Sensex slips 45 points, RIL falls 2.75%; Rupee hits all-time low


The benchmark indices ended flat on Friday amid weakness in the rupee, which hit a new low breaching 71 per dollar mark for the first time earlier today.

The S&P BSE Sensex ended at 38,645, down 45 points while the broader Nifty50 index settled at 11,680, up 4 points.

Among sectoral indices, the Nifty Pharma index rose 2.7 per cent led by a rise in Lupin and Dr. Reddy’s Laboratories. The Nifty IT index, too, settled 1.8 per cent higher led by Tech Mahindra and MindTree. However, Nifty Bank index slipped 0.15 per cent due to a fall in YES Bank’s shares.

The rupee slumped to a fresh record low of 71 against the dollar for the first time ever by falling 26 paise on persistent demand for the US currency amid rising crude prices. At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74.

J B Chemicals & Pharmaceuticals rose 1.51% to Rs 342.20 on BSE after the company’s board of directors the buy-back of equity shares. The announcement was made during market hours today, 31 August 2018.

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Sensex settles 284 points higher as banks, FMCG stocks rally


The benchmark indices settled higher on Friday taking cues from their Asian peers.

The S&P BSE Sensex ended at 37,948, up 284 points while the broader Nifty50 index settled at 11,471, up 86 points.

Among key stocks, the fast moving consumer goods (FMCG) major ITC rose over 2 per cent to end at Rs 313 levels on the BSE. The stock hit a fresh 52-week high of Rs 315 earlier today. ICICI Bank and State Bank of India also ended higher in a range of 1.8 to 3.0 per cent on the BSE.

Among sectors, the Nifty Pharma index ended higher for the fourth straight day, hitting an over six-month high on the National Stock Exchange (NSE). Sun Pharmaceutical Industries, Dr Reddy’s Laboratories, Glenmark Pharmaceuticals, Lupin, Aurobindo Pharma and Cadila Healthcare from the index, were up in the range of 1 per cent to 4 per cent on the NSE.

Shares of paper companies were trading higher on the bourses on expectations of a positive outlook for the current July-September quarter.

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Sensex ends 155 pts lower; SBI down 4% post Q1 results


Benchmark indices ended lower on Friday, after touching record highs for four straight sessions, following global market trends. Metals, pharma and PSU banks were the top draggers during the day.

The S&P BSE Sensex ended the day at 37,869 down 155 while the Nifty50 index settled at 11,429 down 41 points

SBI slipped 4% after it reported a bigger-than-expected quarterly loss on Friday, as the country’s biggest lender by assets made higher provisions for treasury losses. SBI’s third consecutive quarterly net loss came in at Rs 48.76 billion ($707.28 million) for the three months to June 30, compared with a profit of Rs 20.06 billion a year ago, and a record loss of Rs 77.18 billion in the March quarter. Gross NPA stood at 10.69% vs 10.91% QoQ while provisions were at Rs 192.28 billion vs Rs 280.96 billion QoQ

Shares of Jet Airways hit a three-year low of Rs 262, down 10% on the BSE on Friday in early morning trade after the company deferred announcing their June quarter numbers to an unspecified date. On the National Stock Exchange (NSE), the stock hit a low of Rs 258, and is trading at its lowest level since June 16, 2015

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Sensex pares gains to turn flat, Nifty below 9,950; L&T up 4%

Equity benchmarks ended flat with a positive bias on Friday. L&T, HDFC Bank and ITC helped the market close higher but Infosys and HDFC capped upside.

The 30-share BSE Sensex was up 24.78 points at 31,687.52 and the 50-share NSE Nifty gained 4.90 points at 9,934.80.

The market breadth turned negative in afternoon trade today as about three shares declined for every share rising on the BSE.

IDBI Bank shares gained a percent as the board of directors has approved divestment of its stake in SIDBI.

Glenmark Pharma shares dropped more than 3 percent after brokerage house Credit Suisse slashed its target price on the stock to Rs 650 from Rs 750 per share.

Bajaj Finance shares fell more than 3 percent in the afternoon as the company raised funds through QIP at a discount to its floor price.

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Nifty ends flat on Friday, up 1.5% for the week; RIL, Lupin top gainers

Benchmark indices settled the day flat tracking weaker global cues amid concerns that central banks are moving closer to removing the monetary stimulus. The intra-day losses were recouped after index heavyweight Reliance Industries rallied to hit 9-year high. Losses were also capped as pharma and realty indices surged through the day on value buying.

Nifty was up 1.5% for the week, snapping a three-week losing streak, its biggest weekly gain since late May. On the other hand, BSE Sensex was up 1.4% for the week, extending gains for the second consecutive week.

The S&P BSE Sensex ended at 31,360, down 9 points after while the broader Nifty50 was ruling at 9,666, down 9 points

In the broader market, the S&P BSE Midcap was a little changed but ended in red while S&P BSE Smallcap index gained 0.3%.

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Sensex closes above 31,000 for first time ever, up almost 2% for the week

Markets continued their bull run to settle at fresh closing highs on Friday with the S&P BSE Sensex scaling past the 31,000-mark and the broader Nifty50index hitting 9600-mark for the first time ever as higher derivatives rollover led to strong follow-up buying in index heavyweights on the first day of June series.

Settling at fresh closing high, the 30-share Sensex ended at 31,028, up 278 points. The index was up 1.8% for the week. On the other hand, Nifty50 also ended at new peak of 9,595, up 85 points with a weekly gain of 1.7%.

Both frontline indices peaked fresh highs at intra-day level also. The S&P BSE Sensex rallied as much as 324 points to hit its new high of 31,074 surpassing its previous peak of 30,793 reached yesterday, while the broader Nifty50 gained 95 points to touch its fresh high of 9,592, overriding the previous milestone of 9,432, hit on May 17.

Broader market outperformed benchmark indices with the S&P BSE Midcap and the S&P BSE Smallcap indices gaining 2% and 1.6% respectively.

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Repost: We are at the start of a bull market, it is going to make us forget 2003: Rakesh Jhunjhunwala

The original interview with Rakesh Jhunjhunwala appeared on The Economic Times and is available here.

In an exclusive interview with ET Now, Rakesh Jhunjhunwala, Partner, Rare Enterprises, says markets could correct any time it is going to correct more time wise rather than price wise. Edited excerpts
ET Now: I want to start with something which I picked up on my WhatsApp couple of days ago and it says that there is a strong market rumour that a big bull, which is you, has informed his close circle of friends and his associates that markets have topped out and now we may see a significant correction going forward. Have you told your friends anything like this?

Rakesh Jhunjhunwala: My opinion especially in oil, I think $60 for oil is not to be crossed. Onshore oil costs $3 and the fracking capacity is 10%, 15% of oil capacity in America. The whole world has still not even started and in lot of other countries there are not so many as might have been concerns as there are in America. Third thing is with lower prices, OPEC countries are compelled to produce more because of the cost. So I think personally oil prices at $60 is a line which is not going to be crossed, it is a prediction, I reserve the right to be wrong but it is my opinion that to cross it is very, very difficult. Even in other metal areas, I am not very bullish on prices. I think metal prices in general may have topped out.
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Nifty closes above the psychological 8800! Telecom rebounds.

Renewed buying interest drove equity benchmarks nearly 3 percent higher during the week, which was the first weekly rally after consolidation for a month.

Late buying helped the Nifty close above psychological 8800 level for the first time since April 2015, driven by banks, auto and telecom stocks.

The 30-share BSE Sensex rose 108.63 points to 28532.11 and the 50-share NSE Nifty gained 35 points at 8809.65.

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Reblog – The Week Ahead (Week beginning August 8, 2016)

The original blog post is written by Hemant Parikh and can be found here.

RBI’s policy outcome, corporate earnings and macroeconomic data to dictate trend.

Next batch of Q1 June 2016 corporate results, progress of monsoon rains, macroeconomic data, trends in global markets, investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs), the movement of rupee against the dollar and crude oil price movement will dictate market trend in the near term.

The major domestic event in the upcoming week is the Reserve Bank of India’s (RBI) third bi-monthly monetary policy meeting scheduled on Tuesday, 9 August 2016. The central bank had left its benchmark repo rate unchanged at 6.5% at its last meeting.

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The week gone by but with Political results across 5 states

The market ended with heavy losses. The Nifty ended below 7850, down 33.70 points or 0.4 percent. The Sensex is down 97.82 points or 0.4 percent at 25301.90. About 871 shares advanced, 1679 shares declined, and 197 shares are unchanged.

ITC gained 1 percent after posting better-than-expected Q4 results. Adani Ports, ONGC, NTPC and Bajaj Autowere top gainers in the Sensex. Losers were Lupin (down 9 percent), ICICI Bank, Reliance, M&M and Tata Motors.

After the political results of 5 states yesterday, there was a glimmer of hope of seeing the GST bill through but we can only hope things fall in place soon.

Here are some picks from the week gone by:

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