Equity market witnessed one of the steepest falls in the recent years on Friday as the fears of coronavirus turning into a pandemic triggered all-round sell-off at the bourses. Hopes that the epidemic that started in China would be over in a few months and economic activity would return to normal have been shattered, as new infections reported around the world now surpass those in China.
As a result, the S&P BSE Sensex nosedived 1,448 points or 3.64 per cent to end the session at 38,297. All 30 constituents ended in the red. Tech Mahindra (down around 9 per cent) took the biggest knock on the index. Other major contributors to the index were Reliance Industries (RIL), Infosys, HDFC, ICICI Bank, and TCS.
On the NSE, the 50-share index Nifty plunged 432 points or 3.7 per cent to end at 11,202.
Volatility index India VIX zoomed 29 per cent to 22.87 levels.
Sector wise, all the indices on the NSE ended deep in the red. Nifty IT index dropped over 5 per cent to 15,274 levels while Nifty Metal index cracked over 7 per cent to 2,233 levels.
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A 25 basis point (bps)-rate cut by the Reserve Bank of India (RBI) on Friday failed to cheer market participants as concerns over slowing economic growth dented investor sentiment. In its fourth bi-monthly monetary policy meet, the RBI’s monetary policy committee (MPC) did cut the repo rate, as widely expected; however, a sharp reduction in the GDP growth forecast to 6.1 per cent for the financial year 2019-20 (FY20) caught investors off guard.
Benchmark indices, S&P BSE Sensex and NSE’s Nifty50, lost over 1 per cent, thus taking their losing streak to the fifth consecutive session.
The S&P BSE Sensex dropped 434 points or 1.14 per cent to settle at 37,673.31. Financial stocks led the decline with HDFC Bank, ICICI Bank, and Axis Bank falling up to over 3 per cent.
On the NSE, the frontline index Nifty50 ended at 11,175, down 139 points or 1.23 per cent.
On a weekly basis, Sensex shed nearly 3 per cent while Nifty50 lost 2.93 per cent.
On the sectoral front, Nifty Bank index slid nearly 700 points or 2.40 per cent to settle at 27,731.85 levels, with 10 out of 12 constituents ending in the red. Nifty IT index was the only sectoral index on the NSE that ended in the green. The Nifty IT index ended at 15,340.30, up 62 points or 0.41 per cent.
In the broader market, the S&P BSE MidCap index lost 131 points or 0.94 per cent to settle at 13,713.79 levels, while the S&P BSE SmallCap index closed at 12,809, down 102 points or 0.79 per cent.
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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.
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Benchmark indices were trading higher in Friday’s afternoon trade, lifted by bank and automobile stocks.
The S&P BSE Sensex was trading around 36,890 levels, up 250 points, or 0.68 per cent. Tech Mahindra, Axis Bank, Kotak Mahindra Bank, NTPC, and Reliance Industries were the top gainers in the Sensex pack. The broader Nifty50 index was hovering near 10,920 level, up 73 points, or 0.67 per cent.
Nifty sectoral indices were trading largely in the green. While Nifty Private Bank index was up 1.2 per cent, Nifty Pharma index was down 0.5 per cent..
In the broader market, the S&P BSE MidCap index climbed 50 points, or 0.37 per cent, at 13,330 levels, while the S&P BSE SmallCap index zoomed 55 points, or 0.44 per cent, higher to 12,550 levels.
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Indices settled higher on Friday ahead of finance minister Nirmala Sitharaman’s media address, scheduled later in the day, wherein measures to revive the economy, clarity on the possible rollback of super-rich tax on FPIs, and implementation of direct tax code (DTC) are expected.
That apart, investors were also eyeing Federal Reserve chair Jerome Powell’s speech at Jackson Hole, Wyoming for clarification on whether the US central bank remains on course to deliver another interest rate cut in next month.
The benchmark S&P BSE Sensex settled 228 points, or 0.63 per cent, higher at 36,701 levels lifted by gains in metals, and public sector banks’ stocks. Vedanta, YES Bank, ONGC, and M&M were the top gainers at the 30-share index, while IndusInd Bank, ITC, ICICI Bank, and Power Grid ended as top laggards. The broader Nifty50, too, closed at 10,829-mark, up 88 points or 0.82 per cent.
The Sensex and Nifty50 settled nearly 600 and 192 points higher, respectively from the day’s low.
For the week, both Sensex and Nifty50 settled in the negative territory for second week in a row, down 2 per cent each. Further, Nifty Bank index slipped 4.5 per cent this week, registering the biggest weekly fall in 11 months, while Nifty mid-cap index settled 3 per cent lower, its biggest monthly fall.
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Heavy buying in financials, autos, metals and pharma counters and positive global cues lifted the equity markets on Friday.
The S&P BSE Sensex added 196 points or 0.55 per cent to settle at 36,064, while the NSE’s Nifty50 index closed at 10,863.50, up 71 points or 0.66 per cent.
On a weekly basis, the 30-share index Sensex rose 0.53 per cent while Nifty gained 0.66 per cent.
Among individual stocks, shares of SBI Life Insurance climbed 5.47 per cent to Rs 612.25 on the BSE after CA Emerald Investments (“Emerald”) acquired 9 per cent stake in the company through open market on Friday. The stock made a sharp rebound after falling over 12 per cent in the early trade.
Shares of SML Isuzu were locked in upper circuit of 20 per cent at Rs 682 on the BSE after the company reported strong 33 per cent year-on-year (YoY) growth in total sales at 1,282 units in February.
On the contrary, Bharti Airtel ended over 3 per cent lower at Rs 307.75 apiece on BSE after the company said its board of directors approved a fund raising plan of up to Rs 32,000 crore through a mix of rights issue and bond.
Sectorally, all the indices ended in the green, with media stocks advancing the most, followed by PSU banks and metals. The Nifty PSU Bank index ended over 2.50 per cent higher at 2,832 levels with all the 12 constituents ending in the positive territory.
In the broader market, S&P BSE MidCap index gained 184 points or over 1 per cent to settle at 14,503 while S&P BSE SmallCap surged over 2 per cent to end at 13,982.
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Benchmark indices ended over 1 per cent lower on Friday, weighed by a sharp sell-off in the automobile and metal stocks.
The S&P BSE Sensex ended at 36,546, down 425 points or 1.15 per cent, while the broader Nifty50 index settled at 10,944, down 126 points or 1.14 per cent.
Among sectoral indices, the Nifty Auto index, the top loser of the day, settled 3.6 per cent lower as Tata Motors, MRF and Mahindra & Mahindra (M&M) lost considerable ground. Nifty Metal index ended 3.4 per cent lower with SAIL and Vedanta among the top losers.
In the broader market, the S&P BSE MidCap index ended 203 points or 1.40 per cent lower at 14,328, while S&P BSE SmallCap index settled at 13,656, down 122 points or 0.89 per cent.
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After witnessing a rangebound session throughout the day, the domestic equity market ended with marginal gains on Friday, led by buying in telecom, IT and energy stocks. The S&P BSE Sensex added 33 points or 0.1 per cent to settle at 35,963, with Bharti Airtel (up 5 per cent) being the top gainer and HDFC (down nearly 2 per cent) the worst laggard. The broader Nifty50 index of National Stock Exchange (NSE) closed the day at 10,805, up 14 points or 0.13 per cent. Out of 50 constituents, 29 ended in the green while 21 in the red.
A total of 2,704 companies traded on BSE, out of which 1,260 advanced and 1,300 declined while 144 stocks remained unchanged.
Among the sectoral indices, the Nifty Pharma index is trading around 0.5 per cent lower weighed by Aurobindo Pharma and Divi’s Laboratories.
The broader market indices are moving in line with benchmarks. S&P BSE Midcap index is trading 0.16 per cent lower at 15,139 levels, while S&P BSE SmallCap is ruling 0.1 per cent lower at 14,483 levels.
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The benchmark indices settled over 1.5 per cent higher on Friday led by a sharp rise in automobile stocks amid a jump in the Asian markets which rose as China and the United States expressed optimism about resolving their bruising trade war.
The S&P BSE Sensex ended at 35,012, up 580 points (up 1.8 per cent), while the broader Nifty50 index settled at 10,553, up 173 points (up 1.7 per cent). The indices ended over 5 per cent higher this week, making it the biggest weekly gain since May 2016.
Among the sectoral indices, Nifty Auto index rose 4.2 per cent led by a rise in Maruti Suzuki, Tata Motors and Hero MotoCorp. The Nifty Bank index, too, ended 1.5 per cent led by IndusInd Bank and Axis Bank.
In stocks, the oil and gas companies rallied led by BPCL which rose 6.4 per cent to Rs 301 on the BSE while IOC ended nearly 5 per cent higher at Rs 148.
The rupee firmed against the US dollar, reclaiming the 72-per-dollar levels. The Indian currency rose to 72.53 against the greenback in intra-day trade, up from its previous close of 73.45 per dollar.
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The benchmark indices ended higher on Friday aided by strong gains in automobiles and metal stocks after the rupee firmed against US dollar. The S&P BSE Sensex ended at 38,390, up 147 points while the broader Nifty50 index settled at 11,589, up 52 points.
Among the sectoral indices, the Nifty Auto index settled 2.2 per cent higher led by a rise in the share prices of Hero MotoCorp, Bajaj Auto, Mahindra and Mahindra, and Tata Motors. Nifty Metal index, too, rose 1.9 per cent led by MOIL and Jindal Steel & Power.
The rupee was trading higher by 24 paise to 71.75 against the US currency in late morning deals on Friday due to sustained bouts of dollar selling from banks and exporters. Earlier, the rupee resumed slightly higher at 71.95 against yesterday’s closing level of 71.99 a dollar at the interbank foreign exchange market here.
Shares of YES Bank hit an over four-month low of Rs 322 per share, down 5% on the BSE on the back of heavy volumes. The stock was the largest loser among the S&P BSE Sensex and Nifty 50 index.
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