It was a freaky Friday for Dalal Street investors as bears came roaring amid weakness in Asian markets and unabated rise in Covid-19 cases along with hiccups in vaccination drive back home. Profit booking too weighed on markets following four straight sessions of gains that led to a 4 per cent rally in the benchmark indices this week.
The benchmark indices eased 2 per cent today amid massive selling in all but pharma sector. The Nifty Bank and Financial Services indices took the sharpest knock and dropped 3 per cent each while the Nifty FMCG, Auto, IT, and Realty indices slipped up to 1.5 per cent. The Nifty Pharma index bucked the trend and gained settled 1 per cent higher.
In effect, NSE’s 50-share index erased 264 points to close at 14,631 levels dragged mainly by HDFC (down 4.2 per cent), HDFC Bank (4 per cent), ICICI Bank, Kotak Mahindra Bank, Asian Paints, M&M, TCS, Tata Motors, and Adani Ports. The losses were, however, capped by gains in ONGC (4 per cent), Coal India, Divi’s Labs, Grasim, and Indian Oil Corporation.
On the BSE, the Sensex index nursed losses in 25 of the 30 constituents and ended at 48,782 levels today, down 983.5 points.
On a weekly basis, both the frontline indices snapped their 3-week losing streak and added around 2 per cent higher each.
SmallCap scrips, meanwhile, remained resilient in the weak market with stocks such as Uttam Sugar, Tata Metaliks,Jay Bharat Maruti, and Confidence Petroleum India rallying between 174 per cent and 16 per cent. At the index level, the S&P BSE SmallCap settled just 0.07 per cent lower.
The MidCap index, on the other hand, slipped 0.65 per cent.
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Stellar December quarter results by State Bank of India (SBI) and a status-quo in policy rates by the Reserve Bank of India (RBI) kept markets afloat on Friday even as mild profit-booking amid heightened volatility trimmed gains at higher levels.
In the early deals, the benchmark S&P BSE Sensex surpassed the 51,000-mark on the BSE for the first time and hit a fresh record high of 51,073. The index, however, erased gains partially and ended 117 points, or 0.23 per cent, higher at 50,732 levels.
SBI (up 11.3 per cent) was the top gainer on the index as analysts raised their targets on the stock post better-than-expected December quarter results. Global brokerage CLSA, for instance, has set a target price of Rs 560 on the lender’s stock. READ MORE
Kotak Mahindra Bank, UltraTech Cement, Dr Reddy’s Labs, ITC, HUL, and HDFC Bank, all up between 1 per cent and 4 per cent, were the other top gainers on the index. On the downside, Axis Bank (down 3 per cent), Bharti Airtel, ICICI Bank, Maruti Suzuki, TCS, and HCL Tech were the top laggards on the index.
On the other hand, Nifty50 index surpassed the psychological 15,000-mark and hit a record high of 15,015 levels. At close, the index was at 14,924 levels, up 29 points or 0.19 per cent.
The broader markets, however, came under selling pressure. The S&P BSE MidCap and SmallCap indices ended 0.93 per cent and 0.28 per cent lower, respectively.
On the sectoral front, the Nifty Auto an the IT indices ended 1 per cent lower each, while the Nifty PSU Bank index advanced 4 per cent on the NSE.
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The domestic stock market regained some lost ground on Friday, a day after benchmark indices tumbled around 2.5 per cent. The S&P BSE Sensex ended 255 points, or 0.64 per cent higher at 39,983 levels, thanks to healthy buying in the financial counters. NSE’s Nifty ended at 11,762 levels, up 82 points, or 0.7 per cent. India VIX declined nearly 2 per cent to 21.64 levels.
In the broader market, the S&P BSE MidCap index gained 1 per cent to 14,621 points while the S&P BSE SmallCap index settled nearly 1 per cent higher at 14,787 levels.
Shares of IDBI Bank surged 18% on government stake sale plan report. The government currently owns a 47.11 per cent stake in IDBI Bank. In January 2019, Life Insurance Corporation (LIC) completed the acquisition of 51 per cent controlling stake in the lender. The state-owned life insurer infused Rs. 21,624 crore into the bank.
Shares of steel companies were in demand on Friday, rallying by up to 6 per cent on the BSE on the expectation of demand recovery. JSW Steel advanced 6 per cent to Rs 308, hitting a fresh 52-week high on the BSE. The stock surpassed its previous high of Rs 298 touched on October 9, 2020. Tata Steel, Jindal Steel and Power and Steel Authority of India (SAIL), on the other hand, were up 3 per cent to 6 per cent on the BSE.
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The Indian stock market ended over 2 per cent higher on Friday due to across-the-board buying.
The S&P BSE Sensex ended 835 points, or 2.28 per cent higher at 37,389 levels with all the 30 constituents ending in the green. Bajaj Finserv (up 6.6 per cent) was the top gainer on the index, followed by HCL Tech (up over 5 per cent), and Bharti Airtel (up 5 per cent).
NSE’s Nifty, meanwhile, reclaimed the crucial 11,000 level to settle at 11,050, up 245 points, or 2.26 per cent. India VIX dropped nearly 12 per cent to 20.76 levels.
On a weekly basis, both Sensex and Nifty declined nearly 4 per cent.
All the Nifty sectoral indices ended in the green, led by Nifty IT and FMCG indexes, both up nearly 3.5 per cent, each.
In the broader market, the S&P BSE MidCap index gained around 3 per cent to 14,337 levels while the S&P BSE SmallCap index added 2.31 per cent to 14,496 levels.
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Benchmark indices extend their losses in Friday’s last-hour trading session, dragged down by heavyweights like HDFC twins and Reliance Industries.
The S&P BSE Sensex dipped 372 points, or 0.94 per cent, to 39,229, with YES Bank, Maruti Suzuki, Sun Pharma, HDFC, and Hero MotoCorp leading the list of losers. The broader Nifty50 index slipped 97 points, or 0.82 per cent, to 11,734.
All the NSE sectoral indices except Nifty PSU Bank indices were trading in the red. Nifty Pharma and Nifty Auto indexes, down 1.5 per cent each, took the deepest cuts.
In the broader market, the S&P BSE MidCap index was trading 92 points, or 0.63 per cent, lower at Rs 14,588, while the S&P BSE SmallCap gave up its early gains to trade 13 points, or 0.09 per cent, lower at 14,052.
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Benchmark indices dropped on Friday tracking global markets, while metal and pharma stocks pulled down the indices ahead of elections in the key state of Karnataka.
The S&P BSE Sensex ended at 34,915, down 188 points while the broader Nifty50 index settled at 10,618, down 61 points.
Among sectoral indices, the Nifty Metal index was trading over 1% lower led by a fall in shares of Hindustan Zinc and Hindalco. The Nifty IT index, too, was down led by a fall in shares of Mindtree and Wipro. Among the FMCG counters, ITC, Emami, GSK Consumer slipped over 2% on the NSE.
Pharma stocks pushed both indices lower, with the Nifty Pharma index falling over 1.5%.
Bajaj Auto, Mahindra & Mahindra (M&M), ITC, Reliance Industries (RIL), Mahindra & Mahindra Financial Services (MMFS) and JSW Steel are the six stocks that Morgan Stanley is betting on in India to play its ‘growth at reasonable price’ (GARP) investment strategy.
An Indian jeweller that saw its market worth reach $3.6 billion at the start of the year is now floundering at about a quarter of that value after one of its founders gifted some shares to family members, raising concern about the company’s governance. PC Jeweller Ltd. slumped by about half after the company said last week that one of its founders P.C. Gupta made the gifts through off-market transactions. The stock has plunged 75 per cent from a record on January 19, taking its market capitalization to Rs 58.3 billion ($873 million). It climbed 21 per cent to Rs 146.85 as of 12.31 p.m. in Mumbai on Friday.
Realty firm Godrej Properties on Friday reported over two-fold jump in its consolidated net profit at Rs 1.41 billion for the January-March quarter of last financial year on higher sales. Its net profit stood at Rs 625.9 million in the year-ago period, the company said in a filing to the BSE.
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Benchmark indices were flat on Friday even as minutes of the central bank’s policy panel meeting stoked expectations of an interest rate hike, with losses in financials and metals overshadowing gains in information technology stocks.
The S&P BSE Sensex ended at 34,416, down 12 points while the broader Nifty50 index settled at 10,564, down 1 points.
The rupee dropped to its lowest in more than a year following a hawkish tone in the minutes, released on Thursday, of the Reserve Bank of India’s monetary policy committee (MPC) meeting that took place earlier this month.
Among sectoral indices, the Nifty PSU Bank index slipped nearly 2.5% led by a fall in shares of Bank of India and IDBI Bank.
Investors cheered the results of Tata Consultancy Services, sending its shares to an all-time high of Rs 3,421 after the country’s top software services exporter posted its biggest-ever profit on Thursday.
Prakash Constrowell share price rallied 10% after the company has been declared L-1 bidder by the MCGM (Municipal Corporation of Greater Mumbai) for the new project Dumpsite Reclamation at Mulund Dumping Ground (MDG) in Mumbai by adopting suitable technology for existing garbage dump.
J B Chemicals & Pharmaceuticals fell 2.33% to Rs 312.65 on BSE after the company said it received an order from Pollution Control Committee, Daman for closure of its formulation manufacturing facility at Daman.
They were once seen as among India’s most promising growth stories. Now, however, the fate of ABG Shipyard, Alok Industries and Lanco Infratech is seen as near-certain but in the opposite direction. With huge debt, few takers for their assets and the whopping write-offs (‘haircuts’) that banks are likely to take on the loans given to these companies, industry experts believe liquidation of the trio are among the few options. All three have defaulted on their huge payment obligations.
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The benchmark indices ended at record highs on Friday, tracking upbeat trend in global markets, while back home hopes of good southwest monsoon rains also lifted sentiment.
The S&P BSE Sensex ended at 31,273, up 135 points, while the broader Nifty50 closed at 9,653, up 37 points.
In intraday trade, the 30-share Sensex gained as much as 195 points to touch a new high of 31,332, surpassing the previous milestone of 31,220 hit on May 29, while the broader Nifty50 rose as much as 16 points to reach a fresh high of 9,673, scaling last peak of 9,637 hit on May 29.
The broader market outperformed with the S&P BSE Midcap and the S&P BSE Smallcap indices adding 0.7% and 0.5%, respectively.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,449 shares rose and 1,237 shares declined. A total of 164 shares were unchanged.
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Snapping previous session’s losses, the benchmark indices on Friday staged a smart recovery led by gains in IT and pharma stocks after the rupee on Thursday hit its all-time low against dollar. Positive global cues as dollar retreated from 14-year high mark also added to the gains.
The S&P BSE Sensex settled the day at 26,316, up 456 points, while the broader Nifty closed at 8,114, up 149 points. In broader markets, BSE Midcap was up 1.3% while smallcap ended 2% higher.
Export-driven businesses like information technology (IT) and pharmaceutical rallied on the index today after rupee touched its record low on Thursday. These stocks earn more revenues on rupee depreciation as every dollar earned through exports means more rupees added to their bottom line.
The S&P BSE Sensex settled 77 points down at 26,105 and the Nifty50 eased 6 points to close at 8,074. In the broader market, BSE Midcap rose 0.61% while Small cap closed 0.25% higher.
Even though the indices were largely range-bound during the day, Sensex rose 120 points as well as fell more than 100 points during the day. Nifty50 also breached its crucial 8,050 level during the day.
Weaker rupee boosted export-oriented sectors like pharma even when the overall market sentiment was not very positive.
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