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 staged a firm turnaround intra-day to close Friday’s session with nominal gains powered by select index heavyweights such as Infosys, ICICI Bank, TCS and HUL, which gained over 1 per cent each.
Gradual easing in domestic and US retail inflation also aided sentiment and helped narrow the gap-down start. The BSE Sensex recovered 633 points from the day’s low and eventually ended 303 points higher at 60,261.
The NSE Nifty closed 98 points up at 17,957 level after bouncing back from the day’s lowest level of 17,774.
Other frontline stocks that supported the recovery included Tata Steel, IndusInd Bank, Ultratech Cement, Bajaj Finance, NTPC, Airtel, Adani Enterprises, Eicher Motors and BPCL, which gained 1-2 per cent.
On the flip side, top losers across the two benchmark indices included Titan, Nestle, ITC, L&T, Reliance and Apollo Hospitals.
The broader markets closed with slimmer gains. The BSE Midcap and Smallcap indices ended 0.09 and 0.2 per cent higher, respectively.
Within sectors, barring consumer durables, PSB and Metal indices on the Nifty logged in most gains, up over 1 per cent each, followed by IT and financial pockets.
Among stocks, HCL Tech firmly recovered the day’s losses and ended with a 0.4 per cent gain.
L&T Technology Services slumped 5.3 per cent on its plan to buy the smart world & communications business (SWC) from its parent L&T.
Banking stocks will be in the spotlight ahead of their Q3 earnings, particularly when the stock market is going through extreme volatility. HDFC Bank will declare its Q3FY23 results on Saturday, followed by Federal Bank on Monday.
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The frontline indices snapped their eight-day winning streak run as investors preferred to take home some profits ahead of the weekend and upcoming RBI policy next week. Auto and IT shares, in particular, witnessed selling pressure.
The S&P BSE Sensex dropped to a low of 62,680, and ended 415 points lower at 62,869. In the process, the benchmark trimmed its weekly gain to 575 points.
The NSE Nifty 50 settled just a shade below the 18,700-level, down 117 points on Friday.
Among the Sensex 30 shares, auto stocks were the major losers as they reacted to the monthly auto sales numbers. Mahindra & Mahindra slipped over 2 per cent. Maruti was down 1.5 per cent.
Hindustan Unilever, Nestle India, HDFC, Asian Paints, Bajaj Finance, PowerGrid Corporation, ICICI Bank, Sun Pharma, TCS and Infosys were the other significant losers, down over a 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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Indian equities rose in tandem with global peers after the release of US inflation data in October raised investor hopes that inflation has peaked. Barring minor downtick in the Nifty Auto, FMCG, and PSU Bank indices, all other sectoral indices advanced on the bourses. The Nifty IT index led from the front with around 4 per cent surge.
Meanwhile, HDFC twins, information technology (IT), and other heavyweighs including Reliance Industries, Tata Steel, L&T, and Bajaj twins propelled the S&P BSE Sensex to a fresh 52-week high of 61,841, while the Nifty50 touched 18,362.
The indices, eventually, ended at 61,795, and 18,350 levels, up 1,181 points and 322 points, respectively.
In the broader markets, the BSE MidCap, and the BSE SmallCap indices added 0.15 per cent, and 0.33 per cent, respectively, as against the frontline indices’ 2-per cent gain.
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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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The Reserve Bank of India’s in-line monetary policy action lifted equities on Friday. The benchmark indices snapped their seven-day losing streak as the RBI delivered a 50-basis point repo rate hike, and underscored the resilience of the Indian economy in his statement.
At the index level, the S&P BSE Sensex climbed 1,313 points intra-day before cooling off a little to end at 57,427, up 1,017 points or 1.8 per cent. The NSE Nifty50, meanwhile, inched closer to 17,200 level before ending at 17,094, up 276 points or 1.64 per cent.
26 of the 30 Sensex constituents, and 41 of the 50 Nifty constituents closed in the positive zone led by Hindalco, Bharti Airtel, IndusInd Bank, Bajaj Finance, Kotak Bank, Titan, HDFC Bank, Bajaj Finserv, Tata Steel, and ICICI Bank. These shares rallied between 2 per cent and 5.6 per cent.
The list of losers included Asian Paints, Coal India, Dr Reddy’s Labs, Britannia, Adani Enterprises, and ITC.
Among sectors, the Nifty PSU Bank, and Private Bank indices advanced around 3 per cent each, followed by the Nifty Metal, and Financial Services indices, up 2 per cent each.
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It was a range-bound trade on the bourses on Friday as investors awaited US Fed chief Jerome Powell’s address at the Jackson Hole Symposium later tonight. The S&P BSE Sensex traded between 58,723 and 59,321, and ended at 58,834, up 59 points or 0.1 per cent.
The NSE Nfty50, meanwhile, shut shop at 17,559, up 36 points or 0.21 per cent. It touched a high of 17,686 and a low of 17,519 on the NSE. In the broader markets, the Nifty MidCap 100 and the Nifty SmallCap 100 settled up to 0.7 per cent higher.
Among sectors, the Nifty Metal index rose 1.7 per cent, followed by the Nifty PSU Bank index, up 1 per cent. On the flipside, the Nifty Private bank index fell 0.3 per cent.
Shares of Syrma SGS Technologies (Syrma) soared 42.2 per cent to Rs 313 against its issue price of Rs 220 per share on debut on Friday. The stock of the industrial electronics company listed at Rs 262, a 19 per cent premium when compared to its issue price on the BSE. On NSE, the stock started trading at Rs 260.
The Rs 562-crore IPO of DreamFolks received a bumper response from investors on the last day of the issue. The offer was subscribed nearly 53 times till 3:30 PM with retail investors’ quota at 42x subscription, NII at 37.5 times, and QIB at 64 times.
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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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Benchmark indices traded within a narrow range on Friday seeking support from firm global cues. The S&P BSE Sensex closed 462 points, or 0.88 per cent, higher at 52,728. The Nifty50, meanwhile, ended at 15,699, up 143 points or 0.92 per cent.
Auto, banking, and FMCG stocks took the centre stage today as easing commodity prices eased input cost and credit off-take pressures. M&M, IndusInd Bank, Bajaj Finance, Hero MotoCorp, HUL, ICICI Bank, Britannia Industries, ONGC, Shree Cement, JSW Steel, Eicher Motors, Tata Consumer Products, Hindalco, and HDFC Bank rose between 1.5 per cent and 4.4 per cent to settle as top Nifty gainers.
On the downside, Tech M, Infosys, Apollo Hospitals, TCS, NTPC, HCL Tech, and Coal India ended as top laggards.
Meanwhile, in the broader market, the Nifty MidCap and SmallCap indices advanced 1.4 per cent and 1.76 per cent, respectively.
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