Domestic equities’ losing run entered sixth straight session on Friday as growth concerns, amid fears of elevated interest rates, hurt sentiment. The S&P BSE Sensex fell 142 points, or 0.24 per cent, to close at 59,464, while the Nifty50 declined 45 points, or 0.26 per cent, to end at 17,466.
Adani Enterprises (down 5 per cent), Hindalco, JSW Steel, M&M, Tata Steel, SBI Life, L&T, Tata Motors, BPCL, HDFC Life, HDFC, and HDFC Bank were the top laggards. On the flipside, ONGC, Divis Labs, Asian Paints, Coal India, Adani Ports, Bajaj Auto, Power Grid, and NTPC eked out gains.
In the broader markets, the BSE MidCap index dipped 0.17 per cent, and the BSE SmallCap index eased 0.15 per cent. Sectorally, the Nifty Metal index plunged 3 per cent, followed by the Nifty PSU Bank index (down 0.8 per cent).
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The key benchmark indices bounced back with panache in opening trades this morning taking cues from the global peers. The S&P BSE benchmark index soared to a high of 58,435 in intra-day deals led by strong gains in IT major Infosys and the HDFC twins.
Infosys rallied over 5 per cent to a high of Rs 1,494 on the back of healthy Q2 performance and Rs 9,300 crore share buyback. Analysts expect the stock to log further gains in the coming trading sessions. READ MORE
The key indices, however, pared gains in the latter half of the trading sessions as the overall sentiment remained cautious in the backdrop of a high inflation scenario globally. The Sensex eventually ended 685 points higher at 57,920. Thanks to the Friday-rally, the BSE index was able to trim its weekly loss to 271 points.
The NSE Nifty 50 index rallied past the 17,300-level in early deals, but finally settled at 17,186 – up 171 points.
The broader indices erased the entire day’s gain towards the close. The BSE Midcap index was up 0.1 per cent, while the Smallcap index ended unmoved.
Sectorally, the BSE IT and Bankex surged 1.7 per cent each. The Capital Goods index was the other notable gainer. On the other hand, Oil & Gas and Power indices slipped over a per cent each.
The overall breadth was marginally positive, with 1,835 stocks advancing versus 1,608 declining shares on the BSE.
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Benchmark indices bucked the weak Asian trend and rose on Friday as the Assembly elections’ euphoria extended into a second day. However, developments around the Ukrainian war, commodity prices, and the US inflation data kept the markets volatile through the day.
The S&P BSE Sensex hit a high of 55,834 in early deals but eased off to end at 55,550, up 86 points or 0.15 per cent. The Nifty50, on the other hand, settled at 16,630, up 35 points or 0.2 per cent.
The breadth was well-balanced as equal number of stocks advanced and declined on both the frontline indices. The gainers included Cipla, Sun Pharma, BPCL, JSW Steel, Dr Reddy’s Labs, IOC, Power Grid, Coal India, and ITC, while the losers were Nestle India, Maruti Suzuki, Tata Consumer Products, Tata Steel, Britannia, Axis Bank, Hindalco, NTPC, Eicher Motors, and TCS.
In the broader markets, the Midcap index (up 0.45 per cent) and the Smallcap index (up 0.87 per cent) on the BSE outperformed the benchmarks.
Sectorally, the Nifty Pharma index was the best performing index, rising 2.5 per cent on the NSE. The Nifty Auto index, on the other hand, slipped 0.4 per cent.
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Equities clocked a resounding comeback on the bourses as investors rushed to bargain buying at lower level on Friday. After a nearly 5-per cent fall on Thursday, benchmark indices jumped 2.4 per cent amid a broad-based buying. Volatility gauge, India VIX, cooled off 16.4 per cent to 26.7 levels.
The frontline BSE Sensex settled a range-bound trade 1,329 points higher at 55,858.5 with Tata Steel, IndusInd Bank, Bajaj Finance, NTPC, Tech M, Axis Bank, Kotak Bank and TCS ending as top gainers on the index. The stocks zoomed between 3.5 per cent and 6.5 per cent.
On the NSE, the 50 share index rose 410 points to end at 16,658. Britannia, Nestle India, and HUL were the only losers on the index, down 0.5 per cent, 0.2 per cent, and 0.01 per cent, respectively.
Meanwhile, in the broader markets, the MidCap and Smallcap indices on the BSe outperformed the benchmarks and closed a little over 4 per cent higher each.
Sectorally, the Nifty Realty and PSB indices logged the sharpest rebound today with 5 per cent gain each on the NSE. This was followed by the Nifty Private Bank index (4 per cent), Nifty Bank index (3.5 per cent), and the Nifty Pharma, Auto, and Financial Services indices (3 per cent each).
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The volatile streak in the markets extended into a third straight day on Friday as investors continued to be on edge about the ongoing tensions between Russia and Ukraine.
The S&P BSE Sensex ended an extremely choppy day 54 points, or 0.1 per cent, lower at 57,833 levels, while the Nifty50 shut shop at 17,276, down 28 points or 0.16 per cent.
Reliance Industries, Infosys, Ultratech Cement, Bajaj Finance, ICICI Bank, Bharti Airtel, and M&M were the major drags on the Sensex today, accounting for most of the losses. This downside was capped by gains in HDFC twins, L&T, TCS, and Axis Bank.
In the broader markets, the BSE MidCap and SmallCap indices shed 0.8 per cent each with individual stocks, including Gland Pharma, Honeywell Automation, Astral Ltd, Hindustan Media Ventures, Asian Energy Services, and Unichem Labs cracking between 4 per cent and 8 per cent.
On the sectoral front, key indices ended in the negative zone led by the Nifty Realty index (down 1.2 per cent) and the Nifty Pharma index (down 0.8 per cent). On the upside, the Nifty Bank and Financial Services indices managed to close 0.2 per cent higher each.
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Equity markets snapped their four-day losing run and ended near day’s high on Friday as gains in pharma and banking counters, and select heavyweights lent support to the indices. Breaking away from a lackluster trade, the frontline indices picked pace in the second half of the session as ICICI Bank, Reliance Industries, SBI, and HDFC gained between 0.7 per cent and 1.6 per cent.
The S&P BSE Sensex closed with gains of 166 points, or 0.32 per cent, at 52,485 levels while the NSE’s Nifty50 settled at 15,722 levels, up 42 points or 0.27 per cent.
However, trading action was skewed towards small-cap stocks as hefty buying in Mangalam Cement, Omaxe, OnMobile Global, Route Mobile, and Indoco Remedies, pushed the BSE SmallCap index up 1 per cent. Gains in mid-cap index remained capped amid sell-off in Adani Transmission, Adani Enterprises, Adani Green Energy, JSW Energy, SAIL, and Vodafone Idea. The BSE MidCap index ended little changed.
Sectorally, the Nifty Pharma index was the top gainer, up 0.6 per cent, followed by the Nifty Bank index, up 0.4 per cent. Conversely, the Nifty Metal index was the top sectoral loser on the NSE, down 1.5 per cent.
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Source: https://stockarchitect.com/sector/IT-Consulting-And-Software
