Indian Equities declined in-line with Asian peers on Friday as rapidly spreading Delta variant of Covid-19 in the region fanned fears of a stalled growth. That apart, Washington’s call to add at least 10 Chinese entities to its economic blacklist over alleged human rights abuses and high-tech surveillance in Xinjiang pulled benchmarks in Japan, South Korea, and China down by up to 1 per cent.
Back home, the S&P BSE Sensex dropped 183 points, or 0.35 per cent, to settle at 52,386 levels while NSE’s 50-share benchmark declined 38 points, or 0.24 per cent, to close at 15,690 levels. Heavyweights, TCS, HDFC Bank, Reliance Industries, Axis Bank, Kotak Bank, and HDFC were the top laggards along with Wipro, Bajaj Auto, and M&M.
The broader markets, on the flipside, settled about half a per cent higher. Sectorally, the Nifty Private Bank index was the biggest drag, down 0.6 per cent. On the upside, the Nifty Realty index zoomed 2.4 per cent.
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Domestic equity markets traded within a narrow range on Friday, fluctuating between gains and losses, as a slew of downgrades in the GDP growth forecasts for FY22 along with a slowdown in the vaccination programme amid supply crunch kept investors indecisive about the market direction.
India recorded over 343,000 fresh Covid-19 infections on Friday, taking the caseload tally to a little over 24 million. According to a government official, two billion doses of Covid-19 vaccines will be made available in the country between August and December, enough to vaccinate the entire population. This comes after Delhi, Maharashtra and Karnataka decided to suspend the vaccination for people in the 18-44 age group till further orders amid an acute shortage of vaccines.
However, favourable global cues helped the indices to limit losses. In Europe, the pan-European STOXX 600 index rose 0.3 per cent, with banks and retail stocks leading the gains, following a healthy session in Asia.
Against this backdrop, the BSE barometer of 30-shares culminated the session at 48,732.5 levels, adding 42 points or 0.09 per cent. During the choppy session, the index hit a high and low of 48,899 and 48,473, respectively.
On the NSE, the broader 50-share index defended the 14,650-mark to settle at 14,678 levels, down 19 points or 0.13 per cent.
Overall, 21 of the 30 shares on the Sensex and 34 of the 50 constituents of the Nifty ended the day in the red. Coal India, Hindalco, Tata Steel, Tata Motors, Grasim, and IndusInd Bank on the Nifty and M&M, SBI, ONGC, Dr Reddy’s Labs, and NTPC on the Sensex ended the day as top laggards.
On a weekly basis, both, the Sensex and the Nifty50 indices slipped around 1 per cent each.
On the upside, Asian Paints, UPL, ITC, Nestle India, L&T, HUL, Britannia, PowerGrid, and Reliance Industries were the combined top gainers of the day.
Profit-taking in the broader markets was sharper than benchmarks. The S&P BSE MidCap and SmallCap indices lost 1.2 per cent each.
Sectorally, the Nifty Metal index nursed the steepest loss of around 4 per cent, followed the Nifty Realty index, down 3 per cent and the Nifty PSU Bank and Auto indices, down 2 per cent each. On the upside, only Nifty FMCG index ended in the green, up 2 per cent.
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It was a topsy-turvy session for the domestic equity market on Friday. After tumbling over 3.5 per cent in the early deals, the benchmark indices made a sharp comeback to end 0.7 per cent higher.
The S&P BSE Sensex witnessed 1,508-point swing during the day before settling at 33,781 points, up 243 points or 0.72 per cent. Of 30 constituents, 17 advanced and 13 declined.
NSE’s Nifty ended at 9,973, up 71 points or 0.72 per cent.
On a weekly basis, Sensex slipped 1.47 per cent while Nifty shed 1.66 per cent.
Volatility index, India VIX, jumped nearly 4 per cent to 30.82 levels.
Among individual stocks, Mahindra & Mahindra (M&M) ended over 7 per cent higher at Rs 508.70 apiece on the BSE after the company reported a consolidated loss of Rs 3,255 crore for the March quarter of 2019-20 (Q4FY20), which it attributed to “impairment provision for certain long-term investments”.
Financial stocks bounced back 13 per cent from the day’s low on the BSE after the Supreme Court gave three days to Finance Ministry, Reserve Bank of India (RBI) to decide on moratorium period interest.
Reliance Industries (RIL) ended over 3 per cent higher at Rs 1,588.80. Its partly paid-up rights shares are set to debut on the bourses on Monday, June 15.
On the sectoral front, barring IT and media stocks, all the other sectoral indices on the NSE ended in the green. The Nifty IT index declined nearly 1.5 per cent to 14,403 levels after media reports said the US President Donald Trump is considering suspending a number of employment visas including the H-1B, most sought-after among Indian IT professionals, in view of the massive unemployment in America due to the coronavirus pandemic.
In the broader market, the Nifty SmallCap 100 index ended at 4,393.50, down 0.11 per cent and the Nifty Midcap 100 index rallied over a per cent to 14,339.35 points.
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The domestic equity market ended in the red on Friday amid weak global cues. The decision of Franklin Templeton Mutual Fund (MF) yesterday to wind up six of its debt schemes also eroded sentiment.
The Association of Mutual Funds of India (AMFI) assured investors that majority of Fixed Income Mutual Funds AUM is invested in superior credit quality securities and schemes have appropriate liquidity to ensure normal operations and hence, investors should remain invested in Mutual Funds to create wealth over the long term.
The S&P BSE Sensex ended 536 points or 1.7 per cent lower at 31,327.22 levels while the NSE’s Nifty ended at 9,154.40, down 159.5 points or 1.7 per cent.
Among individual stocks, Bajaj Finance (down 9 per cent) and IndusInd Bank (down over 6.5 per cent) were the top Sensex laggards. HDFC slipped 5 per cent and HDFC Bank ended nearly 2 per cent lower. On the other hand, Reliance Industries (up over 3 per cent) was the lead gainer.
Secorally, barring Nifty Pharma, all the other indices on the NSE ended in the red. Nifty Bank slipped 3.36 per cent to 19,587 levels while Nifty PSU Bank index declined around 4 per cent to 1,263. Nifty Financial Services index declined nearly 4 per cent to 9,432 levels.
In the broader market, the S&P BSE MidCap index fell 1.77 per cent to 11,464 while the S&P BSE SmallCap index ended at 10,634, down 151.5 points or 1.4 per cent.
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Source: https://stockarchitect.com/sector/Finance-(including-NBFCs)
A selloff towards the fag end of Friday’s session dragged the benchmark indices lower after a range-bound trade for most part of the day.
Reliance Industries and banking stocks remained the top drags for the indices with the Bank Nifty dipping 1.17 per cent.
The benchmark S&P BSE Sensex ended 289 points, or 0.73 per cent, lower at 39,452, after touching an intra-day low of 39,363. Only five out of the 30 BSE constituents ended the day in the green, with IndusInd, Bharti Airtel, Kotak Bank, Axis Bank, and Tata Motors taking the deepest cuts.
The broader Nifty50 index tumbled 91 points to 11,823. About 808 shares advanced, 1686 shares declined, and 144 shares remained unchanged on the NSE.
On a weekly basis, both the Sensex slipped 0.5 per cent each.
All the Nifty sectoral indices ended Friday’s session with losses. Nifty Realty, down 2.1 per cent, was among the top losers, while Nifty Bank,Nifty Auto, Nifty FMCG, and Nifty Private Bank all slipped over 1 per cent.
In the broader market, the S&P BSE MidCap index was down 1 per cent to 14,721, while the S&P BSE SmallCap ended the day 110 points, or 0.76 per cent, lower at 14,366.
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Benchmark indices gained ground on Friday as investors cheer after the exit polls that released their survey results at the end of the final phase of polling in Gujarat on Thursday evening predicted that the Bharatiya Janata Party (BJP) was set to retain Gujarat and wrest Himachal Pradesh from the Congress.
While survey agencies differed in their seat projections, nearly all predicted almost 100 or more seats for the BJP, with the party set to extend its 22-year rule in the state. Survey agencies also said the election, in the last phases, was focused on the leadership of Prime Minister Narendra Modi, and overcame the brewing anti-incumbency against the Vijay Rupani government and dissipated the anger that sections of Gujarati society had felt about specific local issues.
The S&P BSE Sensex ended at 33,462, up 216 points while the broader Nifty50 index settled at 10,333, up 81 points
Broader markets outperformed the benchmark indices with both BSE Midcap and BSE Smallcap indices up over 1%.
Maruti Suzuki India shares touched a fresh all-time high of Rs 9,237, rising 1.3 percent intraday after the global brokerage house raised target price sharply. While maintaining a buy call on the stock, Citi has increased its price target to Rs 10,600 (from Rs 9,400 per share earlier), implying 16% upside from Thursday’s closing price.
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Benchmark indices ended higher on Friday after global rating agency Moody’s Investors Service upgraded India’s sovereign rating to Baa2 from Baa3 and changed the outlook to stable from positive.
This development that will give a big boost to Modi government, reduce the cost overseas borrowing and improve investments in India. Rating company, while justifying the upgrade said that the reforms undertaken by the government will “improve the business climate, enhancing productivity, stimulating foreign and domestic investment, and ultimately fostering strong and sustainable growth.”
The S&P BSE Sensex ended at 33,342, up 236 points, while the broader Nifty50 settled at 10,283, up 69 points.
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