A selloff towards the fag end of Friday’s session dragged the benchmark indices lower after a range-bound trade for most part of the day.
Reliance Industries and banking stocks remained the top drags for the indices with the Bank Nifty dipping 1.17 per cent.
The benchmark S&P BSE Sensex ended 289 points, or 0.73 per cent, lower at 39,452, after touching an intra-day low of 39,363. Only five out of the 30 BSE constituents ended the day in the green, with IndusInd, Bharti Airtel, Kotak Bank, Axis Bank, and Tata Motors taking the deepest cuts.
The broader Nifty50 index tumbled 91 points to 11,823. About 808 shares advanced, 1686 shares declined, and 144 shares remained unchanged on the NSE.
On a weekly basis, both the Sensex slipped 0.5 per cent each.
All the Nifty sectoral indices ended Friday’s session with losses. Nifty Realty, down 2.1 per cent, was among the top losers, while Nifty Bank,Nifty Auto, Nifty FMCG, and Nifty Private Bank all slipped over 1 per cent.
In the broader market, the S&P BSE MidCap index was down 1 per cent to 14,721, while the S&P BSE SmallCap ended the day 110 points, or 0.76 per cent, lower at 14,366.
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Benchmark indices ended Friday’s volatile session in the red, thus recording fall for the eighth straight day and third consecutive week, as investors remained cautious ahead of the US-China trade negotiation outcome.
India VIX was up almost 4 per cent to 26.49
The benchmark S&P BSE Sensex ended the day 96 points, or 0.26 per cent, lower at 37,463, with Tata Consultancy Services (TCS), HCL Tech, Tata Steel, IndusInd Bank and Infosys contributing the most to the indices’ fall. Twenty-one of the 30 constituents of BSE ended the session with losses.
The broader index Nifty50 gave up the crucial 11,300 mark and slipped 23 points, or 0.20 per cent, at 11,279. About 1,187 shares advanced, 1,270 shares declined, and 162 shares were unchanged.
Among sectoral indices, both Nifty IT and Nifty Metal dipped more than 1 per cent. However, Nifty PSU Bank gained 2.5 per cent, the highest among the gainers.
The broader indices fared better than their benchmark peers with the S&P BSE MidCap index ending 34 points, or 0.24 per cent, higher at 14,390, while the S&P BSE SmallCap index was ruling at 14,106, up 29 points or 0.21 per cent.
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Benchmark indices slumped more than 1% on Friday, in line with Asian peers, as the global rout in equities returned, while lingering concerns over inflation back home weighed on the market.
Asian stocks tumbled to two-month lows after US shares plummeted again in the face of rapidly rising bond yields.
Global cues have weighed on Indian stock markets with major indexes on track for a second straight weekly fall after embarking on a record-hitting spree in January.
The S&P BSE Sensex ended at 34,005, down 407 points while the broader Nifty50 index settled at 10,454, down 121 points.
FDC, SpiceJet, Steel Authority of India (SAIL), Bharat Forge, Ipca Laboratories, Jet Airways and Bajaj Electricals are among 23 stocks from the S&P BSE500 index up over 10% during the current week in an otherwise weak market.
Bombay Dyeing & Manufacturing, HEG, Fortis Healthcare, Himachal Futuristic Communications (HFCL), Firstsource Solutions, Jamna Auto Industries, Greenply Industries and Shankara Building Products, too, were up more than 10%.
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Benchmark indices rose for the second straight session on Friday amid hopes the ruling Bharatiya Janata Party (BJP) would win critical state elections in Gujarat beginning this weekend, while automakers gained on reports of an expected price hike next year.
The election in Prime Minister Narendra Modi’s home state is a key test for the BJP, ahead of general elections in 2019. The results will be out later this month.
According to polls, the BJP could win, but with a reduced majority – an outcome that would still soothe investors, who are hoping for more political stability and have largely welcomed Modi’s reform agenda.
The S&P BSE Sensex ended at 33,250, up 301 points while the broader Nifty50 index settled at 10,265, up 98 points. Broader markets were in line with the frontline indices with BSE Midcap up 0.9% and BSE smallcap up 1%
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In a volatile trading session on Friday, the benchmark indices ended lower with the Nifty50 settling the first day of December expiry below 10,200 as economic growth data came in largely as expected, failing to boost a market weighed down by concerns about the country’s fiscal deficit and global risk factors such as rising crude prices.
Data late on Thursday showed India’s gross domestic product grew 6.3% in July-September, in line with expectations, as businesses started to overcome troubles after the bumpy launch of Goods and Services Tax (GST).
The data failed to lift sentiment as country’s fiscal deficit reached 96% of the budgeted target for the fiscal year ending in March 2018, sending shares sharply lower on Thursday.
The Reserve Bank of India (RBI) is meeting next week at a time of rising concern about a rally in crude prices, which rose following OPEC’s decision to extend production curbs.
The S&P BSE Sensex ended at 32,832, down 316 points, while the broader Nifty50 settled at 10,121, down 104 points.
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The benchmark indices on Friday extended losses to end lower as global markets dipped after the United States launched cruise missiles against an airbase in Syria, while back home expectations of no further rate cuts this year by Reserve Bank of India (RBI) also impacted the sentiment.
The S&P BSE Sensex ended at 29,706, down 221 points, while the broader Nifty50 settled at 9,198, down 64 points.
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices pared all intraday gains to end 0.3% and 0.5% lower.
The breadth, indicating the overall health of the market, turned negative. On the BSE, 1,620 shares declined and 1,293 shares rose. A total of 129 shares were unchanged.
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Benchmark indices settled the day on a higher note, extending gains for the fourth day straight, as investors remain optimistic ahead of the Union Budget next week. Better than expected corporate earnings also aided the sentiment.
Nifty, Sensex posted their biggest weekly gains since May 27, led by gains in banking and financial stocks.
The S&P BSE Sensex ended the day at 27,882, up 174 points, while the broader Nifty50 settled at 8,641, up 38 points. In the broader market, the BSE Midcap and BSE Smallcap indices rallied 0.6% and 0.5% respectively.
Benchmark share indices on Friday ended higher, amid a choppy trading session, with Tata Motors gaining the most following a rebound in Tata Group shares while recovery in financials also aided sentiment.
The benchmark S&P Sensex closed at 27,942 level up 26 points or 0.1% whereas the Nifty50 index closed at 8,638 up 23 points. The broader markets outperformed the benchmark indices. The S&P BSE Midcap and Smallcap ended nearly 1% higher.
Top gainers from the Sensex pack were Tata Motors, Bajaj Auto, Coal India, Tata Steel and Dr Reddy’s Labs, all surging between 2%-3%. On the losing side, ICICI Bank, Cipla, Asian Paints, Bharti Airtel and ONGC were down 1%-2%.
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The original interview with Rakesh Jhunjhunwala appeared on The Economic Times and is available here.
In an exclusive interview with ET Now, Rakesh Jhunjhunwala, Partner, Rare Enterprises, says markets could correct any time it is going to correct more time wise rather than price wise. Edited excerpts
ET Now: I want to start with something which I picked up on my WhatsApp couple of days ago and it says that there is a strong market rumour that a big bull, which is you, has informed his close circle of friends and his associates that markets have topped out and now we may see a significant correction going forward. Have you told your friends anything like this?
Rakesh Jhunjhunwala: My opinion especially in oil, I think $60 for oil is not to be crossed. Onshore oil costs $3 and the fracking capacity is 10%, 15% of oil capacity in America. The whole world has still not even started and in lot of other countries there are not so many as might have been concerns as there are in America. Third thing is with lower prices, OPEC countries are compelled to produce more because of the cost. So I think personally oil prices at $60 is a line which is not going to be crossed, it is a prediction, I reserve the right to be wrong but it is my opinion that to cross it is very, very difficult. Even in other metal areas, I am not very bullish on prices. I think metal prices in general may have topped out.
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