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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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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The key benchmark indices recouped losses, led by fresh buying in select IT and financial shares, to end Friday’s trading session on a flat note. Auto stocks skidded for the second day in a row.
The S&P BSE Sensex, which, touched a low of 61,337, eventually ended at 61,663, down 88 points. In the process, the BSE benchmark also finished the week with a marginal loss of 132 points.
The NSE Nifty 50 settled 36 points lower at 18,308 on Friday.
Among the Sensex 30 stocks, Mahindra & Mahindra slipped 2.4 per cent. NTPC, Bajaj Finance, Maruti, IndusInd Bank and Bharti Airtel were the other notable losers. On the positive side, HCL Technologies and Asian Paints finished with gains of around a per cent each.
The broader indices – BSE Midcap and Smallcap were down nearly 0.5 per cent each. The breadth too was fairly negative, with 2,048 declining stocks against 1,455 advancing shares on the BSE.
The BSE Auto index slipped 1.2 per cent and was the major sectoral loser. The Capital Goods, Oil & Gas and Energy indices were the other prominent losers.
In the broader market, shares of TCPL Packaging hit a record high at Rs 1,696, and ended with a solid gain of 15.4 per cent on healthy business outlook. The stock of the packaging company surpassed its previous high of Rs 1,540.45, touched on September 5, 2022.
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The key benchmark indices ended with significant losses amid a global market rout as record high inflation fueled fears of a faster rate hike, threatening the world economies.
The S&P BSE Sensex tumbled to a low of 54,587, and finally settled 867 points lower at 54,835. In the process, the BSE index was down 3.9 per cent (2,226 points) for the week. Similarly, the NSE Nifty plunged 272 points to 16,411, ending the week with a huge loss of 4 per cent.
Financial and IT shares bore the brunt of the selling pressure. Bajaj Finance slumped 4.8 per cent, while Bajaj Finserv tanked 3.5 per cent. Axis Bank shed 4 per cent. Nestle India too declined over 3 per cent.
Wipro, HDFC, Infosys, HDFC Bank, UltraTech Cement, Titan, TCS, IndusInd Bank and Asian Paints were the other major losers. Reliance Industries was down 0.6 per cent ahead of its Q4 numbers.
On the positive front, Tech Mahindra and PowerGrid Corporation rallied over 2 per cent each. ITC, SBI and NTPC were the other notable gainers.
The broader markets also ended with steep losses. The BSE Midcap and Smallcap indices were down over 2 per cent each. The overall breadth too was fairly bearish, with more than 2,500 declining stocks versus 850 advancing shares on the BSE.
Sectorally, the BSE metal and realty indices slumped over 3 per cent each. The IT and Consumer Durables indices were the other major losers, down over 2 per cent each. The Auto, Bankex and Healthcare indices declined 1.7 per cent each.
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Global headwinds weighed on Indian equities for fourth straight day on Friday as all sectors, barring selective FMCG counters, slid into the negative territory.
The S&P BSE Sensex ended the session with 427-points cut at 59,037 level with 10 index constituents ending the session in the green. The 30-pack index had briefly breached below the 59,000-mark intra-day and hit a low of 58,621.
On the NSE, the Nifty50 gave up the 17,650-mark to end at 17,617, down 140 points. The broader markets bled even more with both the mid and smallcap indices closing 2 per cent lower each on the BSE.
Overall, 2,329 stocks ended in the red on the BSE as against less than 1,048 stocks in the green. Fear gauge, India VIX, soared 6 per cent to end near 19-mark.
Sectorally, only the Nifty FMCG index ended in the green, up 0.36 per cent. The losses, on the oher hand, were led by the Nifty PSU Bank index, down 3 per cent. All other indices slipped between 0.5-2.4 per cent.
Bajaj Finserv, Tech M, Tata Steel, Bharti Airtel, IndusInd Bank, and Axis Bank were the top large-cap draggers while Zee Entertainment, Canara Bank, Concor, Info Edge, Sasken Technologies, Hindustan Oil Exploration, and Polycab India were the mid- and small-cap losers. All these stocks were down in the range of 2-11 per cent.
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Source: https://stockarchitect.com/sector/Electric-Utilities
Benchmark indices tumbled on Friday as the long-term capital gains tax on equities investments dampened sentiment, while bonds slid for a second consecutive session on worries the central bank would become more hawkish on inflation.
The weak sentiment came a day after the government unveiled its budget for the year starting in April that raised spending for rural sectors and healthcare, widening the fiscal deficit target to 3.3% of gross domestic product from the previous 3.0%. The government also unveiled a 10 percent tax on long-term capital gains in equity markets.
Investors worried that higher spending and the government’s move to raise minimum support prices for crops could lead to higher retail prices at a time when consumer price inflation has already hit a 17-month high of 5.21%, well above the Reserve Bank of India’s target of 4%.
BHEL, Bajaj Auto, Bajaj Finance and Tata Power lost the most on both indices, while TCS, Wipro, Tech Mahindra, and HCL Tech were the top gainers.
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The benchmark indices on Thursday settled the holiday-truncated week lower after index heavyweight Infosys’ revenue guidance and plan to distribute cash to shareholders fell short of expectations, raising concerns at the start of the March quarter earnings.
The geopolitical worries, after the United States launched cruise missiles against an air base in Syria last week and fears of a new weapons test by North Korea, also contributed to the losses.
Investors also took cues from the index of industrial production (IIP) data, which contracted in February and consumer price index (CPI)-based inflation data, which edged up in March.
The S&P BSE Sensex settled at 29,461, down 182 points, while the broader Nifty50 ended at 9,150, down 53 points. For the week, the Sensex shed 245 points or 0.8%, while the Nifty slipped 47 points or 0.5%.
