Equity markets roiled in global sell-off as contagion effect of overnight selling in the US markets, especially bank stocks, dented sentiment. The S&P BSE Sensex crashed 671 points, or 1.12 per cent, to close at 59,135. The Nifty50, meanwhile, gave up the 17,450-mark to end at 17,413, falling 177 points or 1 per cent. These indices hit intra-day lows of 58,885, and 17,324, respectively.
Financial stocks were the worst hit today, amid near broad-based selling, with HDFC Bank (down 2.6 per cent), HDFC, SBI, IndusInd Bank, Bajaj Finserv, Axis Bank, ICICI Bank, Kotak Bank, and Bajaj Finance featuring among the top 15 laggards on the Sensex. Index-wise, the Nifty PSU Bank index declined 2.2 per cent, while the Nifty Bank and Private Bank indices fell 1.8 per cent each.
Other large-cap laggards were RIL, L&T, M&M, and Asian Paints, down up to 1.5 per cent.
In the broader markets, the BSE MidCap and SmallCap indices dropped less than 1 per cent each.
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It was a lacklustre session for the markets on Friday as lack of fresh triggers kept indices within a narrow range. The S&P BSE Sensex fell 123.5 points, or 0.2 per cent, to settle at 60,682.7 levels today amid profit booking in HCL Tech (down 2.7 per cent), Tata Steel, Reliance Industries, Wipro, ITC, ICICI Bank, Infosys, and HUL.
The Nifty50, meanwhile, closed at 17,857, down 37 points or 0.2 per cent. In the broader markets, the BSE SmallCap indices outshone its peers by rising 0.48 per cent. The BSE MidCap index settled flat with a positive bias.
Among individual shares, shares of Gautam Adani group companies continued to reel under pressure Adani Green Energy, Adani Transmission and Adani Total Gas hitting their respective 52-week lows on the BSE in Friday’s intra-day trade.
Besides, shares of digital financial services firm One97 Communications, which owns Paytm, slipped 9 per cent to Rs 640 on the National Stock Exchange (NSE) in Friday’s intra-day trade on the back of heavy volumes.
Sectorally, the Nifty Metal index slipped 2 per cent, while the Nifty Realty index gained 1.36 per cent.
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Equity markets buckled under severe selling pressure to close at 3-month lows on Friday driven by an extended slump in Adani group stocks that soured overall market sentiment.
Banking stocks were the top laggards as claims of high debt of Adani firms made by Hindenburg in its recent report had a sentimentally negative impact on the banking space, especially PSU banks, analysts said.
The BSE Sensex cracked 874 points to close at 59,331, its lowest level since Oct 21, 2022 when it ended at 59,307. The NSE Nifty dropped to 17,604 with a massive loss of 288 points.
Adani Enterprises and Adani Ports were the leading Nifty losers, which ended 18 and 15 per cent lower, respectively. SBI, ICICI Bank, IndusInd Bank were next in line dropping up to 5 per cent.
Shares of other Adani firms–Adani Wilmar, Adani Transmission, Adani Green, Adani Total Gas, Adani Power, Ambuja Cement and ACC– closed with losses of 5-20 per cent on top of Wednesday’s decline, which came as short-seller Hindenburg Research said it held short positions in Adani Group companies through US-traded bonds and non-Indian-traded derivative instruments and accused the group of stock manipulation and accounting fraud.
Four Adani group stocks listed in the F&O (Futures & Options) segment – Adani Enterprises, Adani Ports, ACC and Ambuja Cement witnessed a build-up of Open Interest (OI) on the short-side since the beginning of this week, which is a couple of days prior to the release of Hindenburg report.
As per Reuters, SEBI has increased scrutiny of deals by the Adani Group over the past year and will also study the report issued by Hindenburg Research to add to its own ongoing preliminary investigation into the group’s foreign portfolio investors. Read more
Shares of Tata Motors, Bajaj Auto and Dr Reddy’s firmly resisted Friday’s market crash on strong Q3 earnings. Besides, auto, pharma, FMCG indices were the only outperformers in a broad-based selloff, while the Nifty PSB and oil & gas indices were the worst hit with cuts of 5 per cent each.
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Weakness gripped Dalal Street on Friday as equity markets declined for a third straight session registering their first weekly loss of 2023. Investors remained on the sidelines as they awaited a key jobs report in the US due for release later today.
The jobs data will likely dictate the market trend in the US as strong job additions could mean continued monetary tightening by the Federal Reserve.
The BSE Sensex sank 683 points to the day’s low of 59,670 before closing 453 points lower at 59,900. The NSE Nifty touched a low of 17,796 and eventually pulled back to end 133 points lower at 17,859.
The top laggards that weighed on the benchmark indices were financial and IT shares. TCS, IndusInd Bank, Bajaj twins, Tech M, Kotak Bank, Infosys, Airtel, Tata Motors, Titan and Wipro led losses on Sensex, shedding 1-3 per cent, while JSW Steel was the top Nifty loser.
Handful of index winners included M&M, Reliance, Nestle, ITC, L&T, Britannia, BPCL and ONGC, which closed up to 1 per cent higher.
Besides, broader markets also could not escape the selloff and declined in line with benchmarks. The BSE Midcap and Smallcap indices slipped 0.7 per cent each.
Losses were equally spread across sectors. Nifty IT fell 2 per cent followed by 0.7-1 per cent cuts each in Bank, Financial, Metal, Realty and Pharma indices. FMCG and Consumer Durables outperformed with fractional gains.
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Bears crawled on Dalal Street on Friday as wobbly global sentiment as Covid-19 scare in China triggered slowdown fears. With this, equity markets have settled lower for a fourth consecutive day.
The S&P BSE Sensex slumped 981 points or 1.6 per cent to end at 59,845, which is its lowest level since October 28. The index hit an intra-day low of 59,766 during the day dragged by Tata Steel, Tata Motors, SBI, Bajaj Finserv, Wipro, IndusInd Bank, Reliance, L&T, which shed 2-5 per cent.
The Nifty50, meanwhile, ended at 17,807, down 321 points or 1.8 per cent. The index sank to a low of 17,779 during the day.
The pain was even more severe in the broader market space where the BSE MidCap and SmallCap indices fell 3 and 4 per cent, respectively.
The broad-based selling was led by public sector banks with the Nifty PSU Bank index tumbling nearly 6 per cent. This was followed by the Nifty Metal index (down over 4 per cent), and the Nifty Realty index (down 3 per cent).
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Selling pressure intensified in late noon deals on Friday after reports emerged of fresh Russian onslaught on Ukrainian soil. According to media reports, at least three cities in Ukraine faced major missile attack on energy facilities and infrastructure. Meanwhile, recession fears in the US and Euro region, coupled with growth slowdown concerns back home, weighed on the sentiment.
Against this backdrop, the S&P BSE Sensex dropped 461 points, or 0.75 per cent, to settle at 61,338. The Nifty50, too, slumped 146 points or 0.79 per cent to end at 18,269.
Dr Reddy’s Labs, M&M, Asian Paints, SBI, TCS, Titan, Power Grid, and Ultratech Cement fell the most among the 27 losers within the Sensex pack. Adani Ports, BPCL, Bajaj Auto, and Hero MotoCorp were the additional laggards on the Nifty.
Tata Motors, HDFC Bank, HUL, and Tata Steel were the only large-cap gainers on the benchmark indices.
Meanwhile, in the broader markets, the BSE MidCap index declined 1.4 per cent, while the BSE SmallCap index dipped 0.9 per cent.
Among sectors, the Nifty PSU Bank index sunk the most, down nearly 3 per cent. This was followd by losses in the Nifty Realty, Pharma, and Media indices, down over 1 per cent each.
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Domestic benchmark indices remained listless on Friday as record high levels in indices triggered minor profit booking. The S&P BSE Sensex, which hit a new lifetime high of 62,448 earlier today, ended at 62,294, up 21 points or 0.03 per cent. The NSE Nifty50, meanwhile, ended at 18,513, up 29 points or 0.15 per cent. The index claimed new 52-week high of 18,535.
Reliance Industries, Wipro, IndusInd Bank, Axis Bank, Tech M, Tata Steel, Maruti Suzuki, and M&M were the top Sensex gainers, rising between 0.5 per cent and 1.2 per cent. HDFC Life, Tata Motors, Divis Labs, Hero MotoCorp, Coal India, Eocher Motors, and BPCL were the additional gainers on the Nifty50 index.
On the downside, Nestle India, ICICI Bank, Kotak Bank, Titan, HDFC Bank, HUL, and Bajaj Finance were the top laggards, down up to 1.4 per cent. Sectorally, the Nifty Realty index added 1.2 per cent, while the Nifty FMCG index fell 0.3 per cent.
In the broader market, the BSE MidCap and SmallCap indices rallied 0.77 per cent, and 0.67 per cent, respectively.
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The key benchmark indices ended a rather listless trading session near the high’s of the day on the back of smart gains in metals and select financial shares.
The S&P BSE Sensex languished in the negative zone for the major part of the trading day, but eventually ended 114 points higher at 60,950 owing to the late buying. The NSE Nifty 50 settled with a gain of 64 points at 18,117.
Among the Sensex 30 shares, Bajaj Finserv surged 4.5 per cent to Rs 1,801. Tata Steel and UltraTech Cement vaulted 2.5 per cent each. SBI, Reliance Industries, Asian Paints and Bajaj Finance were the other major gainers.
On the other hand, Dr.Reddy’s slipped 1.5 per cent. Hindustan Unilever, Infosys and HDFC Bank were the other notable losers.
The broader market, however, ended on a mixed note. The NSE Midcap index was down 0.3 per cent, while the Smallcap index added 0.4 per cent. India VIX declined 1.8 per cent on Friday.
Sectorally, the NSE Metal index surged over 4 per cent. The PSU Bank and Media indices were up a per cent each. The Pharma index, however, slipped a per cent.
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Equity markets were volatile on Friday, swinging rapidly during the day, as every bargain buying witnessed selling pressure on the top. The S&P BSE Sensex hit a high of 58,269, and a low of 57,851 during the day before closing at 58,191. It slipped 31 points, or 0.05 percent, compared to Thursday’s close.
The NSE Nifty50, on the other hand, shut shop at 17,315, down 17 points or 0.1 percent. The benchmark indices were weighed down by energy, IT, FMCG, and financial stocks with Tata Consumer Products, M&M, Coal India, BPCL, SBI, TCS, JSW Steel, Adani Ports, HCL Tech, and ITC being the top laggards. On the upside, Titan Company, IndusInd Bank, PowerGrid, Grasim, and Maruti Suzuki trimmed losses, rising over 1 percent each.
In the broader markets, the BSE MidCap index fell 0.15 percent, while the BSE SmallCap index added 0.3 percent.
The rupee weakened to a new low against the US dollar on Friday as Federal Reserve officials in the US outlined a large quantum of rate hikes going ahead, leading to a stronger greenback globally. The rupee, which weakened past the 82 per dollar mark for the first time, hit a low of 82.42 per dollar during the day. Its previous low was 81.95 per dollar. Meanwhile, yields on 10-year government bonds were back above 7.5 percent during the day.
IPO Market was buzzing with the three-day issue of Electronics Mart India, the consumer durables company was subscribed 62 times till 3:30 PM. The QIB portion subscribed at 138 times, NII at 60.4 times, and Retail at 19 times.
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Benchmark indices exhibited range-bound trade on Friday as lack of fresh triggers kept indices directionless. The S&P BSE Sensex remained within a narrow range of 348 points, while the Nifty50 travelled 118 points during the day.
By close, the 30-pack index settled at 54,482 levels, up 303 points or 0.56 per cent. The Nifty50, meanwhile, shut shop with gains of 88 points, or 0.54 per cent, at 16,221. In the broader market, the BSE MidCap and SmallCap indices added 0.2 per cent each.
L&T, PowerGrid, NTPC, ICICI Bank, DR Reddy’s Labs, Axis Bank, Bharti Airtel, and Nestle India were the top large-cap gainers, while M&M Financial Services, Oil India, SRF, Trent, Uttam Sugar, RateGain, and GR Infra surged in the broader market.
On the flipside, Tata Steel, IndusInd Bank, Maruti Suzuki, TCS, Crisil, Ashok Leyland, MFSL, RBL Bank, Ajmera Realty, PSP Projects, and Vakrangee were the top laggards across segments.
Among sectors, the Nifty Metal index was the sole loser, down 0.8 per cent. The Nifty Bank and FMCG indices, meanhile, were the outperformers, up 0.5 per cent each.
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