Benchmark equity indices slumped over 1 per cent in Friday’s intra-day session but made a sharp V-shaped recovery to end the day with little change. Financials and metals exerted pressure on the bourses, even as gains in Reliance Industries, FMCG and select private bank stocks tried to limit the losses.
The S&P BSE Sensex fell 722 points intra-day but recovered to close 21 points, or 0.04 per cent, higher at 52,344 levels. The broader Nifty50 index, meanwhile, bounced back from the day’s low of 15,451 to end at 15,683 levels, down 8 points or 0.05 per cent.
The correction was deeper in the broader markets where the BSE MidCap and SmallCap indices closed 0.70 per cent and 0.89 per cent down, respectively.
Overall, the market breadth was heavily skewed towards bears with the Advance to Decline ratio standing at 1:2. ONGC, Coal India, Power Grid, JSW Steel, UPL, NTPC, M&M, SBI, and Nestle India were the top laggards among the large-cap stocks while Mahanagar Gas, Ashok Leyland, SAIL, Canara Bank, Max Financial Services, Graphite India, HEG, Hindustan Copper, Affle India, and Wockhardt Pharma cracked in the mid and small-cap segments.
Sectorally, the Nifty PSU Bank declined nearly 2 per cent while the Nifty Auto, Metal, and Realty indices slipped up to 1 per cent each. On the upside, the Nifty FMCG index ended 0.29 per cent higher.
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Despite a range-bound trade, domestic markets hit fresh lifetime highs for the third consecutive day on Friday. Investment sentiment remained in check in the absence of any key global and domestic cues.
The benchmark S&P BSE Sensex closed at 41,681.54-level, up 7.62 points or 0.018 per cent. Tata Steel, YES Bank, SBI, and Hero MotoCorp were the top gainers at the 30-share index, while Vedanta, Tata Motors, ITC, and M&M were the top drags for the day. On the NSE, the broader Nifty50 settled little changed at 12,271.8-mark, up 12.1 points or 0.09 per cent. Markets ended at record closing highs for the fourth straight session.
The benchmark Sensex and Nifty hit fresh highs of 41,809.96 and 12,293.90, respectively.
On the sectoral front, public sector banks gained the most on Friday fter the Reserve Bank of India (RBI) decided to buy and sell bonds worth Rs 10,000 crore via open market operations. At close, the Nifty PSU bank index was the top performer on the NSE, up over 2 per cent. On the downside, Nifty Auto index slipped 0.45 per cent.
For the week, the benchmark S&P BSE Sensex gained 1.6 per cent, while the Nifty50 added 1.5 per cent registering their biggest weekly gains in nearly two months. Besides, Nifty Bank index advanced 1 per cent this week.
In the broader markets, the S&P BSE mid-cap index ended 0.15 per cent higher at 14,835.97 level, while the S&P BSE small-cap index ended unchanged at 13,391.03 level, down 0.03 per cent.
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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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Benchmark indices swung between gains and losses on Friday to end the day flat amid lack of global as well as domestic cues. Nifty50 settled the week 0.8% lower, its first weekly loss in six weeks, breaking its longest gaining streak since late 2014 while Sensex ended the week 0.6% lower.
Gains were capped by a sharp correction in pharma and IT stocks on worries over their earnings outlook while ITC, Tata Motors continued to support the market.
The S&P BSE Sensex settled at 31,056, down 19 points, while the broader Nifty50 ended at 9,588, up 10 points.
In the broader market, the S&P BSE Smallcap pared gains to finish 0.1% higher after rising 0.5% to hit its record high, while the S&P BSE Midcap index was up 0.2%.
Pharma was the top losing index amid worries about their earnings outlook because of pricing pressures in the United States, down 1.8%. Lupin was the biggest laggard on the index, down over 4% followed by 4% Divi’s Lab, Cadila Healthcare, Sun Pharma and Cipla.
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