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 closed at fresh record closing highs in trade, led by gains in select index heavyweights, namely L&T, TCS and HDFC. Further, a positive global market sentiment also lent support to the indices.
BSE Sensex ended the day at 56,125, up 176 points or 0.31 per cent. It is for the first time that the index has settled above the 56,000 mark. Meanwhile, NSE Nifty after hitting a new record peak in intra-day session closed 68 points or 0.41 per cent higher at 16,705. It touched a new peak of 16,722.05 in trade earlier.
The broader markets, meanwhile, outperformed, rising for the fourth straight session. The BSE Midcap index added 1.04 per cent and BSE Smallcap rose 0.93 per cent.
The sectoral space was a sea of green as all indices gained on the NSE. Nifty Metal followed by Nifty Pharma were the top gainers, up over 1 per cent each while Nifty Auto gained the least among all indices.
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Markets started the July F&O series with impressive gains on Friday as hefty buying in metals, financials, and pharma sectors lifted indices for the second day. The Nifty PSU Bank index closed 2.7 per cent higher on the National Stock Exchange (NSE) amid renewed privatisation buzz and fund-raising by banks.
That apart, the Nifty Metal index zoomed 2.5 per cent after Russian government said it is preparing new export taxes from August 1 for steel products, nickel, aluminium and copper which will cost their producers $2.3 billion.
The Nifty Bank, Private Bank, Pharma, and auto indices, meanwhile, rose between 0.7 per cent and 1.6 per cent.
Overall, the frontline S&P BSE Sensex index added 226 points, or 0.43 per cent, to settle the session at 52,925 levels while the Nifty50 index shut shop at 15,863-mark, up 73 points or 0.46 per cent.
In the broader market, the BSE MidCap and SmallCap indices advanced 1 per cent and 0.4 per cent, respectively.
Tata Steel (up nearly 4 per cent), Axis Bank, State Bank of India, ICICI Bank, Hindalco, JSW Steel, Maruti Suzuki, and Coal India made it to the list of outperforming stocks in the large-cap segment while Vodafone Idea, Apollo Hospitals, SAIL, Ashok Leyland, Allcargo Logistics, Uttam Sugar Mills, and Ajmera Realty marched aheead in the broader market space.
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Bulls ruled on Dalal Street on Friday, the first day of the June F&O series, as a trinity of steady decline in Covid-19 cases, the announcement of unlock in the national capital, and $6 trillion fiscal stimulus in the US held up investor confidence.
The benchmark Nifty index scaled a fresh record peak of 15,469.6 on the National Stock Exchange (NSE) today, surpassing its previous record peak of 15,432 hit on February 16. The index traded higher for the sixth consecutive session as India recorded its lowest daily count of new Covid-19 cases in 44 days. The country, on Thursday, logged 186,364 fresh virus cases while death remained above 3,500-mark.
Add to it, Delhi Chief Minister Arvind Kejriwal announced earlier on Friday that the national capital will begin to unlock from Monday and said that construction activities and factories will be reopened from May 31.
Reading these developments as the first step towards a gradual uptick in economic activities, benchmark indices zoomed to day’s high of 51,529 on the S&P BSE Sensex and record peak on the Nifty. By the close, the Sensex index was quoting at 51,423 levels, up 308 points or 0.6 per cent while the Nifty50 was at 15,436-mark, up 98 points or 0.64 per cent.
Reliance Industries was the biggest contributor towards the indices’ rally today after the stock clocked its sharpest intra-day rally in two months and zoomed 6.4 per cent. The stock, which settled 5.8 per cent higher on the BSE, looks firm on both, fundamental and technical, grounds. Analysts at Jefferies maintained their ‘buy’ rating on the counter with a target of Rs 2,580 per share. READ MORE
That apart, Grasim, Adani Ports, M&M, Eicher Motors, Coal India, HDFC, Kotak Bank, and IndusInd Bank remained the top gainers of the day, up between 1 per cent and 3 per cent. On the downside, Sun Pharma, ICICI Bank, Bajaj Finserv, NTPC, PowerGrid, Shree Cement, and Nestle India were the top laggards, down up to 4.5 per cent.
Broader markets, however, settled the day in the red on the back of profit-booking. The BSE Midcap index fell 0.12 per cent and the BSE SmallCap index dropped 0.48 per cent.
In terms of sectoral participation, the Nifty PSU Bank index gained 0.7 per cent, followed by the Nifty Private Bank index, up 0.3 per cent. On the contrary, the Nifty Pharma index slipped 1.2 per cent on the NSE.
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Firm global cues and healthy corporate earnings back home helped domestic equity indices to settle higher for third straight day on Friday. In Europe, stocks hit a record high as strong economic data from Germany and other major economies as well as upbeat earnings underpinned hopes of a swift economic recovery from the pandemic.
The frontline indices gained little over 0.5 per cent as volatility gauge, India VIX, eased 5.5 per cent, propelled largely by metal stocks. The Nifty Metal index advanced 5 per cent on the NSE while all other sectoral indices clocked gains between 0.04 per cent and 1 per cent. The Nifty PSU Bank index was the only loser, down 0.14 per cent.
Against this backdrop, the benchmark Nifty50 shut shop at 14,823 levels, up 98 points. On the BSE, the 30-share Sensex index closed 257 points higher at 49,206 levels.
Individually, Tata Steel, Hindalco, JSW Steel, Adani Ports, SBI Life, M&M, and HDFC were the top Nifty gainers of the day while Tata Consumer Products, Bajaj Auto, Hero MotoCorp, Bajaj Finance, and Eicher Motors declined up to 3.5 per cent.
Trading in the broader markets, however, remained mixed. The S&P BSE MidCap index dipped 0.04 per cent while the SmallCap index ended 0.15 per cent higher.
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Source: https://stockarchitect.com/sector/Commodity-Chemicals
Benchmark indices dropped on Friday tracking global markets, while metal and pharma stocks pulled down the indices ahead of elections in the key state of Karnataka.
The S&P BSE Sensex ended at 34,915, down 188 points while the broader Nifty50 index settled at 10,618, down 61 points.
Among sectoral indices, the Nifty Metal index was trading over 1% lower led by a fall in shares of Hindustan Zinc and Hindalco. The Nifty IT index, too, was down led by a fall in shares of Mindtree and Wipro. Among the FMCG counters, ITC, Emami, GSK Consumer slipped over 2% on the NSE.
Pharma stocks pushed both indices lower, with the Nifty Pharma index falling over 1.5%.
Bajaj Auto, Mahindra & Mahindra (M&M), ITC, Reliance Industries (RIL), Mahindra & Mahindra Financial Services (MMFS) and JSW Steel are the six stocks that Morgan Stanley is betting on in India to play its ‘growth at reasonable price’ (GARP) investment strategy.
An Indian jeweller that saw its market worth reach $3.6 billion at the start of the year is now floundering at about a quarter of that value after one of its founders gifted some shares to family members, raising concern about the company’s governance. PC Jeweller Ltd. slumped by about half after the company said last week that one of its founders P.C. Gupta made the gifts through off-market transactions. The stock has plunged 75 per cent from a record on January 19, taking its market capitalization to Rs 58.3 billion ($873 million). It climbed 21 per cent to Rs 146.85 as of 12.31 p.m. in Mumbai on Friday.
Realty firm Godrej Properties on Friday reported over two-fold jump in its consolidated net profit at Rs 1.41 billion for the January-March quarter of last financial year on higher sales. Its net profit stood at Rs 625.9 million in the year-ago period, the company said in a filing to the BSE.
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The Sensex settled at 31,524, down 270 points, while the broader Nifty50 quoted 9,837, down 66 points at close. The BSE Midcap index settled 0.1% lower, while BSE Smallcap index shed 0.5%.
The benchmark indices snapped a three-session long winning streak, as Infosys cracked after Vishal Sikka’s resignation as MD & CEO, although rivals such as Tata Consultancy Services gained.
According to a BSE filing, Sikka will be Executive Vice-Chairman while UB Pravin Rao is the Interim-MD and CEO.
Infosys saw its sharpest decline since April 12, 2013, down 9.6% to Rs 923. In intraday trade, the stock fell as much as 13% to Rs 884.
But the domestic markets still logged their sixth weekly gain in seven, though they remained below the record highs hit on August 2.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,534 shares declined and 1,002 shares rose. A total of 122 shares remained unchanged.
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