Markets end marginally up on Friday; Sensex, Nifty down 1% in Samvat 2078

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.

Rewind Samvat 2078; Outlook for 2079
Rising inflation triggered by geopolitical tensions amid the Ukraine-Russia war and ensuing global central bank action to tighten the monetary policy hit equities in Samvat 2078. Indian equities, however, proved to be resilient, bolstered by healthy retail and HNI participation, expanding systematic investment plans (SIPs), and lump-sum inflows which helped offset the large outflows from foreign portfolio investors (FPIs).

Overall, the benchmark S&P BSE Sensex and the Nifty50 dipped 0.7 per cent in Samvat 2078, while the BSE MidCap index fell about 4 per cent. The BSE SmallCap index, meanwhile, added 0.1 per cent.

As we enter Samvat 2079, analysts expect markets to remain under pressure and witness more volatility in the near-term on account of deterioration in global macros, and uncertainties prevailing in western economies.

Axis Bank soared 9% on the back of strong Q2 performance. The stock hit a record high at Rs 905 in trades on Friday. Analysts see up to 37 per cent upside on sustained earnings growth.

Shares of Life Insurance Corporation of India (LIC), PB Fintech and Delhivery have continued their southward journey, as shares hit their respective all-time lows in Friday’s trade.

Shares of Indian Energy Exchange (IEX) hit a 52-week low of Rs 134 as they declined 5 per cent on the BSE amid heavy volumes. The company reported 11 per cent year-on-year (YoY) fall in total revenue at Rs 113.80 crore in the September quarter (Q2FY23), while its profit after tax contracted 8 per cent YoY to Rs 71.20 crore.

Shares of Triveni Turbine hit a record high of Rs 285.40 as they rallied 5 per cent on the BSE in Friday’s intra-day trade on healthy business outlook.

Here are some picks from the week gone by.