Benchmark indices staged a smart-recovery during the second half of the trading session, led by healthy buying in metal and PSU bank stocks, to end the day around flat line on Friday. The markets, however, snapped their four-day winning run and ended lower amid weak global cues.
The BSE Sensex index opened gap-down and hit a low of 60,757 in early deals today. It staged a smart come-back and bounced 567 points intra-day to hit a high of 61,324.5. However, losses in private banks and select heavyweights such as HUL and Bharti Airtel held it from ending in the green zone. By close, the BSE 30-pack index stood at 61,223, down 12 points or 0.02 per cent.
Following a similar trajectory, the NSE Nifty hit a low of 18,120 in early deals but recouped losses to hit a high of 18,287. It, eventually, pared gains and ended 2 points down at 18,256 level.
TCS, Infosys, L&T, Tech M, and HDFC Bank were the top gainers on the Sensex today, while Tata Consumer Products, IOC, BPCL, and Adani Ports were the additional gainers on the Nifty. All these stocks gained between 1 and 4 per cent.
On the downside, Asian Paints, Axis Bank, UPL, HUL, ONGC, M&M, and Nestle India were the top laggards.
The broader market, however, outperformed the benchmarks and ended higher on Friday. The BSE MidCap index eked out 0.24 per cent gains while the BSe SmallCap advanced 0.5 per cent.
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The key benchmark indices snapped their 3-day winning run as traders preferred to book profits following the recent smart gains, given the unpredictable news flow around the Omicron threat.
The BSE benchmark index had touched a high of 57,624 in opening trades helped positive overseas cues, but soon dipped into red and dropped to a low of 56,813 – down 810 points from the day’s high. The BSE index, thereafter, did recoup losses in intraday deals but eventually ended 191 points lower at 57,124.
In the process, the BSE Sensex ended the week with a marginal gain of 84 points.
The NSE Nifty moved in a range of 246 points, from a high of 17,156, the index tested a low of low of 16,910 and finally finished with a loss of 69 points at 17,004.
HCL Technologies was the top gainer among the Sensex 30 stocks, it gained 3 per cent at 1,265 on the back of heavy volumes amid buzz that the promoters were suppose to buyback shares from the open market at a 5 per cent premium.
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In a volatile session on Dalal Street, the benchmark indices tumbled from record high levels to snap their three-day winning run amid losses in RIL, IT stocks and select banking counters. Despite a firm global market sentiment, the Indian indices settled in the red as profit taking ensued following a steep rally in the indices which saw them hitting significant landmarks.
After touching a record high of 59,737, the BSE barometer Sensex plunged 721 points from the high to end at 59,016, down 125 points. At the same time, its NSE counterpart Nifty50 settled the day 44 points down at 17,585. The 50-pack index had touched record peak of 17,793 in morning session. However, on the weekly basis, the benchmark indices gained, thus taking their winning run to the fourth straight week.
The fall was more pronounced in the broader markets. The BSE Midcap index sank 1.14 per cent and BSE Smallcap index 1.06 per cent, thus, underperforming benchmark Sensex. Overall, the advance-decline ratio on BSE stood at nearly 1:2, indicating that for every one share that rose, two declined.
Sectorally, PSU Bank index tanked the most among all sectors, reversing strong gains that were seen on Thursday amid expectations that FM Nirmala Sitharaman would announce National Asset Reconstruction Company Ltd (NARCL) that would acquire bad loans in an attempt to resolve them. While the announcement did come, investors preffered to take profits off the table, pushing the index 2.96 per cent lower.
It was closely trailed by Nifty Media & Realty that shed 2.38 per cent and 2.35 per cent, respectively. On the other hand, Nifty Media, Nifty Financial Services, Nifty Bank and Nifty Private Bank were the gainers. Nifty Auto setlled the day unchanged.
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Large-cap stocks staged a spectacular rally on Friday, and lifted benchmark indices to fresh all-time highs. Tata Consumer Products (up 4 per cent) emerged as the top gainer, followed by TCS, LT, HCL Tech, Tata Steel, HDFC Bank, Bharti Airtel, Infosys, Wipro, HDFC, RIL, and ITC.
Overall, the S&P BSE Sensex went past the 55,400-mark for the first time and hit a new milestone of 55,488 in the intra-day trade. Meanwhile, the broader 50-share index on the NSE surpassed the 16,450-mark and rallied ahead to hit an all-time high of 16,543.6.
By close, both the indices were quoting at 55,437 and 16,529 levels, up 593 and 165 points, respectively.
On the contrary, broader indices underperformed and ended mildly lower. The MidCap and SmallCap indices slipped 0.06 per cent and 0.01 per cent, respectively.
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Indian Equities declined in-line with Asian peers on Friday as rapidly spreading Delta variant of Covid-19 in the region fanned fears of a stalled growth. That apart, Washington’s call to add at least 10 Chinese entities to its economic blacklist over alleged human rights abuses and high-tech surveillance in Xinjiang pulled benchmarks in Japan, South Korea, and China down by up to 1 per cent.
Back home, the S&P BSE Sensex dropped 183 points, or 0.35 per cent, to settle at 52,386 levels while NSE’s 50-share benchmark declined 38 points, or 0.24 per cent, to close at 15,690 levels. Heavyweights, TCS, HDFC Bank, Reliance Industries, Axis Bank, Kotak Bank, and HDFC were the top laggards along with Wipro, Bajaj Auto, and M&M.
The broader markets, on the flipside, settled about half a per cent higher. Sectorally, the Nifty Private Bank index was the biggest drag, down 0.6 per cent. On the upside, the Nifty Realty index zoomed 2.4 per cent.
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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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The benchmark indices witnessed a see-saw trade on Friday as markets failed to breach crucial resistance zones at the higher levels. As per technical charts, if the frontline S&P BSE Sensex and the Nifty surpass their psychological levels of 50,000 and 15,000 levels, respectively, then the indices may log a 4-per cent rally in the short-term.
However, with the Covid-19 situation in the country getting grimmer day by day, market participants have stayed on the sidelines. During Friday’s session, the Sensex index dropped 250 points from day’s high of 49,089 to settle 28 points, or 0.06 per cent higher at 48,832.
The NSE’s Nifty50, on the other hand, ended at 14,618 levels, up 36 points or 0.25 per cent. The index had reached an intra-day high of 14,698.
Wipro, which jumped 10 per cent in the intra-day trade and hit a record high of Rs 474 on the NSE, ended as the top gainer (up 9 per cent) on the Nifty after clocking its best performance in the March quarter in a decade. ICICI Securities said that the key highlights of the quarter were healthy deal wins, up 16.7 per cent QoQ, to $1.4 billion, healthy net addition of 7,404 employees, higher offshore up 180 bps to 54.5 per cent. READ MORE
That apart, Hindalco, Asian Paints, Cipla, BPCL, HCL Tech, and UltraTech Cement were the other best performing stocks on the Nifty, up in the range of 2 per cent to 4 per cent. On the downside, Tata Steel, L&T, ICICI Bank, SBI, Bajaj Finance, and JSW Steel slipped up to 2 per cent to end as top drags on the index.
Investor participation in the broader markets, however, remained strong with the S&P BSE MidCap and SmallCap indices settling 1.2 per cent and 1.05 per cent higher, respectively.
Sectorally, the Nifty Pharma index ended 2 per cent higher while the Nifty Auto, IT, Metal, and FMCG indices gained between 0.6 per cent and 1.2 per cent. On the downside, the Nifty Bank, PSU Bank, and Realty indices slipped up to 0.6 per cent.
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A tug of war between bulls and bears was ultimately won by the bulls on Thursday, the day of the expiry of the weekly F&O contracts. That apart, buoyancy in the global markets on the back of a $2 trillion US government spending plan, and record GST collection for the month of March back home gave the requisite armour to investors.
Among the frontline indices, the benchmark S&P BSE Sensex reclaimed the 50,000-mark on a closing basis and closed at 50,030, after advancing 521 points or 1.05 per cent. Earlier in the day, the index had briefly slipped in the red to touch a low of 49,478.5. On the NSE, the Nifty50 index closed at 14,867 levels, up 177 points or 1.2 per cent.
The index breadth remained firmly in the favour of the bulls as 25 of the 30 constituents on the Sensex and 41 of the 50 constituents on the Nifty settled the session in the green. IndusInd Bank, Kotak Mahindra Bank, ICICI Bank, Bajaj Finance, Sun Pharma, Axis Bank, and UltraTech Cement outperformed the Sensex today, up between 2 per cent and 4 per cent. JSW Steel, Hindalco, Adani Ports, Tata Steel, and Hero MotoCorp were the additional gainers on the Nifty, rallying up to 8 per cent.
On the downside, HUL, Nestle India, TCS, Divis Labs, HDFC Life, TCS, and Titan ended lower between 0.32 per cent and 1.3 per cent.
Taking into consideration the BSE MidCap and SmallCap indices’ 1.66 per cent and 2 per cent gains, respectively, the overall market breadth was in the ratio of 1:3 in the favour of advances.
As regards sectoral performance, the Nifty Metal index settled over 5 per cent higher on the NSE today, followed by the Nifty PSU bank index, up 2.6 per cent. The Nifty Bank, Auto, Financial Services, Private Bank, and Pharma indices, meanwhile, gained up to 2 per cent. The Nifty IT and Realty indices closed with less than a per cent gain.
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Breaking away from two-straight sessions of bear hammering, bulls were back in action on Dalal Street. Parked near day’s high, the benchmark indices ended Friday’s session with over one per cent gains amid healthy buying in metal, financial, and auto stocks.
The Nifty Metal index ended nearly 4 per cent higher, while the Nifty Financial Services, FMCG, and Auto indices ended with around 2 per cent gains. Realty, bank, pharma and IT indices, meanwhile, advanced up to 1.5 per cent.
Among the benchmark indices, the frontline S&P BSE Sensex closed with gains of 568 points, or 1.17 per cent, at 49,008 level. The broader Nifty, on the other hand, reclaimed the 14,500-mark on a closing basis and settled at 14,507 level, up 182.4 points or 1.27 per cent.
Bajaj Finserv, Asian Paints, HUL, Titan Company, Bajaj Auto, and HDFC were leading the list of gainers on the Sensex, up between 2.7 per cent and 4.4 per cent. Tata Steel, Tata Motors, Bharti Airtel, and Adani Ports were the additional gainers on the Nifty with up to 6 per cent returns today.
On the downside, PowerGrid, IndusInd Bank, ITC, Maruti Suzuki, UPL, and TCS declined the most on the benchmark indices, down up to 2 per cent.
Overall, the S&P BSE MidCap index ended 1.66 per cent higher, while the SmallCap counterpart closed with a per cent gain.
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Images on investors’ trading screens turned around 180 degrees by the end of the session on Friday as bulls fought back to lift indices over a per cent higher. A drop in the US Treasury yield and a GDP growth upgrade by Moody’s for India helped the markets snap 5-day losing streak.
Tracking sluggishness in the global markets, the domestic equity markets opened in a sea of red with the frontline indices dropping over a per cent. The dip was, however, quickly bought-into, pushing markets in the positive territory in less than 120 minutes into the trade.
Mood in the global markets changed after the US Treasury yields slipped to 1.5 per cent from Thursday’s high of 1.74 pe cent. Back home, Moody’s Analytics said India’s economy is likely to grow by 12 per cent in CY2021 following a 7.1 per cent contraction last year as near-term prospects have turned more favourable.
Consequently, bulls reigned on Dalal Street for the first time in six days riding on the back of FMCG and metal counters. Both, the Nifty FMCG and Metal indices, ended over 2 per cent higher each, followed by gains in the Nifty Pharma and PSU Bank indices, up over 1 per cent. Other indices settled with less than a per cent gains, while the Nifty Realty index ended in the red, down 0.7 per cent.
Among the key headline indices, the 50-share barometer on the NSE closed above the 14,700-mark at 14,744 levels, up 186 points or 1.28 per cent. The 30-share benchmark Sensex, on the other hand, advanced 642 points, or 1.3 per cent, to end at 49,858 levels. In the intra-day deals, the Sensex and the Nifty touched 50,003 and 14,788, respectively jumping 1,416 and 350 points from day’s low.
Individually, HUL, Power Grid, JSW Steel, Tata Steel, NTPC, UPL, Reliance Industries, Divis Labs, Gail, and UltraTech Cement were the top gainers on the Nifty, while L&T, Coal India, Tech M, Bajaj Auto, Titan, and ONGC ended as the top laggards.
In the broader markets, the S&P BSE MidCap and SmallCap indices closed 1.35 per cent and 0.4 per cent higher, respectively.
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