The BSE benchmark climbed 391.26 points or 0.49% to settle at a new closing peak of 80,351.64 on Tuesday. File.
| Photo Credit: PTI

Equity benchmark indices declined after hitting their fresh record high levels in early trade on July 10 amid weak global market trends.

The 30-share BSE Sensex climbed 129.72 points to hit a new all-time high of 80,481.36 during the opening trade. But, soon the benchmark retreated and declined 207.47 points to 80,144.17.

The NSE Nifty also hit its fresh lifetime high of 24,461.05 in opening deals but pared all the gains and dipped 49.6 points to 24,383.60.

Among the Sensex pack, Mahindra & Mahindra, JSW Steel, Kotak Mahindra Bank, Axis Bank, State Bank of India and ICICI Bank were the biggest laggards.

Maruti, Adani Ports, NTPC and Bharti Airtel were among the winners.

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

US markets ended on a mixed note on Tuesday.

Global oil benchmark Brent crude declined 0.24% to $84.46 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 314.46 crore on Tuesday, according to exchange data.

The BSE benchmark climbed 391.26 points or 0.49% to settle at a new closing peak of 80,351.64 on Tuesday.

The NSE Nifty went up by 112.65 points or 0.46% to 24,433.20 — its record closing high.

Mixed cues from Asian markets added to the muted trend in domestic equities. File.
| Photo Credit: PTI

Equity benchmark indices declined in early trade on July 8 as investors opted to book profits after the recent record rally in equities.

Mixed cues from Asian markets also added to the muted trend in domestic equities.

After beginning the trade on a weak note, the 30-share BSE Sensex further declined 204.39 points to 79,792.21. The NSE Nifty dipped 40.75 points to 24,283.10.

Among the Sensex pack, Titan, Asian Paints, Adani Ports, Bajaj Finserv, UltraTech Cement and Maruti were the biggest laggards.

Tata Motors, Tech Mahindra, ICICI Bank and State Bank of India were among the gainers.

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

US markets ended with gains on Friday.

In a volatile session on Friday, the broader NSE Nifty continued its record-breaking run and inched up 21.70 points or 0.09 per cent to close at its lifetime high of 24,323.85. The BSE benchmark, however, dropped 53.07 points or 0.07 per cent to settle at 79,996.60.

Global oil benchmark Brent crude dipped 0.09 per cent to USD 86.46 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,241.33 crore on Friday, according to exchange data.

Chief Justice of India D.Y. Chandrachud with SEBI Chairperson Madhabi Puri Buch during the inauguration of new office premises of Securities Appellate Tribunal, in Mumbai, on July 4, 2024.
| Photo Credit: PTI

Chief Justice of India D.Y. Chandrachud on July 4 advised market regulator SEBI and the Securities Appellate Tribunal (SAT) to exercise caution amid a significant surge in equity markets and pitched for more tribunal benches to ensure that the “backbone is stable”.

Inaugurating the new SAT premises in Mumbai, CJI Chandrachud pitched for authorities to consider opening up new benches of the SAT given the higher workloads because of higher quantum of transactions and newer regulations.

Referring to newspaper articles calling the crossing of the 80,000 points milestone by the BSE as an ecstatic moment, where India is entering a “stratospheric domain”, the CJI pointed out that such events emphasise the need for regulatory authorities to ensure that everyone holds their “balance and nerves” amid the wins.

“The more you see the surge in the stock market, the greater the role, I believe, for SEBI and SAT, as institutions which will exercise caution, celebrate the successes but at the same time, ensure that the backbone is stable,” the CJI said.

He added that SEBI and appellate fora like SAT assume “immense national importance” in fostering a stable and predictable investment environment, and explained how this can benefit in economic growth for the country.

“When investors feel assured that their investments are protected by law and that there are effective mechanisms for dispute resolution, they are more likely to invest in the country’s markets. This influx of investment can lead to better economic outcomes such as increased capital formation, job creation and overall economic growth,” the CJI said.

The role of SAT in the “dog eat dog” world of finance is that of a referee in ensuring that everybody plays by the rules, he said, stressing on the need to be updated by keeping pace with new developments.

With the rapid growth in the number of market participants and transaction volumes, there is a likelihood of an increase in disputes and may be even instances of regulatory non-compliance, he said.

In addition, issues like market conduct and corporate governance have increased appeals filed with SAT “manifold”, the CJI said, pitching for an early filling up of the vacancies at SAT to ensure that the tribunal functions effectively and at full capacity.

CJI Chandrachud, who called the event as a “homecoming” because he had appeared in the tribunal first as a lawyer, also pitched for more SAT benches pointing out that the statutes allows for it.

He later told reporters that creating additional benches is a “policy issue” and he has flagged the issue as the Chief Justice of India given the growth in the work. “It is an aspect which should be considered by those who have responsibility for taking these decisions,” he said.

SAT’s presiding officer Justice P.S. Dinesh Kumar said there are 1,028 pending appeals in the SAT and it has disposed of over 6,700 appeals since its inception in 1997.

The CJI said timely actions and correction of aberrations is very important in the financial sphere, and cited a 5-bench judgement on a critical matter recently which came within a month of the original order as a case in point.

The CJI also shared the thinking during the selection of the SAT head recently to point out that there is a perception in the “highest level of government” that it is a key tribunal in terms of economic regulation.

“Therefore it is necessary to have a person who may not necessarily be someone who has practiced securities law or presided over securities cases but who has the basic and robust approach to regulation,” he said.

He also launched a new website of the SAT on Thursday which has been created by the National Informatics Centre, and stressed on the need to devote adequate attention to the issue of technology.

With the advancements in the digital arena, there is a need to reimagine the concept of access to justice, he said.

FPIs also invested ₹14,955 crore in the debt market in June. 
| Photo Credit: PTI

After two months of net outflow, foreign investors turned buyers in June, infusing ₹26,565 crore in Indian equities, driven by political stability and a sharp rebound in markets.

“Looking ahead, attention will gradually shift towards the Budget and Q1 FY25 earnings, which could determine the sustainability of FPI flows,” Vipul Bhowar, director, Listed Investments, Waterfield Advisors, said.

According to the data with the depositories, Foreign Portfolio Investors (FPIs) have made a net infusion of ₹26,565 crore in equities this month.

This came following a net outflow of ₹25,586 crore in May on poll jitters and more than ₹8,700 crore in April on concerns over a tweak in India’s tax treaty with Mauritius and a sustained rise in U.S. bond yields.

Before that, FPIs made a net investment of ₹35,098 crore in March and ₹1,539 crore in February, while they took out ₹25,743 crore in January. The net outflow now stood at ₹3,200 crore in the month, data with the depositories showed.

Geojit Financial Services Chief Investment Strategist V. K. Vijayakumar said political stability, despite the BJP not getting a majority on its own, and the sharp rebound in markets aided by steady domestic institutional investors (DIIs) buying and aggressive retail buying, has forced the FPIs to turn buyers in India.

“However, the FPI buying has been focussed on a few specific stocks rather than being widespread across the market or sectors. This is because Indian equities are still considered overvalued by FPIs,” Mr. Bhowar said.

They are favouring the financial, auto, capital goods, real estate, and select consumer sectors.

“With government stability assured, impressive GDP performance and forecasts, stable consumer price index, ample forex reserves and robust banking sector health, I anticipate a steady and substantial FPI inflow,” Kislay Upadhyay, smallcase Manager & Founder Fidelfolio, said.

Additionally, FPIs invested ₹14,955 crore in the debt market in June. With this, FPIs’ investment in the debt market reached ₹68,624 crore in 2024 so far. India’s inclusion in the JP Morgan Bond Index is positive.

In the long term, this will reduce the cost of borrowing for the government and the cost of capital for corporates. This is positive for the economy and therefore, for the equity and debt market.

The BSE Sensex recorded the best monthly gain in June by climbing 7.14%. The Sensex breached the historic 79,000 mark on June 27.
| Photo Credit: Reuters

Nine of the top-10 most valued firms together added ₹2,89,699.42 crore in market valuation last week, with Reliance Industries emerging as the biggest gainer, in line with a rally in equities. Last week, the BSE benchmark jumped 1,822.83 points or 2.36%.

The BSE Sensex recorded the best monthly gain in June by climbing 7.14%. The Sensex breached the historic 79,000 mark on June 27.

While Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, Hindustan Unilever and ITC were the gainers, Life Insurance Corporation of India (LIC) emerged as the laggard.

The Market Capitalisation (mcap) of Reliance Industries jumped ₹1,52,264.63 crore to ₹21,18,951.20 crore. TCS added ₹34,733.64 crore taking its valuation to ₹14,12,845.09 crore.

The mcap of ICICI Bank soared ₹30,286.99 crore to ₹8,44,201.88 crore and that of Bharti Airtel surged ₹18,267.7 crore to ₹8,22,530.35 crore. The market valuation of Infosys climbed ₹14,656.3 crore to ₹6,50,602.10 crore and that of HDFC Bank zoomed ₹13,808.74 crore to ₹12,80,865.43 crore. State Bank of India’s valuation rallied ₹11,111.14 crore to ₹7,57,565.68 crore.

The mcap of Hindustan Unilever went up by ₹7,953.37 crore to ₹5,81,570.83 crore and that of ITC climbed ₹6,616.91 crore to ₹5,30,475.82 crore. However, the valuation of LIC tumbled ₹22,042.61 crore to ₹6,25,573.90 crore.

Reliance Industries remained the most valued firm, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, LIC, Hindustan Unilever and ITC.

In the past four trading days, the BSE benchmark jumped 2,033.28 points or 2.63%. File.
| Photo Credit: ANI

Market benchmarks Sensex and Nifty halted their three-day record-hitting rally to close with losses on June 28 as investors booked profit in banking, finance and tech stocks despite a positive trend in global equities.

Snapping a four-session winning run, equity indices succumbed to selling pressure after mid-session when profit-taking emerged on few counters.

After hitting fresh all-time high level in early trade, the 30-share index declined 210.45 points or 0.27% to settle at 79,032.73. During the day, it jumped 428.4 points or 0.54% to hit a fresh record peak of 79,671.58.

The Nifty went lower by 33.90 points or 0.14% to 24,010.60. During the day, it climbed 129.5 points or 0.53% to hit a new lifetime high of 24,174.

The Sensex breached the historic 79,000 mark on Thursday and the Nifty hit the 24,000 level for the first time in intra-day trade.

In the past four trading days, the BSE benchmark jumped 2,033.28 points or 2.63%.

Among the 30 Sensex companies, IndusInd Bank, Axis Bank, ICICI Bank, Bharti Airtel, Kotak Mahindra Bank, Maruti, JSW Steel and Bajaj Finserv were among the laggards.

In contrast, Reliance Industries, Tata Motors, Asian Paints, Nestle and Titan were the biggest gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the green.

European markets were trading mostly higher. U.S. markets ended in positive territory on Thursday.

Foreign Institutional Investors (FIIs) bought equities worth ₹7,658.77 crore on Thursday, according to exchange data.

Global oil benchmark Brent crude climbed 0.89% to $87.16 a barrel.

The BSE benchmark jumped 568.93 points or 0.72% to settle at a new closing peak of 79,243.18 on Thursday.

The Nifty ended at a fresh record high of 24,044.50, rising 175.70 points or 0.74%.

Among the 30 Sensex companies, Reliance Industries, Bharti Airtel, UltraTech Cement, Sun Pharma, Adani Ports, Axis Bank, NTPC and Bajaj Finance were the biggest gainers.
| Photo Credit: Reuters

Stock market benchmark indices Sensex and Nifty ended at their fresh all-time high levels on June 26 in tandem with a rally in Asian peers and buying in Reliance Industries.

The 30-share BSE Sensex climbed 620.73 points or 0.80% to settle at a new closing peak of 78,674.25. During the day, it rallied 705.88 points or 0.90% to hit a fresh all-time high of 78,759.40.

The Nifty went up by 147.50 points or 0.62% to settle at a record closing peak of 23,868.80. Intra-day, it surged 168.6 points or 0.71% to hit the fresh lifetime high of 23,889.90.

Among the 30 Sensex companies, Reliance Industries, Bharti Airtel, UltraTech Cement, Sun Pharma, Adani Ports, Axis Bank, NTPC and Bajaj Finance were the biggest gainers. Mahindra & Mahindra, Tata Steel, Tech Mahindra and JSW Steel were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled with gains. European markets were trading on a mixed note. The U.S. markets ended mostly higher on June 25. Global oil benchmark Brent crude climbed 0.80% to $85.69 a barrel.

“Foreign Institutional Investors (FIIs) bought equities worth ₹1,175.91 crore on Tuesday,” according to exchange data. The BSE benchmark jumped 712.44 points or 0.92% to settle at 78,053.52 on Tuesday. The Nifty went up by 183.45 points or 0.78% to settle at 23,721.30.

Among the Sensex 30 companies, Tech Mahindra, Infosys, HCL Technologies, Tata Consultancy Services, Wipro, Bajaj Finserv, Power Grid and IndusInd Bank were the biggest gainers.
| Photo Credit: Reuters

Benchmark equity indices rallied in early trade on June 21, with the NSE Nifty hitting a fresh all-time peak, helped by buying in IT stocks and continuous foreign fund inflows.

The 30-share BSE Sensex climbed 329.52 points to 77,808.45 in early trade. The Nifty went up by 100.1 points to hit a record peak of 23,667.10.

Among the Sensex 30 companies, Tech Mahindra, Infosys, HCL Technologies, Tata Consultancy Services, Wipro, Bajaj Finserv, Power Grid and IndusInd Bank were the biggest gainers.

Tata Steel, Hindustan Unilever, Kotak Mahindra Bank and HDFC Bank were among the laggards. Foreign Institutional Investors (FIIs) bought equities worth ₹415.30 crore on June 20, according to exchange data.

“The market is in a consolidation phase, and this is likely to continue. There are no major triggers for aggressive buying or selling. Even in this consolidation phase the undertone of the market is bullish and, therefore, buying on dips will emerge imparting resilience to the market,” said V. K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude declined 0.15% to $85.58 a barrel. Rallying for the sixth straight session on June 20, the BSE benchmark Sensex climbed 141.34 points or 0.18% to settle at a new closing peak of 77,478.93. The Nifty rose 51 points or 0.22% to settle at its fresh closing high of 23,567.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were quoting lower. The U.S. markets ended on a mixed note on Thursday.

Among the 30 Sensex companies, JSW Steel, Tata Steel, Axis Bank, Reliance Industries, ICICI Bank, Hindustan Unilever, Kotak Mahindra Bank and Asian Paints were among the biggest gainers.
| Photo Credit: Reuters

Benchmark equity indices Sensex and Nifty soared to new lifetime highs on June 20, fuelled by robust buying in market heavyweights Reliance, ICICI Bank and HDFC Bank amid a recent surge in foreign capital inflows.

Rallying for the sixth straight session, the 30-share BSE Sensex climbed 141.34 points or 0.18%s to settle at a new closing peak of 77,478.93. During the day, it surged 305.5 points or 0.39% to 77,643.09.

The NSE Nifty rose 51 points or 0.22% to settle at its fresh closing high of 23,567. Intra-day, it soared 108 points or 0.45% to 23,624. Among the 30 Sensex companies, JSW Steel, Tata Steel, Axis Bank, Reliance Industries, ICICI Bank, Hindustan Unilever, Kotak Mahindra Bank and Asian Paints were among the biggest gainers.

In contrast, Mahindra & Mahindra, Sun Pharma, NTPC, Wipro, State Bank of India and Power Grid were among the laggards. In Asian markets, Seoul and Tokyo settled in the green, while Shanghai and Hong Kong ended lower.

Markets in Europe were trading in positive territory. US markets were closed on Wednesday in observance of Juneteenth. Foreign Institutional Investors (FIIs) bought equities worth ₹7,908.36 crore on June 19, according to exchange data. Global oil benchmark Brent crude climbed 0.16% to $85.21 a barrel.

Rising for the fifth straight session on Wednesday, the BSE benchmark climbed 36.45 points or 0.05% to settle at 77,337.59. However, the Nifty ended at 23,516, down 41.90 points or 0.18%. Intra-day, it rose 106.1 points or 0.45% to 23,664.

Among the 30 Sensex companies, Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, IndusInd Bank, State Bank of India, Infosys, Wipro, Tech Mahindra and HCL Technologies were the gainers.
| Photo Credit: Reuters

Benchmark equity indices Sensex and Nifty ended flat on June 19 after hitting new lifetime peaks during the session on the emergence of profit-taking amid a lack of immediate triggers. In a volatile trade, profit booking in consumer durables, capital goods and energy shares negated strong gains in banking and financial stocks.

Rallying for the fifth straight session, the 30-share BSE Sensex climbed 36.45 points or 0.05% to settle at a new closing high of 77,337.59. During the day, it soared 550.49 points or 0.71% to hit the fresh lifetime peak of 77,851.63.

The NSE Nifty ended at 23,516, down 41.90 points or 0.18%. Intra-day, it rose 106.1 points or 0.45% to hit a new record of 23,664.

Among the 30 Sensex companies, Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, IndusInd Bank, State Bank of India, Infosys, Wipro, Tech Mahindra and HCL Technologies were the gainers.

On the other hand, Titan, Maruti, Bharti Airtel, Larsen & Toubro, NTPC, Reliance Industries, Bajaj Finance and Power Grid were among the laggards. In Asian markets, Seoul, Tokyo and Hong Kong settled higher, while Shanghai ended lower.

European markets were trading lower in mid-session deals. The U.S. markets ended in positive territory on June 18. Foreign Institutional Investors (FIIs) bought equities worth ₹2,569.40 crore on Tuesday, according to exchange data. Global oil benchmark Brent crude declined 0.22% to $85.14 a barrel.

The BSE benchmark Sensex climbed 308.37 points or 0.40% to settle at 77,301.14 on Tuesday. The Nifty went up by 92.30 points or 0.39% to hit a record closing high of 23,557.90.