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%.

In the biggest single-day fall in four years, benchmark stock indices Sensex and Nifty plunged by nearly 6 per cent on Tuesday as vote counting trends showed the BJP may not have a clear majority in the Lok Sabha polls.

Reversing its Monday’s sharp gains of over 3 per cent, the 30-share BSE Sensex nosedived 4,389.73 points or 5.74 per cent to close at a more than two-month low of 72,079.05. In the day trade, the barometer tanked 6,234.35 points or 8.15 per cent to hit a nearly five-month low level of 70,234.43.

The NSE Nifty tumbled 1,982.45 points or 8.52 per cent 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 per cent. Sensex and Nifty had previously declined by around 13 per cent on March 23, 2020, when lockdown was imposed due to the COVID-19 pandemic.

Heavy profit booking in PSUs, public banks, power, utilities, energy, oil and gas, and capital goods shares dragged the markets into the deep negative.

“The unexpected outcome of the general election sparked a wave of fear selling in the domestic market, reversing the recent substantial rally. Despite this, the market maintains its expectation of stability within the coalition, led by BJP as the major election winner, thereby mitigating substantial downside in the medium term.

“This is likely to lead to a major shift in political policy with a focus on social economics, which will have a positive effect on the rural economy,” said Vinod Nair, Head of Research, Geojit Financial Services.

Vote counting trends showed that the BJP was poised to be the single largest party but could be well short of an absolute majority, leaving it dependent on its NDA partners to form government.

When the Narendra Modi government came to power on May 16, 2014, Sensex had rallied 261.14 points or 0.90 per cent to settle at 24,121.74, and Nifty jumped 79.85 points or 1.12 per cent to 7,203. The BSE benchmark had hit the 25,000-mark in intra-day trade on that day.

On May 23, 2019, the Sensex declined 298.82 points or 0.76 per cent to settle at 38,811.39, while the Nifty ended 80.85 points or 0.69 per cent lower at 11,657.05. The BSE benchmark had hit the 40,000-mark for the first time ever, while the Nifty breached the 12,000-level on that day.

Among the 30 Sensex companies, NTPC plunged over 15 per cent, while State Bank of India tanked more than 14 per cent, Larsen & Toubro tumbled over 12 per cent and Power Grid dived more than 12 per cent. Tata Steel, IndusInd Bank, Bharti Airtel, ICICI Bank, Axis Bank, Reliance Industries and JSW Steel were the other big laggards.

On the other hand, Hindustan Unilever jumped 6 per cent while Nestle climbed 3 per cent. Tata Consultancy Services, Asian Paints and Sun Pharma also emerged as the gainers.

All the sectoral indices, except for FMCG, closed in the red.

Adani group shares also declined. Adani Ports & SEZ tanked over 21 per cent, Adani Enterprises by nearly 20 per cent, Adani Power by 17 per cent, Adani Energy Solutions by 20 per cent and Adani Green Energy by over 19 per cent.

“Markets have reacted sharply to the initial trends of the NDA leading on around 290 seats which look way behind the exit polls which were projecting around 350-370 seats. With the NDA still looking to form a government, though with the important support of coalition partners, markets look jittery about the prospects of strong decision making.

“Markets believe that the reformistic approach, which was a hallmark of the previous two terms, might take a backseat in the third term. However, our sense is that it is still early to jump to conclusions and should ideally wait for a clearer picture,” said Manish Chowdhury, Head of Research, StoxBox.

In the broader market, the BSE midcap gauge tanked 8.07 per cent and smallcap index plunged 6.79 per cent.

Among the indices, utilities dived 14.40 per cent, power tumbled 14.25 per cent, oil and gas by 13.07 per cent, services by 12.65 per cent, capital goods by 12.06 per cent, energy by 11.62 per cent and metal by 9.65 per cent.

As many as 3,349 stocks declined while 488 advanced and 97 remained unchanged on the BSE. Also, 292 stocks hit their 52-week low, while 139 reached their one-year peak.

On the NSE, 2,438 stocks declined while 242 advanced and 70 were unchanged. The number of stocks to hit a 52-week high stood at 83 while 271 stocks fell to their 52-week low.

In Asian markets, Seoul and Tokyo settled lower while Shanghai and Hong Kong ended with gains. European markets were trading lower. US markets ended on a mixed note on Monday. Global oil benchmark Brent crude declined 1.88 per cent to USD 76.89 a barrel.

Markets jumped sharply on Monday after exit polls predicted a massive win for the BJP-led NDA in the Lok Sabha polls. The BSE benchmark soared by 2,507.47 points or 3.39 per cent to settle at a new closing peak of 76,468.78 on Monday, marking its biggest single-day gain in three years. The NSE Nifty climbed 733.20 points or 3.25 per cent to finish at 23,263.90.

All the 30 Sensex companies were trading in the green. Power Grid, NTPC, State Bank of India, Larsen & Toubro, Mahindra & Mahindra, IndusInd Bank and Axis Bank were the biggest gainers from the Sensex pack.
| Photo Credit: Reuters

Investors’ wealth jumped ₹12.48 lakh crore in morning trade on June 3 as the benchmark equity index Sensex hit its lifetime high after exit polls predicted a massive win for the BJP-led NDA in the Lok Sabha polls.

The 30-share BSE Sensex jumped 2,777.58 points or 3.75% to hit a record peak of 76,738.89 in early trade.

Also read | GDP growth surges to 8.2% on manufacturing gains

Following the huge rally in equities, the market capitalisation of BSE-listed companies climbed ₹12,48,952.68 crore to hit an all-time peak of ₹4,24,61,833.82 crore ($5.10 trillion) during the morning trade.

Exit polls on June 1 predicted that Prime Minister Narendra Modi will retain power for a third straight term, with the BJP-led NDA expected to win a big majority in the Lok Sabha polls. The counting of votes will take place on June 4.

“The exit poll numbers are very strong for the incumbent government,” Narendra Solanki, Head Fundamental Research – Investment Services, Anand Rathi Shares and Stock Brokers, said.

“Overall it’s positive for the markets in short as well as long term. Also, the recent released good GDP growth data should provide support to existing positive momentum,” he added.

India’s economy grew by 8.2% in the fiscal year that ended in March, cementing the country’s position as the fastest-growing major economy in the world.

“The GDP numbers which came on Friday were better-than-expected with 8.2% growth. This will provide fundamental support to the market,” said V. K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Also read | How do markets look at election results?

All the 30 Sensex companies were trading in the green. Power Grid, NTPC, State Bank of India, Larsen & Toubro, Mahindra & Mahindra, IndusInd Bank and Axis Bank were the biggest gainers from the Sensex pack.

In Asian markets, Seoul, Tokyo and Hong Kong were quoting with gains while Shanghai traded lower. The U.S. markets ended mostly higher on May 31. Foreign Institutional Investors (FIIs) bought equities worth ₹1,613.24 crore on Friday, according to exchange data.

The BSE benchmark climbed 267.75 points or 0.36% to settle at 74,221.06 on May 22. The NSE Nifty advanced 68.75 points or 0.31% to finish at 22,597.80. File

Benchmark equity indices rallied on May 23, with the Sensex and Nifty hitting their lifetime peaks, after the RBI approved the highest-ever dividend of ₹2.11 lakh crore to the government and supported by buying in blue chips Reliance Industries and HDFC Bank.

The 30-share BSE Sensex regained the 75,000 level. It climbed 951.22 points or 1.28% to reach its all-time high of 75,172.28.

The NSE Nifty went up by 308.45 points or 1.36% to 22,906.25 — its record peak.

Among the Sensex firms, Larsen & Toubro, Maruti, Mahindra & Mahindra, Axis Bank, IndusInd Bank, HDFC Bank, Bajaj Finserv, State Bank of India and Reliance Industries were the major gainers.

PowerGrid, Sun Pharma, NTPC and JSW Steel were the laggards.

The Reserve Bank of India will pay a record ₹2.1 lakh crore dividend to the government for the fiscal ended March 31, more than double of budgeted expectation, helping shore up revenue ahead of a new government taking office.

The RBI board, at its 608th meeting on May 22, approved the transfer of surplus, the central bank said in a statement.

“There are positives and negatives for the market today. The biggest positive is the record ₹2.11 lakh crore dividend from the RBI to the government,” said V.K. Vijayakumar, chief investment strategist, Geojit Financial Services.

This means the government can reduce its fiscal deficit and step-up infrastructure spending, he added.

“Brent crude dipping below $82 is positive for India’s macros,” Mr. Vijayakumar said. Global oil benchmark Brent crude declined 0.15% to $81.79 a barrel.

The negative for equity markets is the U.S. Fed meeting minutes, which indicate concern over the stubbornness of inflation, he noted.

In Asian markets, Tokyo traded in the green while Seoul, Shanghai and Hong Kong quoted lower.

Wall Street ended in negative territory on May 22.

“The Nifty index has surged to a record high after the Reserve Bank of India [RBI] announced a substantial ₹2.1 lakh crore dividend to the government. This development is a significant macroeconomic positive for the market, with direct implications for the fiscal deficit and bond yields,” Santosh Meena, head of research at Swastika Investmart Ltd., said.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹686.04 crore on May 22, according to exchange data.

The BSE benchmark climbed 267.75 points or 0.36% to settle at 74,221.06 on May 22. The NSE Nifty advanced 68.75 points or 0.31% to finish at 22,597.80.

Image used for representative purpose only. File.
| Photo Credit: Reuters

Benchmark equity indices bounced back in early trade on May 10 amid firm global market trends and buying in ITC and Reliance Industries.

Recovering from the sharp decline in the previous trade, the 30-share BSE Sensex climbed 203.52 points to 72,607.69 in early deals. The NSE Nifty went up by 83.7 points to 22,041.20.

From the Sensex basket, ITC, Axis Bank, NTPC, JSW Steel, Hindustan Unilever, Asian Paints, Bharti Airtel and Reliance Industries were the biggest gainers.

Infosys, HDFC Bank, HCL Technologies and Larsen & Toubro were the laggards.

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

Wall Street ended in positive territory on Thursday.

“Gains in overseas markets are likely to help local benchmark indices register gains in early trade on Friday after yesterday’s sharp sell-off,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd said in his pre-opening market comment.

Global oil benchmark Brent crude climbed 0.55% to USD 84.34 a barrel.

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

Declining for the third day running, 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.

Mumbai:

Equity benchmark indices Sensex and Nifty rebounded sharply to hit record fresh highs today, propped up by buying in IT, consumer durables and financial stocks amid expectations of a robust corporate performance.

Besides, investors lapped up select banking stocks expecting a status quo in the interest rate decision of the RBI’s monetary policy committee, analysts said. The six-member rate-setting panel, which began its deliberation on Wednesday, will announce the decision on Friday.

The 30-share BSE Sensex surged 350.81 points or 0.47 per cent to settle at its lifetime high of 74,227.63. During the day, the index oscillated between the high of 74,501.73 and the low of 73,485.12.

The broader NSE Nifty also hit its fresh peak of 22,514.65, gaining 80 points or 0.36 per cent. As many as 31 components of the 50-share benchmark ended with gains.

Both indices had ended lower in the previous two sessions.

On March 7, Sensex recorded its previous peak of 74,119.39. Nifty scaled its previous high of 22,493.55.

Among the Sensex constituents, 20 stocks ended the session in green with HDFC Bank, Titan, Tech Mahindra, and Asian Paints being the major gainers.

TCS, Maruti, Kotak Mahindra Bank and Bajaj Finserve were the other gainers.

In contrast, SBI, Bharti Airtel, JSW Steel, PowerGrid, ITC and Reliance closed the trading with losses.

BSE LargeCap gained 0.34 per cent and smallcap rose 0.54 per cent, while the midcap index lost marginally by 0.11 per cent.

The breadth of the market displayed a positive trend within a narrow trading range, with attention focused on the RBI’s upcoming monetary policy announcement on Friday. “Expectations lean towards the likely status quo in the repo rate due to prevalent inflation worries.

“Meanwhile, the broader market has shown resilience in select sectors like banks in anticipation of decent Q4 results and exports based on composite PMI data reflecting strong business conditions,” Vinod Nair, Head of Research, Geojit Financial Services, said.

Elsewhere in Asia, Seoul and Tokyo ended with gains, while Hong Kong and Shanghai were closed for a holiday.

European markets were trading in green. The US markets closed Wednesday’s session on a mixed note.

Meanwhile, global oil benchmark Brent crude climbed 0.36 per cent to USD 88.67 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,213.56 crore on Wednesday, according to exchange data.

On Wednesday, the BSE benchmark Sensex declined by 27.09 points or 0.04 per cent to settle at 73,876.82. The NSE Nifty declined 18.65 points or 0.08 per cent to 22,434.65.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Bombay Stock Exchange (BSE) building in Mumbai
| Photo Credit: Reuters

Equity benchmark indices Sensex and Nifty witnessed a volatile movement in early trade on Thursday, amid mixed trends in the global markets.

After opening on a sluggish note, Sensex turned positive and rose 7.58 points or 0.01% to 72,630.67 points. But the 30-share benchmark soon reversed the momentum and fell sharply by 381.94 points or 0.53% to 72,241.15 points.

The broader Nifty also showed some resistance initially but gave in to the selling pressure and declined 148.40 points or 0.67% to 21,906.65 points.

Deepak Jasani, Head of Retail Research at HDFC Securities, said Asian equities rose in a sign of fresh momentum in global equities after Nvidia Corp unveiled a better-than-expected revenue forecast.

Nvidia Corp’s solid results and outlook bolstered confidence in the artificial intelligence frenzy that has powered the stock market resurgence, he added.

On Wednesday, US stocks finished mostly higher while European shares ended on a mixed note.

Minutes of the US Federal Reserve’s January meeting showed most policymakers were concerned about the risks of cutting interest rates early.

On Wednesday, Sensex and Nifty snapped their six-day winning streak. While Sensex fell 434.31 points to close at 72,623.09 points, Nifty declined 141.90 points to end the day at 22,055.05 points.

Foreign Institutional Investors (FIIs) were net buyers on Wednesday as they purchased securities worth ₹284.66 crore.

The benchmark equity indices climbed in early trade on October 25 after facing a heavy drubbing in previous trade, amid positive trends in global markets and foreign fund inflows.
| Photo Credit: Paul Noronha

The benchmark equity indices climbed in early trade on October 25 after facing a heavy drubbing in previous trade, amid positive trends in global markets and foreign fund inflows.

Softening crude oil prices also helped the market recover.

The 30-share BSE Sensex climbed 193.64 points to 64,765.52 in early trade. The Nifty advanced 54.55 points to 19,336.30.

Among the Sensex firms, JSW Steel, Tata Steel, HCL Technologies, Kotak Mahindra Bank, State Bank of India and Axis Bank were the major gainers.

Infosys, NTPC, Hindustan Unilever and Titan were among the laggards.

In Asian markets, Tokyo, Shanghai and Hong Kong traded in positive territory, while Seoul quoted lower.

The U.S. markets ended in the green on October 23.

Global oil benchmark Brent crude climbed 0.07% to $88.13 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth ₹252.25 crore on October 23, according to exchange data.

“The uncertainties associated with the Israel-Hamas conflict will continue to weigh on markets in the near term.

“Positive news like a decline in U.S. bond yields and weakening crude can help the market revive, but it may not sustain given the uncertainty surrounding the West Asian conflict,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Equity markets were closed on October 24 on account of Dasara festival.

The BSE benchmark plunged 825.74 points or 1.26% to settle at 64,571.88 on October 23. The Nifty fell 260.90 points or 1.34% to 19,281.75.

Benchmark equity indices Sensex and Nifty rallied for a second straight session on Friday after the Reserve Bank maintained the status quo on policy rates, resulting in gains for rate-sensitive sectors like financial, realty and auto.

A firm trend in Asian and European markets also bolstered the investors’ sentiment, traders said.

The 30-share BSE Sensex climbed 364.06 points or 0.55% to settle at 65,995.63. During the day, it jumped 464.24 points or 0.70% to hit 66,095.81.

The Nifty advanced 107.75 points or 0.55% to end at 19,653.50.

Among the Sensex firms, Bajaj Finserv jumped nearly 6%, and Bajaj Finance climbed nearly 4%. Titan surged 2.98%, followed by IndusInd Bank, ITC, JSW Steel, Infosys, Tech Mahindra, Tata Consultancy Services and Maruti.

Hindustan Unilever, Asian Paints, Bharti Airtel and HDFC Bank were among the laggards.

The Reserve Bank of India expectedly left its key interest rate unchanged on Friday as inflation remains a major risk and signalled it would keep liquidity tight using bond sales to bring prices closer to target.

The monetary policy committee, which has three members from the central bank and a similar number of external members, held the benchmark repurchase rate (repo) at 6.50% in a unanimous decision for the fourth consecutive meeting in a row. It retained a ‘withdrawal of accommodation’ stance.

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

European markets were trading in the green. The US markets ended marginally lower on Thursday.

Global oil benchmark Brent crude declined 0.02% to $83.94 a barrel.

The BSE benchmark had climbed 405.53 points or 0.62% to settle at 65,631.57 points on Thursday. The Nifty had advanced 109.65 points or 0.56% to end at 19,545.75 points.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,864.20 crore on Thursday, according to exchange data.

A man walks near the bronze statue of a bull outside the BSE in Mumbai. File
| Photo Credit: AP

The domestic stock markets climbed in early trade on September 28 but later gave up all the early gains to trade lower amid muted global trends and continuous foreign fund outflows.

The monthly derivatives expiry also added to the volatile trends in the markets.

The 30-share BSE Sensex climbed 287.32 points to 66,406.01 in early deals. The Nifty advanced 50.2 points to 19,766.65.

However, both the benchmark indices failed to carry forward the winning momentum and traded in the negative territory later. The 30-share BSE benchmark traded 64.71 points lower at 66,053.98 and the Nifty quoted 14.20 points down at 19,702.25.

Among the Sensex firms, Larsen & Toubro, JSW Steel, Axis Bank, Tata Steel, Sun Pharma and State Bank of India were the biggest gainers.

Tech Mahindra, Asian Paints, Hindustan Unilever, Bajaj Finance, ITC and Kotak Mahindra Bank were the major laggards.

In Asian markets, Shanghai quoted in the green while Tokyo and Hong Kong traded lower.

The U.S. markets ended on a mixed note on September 27.

“Even though the market is showing resilience, the undercurrent is weak. The dollar index at 106.59, the U.S. 10-year bond yield at 4.62% and Brent crude above $97 are strong headwinds that can pull the market down,” V.K. Vijayakumar, chief investment strategist at Geojit Financial Services, said.

Global oil benchmark Brent crude climbed 0.71% to $97.24 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹354.35 crore on September 27, according to exchange data.

“The rising U.S. bond yields on the back of the firm dollar index has resulted in foreign fund outflows in the month so far. However, India’s structural growth and key indicators would mean that investors cannot be bearish on local markets for long,” Prashanth Tapse, senior VP (Research) at Mehta Equities Ltd., said.

The BSE benchmark had climbed 173.22 points or 0.26% to settle at 66,118.69 on September 27. The Nifty gained 51.75 points or 0.26% to end at 19,716.45.