The volatile day in the markets ended mildly above the flat line on Friday as investors awaited India’s retail inflation data for July. The S&P BSE Sensex gyrated around 425 points, before closing 130 points, or 0.22 per cent, higher at 59,463. The Nifty50 closed at 17,698, up 39 points or 0.22 per cent.
In the broader markets, the BSE MidCap and SmallCap indices closed 0.15 per cent and 0.4 per cent higher, respectively. Among sectors, the Nifty IT and Pharma indices fell 1.15 per cent each, while the Nifty Oil and Gas index rose over 2 per cent.
Stock of the day: Tata Elxsi. Shares of Tata Elxsi hit a new high at Rs 10,150 as they rallied 6.8 per cent on the BSE in Friday’s intra-day trade on the back of a strong growth outlook. Tata Elxsi is a subsidiary of Tata Sons.
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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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Extending their gaining streak into the sixth straight session, benchmark indices ended with over half a per cent gains on Friday even as global peers tumbled after China’s GDP growth slipped to a 27-year low of 6 per cent.
Industry heavyweights Reliance Industries (RIL), HDFC Bank, TCS, and Larsen & Toubro (L&T) helped benchmark S&P BSE Sensex settle at 39,298 levels, up 246 points or 0.63 per cent. The 30-share index hit an intra-day and low of 39,361 and 38,964, respectively.
YES Bank (up over 8 per cent) emerged as the top gainer on the index while Tata Motors (down 1 per cent) the biggest loser.
In the broader market, both mid and small-caps outperformed the headline indices. The S&P BSE MidCap index added 253 points or 1.78 per cent to close at 14,420 while the S&P BSE SmallCap index ended at 13,127, up 213 points or 1.65 per cent.
On the NSE, the broader Nifty50 index gained 75.50 points or 0.65 per cent to close at 11,662 levels.
On a weekly basis, both Sensex and Nifty ended with 3 per cent gains.
On the sectoral front, barring Nifty IT, all the other indices ended in the green. Relaty stocks advanced the most, followed by metal and PSU bank stocks. The Nifty Realty index climbed nearly 2 per cent to 262.80 levels.
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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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