Weakness gripped Dalal Street on Friday as equity markets declined for a third straight session registering their first weekly loss of 2023. Investors remained on the sidelines as they awaited a key jobs report in the US due for release later today.
The jobs data will likely dictate the market trend in the US as strong job additions could mean continued monetary tightening by the Federal Reserve.
The BSE Sensex sank 683 points to the day’s low of 59,670 before closing 453 points lower at 59,900. The NSE Nifty touched a low of 17,796 and eventually pulled back to end 133 points lower at 17,859.
The top laggards that weighed on the benchmark indices were financial and IT shares. TCS, IndusInd Bank, Bajaj twins, Tech M, Kotak Bank, Infosys, Airtel, Tata Motors, Titan and Wipro led losses on Sensex, shedding 1-3 per cent, while JSW Steel was the top Nifty loser.
Handful of index winners included M&M, Reliance, Nestle, ITC, L&T, Britannia, BPCL and ONGC, which closed up to 1 per cent higher.
Besides, broader markets also could not escape the selloff and declined in line with benchmarks. The BSE Midcap and Smallcap indices slipped 0.7 per cent each.
Losses were equally spread across sectors. Nifty IT fell 2 per cent followed by 0.7-1 per cent cuts each in Bank, Financial, Metal, Realty and Pharma indices. FMCG and Consumer Durables outperformed with fractional gains.
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A range-bound trade ended on a flat note on Friday as weak global cues amid escalating crisis in Ukraine weighed on investor sentiment. The S&P BSE Sensex, which hit a high of 59,591 in intra-day trade, settled at 59,307, up 104 points or 0.18 per cent.
The Nifty50, meanwhile, closed at 17,576, up 12 points or 0.07 per cent, after hitting a high of 17,670 during the day.
The gains in benchmark indices were led by Axis Bank (up 9.5 per cent), HUL, ICICI Bank, Kotak Bank, SBI Life, and Apollo Hospitals. On the downside, Bajaj Finserv (down 3.4 per cent), Bajaj Finance, Divis Labs, Adan Ports, UPL, Asian Paints, and L&T capped upside.
In the broader markets, the BSE MidCap and SmallCap indices dipped 0.75 per cent and 0.6 per cent, respectively. Sectorally, The Nifty PSU Bank and Private Bank indices gained the most, up 1.8 per cent and 1.6 per cent, respectively, while the Nifty Pharma index fell 0.8 per cent.
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Global doom rocked Indian equities on Friday as investors fretted over longer-than-expected sticky inflation, coupled with aggressive monetary policy tightening. Tracking losses in global peers, the benchmark S&P BSE Sensex plunged 1,114 points intra-day, before settling at 54,303, down 1,017 points or 1.84 per cent.
The NSE Nifty50, meanwhile, held the 16,200-mark to close at 16,202, down 276 points or 1.68 per cent. The index had hit a low of 16,173 during the day. In the broader market, the Nifty MidCap 100 and SmallCap100 fell up to 1 per cent.
Over 35 Nifty stocks ended the session in the red with Bajaj Finance, HDFC, Kotak Bank, Hindalco, Wipro, Reliance Industries, Tech M, and Infosys falling between 2.5-4 per cent. The losses were trimmed by gains in Grasim Industries, Asian Paints, Apollo Hospitals, Divis Labs, and Dr Reddy’s Labs, that gained over 0.5 per cent each.
Sectorally, all but Nifty FMCG ended the session in the red. The losses were led by the Nifty IT, Oil & gas, Private Bank, and Financial Services indices as they fell 2 per cent each.
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Benchmark indices bucked the weak Asian trend and rose on Friday as the Assembly elections’ euphoria extended into a second day. However, developments around the Ukrainian war, commodity prices, and the US inflation data kept the markets volatile through the day.
The S&P BSE Sensex hit a high of 55,834 in early deals but eased off to end at 55,550, up 86 points or 0.15 per cent. The Nifty50, on the other hand, settled at 16,630, up 35 points or 0.2 per cent.
The breadth was well-balanced as equal number of stocks advanced and declined on both the frontline indices. The gainers included Cipla, Sun Pharma, BPCL, JSW Steel, Dr Reddy’s Labs, IOC, Power Grid, Coal India, and ITC, while the losers were Nestle India, Maruti Suzuki, Tata Consumer Products, Tata Steel, Britannia, Axis Bank, Hindalco, NTPC, Eicher Motors, and TCS.
In the broader markets, the Midcap index (up 0.45 per cent) and the Smallcap index (up 0.87 per cent) on the BSE outperformed the benchmarks.
Sectorally, the Nifty Pharma index was the best performing index, rising 2.5 per cent on the NSE. The Nifty Auto index, on the other hand, slipped 0.4 per cent.
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Equity markets see-sawed in trade on Friday as Russia’s invasion of Ukraine escalated, with Russian forces attacking and seizing control over Europe’s largest nuclear power plant earlier today.
The benchmark S&P BSE Sensex opened with a 450-point cut and extended the losses to hit a low of 53,888, down 1,215 points intra-day. It, however, recovered partially and closed 769 points, or 1.4 per cent, down at 54,334.
The NSE Nifty, on the other hand, hit an intra-day low of 16,134 but recouped losses to end at 16,243, down 255 points or 1.5 per cent.
Maruti Suzuki tumbled another 4.7 per cent today, falling over 10 per cent in two days. The stock was the second biggest laggard on the Nifty50 index. Titan Company, Hero MotoCorp, Asian Paints, Tata Motors, HUL, Coal India, M&M, Hindalco, JSW Steel, Axis Bank, Bajaj Finance, and Eicher Motors were the other draggers, cracking between 3 and 5 per cent.
On the upside, Dr Reddy’s Labs, ITC, Tech M, BPCL, Sun Pharma, Ultratech Cement, and Wipro gained in the range of 1 to 3 per cent.
In the broader market, the BSE MidCap index declined 2.3 per cent with individual stocks such as Vodafone Idea, IRCTC, Jubilant Food, Info Edge, Zee Entertainment, Varun Beverages, and Indian Hotel falling up to 7 per cent.
The BSE SmallCap index, meanwhile, settled 1.3 per cent lower dragged by Power India, Vadilal Industries, MCX, Carborundum Universal, and KBC Global.
Sectorally, only the Nifty IT index eked out gain on the NSE, rising 0.14 per cent. The Nifty Auto index was the worst hit index today for a second straight day as it ended 3.3 per cent down today. All other remaining indices fell between 1 and 3 per cent.
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The markets snapped its 3-day losing streak with strong gains led in IT shares and select index heavyweights. The BSE benchmark index, the Sensex, opened 330-odd points higher at 60,248, and after consolidating in the morning session, the index began its upward journey. The BSE index scaled a high of 60,751, and finally ended with a solid gain of 767 points at 60,687.
The NSE Nifty surged to a high of 18,123, and eventually settled with a gain of 229 points at 18,103. For the week, the 50-share index was up a per cent (186 points).
Tech Mahindra was the major gainer among the Sensex 30 stocks, up 4 per cent at Rs 1,583. Index heavyweights, HDFC, Infosys, Bharti Airtel and Reliance Industries gained 2 to 3 per cent, each. Bajaj Finsev, Asian Paints, Bajaj Finance, Sun Pharma , Larsen & Toubro and Nestle India were the other major gainers.
On the other hand, Bajaj Auto skid 3 per cent to Rs 3,640. Tata Steel slipped a per cent to Rs 1,286 despite reporting 8-fold jump in Q2 net profit.
The broader markets under-performed the benchmark indices by a wide margin. The BSE Midcap index was up 0.6 per cent and the Smallcap index added 0.3 per cent, while the Sensex had rallied 1.3 per cent.
Among sectors, the BSE IT index surged 2 per cent. Telecom, Realty and Power indices were up around 1.5 per cent each, while Energy and Capital Goods indices too moved 1.3 per cent higher.
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Frontline indices ended the session near record highs on Thursday as investors went on Christmas holiday in a festive mood. Reports that Britain and the European Union have closed in on a free-trade deal, while short covering in banking counters back home lifted the indices.
That apart, hopes for more fiscal spending and expectations that coronavirus vaccines will become more available next year also supported global sentiment.
The S&P BSE Sensex gained 529 points, or 1.14 per cent, to settle the day at 46,973.5 levels. Sun Pharmaceuticals, Axis Bank, Reliance Industries, HDFC, and Bajaj Finance, up between 2 per cent and 3 per cent, closed the day as top gainers on the Sensex. On the downside, profit-booking in IT and FMCG stocks resulted in Infosys, Nestle, and HCL Tech ending the day as top drags.
The broader Nifty50 closed at 13,749-mark, up 148 points or 1 per cent.
Among other sectoral indices on the NSE, Nifty Bank and Nifty Financial indices ended Thursday’s session nearly 2 per cent higher each, while Nifty Pharma was up 1 per cent at close. Nifty IT index closed 0.65 per cent down.
Markets will remain shut on Friday on account of Christmas.
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The bulls continued to dominate markets on Friday, thanks to a healthy buying in financial counters. The S&P BSE Sensex gained for the sixth consecutive session to settle at 39,467 levels, up 354 points, or 0.9 per cent.
NSE’s Nifty ended at 11,648, up 88 points or 0.76 per cent. Volatility index, India VIX, continued to decline and ended at 18.24 levels, down nearly 3.5 per cent.
Sun Pharma surges 4%, hits 52-week high; stock rallies 76% from March-low. For the quarter ended June 2020, Sun Pharma had reported a surprise loss due to one-time charges. The company’s US business posted a 33.5 per cent decline during the quarter, while India sales were up 3.2 per cent on a year-on-year (YoY) basis. Consolidated sales from operations at Rs 7,467 crore, a decline of about 9.6 per cent over the same quarter last year.
Shares of Edelweiss Financial Services rose as much as 3.16 per cent to Rs 86.50 on the BSE on Friday after Hong-Kong based private equity group PAG picked up 51 per cent stake in Edelweiss Wealth Management (EWM) for Rs 2,200 crore. The Edelweiss Group runs corporate and retail credit, wealth management, asset management and life and general insurance businesses.
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