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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Equity markets logged solid gains on Friday, the last trading day of the financial year 2022-23, as fears of contagion risk from the US banking crisis receded. Index heavyweights – Reliance Industries, ICICI Bank and Infosys accounted for almost 60 per cent of the gains on the BSE benchmark.
The S&P BSE Sensex rallied to a high of 59,068, before ending with a solid gain of 1,031 points at 58,992. In the process, the BSE 30-share index edged 0.1 per cent up for the month, and finished FY23 0.7 per cent higher.
The NSE Nifty 50 hit a high of 17,382, and settled 279 points higher at 17,360. The 50-share index advanced 0.3 per cent in March, but was down 0.6 per cent for the fiscal year 2022-23.
The broader indices also logged smart gains. The BSE Midcap index was up a per cent, while the Smallcap index vaulted 1.4 per cent. The overall breadth too was fairly positive, with two advancing shares for every declining stock on the BSE.
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Equity markets turned sharply lower at the fag-end of the session as investors digested amendments to Finance Bill, 2023. Besides, selling in US index futures and European markets also weighed on the sentiment.
Back home, under the Bill approved by the Parliament, the debt mutual fund (Debt MF) investors will no longer receive the long-term capital gain tax benefit. They will be taxed like bank deposits. It will be applicable from April 1.
The Centre also hiked the securities transaction tax (STT) on the sale of future and option contracts by up to 25 per cent.
The S&P BSE Sensex closed 398 points, or 0.69 per cent, lower at 57,527 levels, while the Nifty50 shut shop at 16,945, down 132 points or 0.77 per cent.
The broad-based selling was led by metal, PSU banks, and realty indices, which were down over 2 per cent each. Individually, Bajaj Finserv (down 4 per cent), Adani Enterprises, Adani Ports, Hindalco, Bajaj Finance, ONGC, Hero MotoCorp, Tata Steel, Coal India. Titan, HDFC Life, Reliance Industries, M&M, JSW Steel, Maruti Suzuki, and L&T.
In the broader markets, the BSE MidCap and SmallCap indices declined around 1.4 per cent each.
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After starting on an optimistic note, given the positive mood in global markets, the S&P BSE Sensex rallied to a high of 61393 in Friday’s morning trades. The benchmark index, thereafter, pared gains and slipped into the negative zone as the day progressed owing to weakness in index heavyweights ICICI Bank and HDFC twins.
A heavy bout of selling in late trade, saw the BSE index plunge to a low of 60,744 – down 293 points from the day’s high. The Sensex finally ended the day with a loss of 293 points at 60,841.
Despite the day’s loss, the BSE benchmark managed to gain 1.7 per cent this week, and also signed off the year 2022 on a winning note – 4.4 per cent higher.
The NSE Nifty 50 settled 86 points lower on the last trading day of the year, but was up 1.7 per cent this week and 4.3 per cent in 2022.
The broader markets outperformed the benchmark indices in trade today. The BSE Midcap index gained 0.4 per cent, while the Smallcap index advanced 0.8 per cent. The overall market breadth too was fairly positive, with nearly 2,200 advancing shares versus 1,300-odd declining stocks on the BSE.
In contrast the day’s performance, the broader indices were underperformers in the year 2022. The BSE Midcap index finished with a gain of 1.4 per cent as against the Sensex gain of 4.4 per cent. The Smallcap index was down 1.8 per cent for the year.
Sectorally, the BSE Consumer Durables index moved 0.8 per cent higher in trades on Friday. The Metal and Realty indices were the ofther notable gainers. On the other hand, FMCG, Power and Bankex finished in the negative zone.
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Bucking the global trend, domestic equity markets fell on Friday bogged down by profit booking in IT stocks, and heavyweights like Reliance Industries, L&T, and financials. The S&P BSE Sensex, which started about 100 points higher, erased gains and dropped over 700 points from the day’s high to hit a low of 61,889.
The index, eventually, closed at 62,182, down 389 points or 0.62 per cent. The Nifty50, meanwhile, breached below the 18,500-mark and ended at 18,497, down 113 points or 0.61 per cent. It hit a low of 18,410 during the day.
In the broader markets, the MidCap and SmallCap indices shed 0.45 per cent and 1 per cent, respectively.
Sectorally, defensive indices like the Nifty FMCG and Pharma held gains as they rose 0.8 per cent and 0.4 per cent. On the downside, the Nifty IT index crashed 3.16 per cent. Credit Suisse has warned of a 10 – 27 per cent valuation-led correction in tech-related stocks amid US macro headwinds.
The Nifty PSU Bank and Realty indices were other top laggards that tumbled 1.7 per cent and 1.5 per cent, respectively.
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After a promising start to the trading day, the key benchmark indices slipped into red for a brief moment, and then pulled back towards the close. Broader markets, however, succumbed to selling pressure on Friday.
The S&P BSE Sensex surged to a high of 60,133 in early deals, but then dipped into red to a low of 59,739. The 30-share index eventually ended 203 points higher at 59,960. In the process, the BSE benchmark ended the festive week with a gain of 1.1 per cent (650 points).
The NSE Nifty settled 50 points higher at 17,787. In the broader markets, BSE Midcap and Smallcap indices slipped around 0.5 per cent each.
Among individual stocks, Reliance up 3 per cent was primarily responsible for the day’s gain. The stock alone contributed 231 points to the BSE benchmark.
Maruti zoomed 5 per cent to Rs 9,495, after the company reported 4-fold jump in net profit, beating Street estimates.
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A range-bound trade ended on a flat note on Friday as weak global cues amid escalating crisis in Ukraine weighed on investor sentiment. The S&P BSE Sensex, which hit a high of 59,591 in intra-day trade, settled at 59,307, up 104 points or 0.18 per cent.
The Nifty50, meanwhile, closed at 17,576, up 12 points or 0.07 per cent, after hitting a high of 17,670 during the day.
The gains in benchmark indices were led by Axis Bank (up 9.5 per cent), HUL, ICICI Bank, Kotak Bank, SBI Life, and Apollo Hospitals. On the downside, Bajaj Finserv (down 3.4 per cent), Bajaj Finance, Divis Labs, Adan Ports, UPL, Asian Paints, and L&T capped upside.
In the broader markets, the BSE MidCap and SmallCap indices dipped 0.75 per cent and 0.6 per cent, respectively. Sectorally, The Nifty PSU Bank and Private Bank indices gained the most, up 1.8 per cent and 1.6 per cent, respectively, while the Nifty Pharma index fell 0.8 per cent.
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Bears prowled on Dalal Street on Friday as recession fears hammered global equities. Key indices crumbled under heavy selling pressure today with banks (especially in the public sector), auto, IT, metal, and realty stocks plunging the most on the bourses. Their respective indices on the National Stock Exchange (NSE) declined around 2-4 per cent.
At the headline level, the S&P BSE Sensex crashed 1,247 points intra-day before ending at 58,841, down 1,093 points or 1.82 per cent. The NSE Nifty50, too, sunk to a low of 17,505 before shutting shop at 17,551, down 326 points or 1.82 per cent.
The broader markets witnessed an equally brutal on-slaught with the Nifty MidCap 100 and SmallCap 100 falling in the range of 2.5 per cent to 3 per cent. Volatility index — India VIX — surged 8 per cent today to settle near 20-odd level.
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Benchmark indices swung wildly in trade on Friday after the government’s move to tax oil refiners’ windfall gain amid soaring crude oil prices hurt index heavyweight Reliance Industries’ stock. Other oil-linked stocks such as ONGC, OIL India, MRPL, and Chennai Petrochemicals, too, bled in the broader markets.
Overall, the BSE Sensex index gyrated 959 points intra-day before closing 111 points, or 0.21 per cent, lower at 52,908. The Nifty50, too, hit an intra-day low of 15,511 before settling at 15,752, down 28 points or 0.18 per cent.
In the broder markets, the BSE MidCap and SmallCap indices fell 0.07 per cent and 0.46 per cent, respectively. Among sectors, the BSE Oil and Gas Index dropped 3.5 per cent.
Shares of oil upstream companies, including Reliance Industries (RIL), ONGC, and Oil India, came under heavy selling pressure on Friday after the government imposed taxes on the export of petrol, diesel, and aviation turbine fuel (ATF), as it mandated exporters of these products to meet the requirements of the domestic market first.
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Global doom rocked Indian equities on Friday as investors fretted over longer-than-expected sticky inflation, coupled with aggressive monetary policy tightening. Tracking losses in global peers, the benchmark S&P BSE Sensex plunged 1,114 points intra-day, before settling at 54,303, down 1,017 points or 1.84 per cent.
The NSE Nifty50, meanwhile, held the 16,200-mark to close at 16,202, down 276 points or 1.68 per cent. The index had hit a low of 16,173 during the day. In the broader market, the Nifty MidCap 100 and SmallCap100 fell up to 1 per cent.
Over 35 Nifty stocks ended the session in the red with Bajaj Finance, HDFC, Kotak Bank, Hindalco, Wipro, Reliance Industries, Tech M, and Infosys falling between 2.5-4 per cent. The losses were trimmed by gains in Grasim Industries, Asian Paints, Apollo Hospitals, Divis Labs, and Dr Reddy’s Labs, that gained over 0.5 per cent each.
Sectorally, all but Nifty FMCG ended the session in the red. The losses were led by the Nifty IT, Oil & gas, Private Bank, and Financial Services indices as they fell 2 per cent each.
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