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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Extending their decline into fourth straight day, benchmark indices ended the week with over 1 per cent cut on the back of losses in Eicher Motors (7 per cent), Nestle India (5.3 per cent), Divis Labs (5.4 per cent), and Cipla (5 per cent).
On Friday, though, the frontline S&P BSE Sensex nurses losses of 435 points, or 0.85 per cent, to end the day at 50,890 levels. In the intra-day trade, the index tanked 800 points from the day’s high to hit a low of 50,624. Only 11 of the 30 constituents ended the day in green with ONGC (down 5 per cent), SBI and Axis Bank (down 3.5 per cent each), ICICI Bank (3 per cent), Baja Auto (2.6 per cent), and Maruti Suzuki (2 per cent) being the top losers.
Gains in Dr Reddy’s Labs (2.3 per cent), IndusInd Bank (2 per cent), HUL (1.7 per cent), and RIL (0.7 per cent) trimmed losses.
On the NSE, the Nifty50 index gave up the 15,000-mark and settled at 14,982 levels, down 137 points or 0.9 per cent. It hit an intra-day low of 14,898.
The broader markets, too, gave up their winning ways today and ended in the red. The S&P BSE MidCap index underperformed on the BSE and 1.7 per cent down today. The SamllCap counterpart, meanwhile, settled at 0.7 per cent down.
Sectorally, none of the indices ended in the green zone today. The Nifty PSU bank index ended as the top laggard on the NSE, down 4.7 per cent, after surging nearly 6 per cent each over the past two days. That apart, Nifty Metal, Bankm and Auto indices skid 2 per cent each.
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Investors took some profit off the table on Friday after markets scaled historic levels a day before, when the S&P BSE Sensex surpassing the 50,000-mark for the first time. That said, investors rewarded stocks of the firms that delivered strong Q3FY21 results.
In the intra-day trade, the benchmark S&P BSE Sensex plunged 790 points and hit a low of 48,835 levels. The index settled around day’s low level of 48,878 levels, down 746 points or 1.5 per cent. Financial bore the maximum brunt with Axis Bank declining 4.4 per cent on the Sensex, followed by SBI (3.5 per cent), ICICI Bank (3.7 per cent), and IndusInd Bank (3.5 per cent).
On the flipside, Bajaj Auto, HUL, TCS, Ultratech Cement, and Bajaj Finserv were the only gainers on the Sensex.
On the NSE, the Nifty50 settled at 14,372 levels, down 218 points or 1.5 per cent.
The broader markets, however, fared slightly better. The S&P BSE MidCap index ended 1.1 per cent lower at 18,777.46 levels while the S&P BSE SmallCap index closed at 18,442 levels, down 0.93 per cent.
Sectorally, most of the key indices settled lower. The Nifty Metal index underperformed the benchmark and closed 4 per cent lower. Among individual stocks, SAIL fell 14 per cent, JSPL slipped 8 per cent, and Hindustan Copper declined over 4 per cent.
That apart, Nifty Bank index tanked over 1,000 points, or 3.25 per cent, to close at 31,176 levels.
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Source: https://stockarchitect.com/sector/Specialty-Retail
The domestic stock market witnessed a sharp rally on Friday after the Reserve Bank of India (RBI) Governor Shaktikanta Das announced a slew of measures to support the economy in the wake of Coronavirus (Covid-19) outbreak. The central bank slashed reverse repo rate by 25 basis points to 3.75 per cent. It also announced special refinance facility of Rs 15,000 crore to SIDBI; Rs 25,000 crore to NABARD, and Rs 10,000 cr to HFCs to support liquidity.
Reacting to it, financials stocks made solid gains, thus aiding the benchmark indices to settle over 3 per cent higher. The S&P BSE Sensex surged 986 points or 3.22 per cent to end at 31,588.72, with Axis Bank (up nearly 13.5 per cent) being the top gainer. ICICI Bank (up 10 per cent), IndusInd Bank (up 9 per cent), and Maruti (up 7 per cent) were next on the list.
On the NSE, the Nifty gained 274 points or 3.05 per cent to end at 9,266.75. Volatility index, India VIX, continued to cool-off. It slipped 7.71 per cent to 42.54 levels.
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Investors turned to profit-booking on Friday as weak growth concerns dampened sentiment at D-Street. Financials slipped the most on the index with heavyweights such as State Bank of India, HDFC, and ICICI Bank declining up to 5 per cent.
On Thursday, the Reserve Bank of India (RBI) sharply lowered its gross domestic product (GDP) growth forecast for financial year 2019-20 (FY20) further by 110bps to 5 per cent from 6.1 per cent on substantially weaker growth in Q2FY20, and incremental data on Q3 which suggests that the slowdown is still persisting. Besides, the central bank retained status quo on rates, against expectation for a 25bps cut, on inflationary concerns. The accommodative stance was maintained on rising output gap.
The benchmark S&P BSE Sensex closed 334 points, or 0.82 per cent, lower at 40,445.15 level. YES Bank, SBI, Tata Motors, HDFC, and IndusInd Bank were the top laggards at the 30-share index. Loses were, however, trimmed by gains in Reliance Industries, and HDFC Bank. In the intra-day trade, the Sensex hit a low of 40,337.53.
On the NSE, the Nifty50 slipped below the 11,900-mark in the intra-day trade to hit a low of 11,888.85. At close, the index was at 11,921.5 level, down 97 points, or 0.81 per cent. All the sectoral indices ended the day in the red. Nifty PSU Bank index was the top loser, down over 4 per cent.
In the broader market, mid-caps tumbled the most. The S&P BSE mid-cap index ended the day 1.27 per cent lower at 14,668.31, while the S&P BSE small-cap index closed at 0.85 per cent lower at 13,341.39.
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