Equity benchmarks Sensex and Nifty closed higher for a second straight day on Friday as buying in index majors M&M, Reliance Industries, and ITC helped the indices rebound from early lows.

However, relentless foreign fund outflows capped the sharp gains in domestic equities, traders said.

In a largely range-bound trade, the 30-share BSE Sensex climbed 253.31 points, or 0.34%, to settle at 73,917.03.

The NSE Nifty advanced 62.25 points, or 0.28%, to 22,466.10.

M&M was the biggest gainer on the Sensex chart, rising 5.97% , followed by JSW Steel, Ultra Cement, Kotak Mahindra Bank, ITC and NTPC.

Reliance Industries gained 0.73% to close at ₹2,871 apiece.

In contrast, TCS, HCL Tech, HUL, Nestle India, Bajaj Finserv, Wipro and Infosys were among the losers.

“Despite mixed global signals and uncertainties surrounding the U.S. Fed, the Indian market experienced a robust recovery, largely fuelled by the outperformance of the broader market and positive Q4 earnings.”

“Further, some index heavyweight earnings surpassed expectations, and midcap and smallcap stocks continued to exhibit buying interest during dips. Auto and consumer durables particularly stood out with strong earnings momentum,” said Vinod Nair, Head of Research, Geojit Financial Services.

In the broader market, the BSE midcap gauge rose 1.18% and smallcap index gained 1.39%.

Sectorally, consumer durables jumped 2.41%, followed by auto (1.80%), realty (1.68%), metal (1.50%), commodities (1.55%), industrials (1.26%) and oil & gas (1.19%).

On the other hand, IT and tech were the laggards.

“World equities were mostly lower on Friday as traders now expect just one rate cut in 2024, though Chinese stocks reversed earlier losses following the announcement of fresh measures to revive the ailing property market,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

In Asian markets, Shanghai and Hong Kong logged gains, while Seoul and Nikkei closed in the red.

European markets were trading in the negative territory. Wall Street ended in the green in the overnight trade on May 16.

Global oil benchmark Brent crude rose 0.25% to $83.48 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹776.49 crore on May 16, according to exchange data.

On Thursday, the BSE benchmark climbed 676.69 points or 0.93% to settle at 73,663.72. The NSE Nifty surged 203.30 points or 0.92% to 22,403.85.

At the interbank foreign exchange market, the local unit opened at 83.50 and touched an intraday high of 83.32 and a low of 83.50.
| Photo Credit: The Hindu

Rupee appreciated 17 paise to close at 83.33 (provisional) against the U.S. dollar on May 17, on positive domestic markets and expectations of some fresh foreign inflows.

“Reports of selling of U.S. dollars by the Reserve Bank of India also supported the Rupee,” forex traders said.

At the interbank foreign exchange market, the local unit opened at 83.50 and touched an intraday high of 83.32 and a low of 83.50. The domestic unit finally settled at 83.33 (provisional), a rise of 17 paise from its previous close. On May 16, the Rupee had settled at 83.50 against the U.S. dollar.

“We expect the Rupee to trade with a slight negative bias on strengthening of the U.S. dollar amid hawkish Fed speak and weak Asian and European markets. However, a positive tone in domestic markets may support the Rupee at lower levels.

“Any fresh FII inflows and/or RBI intervention may support Rupee at lower levels. USD-INR spot price is expected to trade in a range of ₹83.20 to ₹83.70,” said Anuj Choudhary — Research Analyst at Sharekhan by BNP Paribas.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 104.73, higher by 0.26%. Brent crude futures, the global oil benchmark, rose 0.13% to $83.38 per barrel.

On the domestic equity market, the 30-share BSE Sensex advanced 253.31 points or 0.34% to close at 73,917.03 points. The broader NSE Nifty settled 62.25 points or 0.28%, higher at 22,466.10 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on May 16, as they offloaded shares worth ₹776.49 crore, according to exchange data.

In a highly volatile trade, the 30-share BSE Sensex climbed 676.69 points or 0.93% to settle at 73,663.72. During the day, it hit a high of 73,749.47 and a low of 72,529.97. 
| Photo Credit: Reuters

Equity benchmark indices Sensex and Nifty shot up nearly 1% on May 16, driven by buying in HDFC Bank and Infosys and a rally in the U.S. and Asian markets.

In a highly volatile trade, the 30-share BSE Sensex climbed 676.69 points or 0.93% to settle at 73,663.72. During the day, it hit a high of 73,749.47 and a low of 72,529.97. The NSE Nifty surged 203.30 points or 0.92% to 22,403.85.

“The domestic market experienced a late surge, driven by strong global trends that pointed to lower-than-expected U.S. consumer inflation figures, which suggests at least two interest rate cuts in 2024,” Geojit Financial Services Head of Research Vinod Nair said.

Among the Sensex components, Mahindra & Mahindra, Bharti Airtel, Tech Mahindra, Titan, Infosys, JSW Steel, Bajaj Finserv, HDFC Bank, Larsen & Toubro and Kotak Mahindra Bank were the major gainers. Maruti, State Bank of India, Power Grid, Tata Motors and IndusInd Bank were the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled with gains. European markets were trading lower. Wall Street ended higher on May 15. Global oil benchmark Brent crude declined 0.33% to $82.45 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,832.83 crore on May 15,” 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.

Benchmark Sensex and Nifty staged a dramatic rebound on Monday to settle higher following buying in HDFC Bank, ICICI Bank and Tata Consultancy Services.

Helped by buying at the fag-end, the 30-share BSE Sensex closed higher by 111.66 points or 0.15% at 72,776.13. The index opened lower and plummetted further 798.46 points or 1.09% to hit a low of 71,866.01 in day trade.

The NSE Nifty rose by 48.85 points or 0.22% to 22,104.05. The 50-issue rebounded around 310 points from the day’s low of 21,821.05 and hit a high of 22,131.65.

From the Sensex basket, Asian Paints, Sun Pharma, HDFC Bank, Tata Consultancy Services, Axis Bank, Tata Steel, JSW Steel, Larsen & Toubro, ICICI Bank and Power Grid were the major gainers.

Tata Motors dropped over 8% despite reporting over three-fold jump in consolidated net profit at ₹17,528.59 crore for the fourth quarter ended March 31, 2024.

NTPC, Bharti Airtel, Titan, State Bank of India and Nestle were the other major laggards.

Vinod Nair, Head of Research, Geojit Financial Services said, “Though the market reversed from the day’s low and ended up with a marginal gain, investors remain concerned over the progressing general election and high valuation.”

An absence of major positive triggers and the flight of FIIs from the domestic market will keep the short-term trend weak, Mr. Nair added.

“The week kicked off with market volatility, but by the end, it managed to eke out marginal gains. Initially bearish sentiments gave way to a recovery, particularly among key heavyweights, which not only erased losses but also propelled the index to close near the day’s peak,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.

Experts said that market volatility was high amid the ongoing Lok Sabha polls. As many as 96 seats went to polls in the fourth phase of elections on Monday.

“VIX’s rise from record lows to above 20 now, has unfolded in just a fortnight’s time. So, while recent history points to more room for upside in VIX and thereby volatility, the abruptness in the rate of change of VIX, may lead to a cool off, perhaps even before the electoral results,” Anand James, Chief Market Strategist, Geojit Financial Services said.

In the broader market, the BSE midcap gauge climbed 0.36% while smallcap index dipped 0.23%.

Among the indices, services climbed 1.41% while realty (1.32%), healthcare (1.15%), industrials (1.03%), commodities (0.79%) and bankex (0.65%) also advanced.

Consumer Discretionary, telecommunication, utilities and auto were among the laggards.

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

European markets were trading mostly lower. 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 climbed 0.28% to $83.02 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, 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.

Equity benchmark indices Sensex and Nifty found firmer ground on Friday, propelled by a rally in market heavyweights Reliance Industries, ITC and Bharti Airtel amid a supportive trend overseas.

Recovering from the sharp decline in the previous trade, the 30-share BSE Sensex climbed 260.30 points or 0.36% to settle at 72,664.47. During the day, it rallied 542.37 points or 0.74% to 72,946.54.

The NSE Nifty climbed 97.70 points or 0.44% to 22,055.20.

From the Sensex basket, Power Grid, NTPC, JSW Steel, Asian Paints, ITC, Bharti Airtel, Hindustan Unilever and Tata Motors were the biggest gainers.

On the other hand, Tata Consultancy Services, Kotak Mahindra Bank, Infosys, Wipro, Mahindra & Mahindra and HDFC Bank were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled with gains.

European markets were trading in the green. Wall Street ended in positive territory on Thursday.

Global oil benchmark Brent crude climbed 0.41% to $84.22 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹6,994.86 crore on Thursday, according to exchange data.

In the previous session, the BSE benchmark dropped 1,062.22 points or 1.45% to settle at 72,404.17 on Thursday. The NSE Nifty dived 345 points or 1.55% to 21,957.50.

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.

From the Sensex basket, Power Grid, IndusInd Bank, Tata Motors, JSW Steel, NTPC, HCL Technologies, Tata Steel, ICICI Bank, Mahindra & Mahindra, Axis Bank, HDFC Bank and Reliance Industries were among the major laggards.
| Photo Credit: Reuters

Equity benchmark indices declined on May 7 dragged by HDFC Bank, Reliance Industries and ICICI Bank amid concerns over rich valuation of equities.

Paring all its early gains, the 30-share BSE Sensex went lower by 383.69 points or 0.52% to settle at 73,511.85. During the day, it tanked 636.28 points or 0.86% to 73,259.26. The NSE Nifty declined 140.20 points or 0.62% to 22,302.50.

From the Sensex basket, Power Grid, IndusInd Bank, Tata Motors, JSW Steel, NTPC, HCL Technologies, Tata Steel, ICICI Bank, Mahindra & Mahindra, Axis Bank, HDFC Bank and Reliance Industries were among the major laggards.

Among the gainers, Hindustan Unilever climbed more than 5%. Tech Mahindra, Nestle, ITC, Wipro, Tata Consultancy Services and Kotak Mahindra Bank were the other major gainers.

In Asian markets, Seoul, Tokyo and Shanghai settled with gains while Hong Kong ended lower. European markets were trading higher. Wall Street ended in the green on May 6. Global oil benchmark Brent crude climbed 0.23% to $83.51 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,168.75 crore on Monday, according to exchange data. The BSE benchmark edged up 17.39 points or 0.02% to settle at 73,895.54 on Monday. The NSE Nifty declined 33.15 points or 0.15% to 22,442.70.

From the Sensex basket, Hindustan Unilever, Nestle, ITC, Asian Paints, State Bank of India and Tech Mahindra were the major gainers.
| Photo Credit: Reuters

Equity benchmark indices began the trade on an optimistic note on May 7 but later encountered volatile trends and were trading flat.

The 30-share BSE Sensex climbed 123.82 points to 74,019.36 in early trade. The NSE Nifty went up by 56.35 points to 22,499.05. Later, both the benchmark indices faced volatility and were trading with marginal gains.

From the Sensex basket, Hindustan Unilever, Nestle, ITC, Asian Paints, State Bank of India and Tech Mahindra were the major gainers. HCL Technologies, Power Grid, Mahindra & Mahindra and Tata Steel were among the laggards.

In Asian markets, Seoul and Tokyo traded with gains while Shanghai and Hong Kong quoted lower. Wall Street ended in the green on April 6. Global oil benchmark Brent crude climbed 0.29% to $83.57 a barrel.

“Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,168.75 crore on Monday,” according to exchange data. The BSE benchmark edged up 17.39 points or 0.02% to settle at 73,895.54 on April 6. The NSE Nifty declined 33.15 points or 0.15% to 22,442.70.