The domestic stock market ended flat with a positive bias on Friday. The S&P BSE Sensex settled 14 points, or 0.04 per cent higher at 38,854.5 levels while NSE’s Nifty ended at 11,464, up 15 points, or 0.13 per cent. India VIX dropped nearly 3 per cent to 20.68 levels.
SBI (up 2 per cent) ended as the top gainer on the S&P BSE Sensex while IndusInd Bank (down nearly 2 per cent) was the biggest loser. Of 30 constituents, 10 advanced while 20 declined.
On a weekly basis, Sensex gained 1.29 per cent while Nifty added 1.15 per cent.
The broader market, however, fared better than the frontline indices. The S&P BSE MidCap index settled at 14,660 levels, up 0.58 per cent and the S&P BSE SmallCap index ended 0.52 per cent higher at 14,558.
Sectorally, IT stocks rallied the most. The Nifty IT index ended 1.29 per cent higher at 18,633 levels. Nifty PSU Bank index gained 0.79 per cent while Nifty FMCG index settled 0.63 per cent higher at 30,972 levels.
Shares of Wipro and Tata Elxsi hit their respective 52-week highs on the BSE on Friday on the expectation of strong earnings growth in the current quarter (July-September) of the financial year 2020-21 (FY21). READ MORE
Shares of Max Healthcare Institute (MHIL) hit a high of Rs 133.80 on the BSE during the day on the back of heavy block deals. The stock settled at Rs 131.30, up around 17.5 per cent.
Strides Pharma ended nearly 13 per cent higher at Rs 685.90. In the past two months, the stock has rallied over 64 per cent after the company reported strong performance across all business segments in the April-June 2020 quarter (Q1FY21) despite significant disruptions and ambiguity in the business environment due to Covid 19.
Continue Reading →
Equity market ended Friday’s highly volatile session on a subdued note even as the Reserve Bank of India (RBI), in an emergency move, slashed the repo rate by a huge 75 basis points (bps) to arrest the potential downturn in the economy due to coronavirus (Covid-19) pandemic. In addition, the RBI imposed a moratorium on principal and interest payments for three months and told banks and non-banking finance companies that that non-payment won’t be considered as non-performing assets (NPA).
The S&P BSE Sensex closed at 29,816, down 131 points or 0.44 per cent, with Axis Bank (up 5 per cent) being the top gainer and Bajaj Finance (down 9 per cent) the worst performer. Besides Bajaj Finance, stocks that contributed the most to the Sensex’s fall were Bharti Airtel (down 6 per cent), HUL (down 3 per cent), and HDFC Bank (down 1 per cent).
NSE’s frontline index Nifty50 ended at 8,660, up 19 points or 0.22 per cent.
On a weekly basis, Sensex slipped 0.33 per cent while Nifty fell 0.97 per cent.
On the sectoral front, auto stocks slipped the most, thus snapping their three-day gaining streak. The Nifty Auto index ended around 2.5 per cent lower at 4,939 levels. On the other hand, private banks gained the most with the Nifty Private Bank index ending 1.72 per cent higher at 10,738 levels.
Volatility index India VIX eased 0.77 per cent to 70.97 levels.
In the broader market, the S&P BSE MidCap index ended at 10,538, up 0.29 per cent while the S&P BSE SmallCap index ended 0.28 per cent higher at 9,497 levels.
Continue Reading →
Equity market came under pressure on Friday after the Supreme Court (SC) rejected the telecom companies’ plea seeking new schedule of adjusted gross revenue (AGR) payments and directed them to clear their dues to the government by March 17.
The S&P BSE Sensex slid 202 points or 0.49 per cent to settle at 41,258, with IndusInd Bank (down 4 per cent) being the top loser and Bharti Airtel (up nearly 5 per cent) the biggest gainer.
On the NSE, the benchmark Nifty50 index ended at 12,113, down 61 points or 0.5 per cent.
Among telcos, Vodafone Idea tumbled over 23 per cent to Rs 3.44 apiece on the BSE post the AGR verdict. Bharti Infratel settled nearly 6 per cent lower at Rs 231. On the other hand, Bharti Airtel jumped 5 per cent to a fresh lifetime high of Rs 565 on the BSE as investors bet on a potential duopoly in the Indian telephony market after the Supreme Court today rejected the telcos’ review plea on adjusted gross revenues (AGR) payments. The stock settled at Rs 564, up around 4.5 per cent.
Financial and banking stocks, too, took a beating following the decision as, according to reports, they have high exposure to Vodafone Idea’s debt. Nifty Bank tumbled 395 points or over 1 per cent to 30,835 points.
In the broader market, the S&P BSE MidCap index slipped 0.8 per cent while the S&P BSE SmallCap index settled 0.4 per cent lower at 14,683.
Continue Reading →
Bulls held their reigns for the second consecutive day on Friday, as markets decisively stayed in the positive territory after a mild blip in the early morning trade. Pre-budget rally and decent Q3FY20 results throughout the day were the biggest factors driving the markets today. Banking counters were leading the charge from the front with HDFC twins, ICICI Bank, Kotak Mahindra Bank, and Axis Bank being the top contributors of the gains today.
The benchmark S&P BSE Sensex surged 421 points off day’s low to hit an intra-day high of 41,697.03. At close, the Sensex settled at 41,613.19 level, up 226.79 points or 0.55 per cent. UltraTech Cement, L&T, Tech Mahindra, and Kotak Mahindra Bank were the top gainers on the 30-share index, while Power Grid, IndusInd Bank, TCS, and Reliance Industries were the top laggards.
On the NSE, the Nifty50 reclaimed the 12,250-mark in the intra-day trade today and hit a high of 12,272.15. The 50-share index ended 67.90 points, or 0.56 per cent, higher at 12,248.25 mark. Sectorally, all the key indices settled in the positive territory barring Nifty IT and Pharma indices. Nifty Metal index settled 1.02 per cent higher, followed by Nifty Financial Services index (up 0.9 per cent) and Nifty Bank index (up 0.8 per cent).
Broader markets continued their outperformance on Friday as well, with the S&P BSE mid-cap index hitting its fresh 52-week high in the intra-day trade today. At close, the index was at 15,826.57 level, up 0.8 per cent. The S&P BSE small-cap index, meanwhile, settled 0.5 per cent higher at 14,848.49.
Continue Reading →
Extending its slide for the second consecutive day, the domestic equity market ended with nearly half a per cent loss on Friday, mainly dragged by information technology (IT) shares. Besides, uncertainty on US-China trade deal talks, too, hurt sentiment.
The S&P BSE Sensex lost 216 points or 0.53 per cent to end at 40,359 levels. During the day, the index hit a high and low of 40,653.17 and 40,276.83, respectively. Tata Steel (up over 4 per cent) was the top gainer on the index while IT major Infosys (down around 3 per cent) was the biggest loser.
On the NSE, the broader Nifty50 index ended at 11,914, down 54 points or 0.45 per cent with 29 constituents declining and 21 advancing.
In the broader market, the Nifty Midcap 100 index ended flat at 16,868, up just 5 points or 0.03 per cent while Nifty Small Cap 100 index ended at 5,702, down over 4 points or 0.08 per cent.
India VIX declined over a per cent to 14.82 levels.
Sectorally, IT stocks declined the most with the Nifty IT index ending 2 per cent lower at 14,996 after reports said Goldman Sachs has downgraded counters such as Tata Consultancy Services (TCS), Wipro, and Mphasis. The brokerage, as per reports, noted that the IT sector, as a whole, will face cyclical hiccup ahead and the current valuation of the sector is at premium to historical average.
Financial and FMCG stocks, too, ended in the negative territory. On the flip side, metal stocks witnessed sharp rally in the fag-end of the session. Nifty Metal index added over 2 per cent to 2,521 levels.
Continue Reading →
It was a historic day for the equity markets on Friday as the frontline indices rallied over 5 per cent after Finance Minister Nirmala Sitharaman announced reduction in corporation tax. The FM announced that the effective corporate tax rate will be lowered to 25.75 per cent.
Benchmark indices – S&P BSE Sensex and Nifty50 — posted their biggest single-day gain in 10 years while the Nifty Bank and Nifty MidCap index posted the biggest-ever single-day gain. The market capitalisation of BSE-listed stocks saw an increase of nearly Rs 7 lakh crore.
The benchmark S&P BSE Sensex added 1,921 points or 5.32 per cent to settle at 38,014.62, with Hero MotoCorp (up 13 per cent) being the top gainer and Power Grid Corporation (down over 2 per cent) the biggest loser.
On NSE, the Nifty50 index ended at 11,274 levels, up 569 points or 5.32 per cent, with 44 out of 50 constituents advancing and 6 ending in the red.
Volatility index India VIX dropped over 1 per cent to settle at 15.34 levels.
In the broader market, the S&P BSE MidCap index gained 835 points or over 6 per cent to end at 14,120 and the S&P BSE SmallCap Index settled at 13,204.25, up 501 points or nearly 4 per cent.
On the sectoral front, barring IT stocks, all the sectoral indices on the NSE ended in the green. The Nifty IT index settled 0.20 per cent lower at 15,491.05 levels.
Continue Reading →
Benchmark indices extend their losses in Friday’s last-hour trading session, dragged down by heavyweights like HDFC twins and Reliance Industries.
The S&P BSE Sensex dipped 372 points, or 0.94 per cent, to 39,229, with YES Bank, Maruti Suzuki, Sun Pharma, HDFC, and Hero MotoCorp leading the list of losers. The broader Nifty50 index slipped 97 points, or 0.82 per cent, to 11,734.
All the NSE sectoral indices except Nifty PSU Bank indices were trading in the red. Nifty Pharma and Nifty Auto indexes, down 1.5 per cent each, took the deepest cuts.
In the broader market, the S&P BSE MidCap index was trading 92 points, or 0.63 per cent, lower at Rs 14,588, while the S&P BSE SmallCap gave up its early gains to trade 13 points, or 0.09 per cent, lower at 14,052.
Continue Reading →
Benchmark indices ended Friday’s volatile session with marginal gains, lifted by HDFC twins and bank stocks amid weakness in pharma counters.
The S&P BSE Sensex rose 86 points, or 0.2 per cent, to 39,616, with IndusInd Bank, Bajaj Finance, Mahindra & Mahindra, State Bank of India, and ICICI Bank being the top gainers. Only 12 of the 30 BSE constituents ended the day in the green.
The broader Nifty50 index added 27 points, or 0.23 per cent, to 11,871. About 1058 shares advanced, 1390 shares declined, and 146 shares remained unchanged on the NSE.
The Nifty sectoral indices traded mixed, with Nifty Fin Service index gaining the most 0.9 per cent, while the Nifty Pharma index slipped the most 1.2 per cent.
In the broader markets, the S&P BSE MidCap index dipped 25 points, or 0.17 per cent, to 14,906, while the S&P BSE SmallCap index was down 16 points , or 0.1 per cent, to 14,657.
Continue Reading →
The benchmark indices settled over 0.5 per cent higher on Friday after Finance Minister Piyush Goyal announced a string of populist measures in his Interim Budget 2019 speech in the Parliament.
The S&P BSE Sensex ended at 36,469, up 213 points or 0.59 per cent, while the broader Nifty50 index settled at 10,894, up 63 points or 0.58 per cent.
In the broader market, the S&P BSE MidCap index ended at 14,641, up 81 points or 0.56 per cent, while the S&P BSE SmallCap settled at 13,950, up 24 points or 0.17 per cent.
Among sectors, the Nifty Auto index was the top gainer of the day, rising 2.71 per cent led by Hero MotoCorp and Maruti Suzuki. The Nifty IT index too rose 1.45 per cent led by HCL Technologies and Tech Mahindra.
In a major relief to the middle-class taxpayer, Finance Minister Piyush Goyal, in his Interim Budget 2019 speech announced that those earning up to Rs 5 lakh a year would not have to pay any tax. He also said that those with an annual income of up to Rs 6.5 lakh would not have to file income-tax returns.
Goyal also announced PM Kisan Samadhan Nidhi scheme in which, farmers owning up to 2 hectares of land will get Rs 6,000 per annum, which will be completely funded by the central government. This scheme is likely to benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore, he said. Apart from this, he also said that the government has set aside Rs 60,000 crore for MGNREGA this year, and allocated Rs 19,000 crore for Pradhan Mantri Gram Sadak Yojana.
The finance minister also said that the country’s defence budget for FY20 has been increased to Rs 3 lakh crore.
The government allocated Rs 64,587 crore for railways in FY20, Goyal said adding that the railway operating ratio was seen 96.2 per cent in FY19 vs 95 per cent in FY20.
Continue Reading →
