Equity markets ended Friday’s choppy trade with nominal cuts pulled down by losses in select heavyweights such as Reliance(1 per cent), HUL( 4 per cent), Asian Paints (3 per cent) and Infosys (1 per cent).
The BSE Sensex closed 237 points lower at 60,622 after it touched an intra-day high of 61,001. The NSE Nifty reached the day’s high of 18,145 before fizzling out gains and closing 80 points down at 18,028.
The other top frontline drags included Bajaj twins, Nestle, L&T, Bharti Airtel, Maruti, Tech M, Sun Pharma, JSW Steel and HDFC Life, which lost 1-3 per cent.
While Coal India, Power Grid, HDFC twins, ITC, ICICI Bank, SBI, Tata Motors, Axis Bank, and NTPC were among the handful of index gainers.
Broader markets bled more than benchmarks with the BSE Midcap and Smallcap indices falling up to 0.7 per cent.
Within sectors, Nifty consumer durables, FMCG, metals, realty and pharma indices suffered the most losses ending around 1 per cent lower each, while bank and financial pockets held ground and logged fractional gains.
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Global doom rocked Indian equities on Friday as investors fretted over longer-than-expected sticky inflation, coupled with aggressive monetary policy tightening. Tracking losses in global peers, the benchmark S&P BSE Sensex plunged 1,114 points intra-day, before settling at 54,303, down 1,017 points or 1.84 per cent.
The NSE Nifty50, meanwhile, held the 16,200-mark to close at 16,202, down 276 points or 1.68 per cent. The index had hit a low of 16,173 during the day. In the broader market, the Nifty MidCap 100 and SmallCap100 fell up to 1 per cent.
Over 35 Nifty stocks ended the session in the red with Bajaj Finance, HDFC, Kotak Bank, Hindalco, Wipro, Reliance Industries, Tech M, and Infosys falling between 2.5-4 per cent. The losses were trimmed by gains in Grasim Industries, Asian Paints, Apollo Hospitals, Divis Labs, and Dr Reddy’s Labs, that gained over 0.5 per cent each.
Sectorally, all but Nifty FMCG ended the session in the red. The losses were led by the Nifty IT, Oil & gas, Private Bank, and Financial Services indices as they fell 2 per cent each.
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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.
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The domestic benchmark indices ended Friday’s volatile session in the negative territory amid weak global cues.
Among headline indices, the S&P BSE Sensex ended 136 points or 0.34 percent lower at 39,614 levels and the broader Nifty50 index ended at 11,642, down 28 points, or 0.24 percent. Bharti Airtel (down 4 percent), Maruti (down over 2 percent), and HUL (down 2 percent) were the top Sensex drags. On the other hand, Tata Steel (up over 2 percent), and NTPC (up 2 percent) were the biggest gainers on the index.
Volatility index, India VIX, rose 3 percent to 24.7 levels.
Shares of Cholamandalam Investment rallied 15% in two days on strong Q2 results. The company’s profit after tax (PAT) increased 41 percent at Rs 432 crore on improvement in net income margin and lower operational expenses. It had posted a profit of Rs 307 crore in the corresponding quarter of the previous fiscal.
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The domestic equity market ended with over 4 per cent gains on Thursday, in line with global peers that gained on hopes that the coronavirus pandemic was nearing its peak globally. That apart, hopes of more stimulus measures by the government also kept the investor sentiment upbeat.
The S&P BSE Sensex jumped 1,266 points or 4.23 per cent to settle at 31,160 amid heavy buying in index heavyweights such as HDFC, HDFC Bank, ICICI Bank, Reliance Industries (RIL), and Maruti. NSE’s Nifty reclaimed the crucial 9,000 levels to end at 9,112, up 363 points or 4 per cent.
On a weekly basis, both Sensex and Nifty added around 13 per cent.
In the broader market, the S&P BSE MidCap index ended over 3.63 per cent higher at 11,374 and the S&P BSE SmallCap index added over 3 per cent to 10,294.
On the sectoral front, all the indices on the NSE ended in the green with the Nifty Auto index jumping over 10.5 per cent to 5,569 levels. Volatility index India VIX declined over 5 per cent to 49.56 levels.
Among individual stocks, Sun Pharma regained the market-capitalisation of Rs 1 trillion after a sharp rally in its stock price. The stock ended at Rs 455.20 on the BSE, up over 4 per cent.
Shares of Cipla jumped 16 per cent at Rs 595, also its 52-week high on the BSE after the drug firm received United States Food and Drug Administration’s (USFDA) nod for the first generic Proventil HFA (albuterol sulfate) metered-dose inhaler, used for conditions such as asthma. It ended at Rs 579.50, up 13 per cent.
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Domestic indices remained volatile on Friday, but surged in the last trading hour, ahead of the June quarter GDP numbers, that were scheduled to be released later in the day. Further, reports of a likely announcement by the Finance Ministry on merger of public sector banks (PSBs) increased buying interest at the counters. That apart, hopes of face-to-face trade talks between the United States and China helped ease market sentiment.
The benchmark S&P BSE Sensex settled 264 points, or 0.71 per cent, higher at 37,333 level, lifted by HDFC twins, ITC, ICICI Bank, and Hindustan Unilever. All the index heavyweights were up in the range of 1-3 per cent. YES Bank, Sun Pharma, IndusInd Bank, and Tata Steel ended the day as top gainers, while Power Grid, ONGC, HCL Tech, and Larsen and Toubro closed as top laggards. Meanwhile, the broader Nifty50 ended at 11,023-mark, up 75 points or 0.68 per cent.
Sectorally, all the indices ended in the green. Nifty Pharma index ended the day as top gainer, up 2.4 per cent, followed by Nifty Metal index, up 1.8 per cent.
In the broader market, the S&P BSE MidCap index closed at 13,468 level, up 134 points, or 1.01 per cent. The S&P BSE SmallCap index closed at 12,535 level, up 104 points, or 0.84 per cent.
Union Finance Minister Nirmala Sitharaman is scheduled to address media later in the day, where she is likely to announce mega plan for merging multiple set of public sector banks (PSB).
The department of financial services in the finance ministry called a meeting, on Friday, with chief executives of ten public sector banks which are seen as top contenders for merger. The banks invited for consultations on Friday are: Union Bank of India, Canara Bank, Punjab National Bank, United Bank, Oriental Bank of Commerce, United Bank, Allahabad Bank, Corporation Bank, Syndicate Bank and Andhra Bank.
Shares of PSBs were trading mixed on the National Stock Exchange (NSE) on Friday afternoon. Oriental Bank of Commerce, Central Bank of India, Syndicate Bank and Allahabad Bank were up in the range of 3 per cent to 6 per cent on the NSE. On the other hand, State Bank of India (SBI), Union Bank of India, Bank of India, Indian Bank and Bank of Baroda were down between 1 and 2 per cent.
HDFC AMC, Infosys, Bata India, Asian Paints, Berger Paints among BSE500 index stocks that hit record highs in today’s session.
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The benchmark indices settled marginally lower on Friday weighed by financials and consumer stocks amid caution in global markets.
The S&P BSE Sensex ended at 38,252, down 85 points while the broader Nifty50 index settled at 11,557, down 26 points.
Among key stocks, Yes Bank and ICICI Bank were among the top losers on the BSE, falling 3.5 per cent and 2 per cent, respectively.
On the National Stock Exchange (NSE), the Nifty Bank index settled 0.7 per cent lower weighed by Yes Bank, Bank of Baroda and ICICI Bank.
Shares of selected pharmaceutical companies were in focus with Amrutanjan Health Care, Pfizer, Merck and Novartis India rallying up to 18% on the BSE in otherwise subdued market. All these stocks were trading at their respective all-time highs.
Analysts remain bullish on Larsen & Toubro (L&T) and have maintained a ‘buy’ rating on the stock despite the company’s buyback proposal. The company, at its meeting on Thursday, approved a proposal to buy back up to 60 million equity shares at a maximum price of Rs 1,500 per equity share for an amount of Rs 90 billion.
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