The benchmark indices ended lower for the fourth straight day on Friday amid slowing global economic growth and inflation fears. At close, the Nifty50 index was down 86 points at 17,532 while the BSE Sensex ended with a loss of 361 points at 58,765. The broader markets, however, ended the day in the positive territory with the BSE Midcap and Smallcap indices rising 0.5 per cent each.
Sectorally, buying was seen in pharma, metal, PSU Bank and energy sectors whereas selling was witnessed in realty, banking and IT space.
Shares of ZEEL fell 3% as Zee board rejected Invesco’s demand to hold EGM. Taking a confrontational stand against its largest shareholder, the Zee board on Friday rejected its demand to hold an extraordinary general meeting to remove current MD and CEO, Punit Goenka and induct its nominees.
Shares of Tata Power Company continued to climb higher, hitting a new 13-year high at Rs 165, up 4 per cent on the BSE in Friday’s intra-day trade, on improved outlook. The stock of Tata Group electric utilities company was trading higher for the fourth straight day and has rallied 19 per cent during the period. The previous record high was Rs 158 recorded on January 4, 2008.
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Equity markets snapped their four-day losing run and ended near day’s high on Friday as gains in pharma and banking counters, and select heavyweights lent support to the indices. Breaking away from a lackluster trade, the frontline indices picked pace in the second half of the session as ICICI Bank, Reliance Industries, SBI, and HDFC gained between 0.7 per cent and 1.6 per cent.
The S&P BSE Sensex closed with gains of 166 points, or 0.32 per cent, at 52,485 levels while the NSE’s Nifty50 settled at 15,722 levels, up 42 points or 0.27 per cent.
However, trading action was skewed towards small-cap stocks as hefty buying in Mangalam Cement, Omaxe, OnMobile Global, Route Mobile, and Indoco Remedies, pushed the BSE SmallCap index up 1 per cent. Gains in mid-cap index remained capped amid sell-off in Adani Transmission, Adani Enterprises, Adani Green Energy, JSW Energy, SAIL, and Vodafone Idea. The BSE MidCap index ended little changed.
Sectorally, the Nifty Pharma index was the top gainer, up 0.6 per cent, followed by the Nifty Bank index, up 0.4 per cent. Conversely, the Nifty Metal index was the top sectoral loser on the NSE, down 1.5 per cent.
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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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Benchmark indices succumbed to profit booking, even as healthy buying continued in the broader market space, after the Reserve Bank of India (RBI) kept repo rate unchanged for the sixth consecutive time at 4 per cent and maintained the policy stance as Accommodative.
The six-member monetary policy committee (MPC), however, revised the growth projection downward to 9.5 per cent from 10.5 per cent for the current financial year and revised the inflation projection upward to 5.1 per cent.
Furthermore, it announced the third tranche of bond buying worth Rs 40,000 crore under G-SAP 1.0. It also announced G-SAP 2.0, under which it will buy bonds worth Rs 1.2 trillion. The central bank will also buy bonds issued by state governments, unlike G-SAP 1.0 that was only for central government securities.
Post the announcement, 10-year government bond yields hardened by 0.4 per cent to top 6 per cent-mark while the equity markets gave up their gains.
The benchmark S&P BSE Sensex tumbled 436 points from the day’s high and hit a low of 51,953. It, however, trimmed losses marginally to settle the day at 52,100 levels, down 132 points or 0.25 per cent.
On the NSE, the Nifty50 index dropped 64 points from the record high level of 15,734, touched earlier in the day, to close at 15,670 levels.
The benchmark indices were dragged down largely by banking and FMCG counters such as Nestle India, SBI, ICICI Bank, HDFC Bank, HUL, Axis Bank, and Titan.
Overall, the Nifty Bank index ended 1 per cent lower, followed by the Nifty Private Bank and FMCG indices, down 0.8 per cent and 0.4 per cent, respectively. On the upside, the Nifty Metal and Realty indices clocked gains up to 1.3 per cent.
That said, market participants continued to buy stocks in the broader markets after the RBI announced a special, Rs 15,000 crore-liquidity window for sectors like travel and toursim, tour operators, hotels, restaurants, aviation and related companies, spa clinics and beauty parlours.
The BSE MidCap index advanced 0.63 per cent while the BSE SmallCap index added 0.78 per cent. Both the indices hit record peak levels of 22,540 and 24,280, respectively in intra-day trade.
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Bulls ruled on Dalal Street on Friday, the first day of the June F&O series, as a trinity of steady decline in Covid-19 cases, the announcement of unlock in the national capital, and $6 trillion fiscal stimulus in the US held up investor confidence.
The benchmark Nifty index scaled a fresh record peak of 15,469.6 on the National Stock Exchange (NSE) today, surpassing its previous record peak of 15,432 hit on February 16. The index traded higher for the sixth consecutive session as India recorded its lowest daily count of new Covid-19 cases in 44 days. The country, on Thursday, logged 186,364 fresh virus cases while death remained above 3,500-mark.
Add to it, Delhi Chief Minister Arvind Kejriwal announced earlier on Friday that the national capital will begin to unlock from Monday and said that construction activities and factories will be reopened from May 31.
Reading these developments as the first step towards a gradual uptick in economic activities, benchmark indices zoomed to day’s high of 51,529 on the S&P BSE Sensex and record peak on the Nifty. By the close, the Sensex index was quoting at 51,423 levels, up 308 points or 0.6 per cent while the Nifty50 was at 15,436-mark, up 98 points or 0.64 per cent.
Reliance Industries was the biggest contributor towards the indices’ rally today after the stock clocked its sharpest intra-day rally in two months and zoomed 6.4 per cent. The stock, which settled 5.8 per cent higher on the BSE, looks firm on both, fundamental and technical, grounds. Analysts at Jefferies maintained their ‘buy’ rating on the counter with a target of Rs 2,580 per share. READ MORE
That apart, Grasim, Adani Ports, M&M, Eicher Motors, Coal India, HDFC, Kotak Bank, and IndusInd Bank remained the top gainers of the day, up between 1 per cent and 3 per cent. On the downside, Sun Pharma, ICICI Bank, Bajaj Finserv, NTPC, PowerGrid, Shree Cement, and Nestle India were the top laggards, down up to 4.5 per cent.
Broader markets, however, settled the day in the red on the back of profit-booking. The BSE Midcap index fell 0.12 per cent and the BSE SmallCap index dropped 0.48 per cent.
In terms of sectoral participation, the Nifty PSU Bank index gained 0.7 per cent, followed by the Nifty Private Bank index, up 0.3 per cent. On the contrary, the Nifty Pharma index slipped 1.2 per cent on the NSE.
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Benchmark indices oscillated between gains and losses on Friday as concerns over the second wave of Covid-19 in the country and nervousness in the global markets overpowered the risk appetite of bargain hunters.
After starting gap-down, the benchmark S&P BSE Sensex recouped all the losses and jumped nearly 200 points to hit a high of 48,265 in the intra-day deals. However, bears roared back on Street and sent the index down 600 points from the day’s high to a low of 47,669. It eventually nursed losses of 202 points, or 0.42 per cent, to end the day at 47,878.45 levels.
On the NSE, the broader Nifty50 closed at 14,341 levels, down 65 points or 0.45 per cent. The index hit a high and low of 14,461 and 14,273 in the intra-day deals.
Over 30 constituents in the Nifty ended the session in the red including Britannia (down 2.6 per cent), Dr Reddy’s Labs, M&M, Wipro, Grasim, Hindalco, and Tech Mahindra. On the Sensex, HUL, ICICI Bank, Bharti Airtel, and Infosys closed as top laggards.
On the upside, NTPC (up 4 per cent), Power Grid, HDFC Life, SBI Life, BPCL, Coal India, and HDFC outperformed the benchmark indices.
The overall market breadth remained in the favour of the bulls, courtesy rally in the broader markets. The S&P BSE MidCap index gained 0.2 per cent today while the S&P BSE SmallCap index added 0.5 per cent riding on the back of gains in Confidence Petroleum India, HFCL, MTNL, Panacea Biotech, Indian Bank, Indian Hotel, Muthoot Finance, and Varroc Engineering.
The overall advances on the BSE were 1,566 while 1,357 were the declines. About 170 counters remained unchanged.
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Breaking away from two-straight sessions of bear hammering, bulls were back in action on Dalal Street. Parked near day’s high, the benchmark indices ended Friday’s session with over one per cent gains amid healthy buying in metal, financial, and auto stocks.
The Nifty Metal index ended nearly 4 per cent higher, while the Nifty Financial Services, FMCG, and Auto indices ended with around 2 per cent gains. Realty, bank, pharma and IT indices, meanwhile, advanced up to 1.5 per cent.
Among the benchmark indices, the frontline S&P BSE Sensex closed with gains of 568 points, or 1.17 per cent, at 49,008 level. The broader Nifty, on the other hand, reclaimed the 14,500-mark on a closing basis and settled at 14,507 level, up 182.4 points or 1.27 per cent.
Bajaj Finserv, Asian Paints, HUL, Titan Company, Bajaj Auto, and HDFC were leading the list of gainers on the Sensex, up between 2.7 per cent and 4.4 per cent. Tata Steel, Tata Motors, Bharti Airtel, and Adani Ports were the additional gainers on the Nifty with up to 6 per cent returns today.
On the downside, PowerGrid, IndusInd Bank, ITC, Maruti Suzuki, UPL, and TCS declined the most on the benchmark indices, down up to 2 per cent.
Overall, the S&P BSE MidCap index ended 1.66 per cent higher, while the SmallCap counterpart closed with a per cent gain.
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An across-the-board sell-off dragged the benchmark indices around a per cent lower on Friday as sombre global mood hit markets during the second-half of the trading session. US 10-year Treasury yields rose again on Friday, back above 1.6 per cent, and were on track to rise for the seventh straight week. Add to it, the dollar index rose 0.4 per cent denting sentiment further.
Against this backdrop, gains in Asian stock markets proved tough to match for most of European peers, after they hit a 1-year high in the prior session. Nasdaq Futures, which tumbled over 1.5 per cent, or 200 points, also suggested a lower start for Wall Street later in the day.
Japan’s Nikkei added 1.7 per cent – but this faded out as Europe opened for business. Britain’s FTSE 100 and the STOXX Europe 600 slipped around 0.5 per cent each, weighing on the MSCI World Index, which was down 0.1 per cent.
Back home, the equity indices snapped their three-day winning streak and settled 0.9 per cent lower. The frontline S&P BSE Sensex dropped 487 points, or 0.95 per cent, to end the day at 50,792 levels. From the intra-day high of 51,822, the index plunged 1,284 points to hit an intra-day low of 50,538.
On the NSE, the Nifty index held the 15,000-mark to close at 15,031 levels, down 144 points, or 0.95 per cent. In the intra-day trade, the index hit a low of 14,954.
26 of the 30 constituents on the Sensex and 42 of the 50 constituents on the Nifty ended the day in the red. Hindalco, Bajaj Auto, HDFC Life, SBI Life, Maruti Suzuki, Adani Ports, IndusInd Bank, ICICI Bank, Hero MotoCorp, SBI, and Reliance Industries, all down between 2 per cent and 3 per cent, were the top laggards on the indices.
On the flipside, PowerGrid, Titan Company, Infosys, ONGC, Indian Oil Corp, BPCL, and JSW Steel remained the top gainers on the benchmark indices.
In the broader markets, the S&P BSE SmallCap index fended the fall and settled 0.14 per cent higher supported by gains in Apollo Pipes, Jindal Poly Firms, MTNL, BGR Energy Systems, Delta Corp, and Meghmani Organics.
The MidCap counterpart, however, fell 0.45 per cent.
Sectorally, all the NSE indices were painted red with the Nifty Auto and PSU Bank indices down around 2 per cent each. The Nifty Bank, Financial Services, FMCG, Metal, and Private Bank indices, on the other hand, slipped nearly 1 per cent.
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Domestic markets snapped the streak of weekly losses even as sombre global mood butchered bulls at the bourses for two days straight. A rise in Brent crude prices along with a jump in bond yields acted as the double whammy on stocks on Friday, pushing benchmark equity indices down by nearly a per cent. However, a tilt towards defensives towards the fag-end of the session lifted markets off-lows.
Among headline indices, the S&P BSE Sensex ended at 50,405 levels today, erasing 441 points or 0.87 per cent. From the day’s high of 50,886, the index tumbled 726 points to hit a low of 50,160. Financial, pharma, and IT counters were the top drags on the index today with IndusInd Bank, State Bank of India, ICICI Bank, HCL Tech, Bajaj Finserv, Infosys, Dr Reddy’s Labs, Sun Pharma, and HDFC leading the list of losers. All these stocks were down in the range of 1.7 per cent to 5 per cent.
On the upside, ONGC, Maruti Suzuki, Nestle India, Titan, Reliance Industries, and L&T supported the markets with up to 2.5 per cent gains.
On the NSE, the Nifty50 settled above the 14,900-mark at 14,938, down 143 points or 0.95 per cent. 38 of the 50 stocks declined on the Nifty today, while 12 advanced.
All the sectoral indices were painted red amid across-the-board sell-off. The Nifty PSU index plunged 4 per cent on the NSE, followed by the Nifty Metal index (down 3 per cent), and the Nifty IT and Realty indices (down 2 per cent each). The Nifty Bank, Auto, FMCG, and Financial Services indices slipped between 0.5 per cent and 1.7 per cent.
In the broader markets, the S&P BSE MidCap and SmallCap indices dropped 1.9 per cent and 1.5 per cent, respectively.
The overall market breadth favoured bears with 1,904 stocks ending the day in the red, compared with around 1,083 stocks that advanced on the BSE.
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A steep hike in US treasury yields took the global markets by surprise on Friday as investors dumped equities for bonds. That apart, an air strike by the United States in Syria on Thursday, targeting facilities near the Iraqi border, further dented trading sentiment.
US Treasury yields vaulted to their highest levels, of about 1.5 per cent, since the outbreak of the coronavirus pandemic on expectations of a strong economic expansion and related inflation. Back home, the 10-year goverment bond firmed up to 6.23 per cent on Friday mirrowing similar trends. Effectively, fear of reversal in rate cut cycle, spooked investors who off-loaded equities worth Rs 5 trillion.
Additionally, the US air strike in retaliation for a rocket attack in Iraq earlier this month, and caution ahead of the release of the gross domestic product (GDP) for the December quarter made investors sit on the fence.
In the intra-day trade, the benchmark S&P BSE Sensex tumbled 2,149 points while the Nifty50 index slumped 629 points. The indices ended near the lowest point of the day, at 49,100 and 14,529 levels, respectively, down 1,939 points and 568 points.
All the 30 constituents on the Sensex index and 50 stocks on the Nifty ended the day in the red. ONGC, JSW Steel, GAIL, M&M, Bajaj Finance, Grasim, and Hero MotoCorp were the top Nifty losers, down up to 8 per cent; Axis Bank, HDFC, Power Grid, ICICI Bank, and HDFC Bank were the top drags on the Sensex.
In the broader markets, small-cap stocks held their ground relatively better as the S&P BSE SmallCap index settled only 0.7 per cent down. The S&P BSE MidCap index, on the the hand, ended 1.75 per cent lower.
On the sectoral front, banking counters got butchered as yield concerns soured sentiment in the sector. Expectations that banks may have to show yield-induced fall in G-sec value as losses, investors pushed the sell button for banks. The Nifty Bank, and Private bank indices closed 5 per cent down, followed by losses in the Nifty PSU Bank index, down 4.5 per cent.
The Nifty Metal and Auto indices dropped 3 per cent while the Nifty FMCG, IT, and Pharma indices slipped 2 per cent each.
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