A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.
| Photo Credit: REUTERS

Benchmark equity indices bounced back in early trade on Thursday (November 14, 2024) after facing heavy correction in the last two trading days, amid massive buying by domestic institutional investors and a rally in frontline stocks HDFC Bank, Reliance Industries.

The BSE benchmark Sensex climbed 254.5 points to 77,945.45 in early trade. The NSE Nifty went up by 86.25 points to 23,645.30.

The BSE benchmark had tanked 1,805.2 points or 2.27% in the past two days.

From the 30-share Sensex pack, HCL Technologies, HDFC Bank, NTPC, Reliance Industries, Tech Mahindra and Axis Bank were the major gainers.

UltraTech Cement, Power Grid, Mahindra & Mahindra, Hindustan Unilever, Maruti and Larsen & Toubro were among the laggards.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,502.58 crore on Wednesday (November 13, 2024), while Domestic Institutional Investors (DIIs) bought shares worth ₹6,145.24 crore, according to exchange data.

“During a correction phase in the market, like the present one, there will always be counter moves, which will facilitate a bounce back. The huge liquidity at the disposal of the DIIs can trigger this bounce back. But such a bounce back is unlikely to sustain since the fundamental factors are unfavourable.

“The Trump factor has triggered many profound changes in markets already. The dollar index is strong and rising and is currently at 106.61. The US 10-year bond yield is at 4.48%. These two are strong headwinds for equity markets in emerging economies like India,” V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

The positive factor is the huge liquidity at the disposal of the DIIs and the sustained flows into these funds, he said.

“Domestically, the worry is the disappointing Q2 results and the consensus earnings downgrade,” Mr. Vijayakumar added.

In Asian markets, Seoul, Tokyo were trading higher while Shanghai and Hong Kong quoted lower.

The U.S. markets ended on a mixed note on Wednesday.

Global oil benchmark Brent crude dipped 0.36% to $72.02 a barrel.

The BSE benchmark Sensex tanked 984.23 points or 1.25% to settle at 77,690.95 on Wednesday. Registering its fifth day of decline, the Nifty tumbled 324.40 points or 1.36% to 23,559.05.

From the 30 Sensex companies, Kotak Mahindra Bank, JSW Steel, HDFC Bank, Power Grid, IndusInd Bank, Maruti Suzuki India, NTPC, Axis Bank and Mahindra & Mahindra were among the gainers. File
| Photo Credit: Reuters

Equity benchmark indices Sensex and Nifty settled higher on Thursday (October 10, 2024) due to gains in banking, power and industrial stocks amid a firm trend in global markets.

The 30-share Bombay Stock Exchange (BSE) Sensex rose 144.31 points, or 0.18%, to settle at 81,611.41. During the day, it soared 535.74 points, or 0.65%, to hit an intra-day high of 82,002.84.

The National Stock Exchange (NSE) Nifty increased 16.50 points, or 0.07%, to close at 24,998.45.

In the intra-day trade, it rose 152.1 points, or 0.60%, to hit a high of 25,134.05. The market traded on a range-bound trend with a negative bias ahead of the start of the Q2 result.

“The Asian market started well but could not hold on to the gains as European markets waved on a negative trend in anticipation of the key U.S. inflation data, global bond yields are rising,” Vinod Nair, Head of Research at Geojit Financial Services, said.

From the 30 Sensex companies, Kotak Mahindra Bank, JSW Steel, HDFC Bank, Power Grid, IndusInd Bank, Maruti Suzuki India, NTPC, Axis Bank and Mahindra & Mahindra were among the gainers.

Tech Mahindra, Sun Pharmaceuticals, Infosys, Titan, Tata Motors, Larsen & Toubro and Tata Consultancy Services were among the laggards.

“Domestic broader market momentum was mixed with caution as the initial expectation of Q2FY25 results is subdued due to a subpar momentum in the global and rural demand,” Mr. Nair added.

Also Read: Ratan Tata’s final rites

Shares of Tata Group companies on Thursday (October 10, 2024) rose up to 15%, with Tata Investment Corporation, Tata Chemicals, and Tata Teleservices among the major gainers.

Tata Sons Chairman Emeritus Ratan Tata, who played a key role in transforming the group into a global conglomerate, passed away late on Wednesday (October 9, 2024). He was 86.

European markets were trading lower in the mid-session deals. Global oil benchmark Brent Crude climbed 1.37% to $77.63 a barrel in futures trade.

In Asian markets, Tokyo, Hong Kong, Shanghai and Seoul were closed higher. U.S. markets ended with gains on Wednesday (October 9, 2024).

Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,562.71 crore on Wednesday (October 9, 2024), while Domestic Institutional Investors (DIIs) bought equities worth ₹3,508.61 crore, according to exchange data.

On Wednesday (October 9, 2024), the 30-share BSE Sensex fell 167.71 points to close at 81,467.1 while the NSE Nifty dropped 31.20 points to end at 24,981.95.

Image for representational purposes only.
| Photo Credit: REUTERS

Benchmark equity indices Sensex and Nifty pared early gains to settle lower on Wednesday (October 9, 2024) due to late selling in index major Reliance Industries, ITC and HDFC Bank even as the RBI took the first step towards a rate cut in its monetary policy review.

Erasing its early gains, the 30-share BSE Sensex fell 167.71 points or 0.21% to close at 81,467.1. During the day, it surged 684.4 points or 0.83% to hit an intraday high of 82,319.21.

The NSE Nifty dropped 31.20 points or 0.12% to end at 24,981.95. In the intraday trade, it jumped 220.9 points or 0.88% to hit a hit of 25,234.05.

The Reserve Bank of India (RBI) kept its key interest rate unchanged on Wednesday but took the first step towards a rate cut as it eased its relatively hawkish policy stance to ‘neutral’.

The monetary policy committee, which included three RBI officials and an equal number of new external members, voted five-to-one to keep the benchmark repurchase or repo rate – which governs the interest rate of home, auto, corporate and other loans – at 6.5% for a 10th straight policy meeting.

Among the 30 Sensex companies, ITC, Nestle India, Hindustan Unilever, Reliance Industries, Larsen & Toubro and HDFC Bank were among the major laggards.

On the contrary, Tata Motors, Tech Mahindra, State Bank of India, Maruti Suzuki India, Bajaj Finance, Axis Bank, Bajaj Finserv and Bharti Airtel were among the gainers.

European markets were trading higher in mid-session deals.

“An upward revision in Q3FY25 inflation reiterates that the sticky inflation continues to remain a concern for the RBI and led investors to book profit towards the close. The volatility in input prices and the impact on margin dragged the FMCG stocks,” Vinod Nair, Head of Research, Geojit Financial Services said.

The change in RBI’s stance to neutral was favourable and expected, but the commentary is not pointing for a rate cut in the near term, Mr. Nair added.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹5,729.60 crore on Tuesday (October 8, 2024), while Domestic Institutional Investors (DIIs) bought equities worth ₹7,000.68 crore, according to exchange data.

In Asian markets, Shanghai, Hong Kong, and Seoul settled in negative territory while Tokyo quoted in the positive territory.

Global oil benchmark Brent Crude climbed 0.87% to $77.85 a barrel in futures trade.

U.S. markets ended with gains in overnight deals on Tuesday.

On Tuesday, the 30-share BSE Sensex rose by 584.81 points or 0.72% to close at 81,634.81. The NSE Nifty jumped 217.40 points or 0.88% to finish at 25,013.15.

Image used for representational purpose.
| Photo Credit: Reuters

Benchmark equity indices rebounded in early trade on Thursday (September 5, 2024) amid steady foreign fund inflows along with buying in frontline stocks Reliance Industries and HDFC Bank.

The 30-share BSE Sensex rebounded 264.85 points to 82,617.49 in early trade. The NSE Nifty climbed 76.75 points to 25,275.45.

Among the 30 Sensex firms, UltraTech Cement, Tata Steel, ITC, Titan, ICICI Bank, JSW Steel, Reliance Industries and HDFC Bank were the biggest gainers.

Nestle, Bharti Airtel, Bajaj Finserv, Bajaj Finance and Mahindra & Mahindra were among the laggards.

In Asian markets, Seoul and Shanghai were trading higher while Tokyo and Hong Kong quoted lower.

The U.S. markets ended on a mixed note on Wednesday.

Foreign Institutional Investors (FIIs) bought equities worth ₹975.46 crore on Wednesday, according to exchange data.

“FIIs turning net buyers of domestic equities in past few sessions has been lending a major support,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

India’s services sector activity growth touched a five-month high in August on stronger rise in new work orders, while payroll numbers rose solidly as companies remained upbeat regarding the economic outlook, a monthly survey said on Wednesday.

The BSE benchmark dropped 202.80 points or 0.25% to settle at 82,352.64 on Wednesday.

Snapping its 14-day rally, the Nifty declined 81.15 points or 0.32% to 25,198.70. The Nifty had surged nearly 1,141 points or 4.59% in 14 straight days.

Meanwhile, global oil benchmark Brent crude traded 0.19% higher at $72.84 a barrel.

A view of the BSE building in Mumbai.
| Photo Credit: The Hindu

Benchmark equity indices Sensex and Nifty climbed in early trade on Tuesday (August 20, 2024), which was in line with optimism in global markets and steady investments by retail investors.

The 30-share BSE Sensex climbed 338.21 points to 80,762.89 in early trade. The NSE Nifty rallied 87.65 points to 24,660.30.

Among the 30 Sensex firms, Tata Consultancy Services, IndusInd Bank, NTPC, Axis Bank, UltraTech Cement, Power Grid, Infosys and Bajaj Finserv were the major gainers.

Bharti Airtel, Tata Steel, JSW Steel and Tata Motors were among the laggards.

In Asian markets, Seoul and Tokyo traded higher while Shanghai and Hong Kong quoted lower.

The U.S. markets ended in positive territory on Monday.

“Much of the strength and rally at Dalal Street is in the backdrop of steady SIP flows by retail investors. Global factors will be keenly watched as local investors would be eyeing the July FOMC (Federal Open Market Committee) meeting minutes to be released on Wednesday,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,667.46 crore on Monday (August 19, 2024), according to exchange data. However, Domestic Institutional Investors (DIIs) bought equities worth ₹1,802.92 crore.

Global oil benchmark Brent crude dipped 0.79% to $77.05 a barrel.

In a range-bound trade, the BSE benchmark on Monday slipped 12.16 points or 0.02% to settle at 80,424.68. The NSE Nifty edged up 31.50 points or 0.13% to 24,572.65 in a volatile trade.

man checks stock market news on the big screen as Sensex opened in the red when counting began on June 4.
| Photo Credit: ANI

Benchmark equity indices Sensex and Nifty began the trade on an optimistic note on June 5 after facing heavy drubbing in the previous trade as value-buying at lower levels led to an uptrend in the markets.

Making a strong comeback after the June 4 sharp decline, the 30-share BSE Sensex jumped 948.83 points to 73,027.88 in early trade. The NSE Nifty went up by 247.1 points to 22,131.60.

While the NDA is comfortably above the majority mark of 272 in the 543-member Lok Sabha, the BJP has fallen short of the magic number for the first time since 2014 and is critically dependent on its allies for government formation.

The Election Commission has declared results for all 543 Lok Sabha constituencies, with the BJP winning 240 seats and the Congress 99.

“Despite the reduced majority, we expect the policy agenda of Modi 2.0 (investment-led growth, capex, infrastructure creation, manufacturing, etc.) to continue, although with some tweaks. We also expect some populist measures to address rural stress and lift sentiments at the margin, given the nature of the verdict,” as per a report by Motilal Oswal Research.

Among the 30 Sensex companies, Hindustan Unilever, Nestle, Asian Paints, HCL Technologies, HDFC Bank, Kotak Mahindra Bank and ITC were the biggest gainers.

Larsen & Toubro, Power Grid, NTPC and State Bank of India were among the laggards.

“The market will take some time to absorb the unexpected election results. Stability will return to the market soon but volatility will continue till there is clarity on the cabinet and the key portfolios,”said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

One positive of the sharp market correction is that the excessive valuations have moderated a bit and this will facilitate institutional buying once clarity emerges on the formation and composition of the cabinet, he added.

In Asian markets, Seoul and Hong Kong were quoting with gains while Tokyo and Shanghai traded lower.

U.S. markets ended in positive territory on June 4.

Global oil benchmark Brent crude dipped 0.04% to $77.49 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹12,436.22 crore on June 4, according to exchange data.

Markets had the worst trading day in four years on June 4 as the BJP fell short of the magic number for the first time since 2014.

The BSE benchmark Sensex nosedived 4,389.73 points or 5.74% to settle at a more than two-month low of 72,079.05 on June 4. In the day trade, the barometer tanked 6,234.35 points or 8.15% to hit a nearly five-month low level of 70,234.43.

The NSE Nifty tumbled 1,982.45 points or 8.52% to 21,281.45 during the day. Later, it ended at 21,884.50, a sharp decline of 1,379.40 points or 5.93%.

Among the Sensex components, Bharti Airtel, Infosys, Tech Mahindra, HCL Technologies, Mahindra & Mahindra, Reliance Industries and Tata Consultancy Services were the major gainers.
| Photo Credit: Reuters

Equity benchmark indices rallied in early trade on May 16 amid firm global market trends and buying in Reliance Industries and Tata Consultancy Services.

The 30-share BSE Sensex rallied 409.72 points to 73,396.75 in early trade. The NSE Nifty went up 129.45 points to 22,330.

Among the Sensex components, Bharti Airtel, Infosys, Tech Mahindra, HCL Technologies, Mahindra & Mahindra, Reliance Industries and Tata Consultancy Services were the major gainers.

Maruti, Tata Motors, Power Grid and Larsen & Toubro were among the laggards. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading with gains. Wall Street ended higher on May 15.

“The global market construct continues to be supportive with the U.S. indices setting new records. The decline in U.S. CPI inflation in April to 3.4% sets the stage for a rate cut by the Fed,” said V. K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

“Global oil benchmark Brent crude climbed 0.40% to $83.08 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,832.83 crore on Wednesday,” according to exchange data.

Halting its three-day rally, the 30-share BSE Sensex declined 117.58 points or 0.16% to settle at 72,987.03 on Wednesday. The NSE Nifty dipped 17.30 points or 0.08% to 22,200.55.

From the Sensex basket, Tata Motors dropped more than 7%.
| Photo Credit: Reuters

Benchmark equity indices Sensex and Nifty declined in early trade on May 13 amid continuous foreign fund outflows, weak trends from Asian markets and heavy selling in Tata Motors.

The 30-share BSE Sensex tanked 462.33 points to 72,202.14. The NSE Nifty declined 125.8 points to 21,929.40.

From the Sensex basket, Tata Motors dropped more than 7% despite reporting over three-fold jump in consolidated net profit at ₹17,528.59 crore for the fourth quarter ended March 31, 2024.

JSW Steel, Tata Steel, NTPC, State Bank of India, Power Grid and Mahindra & Mahindra were the other major laggards. Sun Pharma emerged as the only gainer from the pack.

In Asian markets, Seoul, Tokyo and Shanghai were trading lower while Hong Kong quoted in the positive territory. Wall Street ended mostly higher on Friday.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,117.50 crore on Friday, according to exchange data. Global oil benchmark Brent crude declined 0.31% to $82.53 a barrel.

The BSE benchmark climbed 260.30 points or 0.36% to settle at 72,664.47 on Friday. The NSE Nifty climbed 97.70 points or 0.44% to 22,055.20.

From the Sensex basket, Larsen & Toubro went lower by more than 3% after March quarter earnings.
| Photo Credit: Reuters

Benchmark equity indices declined in early trade on May 9 amid heavy foreign fund outflows and selling in Reliance Industries and Tata Consultancy Services.

Declining for the third day running, the 30-share BSE Sensex dropped 209.6 points to 73,256.79. The NSE Nifty dipped 77.7 points to 22,224.80. From the Sensex basket, Larsen & Toubro went lower by more than 3% after March quarter earnings.

Tata Consultancy Services, Tech Mahindra, ITC, Bajaj Finserv, Bharti Airtel and Reliance Industries were the other laggards. Mahindra & Mahindra, Titan, Maruti and Tata Motors were among the gainers.

“A major trend in the market now is the aggressive selling by FIIs, which has touched Rs 15,863 crore so far this month. It is important to understand that there is a new factor triggering FII selling, apart from the high US bond yields. This is the outperformance of the Chinese and Hong Kong markets,” said V. K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹6,669.10 crore on Wednesday, according to exchange data.

In Asian markets, Tokyo, Shanghai and Hong Kong were trading with gains while Seoul traded lower. Wall Street ended on a mixed note on May 8. Global oil benchmark Brent crude climbed 0.43% to $83.94 a barrel.

The 30-share BSE Sensex declined 45.46 points or 0.06% to settle at 73,466.39 on Wednesday. The NSE Nifty remained unchanged at 22,302.50.

From the Sensex basket, Asian Paints, UltraTech Cement, Hindustan Unilever, HDFC Bank, HCL Technologies, Bajaj Finance, Bajaj Finserv and ICICI Bank were the major laggards. 
| Photo Credit: Reuters

Benchmark Sensex declined more than 45 points in highly volatile trade on May 8, tracking weak Asian markets and continuous foreign fund outflows.

Declining for the second straight session, the 30-share BSE Sensex fell 45.46 points or 0.06% to settle at 73,466.39. During the day, it went lower by 437.93 points or 0.59% to 73,073.92. The NSE Nifty remained unchanged at 22,302.50.

From the Sensex basket, Asian Paints, UltraTech Cement, Hindustan Unilever, HDFC Bank, HCL Technologies, Bajaj Finance, Bajaj Finserv and ICICI Bank were the major laggards. On the other hand, Tata Motors, Power Grid, NTPC, Larsen & Toubro and Maruti were among the gainers.

In Asian markets, Tokyo, Shanghai and Hong Kong settled lower, while Seoul ended with gains. European markets were trading with gains. Wall Street ended on a mixed note on May 7. Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,668.84 crore on Tuesday, according to exchange data. Global oil benchmark Brent crude declined 1.65% to $81.79 a barrel.

The BSE benchmark went lower by 383.69 points or 0.52% to settle at 73,511.85 on Tuesday. The NSE Nifty declined 140.20 points or 0.62% to 22,302.50.