The frontline indices snapped their eight-day winning streak run as investors preferred to take home some profits ahead of the weekend and upcoming RBI policy next week. Auto and IT shares, in particular, witnessed selling pressure.
The S&P BSE Sensex dropped to a low of 62,680, and ended 415 points lower at 62,869. In the process, the benchmark trimmed its weekly gain to 575 points.
The NSE Nifty 50 settled just a shade below the 18,700-level, down 117 points on Friday.
Among the Sensex 30 shares, auto stocks were the major losers as they reacted to the monthly auto sales numbers. Mahindra & Mahindra slipped over 2 per cent. Maruti was down 1.5 per cent.
Hindustan Unilever, Nestle India, HDFC, Asian Paints, Bajaj Finance, PowerGrid Corporation, ICICI Bank, Sun Pharma, TCS and Infosys were the other significant losers, down over a per cent each.
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Equity markets remained listless on Friday, swinging occasionally between gains and losses, as lack of domestic and global cues kept investors on the sideline. The S&P BSE Sensex settled today’s session 37 points, or 0.06 per cent, higher at 58,803. The NSE Nifty50, meanwhile, shut shop at 17,539, down 3 points or 0.02 per cent.
The broader markets, however, exhibited a strong show during the end but ended mixed. The BSE MidCap index dipped 0.35 per cent while the BSE SmallCap index eked out gains of 0.04 per cent.
Among sectors, the Nifty Financial Services and FMCG indices added 0.5 per cent and 0.4 per cent, respectively, while the Nifty PSU Bank index fell 0.77 per cent.
Shares of Adani Enterprises hit a record high of Rs 3,369 after they gained 4 per cent on the National Stock Exchange (NSE) in Friday’s intra-day trade. The spurt comes after the NSE announced the company’s inclusion in the benchmark Nifty 50 index.
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Benchmark equity indices slumped over 1 per cent in Friday’s intra-day session but made a sharp V-shaped recovery to end the day with little change. Financials and metals exerted pressure on the bourses, even as gains in Reliance Industries, FMCG and select private bank stocks tried to limit the losses.
The S&P BSE Sensex fell 722 points intra-day but recovered to close 21 points, or 0.04 per cent, higher at 52,344 levels. The broader Nifty50 index, meanwhile, bounced back from the day’s low of 15,451 to end at 15,683 levels, down 8 points or 0.05 per cent.
The correction was deeper in the broader markets where the BSE MidCap and SmallCap indices closed 0.70 per cent and 0.89 per cent down, respectively.
Overall, the market breadth was heavily skewed towards bears with the Advance to Decline ratio standing at 1:2. ONGC, Coal India, Power Grid, JSW Steel, UPL, NTPC, M&M, SBI, and Nestle India were the top laggards among the large-cap stocks while Mahanagar Gas, Ashok Leyland, SAIL, Canara Bank, Max Financial Services, Graphite India, HEG, Hindustan Copper, Affle India, and Wockhardt Pharma cracked in the mid and small-cap segments.
Sectorally, the Nifty PSU Bank declined nearly 2 per cent while the Nifty Auto, Metal, and Realty indices slipped up to 1 per cent each. On the upside, the Nifty FMCG index ended 0.29 per cent higher.
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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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The domestic benchmark indices ended Friday’s volatile session in the negative territory amid weak global cues.
Among headline indices, the S&P BSE Sensex ended 136 points or 0.34 percent lower at 39,614 levels and the broader Nifty50 index ended at 11,642, down 28 points, or 0.24 percent. Bharti Airtel (down 4 percent), Maruti (down over 2 percent), and HUL (down 2 percent) were the top Sensex drags. On the other hand, Tata Steel (up over 2 percent), and NTPC (up 2 percent) were the biggest gainers on the index.
Volatility index, India VIX, rose 3 percent to 24.7 levels.
Shares of Cholamandalam Investment rallied 15% in two days on strong Q2 results. The company’s profit after tax (PAT) increased 41 percent at Rs 432 crore on improvement in net income margin and lower operational expenses. It had posted a profit of Rs 307 crore in the corresponding quarter of the previous fiscal.
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