Indian benchmarks cracked in line with global peers, falling 1.3 per cent on Friday, as multi-decade high inflation in the US jolted investor confidence who feared bulkier rate hikes by the world’s biggest economy.
The S&P BSE Sensex plunged 773 points to end at 58,153 and the Nifty50 closed slumped 231 points to close at 17,375. With this, the indices halted their three-day winning streak, slipping 0.8 per cent for the week.
In the broader markets, the BSE MidCap and SmallCap indices shed about 2 per cent each, clocking weekly losses of up to 3.4 per cent.
Given the situation of rate hike in the US, all the sectoral indices settled in the negative territory today with technology and public sector banks being the worst hit. The IT and PSB indices dropped nearly 3 per cent and 2 per cent, respectively, while Bank, Financial Services, and Realty indices slipped upwards of 1 per cent on the NSE.
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The markets exhibited a high amount of volatility for the second day in a row on the back of unabated selling pressure in select index heavyweights. The BSE Sensex tumbled to a low of 59,089, but eventually ended 678 points lower at 59,307. In the process, the BSE index has now shed 5 per cent (2,938 points) from its recent peak of 62,245.
The NSE Nifty logged its second straight weekly loss, down 185 points at 17,672. The Nifty has declined 3.8 per cent (677 points) in the last two weeks. In intra-day trades on Friday, the 50-share index dipped to a low of 17,613, and was within striking distance of its 50-DMA (Daily Moving Average) at 17,570-odd levels.
The broader markets outperformed the benchmark indices in trades today. The BSE Midcap index edged 0.2 per cent higher, while the Smallcap index ended slipped 0.4 per cent, as against a 1.1 per cent decline in the Sensex.
Among sectors, the BSE Energy index plunged 1.9 per cent, and the IT index shed 1.6 per cent. The Bankex was down over a per cent. The Auto, Healthcare and Realty indices ended marginally in the positive zone.
The overall breadth was marginally negative at close. Out of 3,399 stocks traded on the BSE, 1,796 declined, while 1,452 advanced.
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Source: https://stockarchitect.com/sector/Finance-(including-NBFCs)
Continuing their downward trend, the benchmark indices settled with over 2 per cent loss on Friday as coronavirus (Covid-19) cases showed no signs of abating. Global confirmed cases surpassed 1 million on Thursday with more than 52,000 deaths. Back home, an ongoing 21- day lockdown has already brought the economy to a standstill.
The S&P BSE Sensex ended at 27,591, down 674 points or 2.39 per cent amid heavy selling in financial stocks such as ICICI Bank (down 7.5 per cent), HDFC (over 5 per cent), HDFC Bank (down 2 per cent), and Axis Bank (down over 9 per cent). The other major contributors to the index’s loss were Infosys, TCS, and Asian Paints. They all fell in the range of 3-5 per cent.
India VIX cooled-off over 8 per cent to 55.01 levels. On the other hand, the Nifty50 index ended at 8,084, down 170 points or over 2 per cent. In the broader market, the S&P BSE MidCap index declined over 1 per cent lower at 10,219 whereas the S&P BSE SmallCap closed at 9,409, down over 1 per cent.
Among sectors, pharma stocks continued to rally. The Nifty Pharma index rose around 5 per cent to 7,362 levels with 8 out of 10 constituents advancing. Nifty FMCG index, too, ended in the green, up 0.7 per cent at 26,538 levels.
On a weekly basis, the S&P BSE Sensex lost 7.46 per cent, while the Nifty50 slipped 6.65 per cent.
Meanwhile, the Reserve Bank of India (RBI) has cut timing for money market operations from 9am to 5pm to 10am till 2pm. Truncated hours will be in operational till April 14.
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Markets edged up on Friday with Nifty50 closing above 10,800-levels, even as broader global markets remained weak.
The S&P BSE Sensex ended the day at 35,689, up 257 points while the broader Nifty50 index settled at 10,822, up 81 points.
The top gainers on the Sensex include Sun Pharma, HDFC, Mahindra and Mahindra (M&M), and Axis Bank whereas Reliance Industries (RIL), and Coal India were the major losers.
Among sectoral gainers, banking and finance sectoral indices gained with Nifty Bank, Nifty PSU Bank and Nifty Private Bank index up over 1% each. Meanwhile, Nifty Pharma index was up 1.8% with Sun Pharma gaining over 4%.
Bajaj Finance, which hit a new high of Rs 2,330, up 3% on the BSE in late noon deal on Friday, has surpasses private sector lender Axis Bank in market capitalisation (market-cap) ranking. Thus far in the calendar year 2018 (CY18), Bajaj Finance has outperformed the market by surging 33% as compared to 4% rise in the S&P BSE Sensex. Axis Bank has underperformed the market by falling 8% during the period.
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The domestic indices ended largely flat on Friday taking cues from their Asian counterparts.
Among sectoral indices, the Nifty PSU Bank index ended 1.81% lower led by a fall in the shares of Canara Bank, IDBI Bank and Oriental Bank of Commerce. The Nifty Metal index too ended 1.81% down due to a fall in shares of Steel Authority of India Limited, Jindal Steel & Power and Tata Steel.
The Reserve Bank may provide four quarters to Punjab National Bank (PNB) for making provisions against the country’s biggest ever banking fraud of Rs 127 billion allegedly masterminded by billionaire diamantaire Nirav Modi. The bank has written a letter to the banking sector regulator seeking its opinion on making provisions for the fraud, sources said.
The S&P BSE Sensex ended at 33,307, down 44 points while the broader Nifty50 index settled at 10.227, down 16 points
Shares of steel companies were under pressure with Tata Steel, Jindal Steel & Power (JSPL) and Steel Authority of India (SAIL) down more than 4% on the National Stock Exchange (NSE) after US President Donald Trump imposed tariffs of 10% and 25% on imports of steel and aluminium respectively on March 8th. Meanwhile, Tata Steel slipped nearly six-month low at Rs 607, down 4% on the BSE in intra-day trade, extending its past two days 4% decline after the company on Wednesday said that it has emerged as the top bidder for debt-laden Bhushan Steel.
State-owned power equipment major Bharat Heavy Electricals Limited (BHEL) on Friday said it has won Rs 117-billion order for setting up a 3×800 Mw thermal power plant in Jharkhand. Shares of BHEL were trading 1.34 per cent higher at Rs 87.15 on the BSE.
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The markets settled at their five-week lows as PSU banks and metal stocks tanked, while escalating tensions between the United States and North Korea continued to drive investors away from risk assets.
The Nifty PSU Bank index dipped nearly 5% after Oriental Bank, Union Bank of India and State Bank of India fell 5% each post disappointing earnings for the June quarter. Meanwhile, volatility index India VIX hit its highest in six months, suggesting market participants expect major volatility on the Nifty over the next thirty days.
Benchmark indices ended the session and the week on a negative note, with indices seeing big cuts in the day’s trade.
The Sensex closed down 317.74 points at 31213.59, while the Nifty ended lower by 109.45 points at 9710.80. The market breadth was negative as 1,003 shares advanced against a decline of 1,525 shares, while 135 shares were unchanged.
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