The benchmark indices ended flat on Friday amid weakness in the rupee, which hit a new low breaching 71 per dollar mark for the first time earlier today.
The S&P BSE Sensex ended at 38,645, down 45 points while the broader Nifty50 index settled at 11,680, up 4 points.
Among sectoral indices, the Nifty Pharma index rose 2.7 per cent led by a rise in Lupin and Dr. Reddy’s Laboratories. The Nifty IT index, too, settled 1.8 per cent higher led by Tech Mahindra and MindTree. However, Nifty Bank index slipped 0.15 per cent due to a fall in YES Bank’s shares.
The rupee slumped to a fresh record low of 71 against the dollar for the first time ever by falling 26 paise on persistent demand for the US currency amid rising crude prices. At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74.
J B Chemicals & Pharmaceuticals rose 1.51% to Rs 342.20 on BSE after the company’s board of directors the buy-back of equity shares. The announcement was made during market hours today, 31 August 2018.
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Benchmark indices ended flat on Friday, as investors remained cautious after sentiment soured on renewed fears of a trade war after US President Donald Trump proposed more tariffs on China.
Back home, the Reserve Bank of India (RBI) on Thursday adopted a remarkably dovish tone, surprising analysts who were expecting the firming up of rates in the medium term, even as one of the six members in the Monetary Policy Committee (MPC) voted for a hike in an otherwise status quo policy.
The S&P BSE Sensex ended at 33,627, up 30 points while the broader Nifty50 index settled at 10,331, up 6 points.
Reliance Communications Ltd (RCom) said on Friday it received the National Company Law Appellate Tribunal’s (NCLAT) approval to proceed with the sale of its tower and fibre business.
Shares of public sector bank were in focus for the second straight day with Nifty PSU Bank index nearly 1%, extending its Thursday’s 5% surge, after the Reserve Bank of India (RBI) maintained status quo on the key short-term borrowing rate in its first bi-monthly monetary policy for the financial year 2018-19 (FY19) on Thursday.
Punjab National Bank (PNB), Allahabad Bank, Oriental Bank of Commerce, Bank of Baroda, Union Bank of India, Bank of India and Canara Bank were up in the range of 1% to 4% on the National Stock Exchange (NSE).
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The domestic indices ended 1% higher on Friday taking cues from the global markets. The S&P BSE Sensex ended at 34,142, up 323 points while the broader Nifty50 index settled at 10,491, up 108 points.
Among sectoral indices, the Nifty Metal index ended nearly 3% higher on Friday led by a rise in the shares of Jindal Steel & Power, Tata Steel and National Aluminium Company. The Nifty Pharma index also ended over 2.5% higher led by surge in the stocks of Sun Pharmaceutical Industries and Divi’s Laboratories.
Sun Pharmaceutical Industries turned volatile, trading 3.5% higher at Rs 561 on the BSE at 02:34 pm on Friday, after the company said the US Food and Drug Administration (USFDA) issued Form 483, with three observations, for its Halol facility in Gujarat.
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Benchmark indices ended positive for a seventh straight session on Friday led by IT firms, while bonds dipped on market talk of a potential sovereign ratings upgrade by Standard & Poor’s (S&P) later in the day.
Speculation about an S&P rating upgrade on India surfaced late on Thursday. This comes after a surprise upgrade by Moody’s last week.
Foreign investors have net bought $2.33 billion worth of Indian shares in November so far.
The S&P BSE index ended the day at 33,679, up 91 points while the broader Nifty50 index settled at 10,389, up 40 points. Infosys, Bajaj Auto, GAIL and Aurobindo Pharma were the top gainers, while BHEL, SBI, Hindalco and Vedanta were the top losers.
The S&P BSE Midcap and the S&P BSE Smallcap indices hit their respective new high on the BSE on Friday, following an extending rally in infrastructure, auto ancillary, education, textiles and public sector banks.
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Benchmark indices rose on Friday and gaining for a third straight week after much weaker-than-expected economic growth data raised hopes the central bank would cut interest rates at its next policy meeting in October.
India’s gross domestic product (GDP) growth slid to a three-year low of 5.7% in the quarter ended June, a marked slowdown from a 6.1% growth in the previous quarter.
However, India’s factory activity unexpectedly expanded in August, snapping back from a contraction the previous month, as disruptions stemming from confusion over GST eased.
Broader markets outperformed the benchmark indices with BSE Midcap and BSE Smallcap up 0.9% and 0.8% respectively.
Shares of Gravita India touched 52-week high of Rs 134.65, rising 11% intraday on the back of strong Q1 numbers.
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The benchmark Nifty50 pared losses in the last leg of trade to end the first day of August series above 10,000-mark, up 1% for the week. Sensex, on the other hand, also ended marginally lower for the day but up 1% for the week. The street was dragged down by after Dr. Reddy’s extended fall for the second straight day post weaker Q1 quarterly earnings. Negative cues from Asian markets after US tech shares pulled Wall Street slightly lower also contributed to the losses.
Broader markets outperformed benchmark indices with BSE Midcap and BSE Smallcap, up 0.5% and 0.4% respectively.
Focus now shifts to Reserve Bank of India’s two-day monetary policy meeting, which is set to begin next week on Tuesday, while the outcome is expected on Wednesday.
HDFC, Infosys, Kotak Mahindra Bank, Adani Ports and ONGC gained the most on BSE Sensex while Dr Reddy’s, Sun Pharma, Lupin, ICICI Bank and HeroMoto Corp lost the most on the index
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The markets ended flat, snapping 4-day record closing trend after opening at record highs after information technology heavyweight Infosys’ June quarter results beat Street estimates, while TCS, which declared its results post market hours on Thursday, was the top loser on Sensex and Nifty.
The BSE Sensex settled the day at 32,020, down 16 points while the broader Nifty50 index ended at 9,886, down 5 points
Nifty IT index was the top sectoral loser, down over 1% for the day dragged by Just Dial, TCS, Wipro and Tata Elxsi. Infosys also slipped in red, ending 0.7% down for the day after rising nearly 3% in early-morning trade.
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Extending losses for second consecutive week, benchmark indices settled marginally lower in a volatile session as investors stayed cautious in the earnings season. Nifty50 slipped below 9,100, dragged by index heavyweights like Sun Pharma and ITC. However, RIL and HDFC Bank supported the market.
The S&P BSE Sensex settled the day at 29,365, down 57 points, while the broader Nifty50 ended at 9,119, down 17 points.
In the broader market, the S&P BSE Midcap index and the S&P BSE Smallcap index added 0.02% and 0.2%
Small and midcap stocks hit record highs, with the Nifty Smallcap 100 index climbing as much as 1.1% and the Nifty Midcap 100 index up as much as 0.6%.
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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%.
Benchmark indices settled the day flat and posted small weekly gains as investors stayed cautious ahead of assembly election results. Exit polls declared yesterday showed BJP ahead of other rival parties in all the five states.
Victory for BJP in Uttar Pradesh will boost PM Narendra Modi’s chances of winning the 2019 general election. It would also give the party more number of legislators in the Rajya Sabha where it doesn’t have a majority, improving the government’s chances of passing key reform bills.
The 30-share Sensex ended 17 points higher at 28,946, while the 50-share Nifty settled the day at 8,934, up 7 points.
In the broader market, the BSE Midcap was down 0.2%, while BSE Smallcap fell 0.1%.
