Equity markets turned volatile on Thursday after the Reserve Bank of India’s (RBI’s) Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 6.5 per cent during its bi-monthly policy meeting. This was against Markets’ expectations of a 25-basis point hike. The dovish decision lifted investors’ spirits marginally as governor Shaktikanta Das said the move was only “a pause and not a pivot”.
Given this, the benchmark S&P BSE Sensex swung 430 points during the day, before ending 144 points, or 0.24 per cent, higher at 59,833. The Nifty50, too, settled near 17,600-mark at 17,599, up 42 points or 0.24 per cent.
The broader markets, meanwhile, outran the frontline indices with 0.7 per cent gain each on the BSE MidCap and SmallCap indices.
Among sectors, rate-sensitive Realty index surged nearly 3 per cent, followed by the Nifty Auto index (up 0.9 per cent), and the Nifty PSU Bank index (up 0.33 per cent). The Nifty IT index, however, capped gains as it fell 0.75 per cent.
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Domestic markets rallied smartly in trades on Friday, as positive global cues coupled with the Rs 15,446 crore stake buy by GQG Partners in Adani Group boosted sentiment. The Group shares along with PSU Banks and select index heavyweights were the major gainers.
The S&P BSE Sensex soared to a high of 59,967, and ended with a gain of 900 points at 59,809. In the process, the BSE benchmark was up 345 points for the week.
The NSE Nifty 50 touched a high of 17,645, before signing-off at 17,594 – up 272 points. The Nifty was up 128 points for the week.
The positive sentiment had a spillover effect on PSU Banks. The Nifty PSU Bank index soared 5.4 per cent to 3,970. UCO Bank and Union Bank galloped over 8 per cent each. Maharashtra Bank, Punjab & Sind Bank, Indian Overseas Bank, Bank of India and Indian Bank rallied over 6 per cent each. SBI and Canara Bank vaulted over 5 per cent each.
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Domestic equities’ losing run entered sixth straight session on Friday as growth concerns, amid fears of elevated interest rates, hurt sentiment. The S&P BSE Sensex fell 142 points, or 0.24 per cent, to close at 59,464, while the Nifty50 declined 45 points, or 0.26 per cent, to end at 17,466.
Adani Enterprises (down 5 per cent), Hindalco, JSW Steel, M&M, Tata Steel, SBI Life, L&T, Tata Motors, BPCL, HDFC Life, HDFC, and HDFC Bank were the top laggards. On the flipside, ONGC, Divis Labs, Asian Paints, Coal India, Adani Ports, Bajaj Auto, Power Grid, and NTPC eked out gains.
In the broader markets, the BSE MidCap index dipped 0.17 per cent, and the BSE SmallCap index eased 0.15 per cent. Sectorally, the Nifty Metal index plunged 3 per cent, followed by the Nifty PSU Bank index (down 0.8 per cent).
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The key benchmark indices wilted under the selling pressure on Friday amid fears of higher interest rates globally. Banks and realty stocks bore brunt of the selling pressure, as the Sensex and Nifty snapped their three-day winning run.
The S&P BSE Sensex started the day with a negative gap of over 300 points at 60,994; the index did recoup losses but could only manage to touch a high of 61,303. A fresh round of selling in noon deals, saw the BSE benchmark slide to a low of 60,811 – down 509 points from the previous day’s close.
Some buying in late trades helped the Sensex trim losses and end at 61,003, down 317 points.
The Nifty 50 registered a low at 17,885, before settling 92 points lower at 17,944.
A vast majority of the Nifty 50 stocks ended in red today. Adani Enterprises was the top loser, down over 4 per cent. Nestle, IndusInd Bank, SBI Life, HDFC Life and Mahindra & Mahindra were the other major losers. On the other hand, Larsen & Toubro gained over 2 per cent. UltraTech Cement, BPCL, Hero MotoCorp and Asian Paints were the other major losers.
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It was a lacklustre session for the markets on Friday as lack of fresh triggers kept indices within a narrow range. The S&P BSE Sensex fell 123.5 points, or 0.2 per cent, to settle at 60,682.7 levels today amid profit booking in HCL Tech (down 2.7 per cent), Tata Steel, Reliance Industries, Wipro, ITC, ICICI Bank, Infosys, and HUL.
The Nifty50, meanwhile, closed at 17,857, down 37 points or 0.2 per cent. In the broader markets, the BSE SmallCap indices outshone its peers by rising 0.48 per cent. The BSE MidCap index settled flat with a positive bias.
Among individual shares, shares of Gautam Adani group companies continued to reel under pressure Adani Green Energy, Adani Transmission and Adani Total Gas hitting their respective 52-week lows on the BSE in Friday’s intra-day trade.
Besides, shares of digital financial services firm One97 Communications, which owns Paytm, slipped 9 per cent to Rs 640 on the National Stock Exchange (NSE) in Friday’s intra-day trade on the back of heavy volumes.
Sectorally, the Nifty Metal index slipped 2 per cent, while the Nifty Realty index gained 1.36 per cent.
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Bulls roared on Dalal Street Friday as benchmark indices ended with strong gains led by financial stocks. The BSE Sensex zoomed 910 points to end at 60,842, while the Nifty50 index climbed to 17,854 level with a gain of 254 points as select Adani group stocks saw an impressive pullback from days of relentless selling.
On the Nifty, Adani Ports closed in green after two days with a firm gain of 6 per cent., while Adani Enterprises erased over 50 per cent of its day’s losses to close 2 per cent down. Titan, Bajaj twins, HDFC twins, SBI, IndusInd Bank, Eicher Motors, M&M, Airtel and SBI Life were the other frontline winners, which ended 3-7 per cent higher.
IT majors Tech M, Wipro, HCL Tech were the only losers on the Sensex, while Divi’s Lab, BPCL, Tata Consumer, HDFC Life and Hindalco ended in red on Nifty.
The frontline gains did not seep into the broader markets with the BSE Midcap and Smallcap indices ending up to 0.5 per cent lower.
Within sectors, the PSB index on the NSE soared 3 per cent led by the strong Q3 result of Bank of Baroda. Nifty Bank also gained 2 per cent, while pharma, oil & gas and realty indices closed up to 1 per cent lower.
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Equity markets buckled under severe selling pressure to close at 3-month lows on Friday driven by an extended slump in Adani group stocks that soured overall market sentiment.
Banking stocks were the top laggards as claims of high debt of Adani firms made by Hindenburg in its recent report had a sentimentally negative impact on the banking space, especially PSU banks, analysts said.
The BSE Sensex cracked 874 points to close at 59,331, its lowest level since Oct 21, 2022 when it ended at 59,307. The NSE Nifty dropped to 17,604 with a massive loss of 288 points.
Adani Enterprises and Adani Ports were the leading Nifty losers, which ended 18 and 15 per cent lower, respectively. SBI, ICICI Bank, IndusInd Bank were next in line dropping up to 5 per cent.
Shares of other Adani firms–Adani Wilmar, Adani Transmission, Adani Green, Adani Total Gas, Adani Power, Ambuja Cement and ACC– closed with losses of 5-20 per cent on top of Wednesday’s decline, which came as short-seller Hindenburg Research said it held short positions in Adani Group companies through US-traded bonds and non-Indian-traded derivative instruments and accused the group of stock manipulation and accounting fraud.
Four Adani group stocks listed in the F&O (Futures & Options) segment – Adani Enterprises, Adani Ports, ACC and Ambuja Cement witnessed a build-up of Open Interest (OI) on the short-side since the beginning of this week, which is a couple of days prior to the release of Hindenburg report.
As per Reuters, SEBI has increased scrutiny of deals by the Adani Group over the past year and will also study the report issued by Hindenburg Research to add to its own ongoing preliminary investigation into the group’s foreign portfolio investors. Read more
Shares of Tata Motors, Bajaj Auto and Dr Reddy’s firmly resisted Friday’s market crash on strong Q3 earnings. Besides, auto, pharma, FMCG indices were the only outperformers in a broad-based selloff, while the Nifty PSB and oil & gas indices were the worst hit with cuts of 5 per cent each.
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Equity markets ended Friday’s choppy trade with nominal cuts pulled down by losses in select heavyweights such as Reliance(1 per cent), HUL( 4 per cent), Asian Paints (3 per cent) and Infosys (1 per cent).
The BSE Sensex closed 237 points lower at 60,622 after it touched an intra-day high of 61,001. The NSE Nifty reached the day’s high of 18,145 before fizzling out gains and closing 80 points down at 18,028.
The other top frontline drags included Bajaj twins, Nestle, L&T, Bharti Airtel, Maruti, Tech M, Sun Pharma, JSW Steel and HDFC Life, which lost 1-3 per cent.
While Coal India, Power Grid, HDFC twins, ITC, ICICI Bank, SBI, Tata Motors, Axis Bank, and NTPC were among the handful of index gainers.
Broader markets bled more than benchmarks with the BSE Midcap and Smallcap indices falling up to 0.7 per cent.
Within sectors, Nifty consumer durables, FMCG, metals, realty and pharma indices suffered the most losses ending around 1 per cent lower each, while bank and financial pockets held ground and logged fractional gains.
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Equity markets staged a firm turnaround intra-day to close Friday’s session with nominal gains powered by select index heavyweights such as Infosys, ICICI Bank, TCS and HUL, which gained over 1 per cent each.
Gradual easing in domestic and US retail inflation also aided sentiment and helped narrow the gap-down start. The BSE Sensex recovered 633 points from the day’s low and eventually ended 303 points higher at 60,261.
The NSE Nifty closed 98 points up at 17,957 level after bouncing back from the day’s lowest level of 17,774.
Other frontline stocks that supported the recovery included Tata Steel, IndusInd Bank, Ultratech Cement, Bajaj Finance, NTPC, Airtel, Adani Enterprises, Eicher Motors and BPCL, which gained 1-2 per cent.
On the flip side, top losers across the two benchmark indices included Titan, Nestle, ITC, L&T, Reliance and Apollo Hospitals.
The broader markets closed with slimmer gains. The BSE Midcap and Smallcap indices ended 0.09 and 0.2 per cent higher, respectively.
Within sectors, barring consumer durables, PSB and Metal indices on the Nifty logged in most gains, up over 1 per cent each, followed by IT and financial pockets.
Among stocks, HCL Tech firmly recovered the day’s losses and ended with a 0.4 per cent gain.
L&T Technology Services slumped 5.3 per cent on its plan to buy the smart world & communications business (SWC) from its parent L&T.
Banking stocks will be in the spotlight ahead of their Q3 earnings, particularly when the stock market is going through extreme volatility. HDFC Bank will declare its Q3FY23 results on Saturday, followed by Federal Bank on Monday.
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Weakness gripped Dalal Street on Friday as equity markets declined for a third straight session registering their first weekly loss of 2023. Investors remained on the sidelines as they awaited a key jobs report in the US due for release later today.
The jobs data will likely dictate the market trend in the US as strong job additions could mean continued monetary tightening by the Federal Reserve.
The BSE Sensex sank 683 points to the day’s low of 59,670 before closing 453 points lower at 59,900. The NSE Nifty touched a low of 17,796 and eventually pulled back to end 133 points lower at 17,859.
The top laggards that weighed on the benchmark indices were financial and IT shares. TCS, IndusInd Bank, Bajaj twins, Tech M, Kotak Bank, Infosys, Airtel, Tata Motors, Titan and Wipro led losses on Sensex, shedding 1-3 per cent, while JSW Steel was the top Nifty loser.
Handful of index winners included M&M, Reliance, Nestle, ITC, L&T, Britannia, BPCL and ONGC, which closed up to 1 per cent higher.
Besides, broader markets also could not escape the selloff and declined in line with benchmarks. The BSE Midcap and Smallcap indices slipped 0.7 per cent each.
Losses were equally spread across sectors. Nifty IT fell 2 per cent followed by 0.7-1 per cent cuts each in Bank, Financial, Metal, Realty and Pharma indices. FMCG and Consumer Durables outperformed with fractional gains.
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