Equity markets buckled under severe selling pressure to close at 3-month lows on Friday driven by an extended slump in Adani group stocks that soured overall market sentiment.
Banking stocks were the top laggards as claims of high debt of Adani firms made by Hindenburg in its recent report had a sentimentally negative impact on the banking space, especially PSU banks, analysts said.
The BSE Sensex cracked 874 points to close at 59,331, its lowest level since Oct 21, 2022 when it ended at 59,307. The NSE Nifty dropped to 17,604 with a massive loss of 288 points.
Adani Enterprises and Adani Ports were the leading Nifty losers, which ended 18 and 15 per cent lower, respectively. SBI, ICICI Bank, IndusInd Bank were next in line dropping up to 5 per cent.
Shares of other Adani firms–Adani Wilmar, Adani Transmission, Adani Green, Adani Total Gas, Adani Power, Ambuja Cement and ACC– closed with losses of 5-20 per cent on top of Wednesday’s decline, which came as short-seller Hindenburg Research said it held short positions in Adani Group companies through US-traded bonds and non-Indian-traded derivative instruments and accused the group of stock manipulation and accounting fraud.
Four Adani group stocks listed in the F&O (Futures & Options) segment – Adani Enterprises, Adani Ports, ACC and Ambuja Cement witnessed a build-up of Open Interest (OI) on the short-side since the beginning of this week, which is a couple of days prior to the release of Hindenburg report.
As per Reuters, SEBI has increased scrutiny of deals by the Adani Group over the past year and will also study the report issued by Hindenburg Research to add to its own ongoing preliminary investigation into the group’s foreign portfolio investors. Read more
Shares of Tata Motors, Bajaj Auto and Dr Reddy’s firmly resisted Friday’s market crash on strong Q3 earnings. Besides, auto, pharma, FMCG indices were the only outperformers in a broad-based selloff, while the Nifty PSB and oil & gas indices were the worst hit with cuts of 5 per cent each.
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Equity markets staged a firm turnaround intra-day to close Friday’s session with nominal gains powered by select index heavyweights such as Infosys, ICICI Bank, TCS and HUL, which gained over 1 per cent each.
Gradual easing in domestic and US retail inflation also aided sentiment and helped narrow the gap-down start. The BSE Sensex recovered 633 points from the day’s low and eventually ended 303 points higher at 60,261.
The NSE Nifty closed 98 points up at 17,957 level after bouncing back from the day’s lowest level of 17,774.
Other frontline stocks that supported the recovery included Tata Steel, IndusInd Bank, Ultratech Cement, Bajaj Finance, NTPC, Airtel, Adani Enterprises, Eicher Motors and BPCL, which gained 1-2 per cent.
On the flip side, top losers across the two benchmark indices included Titan, Nestle, ITC, L&T, Reliance and Apollo Hospitals.
The broader markets closed with slimmer gains. The BSE Midcap and Smallcap indices ended 0.09 and 0.2 per cent higher, respectively.
Within sectors, barring consumer durables, PSB and Metal indices on the Nifty logged in most gains, up over 1 per cent each, followed by IT and financial pockets.
Among stocks, HCL Tech firmly recovered the day’s losses and ended with a 0.4 per cent gain.
L&T Technology Services slumped 5.3 per cent on its plan to buy the smart world & communications business (SWC) from its parent L&T.
Banking stocks will be in the spotlight ahead of their Q3 earnings, particularly when the stock market is going through extreme volatility. HDFC Bank will declare its Q3FY23 results on Saturday, followed by Federal Bank on Monday.
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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.
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Benchmark indices, which seemed to be recovering from morning losses, lost ground yet again in the fag-end of the session as investors dumped stocks across the board. Sentiment remained tepid throughout the day after Federal Reserve Chair Jerome Powell said overnight that a half-percentage point rate hike is “on the table” for next month.
While Bank, Financial Services, Pharma, and Metal indices were the worst hit (down around 2 per cent each), Auto, FMCG, and IT indices were the least hit sectors, down 0.6 per cent each.
Overall, the S&P BSE Sensex index shed 714.5 points to end at 57,197, and the Nifty50 index tumbled 221 points to shut shop at 17,172. Both the indices hit intra-day lows of 57,135 and 17,149, respectively.
In the broader markets, the BSE MidCap index and Smallcap index slipped 0.7 per cent and 0.4 per cent, respectively.
Meanwhile, in the money market, 10-year government bond yield hardened by 0.46 percent to hit 7.17 per cent-mark in India. Globally, the 5-year US Treasury yield topped the 3 per cent-mark in early deals.
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The domestic equity market ended Friday’s session, the last trading day of Samvat 2076 on a positive note after oscillating between gains and losses during the day. The S&P BSE Sensex today gained 86 points, or 0.2 per cent to settle at 43,443 levels. With today’s gain, the index rallied 10.68 per cent during Samvat 2076.
NSE’s Nifty ended Friday’s session at 12,720, up 29 points, or 0.23 per cent. India VIX fell around 4.5 per cent to 19.7 levels.
On a weekly basis, both Sensex and Nifty gained 3.7 per cent each.
Meanwhile, market will open for one hour on Saturday, November 14 for the auspicious “Muhurat Trading session, which will start at 06:15 pm. However, it will remain closed on Monday, November 16 on account of Diwali-Balipratipada.
In the broader market, the S&P BSE MidCap index rose 0.86 per cent to 15,876 levels while the S&P BSE SmallCap index advanced over 1 per cent to 15,639 points.
Sectorally, all the indices but Nifty FMCG, and Nifty Media settled in the green.
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The Indian stock market ended 1.5 per cent higher on Friday, led by buying in Reliance Industries (RIL), HDFC Bank, ICICI Bank, and HUL.
The S&P BSE Sensex settled 548 points or 1.5 per cent higher at 37,020 levels. Of 30 constituents, 25 advanced and the rest five declined. ONGC (up 5.5 per cent) ended as the biggest gainer on the index while TCS (down around 1.5 per cent) was the biggest loser. NSE’s Nifty advanced 162 points or 1.5 per cent to end at 10,902. Meanwhile, the volatility index, India VIX, slipped 5.4 per cent to 23.99 levels.
On a weekly basis, Sensex gained 1.16 per cent while Nifty added 1.24 per cent.
Sectorally, barring Nifty IT index, all the other indices ended in the positive territory. Nifty PSU Bank index rose 1.83 per cent to 1,431.60 levels while the Nifty Bank ended 1.7 per cent higher at 21,967 points. Nifty IT, on the other hand, slipped 0.62 per cent to 16,821 levels.
In the broader market, the S&P BSE MidCap gained 1.55 per cent while the S&P BSE SmallCap rose 1.11 per cent.
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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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Source: https://stockarchitect.com/sector/Iron-And-Steel-OR-Interm010Products
Selling in select blue-chip counters such as HDFC, IndusInd Bank, TCS, L&T, ONGC, and Vedanta and weak global cues dragged the equity market lower on Friday. The S&P BSE Sensex lost 167 points or 0.43 per cent to settle at 38,822.57 while the Nifty50 index of the National Stock Exchange (NSE) closed the day at 11,512.40, down 59 points or 0.51 per cent.
On a weekly basis, however, Sensex gained 2.12 per cent while Nifty added 2.11 per cent.
In the broader market, the S&P BSE Mid-cap index ended at 14,266, down 90 points or 0.62 per cent and the S&P BSE Small-cap index lost 109 points or 0.81 per cent to settle at 13,332 levels.
On the sectoral front, metal stocks slipped the most with the Nifty Metal index ending 2.64 per cent lower at 2,453.95 levels. Realty and pharma counters were the other leading losers of the day.
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The equity markets settled 1 per cent higher on Friday as the rupee recovered against the dollar.
The S&P BSE Sensex reclaimed the 38,000 mark to end at 38,091, up 373 points while the broader Nifty50 index settled at 11,515, up 145 points.
In the broader markets, the S&P BSE MidCap settled 1.6 per cent higher and the S&P BSE SmallCap rose 1.4 per cent.
Among sectoral indices, the Nifty Pharma index settled 2.5 per cent higher led by a rise in the share prices of Divi’s Laboratories and Piramal Enterprises. On the other hand, the Nifty Bank index rose 1.3 per cent led by YES Bank and IDFC Bank.
The rupee strengthened by over 60 paise to 71.58 against the US dollar in intra-day trade. On Wednesday, the domestic currency rebounded from its historic low of 72.91 to end higher by 51 paise at 72.18 against the dollar.
This apart, Prime Minister Narendra Modi will hold a meeting with finance ministry officials later in the day to discuss the fall in the rupee and other economic issues. Rupee is Asia’s weakest currency in 2018, down more than 12 percent on a widening current account deficit and higher oil prices.
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