Benchmark Sensex and Nifty closed marginally down in a volatile session on July 11, 2024. File
| Photo Credit: PTI

Benchmark Sensex and Nifty closed marginally down in a volatile session on July 11 as investors booked profits in heavyweights ahead of the announcement of key financial results for the June quarter.

Retreating from early highs, the 30-share BSE Sensex closed lower by 27.43 points or 0.03% at 79,897.34. The index climbed 245.32 points to hit a high of 80,170.09 in early trade but later lost momentum due to selling in index heavyweights. The barometer hit a day’s low of 79,464.38, down by 460.39 points from the last close.

The NSE Nifty edged down 8.50 points or 0.03% to settle at 24,315.95. The broader index gyrated between a high of 24,402.65 and a low of 24,193.75 in day trade.

“The main indices are trading in a narrow range, struggling to justify its premium valuation ahead of the Q1 earnings season, which is forecast to be subdued,” Vinod Nair, Head of Research, Geojit Financial Services said.

Among Sensex shares, Bajaj Finance, Mahindra & Mahindra, Sun Pharma, Nestle, NTPC, Power Grid, NTPC, UltraTech Cement and Larsen & Toubro were the biggest laggards.

The prominent gainers were ITC, Tata Motors, Asian Paints and Titan.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled higher. European markets were trading in positive territory. U.S. markets ended significantly higher on Wednesday.

Foreign Institutional Investors (FIIs) bought equities worth ₹583.96 crore on Wednesday, according to exchange data.

Global oil benchmark Brent crude climbed 0.21% to $85.26 a barrel.

The BSE benchmark closed lower by 426.87 points or 0.53% at 79,924.77 on Wednesday. The NSE Nifty dropped 108.75 points or 0.45% to settle at 24,324.45.

Both the benchmark indices had hit their record high levels in opening deals on Wednesday.

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

Benchmark equity indices declined in early trade on July 5 amid profit-taking after a record rally in the last few trading sessions and selling in blue-chips HDFC Bank and ICICI Bank.

The 30-share BSE Sensex plunged 504.27 points to 79,545.40. The NSE Nifty slipped 105.30 points to 24,196.85.

Among the 30 Sensex companies, HDFC Bank, Mahindra & Mahindra, Titan, Tata Steel, ICICI Bank, IndusInd Bank, Power Grid, and Kotak Mahindra Bank were the major laggards.

Sun Pharmaceuticals, JSW Steel, Larsen & Toubro, Hindustan Unilever, Reliance Industries, Infosys and Tech Mahindra were among the gainers.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, as they purchased shares worth ₹2,575.85 crore, according to exchange data.

“FIIs’ huge long position in the index derivatives and strong buying in the cash market can support the market in the near term. An important trigger may come from the U.S. jobs data expected on Friday.

“If the jobs data show a loosening labour market and a slowing economy, it can lead to rate cuts by the Fed in September,” V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

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

“Most markets in the Asia-Pacific region traded lower due to the absence of cues from U.S. peers, with investors keenly awaiting the non-farm payroll data to be published later on Friday,” Avdhut Bagkar, Technical and Derivatives Analyst at StoxBox, said.

U.S. markets were closed on Thursday on the occasion of Independence Day.

Global oil benchmark Brent crude declined 0.37% to $87.11 a barrel.

On Thursday, the 30-share BSE Sensex scaled an intraday record high of 80,392.64 in early trade. Later, the Sensex closed 62.87 points or 0.08% higher at 80,049.67, its all-time closing high.

The broader Nifty also hit an intra-day record high of 24,401 in early trade before closing almost flat. The 50-issue index rose by 15.65 points or 0.06% to settle at a record 24,302.15.

The Sensex breached the historic 80,000 mark for the first time ever and the Nifty hit a fresh record peak of 24,292.15 on July 3, 2024.
| Photo Credit: PTI

Equity benchmark indices Sensex and Nifty ticked higher to close at fresh all-time high levels on July 4, following buying in market heavyweights ICICI Bank, Infosys and TCS amid a largely positive trend in global equities.

The 30-share BSE Sensex scaled an intraday record high of 80,392.64 in early trade. The index pared most of the gains later due to volatility and profit-taking by investors at record levels. Sensex closed 62.87 points or 0.08% higher at 80,049.67, its all-time closing high.

The broader Nifty also hit an intra-day record high of 24,401 in early trade before closing almost flat. The 50-issue index rose by 15.65 points or 0.06% to settle at a record 24,302.15 with 23 of its shares closing higher and 27 with losses.

“The defensive bet on large caps like IT and pharma gained momentum due to the diminishing U.S. inflationary pressure, improvement in QoQ earnings outlook and a resultant sharp fall in the U.S. 10-year bond yield.

“The buoyancy in government spending and the green shoots in corporate earnings are now supporting the premium valuation. Return of FIIs to the domestic market and expectation of a rate cut in September are supporting market sentiment,” Vinod Nair, Head of Research at Geojit Financial Services, said.

Among Sensex shares, HCL Technologies, ICICI Bank, Tata Motors, Sun Pharmaceuticals, Tata Consultancy Services, Infosys, Kotak Mahindra Bank and Mahindra and Mahindra were the gainers.

In contrast, HDFC Bank, Bajaj Finance, Larsen & Toubro, Tech Mahindra, UltraTech Cement and IndusInd Bank were among the laggards.

Analysts said that stock markets traded within a narrow range and ended nearly unchanged.

“The Nifty has approached its immediate target of 24,500 and appears slightly overextended. It would be prudent to take some profits and wait for a potential dip before considering new long positions in the index,” Ajit Mishra – SVP, Research, Religare Broking Ltd said.

In the broader market, the BSE Smallcap gauge jumped 0.62% and the midcap index climbed 0.60%.

Among the indices, healthcare soared by 1.17%, IT jumped by 1.12%, tech by 0.98 %, auto by 0.88% and telecommunication rose by 0.73%.

However, consumer durables fell by 0.22%, FMCG (0.15%), financial services (0.13%), and Oil & Gas (0.02%).

A total of 2,185 stocks advanced while 1,742 declined and 94 remained unchanged on the BSE.

As many as 23 Nifty shares advanced, 27 declined on the exchange.

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

European markets were trading in the green territory in mid-session deals.

U.S. markets ended higher on Wednesday during the shortened trading session. Stock exchanges will remain closed on Thursday on account of Independence Day.

Global oil benchmark Brent crude fell 0.52% to $86.89 a barre.

Foreign Institutional Investors (FIIs) bought equities worth ₹5,483.63 crore on Wednesday, according to exchange data HG MR

Brokers react as Sensex ends above 79k, Nifty 50 surpasses 24,000 for the first time, in Kolkata on July 3, 2024
| Photo Credit: ANI

Equity benchmark indices Sensex and Nifty hit their lifetime peaks in early trade on Thursday, amid firm global market trends, buying in blue-chip stocks and robust FIIs inflows.

The 30-share BSE Sensex jumped 388.84 points to hit a record peak of 80,375.64 in early trade. Also, the Nifty climbed 114.45 points to hit a lifetime high of 24,400.95.

Among the Sensex pack, Tata Motors, ICICI Bank, Mahindra & Mahindra, Infosys, HCL Technologies and Tata Consultancy Services were the biggest gainers.

HDFC Bank, IndusInd Bank, Adani Ports and Special Economic Zone, and Bharti Airtel were among the laggards.

Foreign Institutional Investors (FIIs) bought equities worth ₹5,483.63 crore on Wednesday, according to exchange data.

“The big FII buying of ₹5,484 crore on Wednesday is largely due to the massive delivery-based buying in banking stocks led by HDFC Bank. This delivery-based buying may sustain for a few more days imparting resilience to the market.

“The FIIs with 3.78 lakh long contracts have taken a ‘U’ turn in their market approach from the big short contracts in early June. A decline in the U.S. 10-year bond yield to 4.35% and the dollar index declining to 105.29 are positives for fund inflows,” V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

Market will start responding to the Q1 results which will start flowing in from next week, he added.

In Asian markets, Tokyo and Seoul were trading in the positive territory on Thursday, while Shanghai and Hong Kong were quoting lower.

U.S. markets ended higher on Wednesday during the shortened trading session. The markets are closed on Thursday on account of Independence Day.

Global oil benchmark Brent crude fell 0.60% to $86.82 a barrel.

On Wednesday, the 30-share Sensex hit the historic 80,000 mark for the first time intra-day trade.

It surged 632.85 points or 0.79% to a record intraday high of 80,074.30. The index later closed near the 80,000 level at 79,986.80, up by 545.35 points or 0.69% over the last close.

Representational image of the Bombay Stock Exchange

Benchmark equity indices declined in early trade on Tuesday amid profit taking after a record-breaking rally and selling in bluechips Reliance Industries and HDFC Bank.

Both Sensex and Nifty hit their all-time high levels in early trade on Monday.

The 30-share BSE Sensex declined 113.63 points to 76,376.45. The NSE Nifty dipped 29.6 points to 23,229.60.

Later, both indices faced heavy volatile trends and were trading between highs and lows.

Among the 30 Sensex companies, JSW Steel, Kotak Mahindra Bank, Asian Paints, Reliance Industries, Axis Bank, ICICI Bank, Bharti Airtel, Tata Motors, HDFC Bank and IndusInd Bank were the major laggards.

Larsen & Toubro, Mahindra & Mahindra, Tech Mahindra, UltraTech Cement, Tata Steel and Titan were among the gainers.

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

US markets ended in the positive territory on Monday.

Signalling continuity, Prime Minister Narendra Modi on Monday retained Amit Shah, Rajnath Singh, Nirmala Sitharaman and S Jaishankar in charge of the four high-profile ministries — Home, Defence, Finance and External Affairs — respectively in his new government.

The four ministers in charge of these portfolios make up the crucial Cabinet Committee on Security headed by the prime minister.

“BJP keeping the key portfolios signals continuity in policies. This is a positive from the market perspective,” said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude declined 0.23% to $81.44 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth ₹2,572.38 crore on Monday, according to exchange data.

After breaching the 77,000-mark during early trade on Monday, the BSE benchmark came under selling pressure at the fag-end of the session and ended 203.28 points or 0.27% lower at 76,490.08. Halting its three-day rally, the NSE Nifty dipped 30.95 points or 0.13% to settle at 23,259.20.

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.

The 30-share BSE Sensex climbed 269.28 points to an all-time peak of 75,679.67 in early trade on May 27, 2024. File
| Photo Credit: Reuters

Benchmark equity indices Sensex and Nifty hit their new all-time peaks in early trade on May 27 in tandem with a rally in global markets and optimistic investors’ sentiment days ahead of the results of the Lok Sabha polls announcement.

The 30-share BSE Sensex climbed 269.28 points to an all-time peak of 75,679.67 in early trade. The NSE Nifty went up by 86.1 points to hit a new lifetime high of 23,043.20.

From the Sensex firms, Tata Steel, Bharti Airtel, JSW Steel, Kotak Mahindra Bank, Sun Pharma, Axis Bank and HDFC Bank were among the major gainers.

Wipro, Mahindra & Mahindra, Maruti and Asian Paints were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the positive territory.

Wall Street ended with gains on Friday.

The results of the ongoing general elections will be declared on June 4.

Global oil benchmark Brent crude climbed 0.21% to $82.29 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹944.83 crore on Friday, according to exchange data.

The BSE benchmark dipped 7.65 points or 0.01% to settle at 75,410.39 on Friday. The Nifty breached the 23,000 mark for the first time on Friday. It, however, pared all the gains and ended with a marginal decline of 10.55 points or 0.05% at 22,957.10.

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.