The Bombay Stock Exchange (BSE) building in Mumbai. File
| Photo Credit: REUTERS

Stock markets snapped their five-day losing run on Friday with the benchmark BSE Sensex closing higher by 75 points on value-buying in banking and oil shares after recent losses.

The 30-share BSE Sensex rose by 75.71 points or 0.10 per cent to settle at 73,961.31. During the session, it hit a high of 74,478.89 points and a low of 73,765.15 points.

Halting its five-day losing streak, the 50-share NSE Nifty rose by 42.05 or 0.19% to end at 22,530.70. Nifty and Sensex tanked more than 2% in the five days to Thursday amid high volatility ahead of the results of the Lok Sabha polls.

“The pre-election trading strategy has come to an end, and all eyes will be on the release of the exit poll for further action. Regional diversions, marginally low voter turnout and strong resistance at current range are prompting investors to adopt a cautious stance,” Vinod Nair, Head of Research, Geojit Financial Services said.

From the Sensex pack, Tata Steel, Bajaj Finance, HDFC Bank, Power Grid, IndusInd Bank, Larsen & Toubro, ICICI Bank were among the gainers.

Nestle India, Tata Consultancy Services Maruti Suzuki India, Infosys, Axis Bank, Hindustan Unilever were the laggards..

In Asian markets, Shanghai, Tokyo, Seoul and Hong Kong were closed on a mixed note. European stock markets were trading lower. Major indices on Wall Street ended lower on Thursday.

Global oil benchmark Brent crude went lower 0.40% to $81.53 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,050.15 crore on Thursday, according to exchange data.

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai. File
| Photo Credit: REUTERS

Benchmark equity indices Sensex and Nifty declined nearly 1% on Thursday, continuing their falling streak for the fifth day running due to profit booking amid monthly expiry in the derivatives segment.

The 30-share BSE Sensex plunged by 617.30 points or 0.83% to settle at 73,885.60. The barometer hit the day’s low of 73,668.73 due to selling in blue-chips.

The NSE Nifty dropped by 216.05 points or 0.95% to close at 22,488.65.

Benchmark indices closed at lifetime high levels on May 23 which triggered profit-taking amid growing nervousness among investors ahead of the results of the Lok Sabha polls on June 4. Since then, Nifty and Sensex have declined around 2% in the five straight sessions.

“The benchmark index is taking cues from the U.S. market as treasury yields continue to climb following the stickiness of global inflation, delaying the central bank’s interest rates cut policy,” Vinod Nair, Head of Research at Geojit Financial Services, said.

From the Sensex pack, Tata Steel, Titan, Tech Mahindra, Wipro, Bajaj Finserv, Bajaj Finance, Nestle India, Tata Motors and JSW Steel were the biggest laggards.

ICICI Bank, Axis Bank, HDFC Bank, State Bank of India and Kotak Mahindra Bank were the gainers.

“Meanwhile, the broader market continued the weak trend, led by profit booking, due to feeble closing of monthly expiry owing to lack of interest to hold short-term positions, as exit poll is slated in the weekend,” Mr. Nair said.

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

European markets were trading with gains, while U.S. markets ended in the negative territory on Wednesday.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹5,841.84 crore on Wednesday, according to exchange data.

The last phase of polling is scheduled for June 1. The results of the ongoing general elections will be declared on June 4.

Global oil benchmark Brent Crude fell 0.41% to $83.19 a barrel.

On Wednesday, the 30-share BSE Sensex declined 667.55 points or 0.89% to settle at 74,502.90. The NSE Nifty dropped 183.45 points or 0.80% to close at 22,704.70.

Stock markets rebounded on Thursday with benchmark Sensex closing higher by 128 points as record GST collections in April, positive manufacturing data, and foreign fund inflows boosted investor sentiment.

The 30-share BSE Sensex climbed 128.33 points or 0.17% to settle at 74,611.11. During the day, it jumped 329.65 points or 0.44% to 74,812.43.

The NSE Nifty went up by 43.35 points or 0.19% to 22,648.20.

From the Sensex basket, Power Grid, Asian Paints, Tata Motors, Tata Steel, NTPC, Sun Pharma, Mahindra & Mahindra, HDFC Bank, Tata Consultancy Services and JSW Steel were among the major gainers.

Kotak Mahindra Bank, Bharti Airtel, Axis Bank, Wipro, ICICI Bank and IndusInd Bank were among the laggards.

Goods and Services Tax collections grew 12.4% to a record high of ₹2.10 lakh crore in April, aided by strong economic momentum and increased domestic transactions and imports, the finance ministry said on Wednesday.

The GST collections have breached the ₹2 lakh crore mark for the first time in April this year, it said in a statement.

India’s manufacturing sector activity moderated in April but still recorded the second fastest improvement in operating conditions in three-and-a-half years supported by buoyant demand, a monthly survey said on Thursday.

The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) fell from 59.1 in March to 58.8 in April, signalling the second-best improvement in the health of the sector for three-and-a-half years.

In Purchasing Managers’ Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.

In Asian markets, Hong Kong settled with gains while Seoul, Tokyo and Shanghai ended lower. European markets were trading on a mixed note. Wall Street ended mixed on Wednesday.

Global oil benchmark Brent crude climbed 1.02% to $84.29 a barrel..

Foreign Institutional Investors (FIIs) bought equities worth ₹1,071.93 crore on Tuesday, according to exchange data. Domestic equity markets were closed on Wednesday on account of Maharashtra Day.

Snapping its two-day winning run, the BSE benchmark declined 188.50 points or 0.25% to settle at 74,482.78 on Tuesday. The NSE Nifty dipped 38.55 points or 0.17% to finish at 22,604.85.

The S&P BSE Sensex shed 0.62% to 72,943.68, extending losses to a third straight session. File
| Photo Credit: PTI

India’s currency, debt and equity markets will be closed on Wednesday, April 17, for Ram Navami. Trading will resume on Thursday, April 18.

The blue-chip NSE Nifty 50 fell 0.56% to 22,147.90 while the S&P BSE Sensex shed 0.62% to 72,943.68, extending losses to a third straight session as receding bets of early U.S. rate cuts and worries over the conflict in the Middle East weighed.

The Indian rupee weakened 0.10% versus the U.S. dollar to a record closing low of 83.5350, weighed down by a selloff in risky assets.

The benchmark 10-year bond was quoted at 99.95 rupees, with the yield up 1 bps at 7.1860%, amid heightened tensions in the Middle East and worries over the U.S. interest rate outlook.

Stock markets took a beating on April 15 with benchmark Sensex and Nifty tumbling over 1% as escalating conflict in the Middle East and weak trends from global markets unnerved investors.

Falling for the second session in a row, the 30-share BSE Sensex tanked 845.12 points or 1.14% to settle at a more than two-week low of 73,399.78. During the day, it plunged 929.74 points or 1.25% to 73,315.16.

The NSE Nifty declined 246.90 points or 1.10% to settle at 22,272.50.

Key indices had plunged by over 1% in the previous session on Friday due to profit taking by investors at record high levels. Sensex lost 1,638 points or 2.19% while Nifty plunged 481 points or 2.13% to slip below the 22,300 level in two straight sessions.

Foreign fund outflows and hotter-than-expected US inflation data also played spoilsport for the markets.

Analysts said the renewed conflict in the Middle East, proposed changes in the India-Mauritius tax treaty and the hotter-than-expected US inflation proved to be major drags.

From the Sensex basket, Wipro, ICICI Bank, Bajaj Finserv, Bajaj Finance, Tata Motors, Larsen & Toubro, Tech Mahindra and HDFC Bank were the major laggards.

Nestle, Maruti and Bharti Airtel were the gainers.

In the broader market, the BSE smallcap gauge declined 1.54% and midcap index dipped 1.50 per cent.

Among the indices, services droped by 2.12%, financial services by 1.81%, IT by 1.58%, bankex by 1.55% and utilities by 1.37%.

Energy and oil & gas were the gainers.

A total of 2,991 stocks declined while 913 advanced and 145 remained unchanged.

In Asian markets, Seoul, Tokyo and Hong Kong settled lower while Shanghai ended in the positive territory. European markets were trading on a mixed note. Wall Street ended significantly lower on Friday.

“Geopolitical tensions and higher-than-expected US inflation impacted investor sentiment and dragged the indices to a lower note. The major casualties were the mid- and small-cap indices due to their rich valuation and expectation of moderation in earnings growth in Q4FY24.

“On the other hand, the European market opened on a positive note while oil prices inched lower as market participants expected that the diplomatic efforts were likely to de-escalate tensions in the Middle East,” said Vinod Nair, Head of Research, Geojit Financial Services.

Global oil benchmark Brent crude dipped 1.04% to $89.51 a barrel.

Foreign institutional investors (FIIs) offloaded equities worth ₹8,027 crore on Friday, according to exchange data.

“The escalating geopolitical tensions in West Asia prompted a decline in the 30-share BSE Sensex and the NSE Nifty. Market indices traded lower, influenced by the heightened tensions between Iran and Israel, leading to losses across major sectors. Notably, the broader small and midcap segments also saw declines,” said Suman Bannerjee, CIO of hedge fund Hedonova.

Official data released on Monday showed that wholesale inflation rose marginally to 0.53% in March compared to 0.20% in the preceding month due to an increase in prices of vegetables, potato, onion and crude oil.

Rupee falls 6 paise to settle at 83.44 against U.S. dollar

The rupee declined 6 paise to settle at 83.44 (provisional) against the U.S. dollar, in line with deep losses in equity markets.

However, weakening crude oil prices in the international markets and positive domestic macroeconomic data restricted the rupee’s fall, forex traders said.

At the interbank foreign exchange market, the local unit opened at 83.46 and traded between 83.42 and 83.47 against the greenback. The local unit finally settled at 83.44 (provisional), registering a loss of 6 paise from its previous close.

On Friday, the rupee declined 7 paise to settle at 83.38 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.15% lower at 105.68.

Retail inflation declined to a five-month low of 4.85% in March, inching towards the Reserve Bank’s target of 4%, according to official data released on Friday.

India’s industrial production growth accelerated to a four-month high of 5.7% in February 2024, mainly due to the good performance of the mining sector, according to official data released on Friday.

The Income Tax Department on Friday said the amended India-Mauritius protocol on double taxation avoidance agreement (DTAA) is yet to be ratified and notified by the department.

India and Mauritius on March 7, 2024, signed an amendment to the DTAA and included a principal purpose test (PPT) in the pact which aims to curtail tax avoidance by ensuring that treaty benefits are granted only for transactions with a bona fide purpose.

India’s blue-chip Sensex rose to a record high on April 8. File
| Photo Credit: Reuters

India’s blue-chip Sensex rose to a record high on April 8, while Nifty 50 inched towards a fresh all-time high, led by metals on positive business updates from Tata Steel and JSW Steel.

The NSE Nifty 50 was up 0.34% to 22,588.70 as of 9:20 a.m., while the S&P BSE Sensex added 0.35% to 74,503.11.

Metal index rose 0.8%. Tata Steel and JSW Steel rose 2.2% and 1% and were among the top three Nifty 50 gainers.

File picture of the Bombay Stock Exchange building in Mumbai
| Photo Credit: ANI

Equity benchmark indices declined in early trade on Tuesday after rallying in the past four days amid weak trends from global markets and foreign fund outflows.

After a record-breaking rally, the 30-share BSE Sensex declined 297.97 points to 73,574.32 due to profit-taking. The Nifty dipped 86.05 points to 22,319.55.

Among the Sensex firms, HCL Technologies, Tata Consultancy Services, ICICI Bank, Infosys, Axis Bank and Reliance Industries were the major laggards.

Tata Motors, Mahindra & Mahindra, State Bank of India and NTPC were among the gainers.

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

The US markets ended in the negative territory on Monday.

Global oil benchmark Brent crude dipped 0.18% to $82.64 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹564.06 crore on Monday, according to exchange data.

Extending its rally to the fourth straight session on Monday, the BSE benchmark climbed 66.14 points or 0.09% to settle at an all-time high of 73,872.29 points. The Nifty went up by 27.20 points or 0.12% to settle at a lifetime peak of 22,405.60.

Image for representational purposes only.
| Photo Credit: Reuters

Benchmark equity indices Sensex and Nifty rebounded on February 27 following buying in index major Tata Consultancy Services, Tata Motors and Sun Pharma amid mostly firm global markets.

The 30-share BSE Sensex climbed 305.09 points or 0.42% to settle at 73,095.22. The index was hit by volatility in the first half of the session but gains in index heavyweights helped the barometer end two sessions of losses. During the day, the Sensex jumped 371.17 points or 0.50% to a high of 73,161.30.

Snapping its two-day falling streak, the broader Nifty ended 76.30 points or 0.34% up at 22,198.35.

Among the Sensex firms, Tata Motors, Tata Consultancy Services, IndusInd Bank, Power Grid, Bharti Airtel, Sun Pharma, JSW Steel and Tata Steel were the major gainers.

On the other hand, Bajaj Finance, State Bank of India, Bajaj Finserv, Axis Bank and NTPC were among the laggards.

“Markets rebounded from 2-session losses as selective buying in frontline stocks aided recovery from early weakness. There is no major trigger and investors are taking cues from global markets. As we approach F&O expiry day on February 29, volatility will begin to kick in as traders will roll over their positions to the next expiry day,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

“The hopes for a ceasefire in the Israel-Hamas war and the drop in crude oil prices supported the sentiment,” said Vinod Nair, Head of Research, Geojit Financial Services.

In the broader market, the BSE smallcap gauge declined 0.25% and the midcap index dipped 0.10%.

Among the indices, realty jumped 1.02%, consumer durables climbed 1.01%, teck (0.85%), capital goods (0.79%), IT (0.76%) and consumer discretionary (0.45%).

Commodities, financial services, telecommunication, utilities and oil & gas were the laggards.

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

European markets were traded largely in the green. The US markets ended marginally lower on Monday.

The BSE benchmark fell by 352.67 points or 0.48% to settle at 72,790.13 on February 26. The Nifty declined 90.65 points or 0.41% to 22,122.05.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹285.15 crore on February 26, according to exchange data.

Global oil benchmark Brent crude climbed 0.16% to $82.66 a barrel.

Benchmark stock indices Sensex and Nifty tanked around 1% on Thursday dragged by selling in banking and auto shares due to increased uncertainty about the timing of interest rate cuts after the RBI’s monetary policy decision.

Erasing all its early gains, the 30-share BSE Sensex fell by 723.57 points or 1% to settle at 71,428.43. The barometer slipped into red after the announcement of the RBI monetary policy and hit a low of 71,230.62 thereafter, reflecting a loss of 921.38 points or 1.27%.

The Nifty shed 212.55 points or 0.97% to settle at 21,717.95.

The RBI Monetary Policy Committee on Thursday decided to keep policy rate unchanged for the sixth time in a row in view of global uncertainty and the need to bring down retail inflation to 4%. The RBI also maintained its ‘withdrawal of accommodative stance’.

Announcing the decision of the Monetary Policy Committee (MPC), RBI Governor Shaktikanta Das on Thursday said it has decided to keep the policy repo rate unchanged on the basis of an assessment of the current and evolving macroeconomic situation.

MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target while supporting growth, he said.

“Though FY25 GDP growth forecast has improved, the RBI remains vigilant on inflation & banking liquidity. The incomplete transmission of the cumulative 250 bps and the inflation ruling above the target level add uncertainty about the timing of the interest rate reduction. The ripple effect was seen in the government 10 yr yield, which inched higher.”

“A large pocket of the market slid into red like FMCG, banks, and auto. FMCG was impacted more by weak Q3 result and downgrade in volume growth, in the near-term, due to weak rural demand,” said Vinod Nair, Head of Research, Geojit Financial Services.

Among the Sensex firms, ITC, Kotak Mahindra Bank, ICICI Bank, Nestle, Axis Bank, IndusInd Bank, UltraTech Cement, Bajaj Finance, Maruti and HDFC Bank were the major laggards.

State Bank of India, PowerGrid, Tata Consultancy Services, HCL Technologies and Reliance Industries were among the gainers.

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

European markets were trading in the green. The U.S. markets ended with gains on Wednesday.

“The policy was largely on expected lines but preferred to remain cautious,” Parijat Agrawal, Head – Fixed Income, Union Asset Management Company Pvt Ltd, said.

Global oil benchmark Brent crude declined 0.18% to $79.07 per barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,691.02 crore on Wednesday, according to exchange data.

The BSE benchmark declined 34.09 points or 0.05% to settle at 72,152 on Wednesday. The Nifty ended marginally up by 1.10 points or 0.01% to 21,930.50.

A share broker reacts as Sensex and Nifty prices plummet. File
| Photo Credit: ANI

Sliding for the sixth straight session, equity benchmark Sensex on Thursday plunged about 900 points to crash below the 64,000 level due to an across-the-board selloff amid heightened tension in the Middle East.

Besides sluggish trends in global markets, deep losses in auto, financial and energy stocks as well as fresh selling by foreign investors added to the gloom, analysts said.

The 30-share BSE Sensex slumped 900.91 points or 1.41% to settle below the 64,000 mark at 63,148.15. During the day, it plummeted 956.08 points or 1.49% to 63,092.98.

The Nifty dived 264.90 points or 1.39% to 18,857.25.

Since October 17, the BSE benchmark has tumbled 3,279.94 points or 4.93%, while the Nifty fell 954.25 points or 4.81%.

Mahindra & Mahindra was the biggest loser in the Sensex pack, falling 4.06%, followed by Bajaj Finserv, Asian Paints, Nestle, Bajaj Finserv, JSW Steel, Titan, HDFC Bank, Tech Mahindra, Tata Motors and Larsen & Toubro.

In contrast, Axis Bank, ITC, HCL Technologies, NTPC and IndusInd Bank were the gainers.

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

European markets were trading with significant losses. The U.S. markets ended in negative territory on Wednesday.

Global oil benchmark Brent crude declined 0.65% to $89.54 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,236.60 crore on Wednesday, according to exchange data.

The BSE benchmark tanked 522.82 points or 0.81% to settle at 64,049.06 on Wednesday. The Nifty fell 159.60 points or 0.83% to 19,122.15.