3%, with ICICI Bank, Kotak Mahindra Bank and HDFC Bank declining 2%, 1.6% and 1% respectively. These three stocks accounted for half of the fall in the benchmark Sensex.
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Benchmark indices pared gains to end flat, losing over 1.5% in the week on foreign fund outflows amid worries that the government may widen its fiscal deficit target of 3.2% of gross domestic product for the year ending in March 2018 to boost an economy that grew at a slower pace than expected.
Broader markets outperformed benchmark indices with BSE Midcap and BSE smallcap indices gaining 0.8% and 1% respectively. Both indices ended over 1% for the week
Foreign investors net selling equities worth $1.1 billion during the month. They had sold worth $2 billion in shares in August.
Bajaj Auto, Adani Ports, GAIL and Eicher Motors gained the most on both indices, while HUL and Wipro were the top losers.
Realty firm Godrej Properties today said it has entered into a joint venture agreement with Royale Builders and Developers to develop a 13-acre group housing project in north Bengaluru.
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