The RBI’s seemingly dovish policy, with repo and reverse repo rates unchanged at 4 per cent and 3.35 per cent, respectively, bolstered bull sentiment on Dalal Street on Friday. The central bank also retained the GDP growth forecast at 9.5 per cent for the on-going fiscal year and revised CPI inflation projection downward to 5.3 per cent for the whole fiscal (from 5.7 per cent) which further supported the sentiment.
Overall, the frontline S&P BSE Sensex closed the session at 60,059 levels, up 381 points, while the Nifty50 ended at 17,895 levels, up 105 points.
Reliance Industries, which hit a record high of Rs 2,684 apiece in the intra-day trade, settled nearly 4 per cent higher and contributed nearly 2/3rd towards Sensex’s gains today. Other contributors included Infosys, TCS, L&T, HCL Tech, and ICICI Bank.
In the broader markets, the BSE MidCap index ended 0.15 per cent higher and the BSE SmallCap index added 0.92 per cent. Both the indices hit a record high of 25,956 and 29,358, respectively, earlier today.
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After a volatile start, benchmark indices swiftly rose in noon deals to end near the day’s high level on Friday. ICICI Bank and ITC (up 3 per cent each), followed by Axis Bank, Kotak Bank, SBI, and HCL Tech were the top contributors towards the indices’ rally.
At close, the S&P BSE Sensex quoted at 52,976 levels, up 138.5 points, or 0.26 per cent. The broader Nifty50, meanwhile, settled above the psychological level of 15,850 at 15,856, up 32 points or 0.2 per cent. The BSE MidCap and SmallCap indices, however, underperformed the benchmarks with the former slipping 0.07 per cent while the latter added 0.11 per cent.
Shares of ITC moved higher by 3 per cent at Rs 213.60 on the BSE in the intra-day trade on Friday, on back of heavy volumes, ahead of its April-June quarter (Q1FY22) earnings on Saturday, July 24. In comparison, the S&P BSE Sensex was up 0.39 per cent at 53,041 levels at 02:20 pm. Trading volumes on the counter more-than-doubled with a combined 36 million equity shares having changed hands on the NSE and BSE till the time of writing of this report.
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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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The domestic stock market ended flat with a positive bias on Friday. The S&P BSE Sensex settled 14 points, or 0.04 per cent higher at 38,854.5 levels while NSE’s Nifty ended at 11,464, up 15 points, or 0.13 per cent. India VIX dropped nearly 3 per cent to 20.68 levels.
SBI (up 2 per cent) ended as the top gainer on the S&P BSE Sensex while IndusInd Bank (down nearly 2 per cent) was the biggest loser. Of 30 constituents, 10 advanced while 20 declined.
On a weekly basis, Sensex gained 1.29 per cent while Nifty added 1.15 per cent.
The broader market, however, fared better than the frontline indices. The S&P BSE MidCap index settled at 14,660 levels, up 0.58 per cent and the S&P BSE SmallCap index ended 0.52 per cent higher at 14,558.
Sectorally, IT stocks rallied the most. The Nifty IT index ended 1.29 per cent higher at 18,633 levels. Nifty PSU Bank index gained 0.79 per cent while Nifty FMCG index settled 0.63 per cent higher at 30,972 levels.
Shares of Wipro and Tata Elxsi hit their respective 52-week highs on the BSE on Friday on the expectation of strong earnings growth in the current quarter (July-September) of the financial year 2020-21 (FY21). READ MORE
Shares of Max Healthcare Institute (MHIL) hit a high of Rs 133.80 on the BSE during the day on the back of heavy block deals. The stock settled at Rs 131.30, up around 17.5 per cent.
Strides Pharma ended nearly 13 per cent higher at Rs 685.90. In the past two months, the stock has rallied over 64 per cent after the company reported strong performance across all business segments in the April-June 2020 quarter (Q1FY21) despite significant disruptions and ambiguity in the business environment due to Covid 19.
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After remaining range-bound for the most part of the session, benchmark indices turned highly volatile in the last hour of the trade on Friday with the indices briefly swinging into positive territory, before settling flat with negative bias. Except for metal stocks, selling was witnessed across the board.
The S&P BSE Sensex ended at 31,098, down 25 points or 0.08 per cent. Of 30 constituents, 20 declined and 10 advanced. Mahindra & Mahindra (down around 5 per cent) ended as the top loser on the index while telecom major Bharti Airtel (up nearly 3 per cent) was the biggest gainer.
ICICI Bank, Axis Bank, HDFC Bank, and Infosys contributed the most to the index’s loss.
On the NSE, Nifty ended at 9,137, down 6 points or 0.06 per cent.
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Snapping three-day losing streak, buying sentiment was back at D-Street with benchmark indices edging a per cent higher on Friday lifted by gains in financial counters.
The S&P BSE Sensex gained 411.38 points, or 1 per cent, to close at 41,575.14 level, with Axis Bank (up 3 per cent), Power Grid (2.2 per cent), SBI (2 per cent), and Bharti Airtel (1.89 per cent) settling as the top gainers on the index. On the flipside, UltraTech Cement (0.22 per cent), and Titan (0.17 per cent) were the top drags.
On the NSE, the Nifty50 ended 124.15 points, or 1.02 per cent highet at 12,250.70-mark.
The Sensex and Nifty50 hit an intra-day high/low of 41,611.27/41,264.92 and 12,258.45/12,157.90, respectively.
On the sectoral front, all the key indices on the NSE settled the day in the positive territory. Nifty PSU Bank index was the best performing index, up 3 per cent, at close, followed by gains in Nifty Realty index (1.6 per cent), and Nifty Bank index (1.3 per cent).
The broader markets, too, followed headlines indices with the S&P BSE mid and small-cap indices gaining 0.86 per cent each.
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Benchmark indices ended little changed on Friday; however banking stocks had a field day with the State Bank of India (SBI) jumping over 7 per cent (Rs 282) on 3-fold jump in its net profit at Rs 3,012 crore for the September quarter.
YES Bank, too, rallied around 8 per cent to Rs 52 apiece on the BSE.
The S&P BSE Sensex added 38 points or 0.10 per cent to end the Samvat 2075 at 39,058 levels. The NSE’s Nifty50 index ended at 11,584, up just 1 point or 0.01 per cent.
In the broader market, the S&P BSE MidCap index ended at 14,342, up around 3 points or 0.02 per cent while the S&P BSE SmallCap index lost 51 points or 0.39 per cent to close at 13,153.
Among other buzzing stocks, ICICI Bank hit a new high of Rs 470.70 apiece on the BSE during the session with the market capitalisation (m-cap) surpassing Rs 3 trillion-mark.
On the other hand, Piramal Enterprises tanked 17 in the afternoon deals on the BSE after the company announced capital-raising plan. The stock eventually settled at Rs 1,590 apiece, down around 8 per cent.
Volatiity index India VIX slipped around 6 per cent to 15.30 levels.
Among the sectoral indices on the NSE, PSU bank stocks advanced the most, followed by IT counters. The Nifty PSU Bank index gained 3.38 per cent to end at 2,300 levels. Nifty Bank rallied 1 per cent to 29,396-mark.
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A 25 basis point (bps)-rate cut by the Reserve Bank of India (RBI) on Friday failed to cheer market participants as concerns over slowing economic growth dented investor sentiment. In its fourth bi-monthly monetary policy meet, the RBI’s monetary policy committee (MPC) did cut the repo rate, as widely expected; however, a sharp reduction in the GDP growth forecast to 6.1 per cent for the financial year 2019-20 (FY20) caught investors off guard.
Benchmark indices, S&P BSE Sensex and NSE’s Nifty50, lost over 1 per cent, thus taking their losing streak to the fifth consecutive session.
The S&P BSE Sensex dropped 434 points or 1.14 per cent to settle at 37,673.31. Financial stocks led the decline with HDFC Bank, ICICI Bank, and Axis Bank falling up to over 3 per cent.
On the NSE, the frontline index Nifty50 ended at 11,175, down 139 points or 1.23 per cent.
On a weekly basis, Sensex shed nearly 3 per cent while Nifty50 lost 2.93 per cent.
On the sectoral front, Nifty Bank index slid nearly 700 points or 2.40 per cent to settle at 27,731.85 levels, with 10 out of 12 constituents ending in the red. Nifty IT index was the only sectoral index on the NSE that ended in the green. The Nifty IT index ended at 15,340.30, up 62 points or 0.41 per cent.
In the broader market, the S&P BSE MidCap index lost 131 points or 0.94 per cent to settle at 13,713.79 levels, while the S&P BSE SmallCap index closed at 12,809, down 102 points or 0.79 per cent.
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A sudden surge in the benchmark indices, lifted by gains in financials and metals, took Sensex nearly 300 points higher and Nifty beyond the 11,700 mark after a range bound morning trade.
At 2:10 PM, Sensex was trading at 38,980, up 250 points, or 0.64 per cent, with TATA Steel, Axis Bank, ICICI Bank, TCS and State Bank of India being among the top gainers. Nifty broke past the crucial 11,700 mark to trade 80 points, or 0.69 per cent, higher at 11,722.
Most of the sectoral indices on Nifty were trading in green, with Nifty Metal the top gainer at 1.63 per cent higher while Nifty Bank too was up over 1 per cent.
In broader markets, S&P BSE MidCap had slid 0.42 per cent, or 63 points, to trade at 15,067 while S&P BSE SmallCap was down 20 points, or 0.14 per cent, at 14,818.
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The benchmark indices settled over 0.5 per cent higher on Friday after Finance Minister Piyush Goyal announced a string of populist measures in his Interim Budget 2019 speech in the Parliament.
The S&P BSE Sensex ended at 36,469, up 213 points or 0.59 per cent, while the broader Nifty50 index settled at 10,894, up 63 points or 0.58 per cent.
In the broader market, the S&P BSE MidCap index ended at 14,641, up 81 points or 0.56 per cent, while the S&P BSE SmallCap settled at 13,950, up 24 points or 0.17 per cent.
Among sectors, the Nifty Auto index was the top gainer of the day, rising 2.71 per cent led by Hero MotoCorp and Maruti Suzuki. The Nifty IT index too rose 1.45 per cent led by HCL Technologies and Tech Mahindra.
In a major relief to the middle-class taxpayer, Finance Minister Piyush Goyal, in his Interim Budget 2019 speech announced that those earning up to Rs 5 lakh a year would not have to pay any tax. He also said that those with an annual income of up to Rs 6.5 lakh would not have to file income-tax returns.
Goyal also announced PM Kisan Samadhan Nidhi scheme in which, farmers owning up to 2 hectares of land will get Rs 6,000 per annum, which will be completely funded by the central government. This scheme is likely to benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore, he said. Apart from this, he also said that the government has set aside Rs 60,000 crore for MGNREGA this year, and allocated Rs 19,000 crore for Pradhan Mantri Gram Sadak Yojana.
The finance minister also said that the country’s defence budget for FY20 has been increased to Rs 3 lakh crore.
The government allocated Rs 64,587 crore for railways in FY20, Goyal said adding that the railway operating ratio was seen 96.2 per cent in FY19 vs 95 per cent in FY20.
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