It was a range-bound trade on the bourses on Friday as investors awaited US Fed chief Jerome Powell’s address at the Jackson Hole Symposium later tonight. The S&P BSE Sensex traded between 58,723 and 59,321, and ended at 58,834, up 59 points or 0.1 per cent.
The NSE Nfty50, meanwhile, shut shop at 17,559, up 36 points or 0.21 per cent. It touched a high of 17,686 and a low of 17,519 on the NSE. In the broader markets, the Nifty MidCap 100 and the Nifty SmallCap 100 settled up to 0.7 per cent higher.
Among sectors, the Nifty Metal index rose 1.7 per cent, followed by the Nifty PSU Bank index, up 1 per cent. On the flipside, the Nifty Private bank index fell 0.3 per cent.
Shares of Syrma SGS Technologies (Syrma) soared 42.2 per cent to Rs 313 against its issue price of Rs 220 per share on debut on Friday. The stock of the industrial electronics company listed at Rs 262, a 19 per cent premium when compared to its issue price on the BSE. On NSE, the stock started trading at Rs 260.
The Rs 562-crore IPO of DreamFolks received a bumper response from investors on the last day of the issue. The offer was subscribed nearly 53 times till 3:30 PM with retail investors’ quota at 42x subscription, NII at 37.5 times, and QIB at 64 times.
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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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Investors lightened their portfolios and decided to sit on cash on Friday as they await Finance Minister Nirmala Sitharaman’s third Union Budget presentation due on Monday, February 1. In a sea-saw trade today, stock specific moves swayed markets even as overall mood remained subdued.
At the index level, the benchmark S&P BSE Sensex swung 1,260 points in the intra-day trade and hit an intra-day high and low of 47,424 and 46,160. The index eventually settled 588 points, or 1.26 per cent, lower at 46,286 levels. Dr Reddy’s Labs (down 5.5 per cent) was the top loser on the index after the pharmaceutical major’s consolidated net profit came in at Rs 19.8 crore for the quarter ended December, sharply lower than analysts’ estimate of Rs 726.5 crore.
That apart, Maruti Suzuki, Bajaj Auto, Infosys, Bharti Airtel, and Bajaj Finserv, down between 5 per cent and 2.5 per cent, were the top drags. On the flipside, IndusInd Bank (up nearly 6 per cent), Sun Pharma, HDFC Bank, and ICICI Bank were the only gainers on the Sensex.
On the NSE, the Nifty50 index closed at 13,635 levels, down 183 points or 1.32 per cent. The index hit an intra-day low of 13,597.
Both the benchmarks have erased around 5 per cent during the week.
The broader market, however, remained relatively stable with the S&P BSE MidCap and S&P BSE SmallCap index down 0.69 per cent and 0.25 per cent, respectively at close.
On the sectoral front, financial and realty stocks held their ground with the Nifty PSU Bank and Realty indices settling 1.7 per cent and 0.7 per cent higher, respectively. On the downside, Nifty Auto index tumbled around 3 per cent, while Nifty Pharma and Metal indices declined around 2 per cent each.
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The benchmark indices ended on a subdued note on Friday; however, the mid and small-cap indices logged decent gains during the session.
The S&P BSE Sensex settled at 38,041, up 15 points or 0.04 per cent with Asian Paints (up over 4 per cent) being the top gainers and Titan Company (down over 2.5 per cent) the biggest loser. NSE’s Nifty50 ended at 11,214, up 14 points, or 0.12 per cent. India VIX dropped over 3 per cent to 22.37 levels.
In the broader market, the S&P BSE MidCap index gained over 200 points or 1.4 per cent to end at 14,219 while the S&P BSE SmallCap index closed the session at 13,669, up 106 points, or 0.78 per cent.
On a weekly basis, Sensex gained 1.15 per cent while Nifty added 1.26 per cent.
The sectoral trend on the NSE was mixed. While IT and pharma stocks fell, auto, metals and financial stocks gained. The Nifty IT index slipped 1 per cent to 18,004 levels while the Nifty Pharma index ended at 11,333, down 0.6 per cent. On the other hand, Nifty Metal gained 0.85 per cent and Nifty Auto rose 0.75 per cent. Nifty Bank ended 0.5 per cent higher at 21,754 levels.
Shares of Bayer CropScience hit an all-time high of Rs 6,449 apiece on the BSE during the day after the company reported encouraging numbers for the quarter ended June 2020 (Q1FY21). The stock ended at Rs 6,139, up 9 per cent.
Shares of Lupin ended over 6 per cent lower at Rs 879.40 on the BSE after the pharmaceutical company’s net profit for April-June quarter declined 60 per cent on a yearly basis to Rs 106.9 crore. Lupin had posted a profit of Rs 264.7 crore in the corresponding period of the previous year.
Shares of Torrent Power rallied 9 per cent to hit a 52-week high of Rs 357.50 on the BSE during the day after the company posted a 35.3 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 372.66 crore against Rs 275.27 crore in the corresponding quarter of the previous fiscal. The stock ended at Rs 337, up nearly 3 per cent.
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Source: https://stockarchitect.com/sector/Other-Elect010Equip010-OR–Prod010
