Tag: nifty

Market at Close | Sensex, Nifty gain for fourth straight session, metal stocks surge

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Equity benchmark indices Sensex and Nifty continued their upward trajectory for the fourth consecutive session on Wednesday (April 24), bolstered by a surge in metal stocks and positive sentiments across sectors. The benchmark indices, Sensex and Nifty, notched up modest gains, with Nifty firmly holding above the 22,400 mark.

From the Sensex basket, JSW Steel, Tata Steel, Power Grid, Kotak Mahindra Bank, UltraTech Cement, NTPC and Bajaj Finance were the major gainers. Tata Consultancy Services, Tech Mahindra, Maruti, Reliance Industries and Titan were among the laggards.

Leading the charge were banking names Kotak Mahindra Bank and ICICI Bank, alongside robust performances from metal sector heavyweights like SAIL, NMDC, JSW, and Tata Steel. The metal stocks rode on the back of a global upswing in prices, propelling the sectoral index to a record high.

However, the market saw a mixed bag of performances from individual stocks. Cipla emerged as the top gainer on the Nifty, buoyed by a positive brokerage note, witnessing a surge of 4%. Conversely, Tata Consumer Products faced a setback, slipping over 5% following a mixed set of earnings announcements.

While insurance stocks grappled with pressure in the wake of ICICI Prudential Life Insurance Company’s mixed Q4 results, defence names like HAL saw continued buying interest, registering a gain of more than 4%.

In the telecom sector, Vodafone Idea retraced its gains from the previous session, sliding 9%, while Indus Towers also experienced a dip. On the flip side, UBL saw a surge of 10%, fueled by the upbeat outlook stemming from Heineken’s volume growth in India.

Dixon Technologies continued its upward trajectory, with a rise of more than 4% to hit a record high. The market breadth favoured advances, with the advance-decline ratio standing at 2:1.

As the market closed, attention turned to anticipation ahead of the earnings reports from key players like Axis Bank, Indian Hotels, and AU Small Finance Bank, while HUL ended the day flat in anticipation of its upcoming results.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory. European markets were trading mostly with gains. Wall Street ended with gains on Tuesday. Global oil benchmark Brent crude declined 0.35% to $88.11 a barrel.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

NSE waives transaction charges on Nifty Next 50 F&O trades for next 6 months

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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On April 23, the National Stock Exchange of India (NSE) announced that it would waive transaction charges on futures and options (F&O) contracts traded on the Nifty Next 50 index for the next six months, from April 24, 2024, to October 31, 2024.

In a circular released on April 23, the NSE stated, “In order to encourage active participants in Futures and Options contracts on Nifty Next 50 Index, it has been decided that no transaction charges will be levied on the trades done in Futures and Options contracts on Nifty Next 50 Index (NIFTYNXT50) in Future & Options segment from April 24, 2024 (product launch date) till October 31, 2024.”

This announcement follows closely after NSE’s recent introduction of trading in F&O contracts on the Nifty Next 50 Index, which will be effective from April 24, 2024.

Sriram Krishnan, Chief Business Development Officer at NSE, emphasised the significance of introducing derivatives on the Nifty Next 50 index, saying, “The introduction of derivatives on the Nifty Next 50 index (NIFTYNXT50) will complement the existing index derivatives product suite well. The Nifty Next 50 index represents the space between the Nifty 50 index, comprising the top large and liquid stocks, and the Nifty Midcap Select index, comprising the top large and liquid mid-capitalised stocks.”

Also Read: NSE to introduce derivatives on Nifty Next 50 index from April 24, check details here

The newly-introduced cash-settled derivatives contracts will expire on the last Friday of the expiry month, as per NSE’s announcement.

The Nifty Next 50 Index includes 50 companies from the Nifty 100, excluding the Nifty 50 companies. It is also known as Junior Nifty.

As of March 2024, the index’s top sector representation came from the financial services sector, with a weight of 23.76%, followed by the capital goods sector at 11.91% and consumer services at 11.57%. The index was introduced on January 1, 1997, with the base date and base value being November 3, 1996, and 1000, respectively.

The market capitalisation of index constituents stands at ₹70 lakh crore, representing about 18% of the total market capitalisation of the stocks listed on the NSE as of March 29, 2024. The aggregate daily average turnover of index constituents stood at ₹9,560 crore, accounting for around 12% of the cash market turnover in FY24.

Also Read: India VIX records steepest drop in 5 years as Israel-Iran tensions ebb and election trends

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Market at Close | Sensex, Nifty gains for third straight session, Volatility Index slides 20%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Equity benchmark indices Sensex and Nifty continued their upward trajectory for the third consecutive session on Tuesday (April 23) but closed off their intraday highs. The Sensex edged up by 90 points to reach 73,738, while the Nifty gained 32 points to settle at 22,368. Notably, the Nifty Bank surged by 46 points to 47,970, and the Midcap Index soared by 518 points, closing at 49,615.

From the Sensex basket, Bharti Airtel, Nestle, Maruti, Tata Motors, HCL Technologies, NTPC, Asian Paints and State Bank of India were the major gainers. Sun Pharma, Reliance Industries, Mahindra & Mahindra, JSW Steel, Tech Mahindra and Bajaj Finance were among the laggards.

Aditya Birla Group stocks stole the limelight with gains, as Grasim Industries, Aditya Birla Fashion and Retail and Aditya Birla Capital surged by 4-9%. Meanwhile, Vodafone Idea witnessed a surge of over 11% after its ₹18,000 crore follow-on public offering (FPO) garnered a staggering subscription rate of 7x.

Key players like Tata Consumer Products, MCX, ICICI Prudential Life Insurance Company and SBI Cards and Payment Services closed with gains, setting the stage ahead of their earnings reports. Nestle witnessed a surge of 3% from its intraday low as investors anticipated its quarterly results scheduled for tomorrow.

Automobile stocks witnessed significant buying interest, with Maruti Suzuki’s share price crossing the ₹13,000 mark for the first time. However, Sun Pharma emerged as the top Nifty loser, declining by over 3%. The realty sector saw notable buying activity, particularly in Oberoi Realty and DLF, both gaining 3% each.

On the flip side, M&M Financial Services faced a setback, sliding by more than 5% following reports of fraud in one of its North East branches. Oracle Financial Services extended its downtrend for the 12th consecutive session, marking an 18% decline over the past 12 days. Despite fluctuations, market breadth favoured advances with an advance-decline ratio standing at 2:1.

In Asian markets, Tokyo and Hong Kong settled in the positive territory while Seoul and Shanghai ended lower. European markets were trading with gains. Wall Street ended in positive territory on Monday. Global oil benchmark Brent crude climbed 0.41% to $87.36 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,044.54 crore, while Domestic Institutional Investors (DIIs) sold ₹2,918.94 crore in equities today (provisional).

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Market at Close | Sensex, Nifty rises 1% each, Reliance along with ICICI Bank, Axis Bank lift Nifty

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian stock markets surged ahead on Monday (April 22), extending the gains from the previous session and reaching a one-week high. Frontline indices, Sensex and Nifty, each rose by 1%, fueled by broad-based buying across all sectoral indices.

Leading the charge were heavyweight stocks like Reliance Industries, ICICI Bank, Axis Bank, and Larsen & Toubro, which lifted the Nifty higher. However, HDFC Bank weighed on the indices, dragging down Nifty, despite posting improved quarterly results.

Extending its previous day’s rebound, the 30-share BSE Sensex climbed 560.29 points or 0.77% to settle at 73,648.62. During the day, it advanced 679.47 points or 0.92% to 73,767.80.

Also Read: Vodafone Idea’s ₹18,000 cr FPO fully subscribed on last day: Check GMP and other details

The NSE Nifty went up by 189.40 points or 0.8% to 22,336.40. The Nifty Bank witnessed a strong uptrend, gaining 351 points to close at 47,925, while the Midcap Index climbed 400 points to reach 49,096, reflecting widespread optimism among investors.

From the Sensex basket, Larsen & Toubro, Bajaj Finance, Axis Bank, State Bank of India, UltraTech Cement, Wipro, ICICI Bank, Infosys, HCL Technologies and Asian Paints were the major gainers. NTPC, JSW Steel and HDFC Bank were the laggards.

The auto sector witnessed significant buying activity ahead of earnings reports, with Eicher Motors and Hero MotoCorp emerging as the top gainers. Additionally, a fall in crude oil prices boosted oil marketing companies and aviation stocks.

HDFC Bank, despite reporting improved Q4 results, saw a 3% decline from its highs. Persistent Systems recorded its biggest fall in five years due to muted margin guidance, while Gujarat State Petroleum Corporation (GSPL) slumped 20% after the Petroleum and Natural Gas Regulatory Board (PNGRB) approved lower tariffs for a crucial pipeline.

Oracle Financial Services continued its downward spiral for the 11th consecutive session, shedding 15% in 11 days. SPARC hit the lower circuit for the seventh straight day, with pending sell orders contributing to the downward pressure.

On a positive note, Tejas Networks surged more than 16% ahead of its Q4 earnings. Overall, market breadth favoured advances, with the advance-decline ratio standing at 3:1.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Market at Close | Nifty, Sensex stages smart recovery amid geopolitical tensions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The stock markets staged a recovery on Friday (April 19), breaking free from a four-day losing streak fueled by escalating geopolitical tensions. Financial majors HDFC Bank and ICICI Bank emerged as the champions of this resurgence, propelling the Nifty index by a substantial 85 points.

The benchmark indices, Nifty and Sensex, displayed impressive gains, climbing nearly 2% from their recent lows to conclude the session almost 1% higher. Nifty Bank mirrored this trend, surging over 2% or 1,000 points from its previous lows to end the day 1% in the green.

The Sensex soared by 600 points, closing at 73,088, while the Nifty notched a significant 151-point gain to reach 22,147. Meanwhile, the Nifty Bank surged by 505 points to settle at 47,574, although the Midcap Index experienced a minor setback, slipping by 299 points to reach 48,697.

From the Sensex basket, Bajaj Finance, Mahindra & Mahindra, HDFC Bank, JSW Steel, Maruti, Wipro, Bharti Airtel, Bajaj Finserv, ICICI Bank and ITC were the major gainers. Nestle India, HCL Technologies, Larsen & Toubro, Tata Consultancy Services, Tata Motors and Infosys were among the laggards.

HDFC Bank witnessed a surge in buying activity ahead of its quarterly earnings report, driving its stock price up by 4% from its lows. However, Bajaj Auto experienced profit booking after a robust performance in Q4, closing 3% lower. Nevertheless, 4-wheeler auto manufacturers, especially Maruti Suzuki
and M&M recorded gains of 2-3%.

Despite posting a weaker-than-expected Q4 performance, Infosys managed to limit its losses and ended the day 2% off its lows. Conversely, Tata Communications faced a downturn, sliding 5% due to pessimistic commentary, ending at a two-month low.

In other market movements, life insurance stocks reacted variably to monthly updates, with Max Financial witnessing a rise while ICICI Prudential Life Insurance slipped. Hindustan Aeronautics Ltd experienced a 2% uptick in reports of securing a significant order. Despite the recovery, market breadth favoured declines, with the advance-decline ratio maintaining a delicate balance at 1:1.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong settled in the negative territory. European markets were trading in the red. Wall Street ended mostly lower on Thursday. Global oil benchmark Brent crude climbed 0.55% to $87.62 a barrel.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Market at Close | Market end lower for third consecutive day, Sensex drops 456 points

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The equity benchmark indices Sensex and Nifty continued to slump on Tuesday (April 16) dragged down by heavy selling in IT stocks amid weak global trends and fears of escalating tensions in the Middle East. The outflow of foreign funds also dented investors’ sentiment.

Continuing its downtrend for the third day running, the 30-share BSE Sensex tanked 456.10 points or 0.62% to settle at 72,943.68. During the day, it slumped 714.75 points or 0.97% to 72,685.03. The NSE Nifty declined 124.60 points or 0.56% to finish at 22,147.90. The Nifty Bank Index mirrored the downward trend, shedding 288 points to end at 47,485.

From the Sensex basket, Infosys, IndusInd Bank, Bajaj Finserv, Wipro, HCL Technologies, Bajaj Finance, Tech Mahindra, Tata Consultancy Services, and Larsen & Toubro were the major laggards. Titan Company, Hindustan Unilever, HDFC Bank, Maruti, ITC, Power Grid and Reliance Industries were the gainers.

The IT sector bore the brunt of the selloff, with the Nifty IT Index plummeting nearly 3%, dragged down by all its constituents. Infosys emerged as the top Nifty loser, sliding 4% ahead of its earnings announcement. Eicher Motors bucked the trend, rallying more than 3% in a weak market session. ONGC also defied the downward pressure, gaining 3% despite the imposition of a windfall tax increase.

However, not all stocks were immune to the market downturn. Oracle Financial Services extended its losses, hitting a one-month low with a 4% decline over two days. Gujarat Gas also faced selling pressure, dropping over 3% due to a sharp increase in spot LNG prices.

In contrast, battery makers experienced robust buying interest, with Exide Industries and Amara Raja surging over 10% each. Positive brokerage notes provided some support to select stocks such as Bharti Hexacom and HDFC Asset Management Company.

Defence-related stocks found favour among investors, with HAL, Bharat Dynamics, and Cochin Shipyard emerging as the top gainers. Meanwhile, Tata Communications slipped while ICICI Lombard General Insurance Co rose ahead of their earnings announcements.

Market breadth favoured advances, with the advance-decline ratio standing at 2:1. However, the Indian rupee continued its downward trajectory, ending at a record low of 83.54 against the US dollar, in line with global peers.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong settled lower. European markets were quoting in the red. Wall Street ended in negative territory on Monday. Global oil benchmark Brent crude dipped 0.26% to $89.87 a barrel.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Market at Close | Correction in Nifty, Midcaps leaves investors poorer by over ₹5 lakh crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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

Despite initial attempts at recovery during the trading session, the markets failed to sustain momentum and ultimately closed at the day’s lowest levels. Most sectoral indices slipped, contributing to a rise in the Volatility Index by 8%.

The market capitalisation of BSE-listed companies took a hit, erasing more than ₹5 lakh crore on Monday alone. The Sensex plummeted by 845 points to 73,400, while the Nifty dropped by 242 points to 22,278. Nifty Bank and the Midcap Index also witnessed significant declines, slipping by 791 points and 787 points, respectively.

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 this volatile market environment, ONGC emerged as a rare gainer, closing 5% higher following a positive brokerage note. Meanwhile, select metal stocks saw buying interest due to rising prices, with Hindalco Industries registering a 2% increase.

Maruti Suzuki India managed to recover some losses from the previous session, closing with a gain of 2%. However, the financial sector remained under pressure, with all Nifty Bank constituents in the red. Notably, ICICI Bank emerged as a major drag on both the Nifty and Nifty Bank.

Among individual stocks, CONCOR witnessed a 4% decline from its intraday high after missing FY24 volume guidance. IT stocks continued to face pressure following TCS earnings, with several stocks experiencing declines ranging from 3% to 5%.

On a positive note, Exide Industries gained 3% as Morgan Stanley raised its target for the stock to ₹485. Additionally, city gas companies saw buying interest after the BJP’s manifesto mentioned ‘Piped Gas for All’. The market breadth heavily favoured declines, with the advance-decline ratio standing at 1:5.

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

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Market at Close | Sensex settles above 75,000-mark for first time, Nifty hits record high of 22,776

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The benchmark Sensex climbed 354 points to close above the record 75,000 mark for the first time, while the broader Nifty scaled a fresh lifetime high on Wednesday (April 10) on gains in FMCG, energy and metal shares.

The 30-share BSE Sensex climbed 354.45 points, or 0.47%, to settle at an all-time high of 75,038.15. During the day, the index spurted 421.44 points, or 0.56%, to hit a high of 75,105.14.

The Nifty advanced by 111.05 points, or 0.49%, to close at a record peak of 22,753.80. During the day, it jumped 132.95 points, or 0.58%, to reach a lifetime intra-day peak of 22,775.70. Additionally, the Nifty Bank surged by 256 points to settle at 48,987.

The midcap segment, in particular, demonstrated resilience by reclaiming losses from the previous day, outperforming both the Sensex and Nifty indices. This was fueled by robust performances from key players such as Reliance, ITC, and Bharti Airtel, which emerged as top contributors to the Nifty’s upward trajectory.

From the Sensex basket, ITC, Kotak Mahindra Bank, Bharti Airtel, State Bank of India, Asian Paints, Tech Mahindra, Reliance Industries and Nestle were the major gainers. Maruti, HDFC Bank, Larsen & Toubro and Mahindra & Mahindra were among the laggards.

In sectoral news, oil marketing companies celebrated healthy gains as crude prices experienced a dip, propelling stocks upwards by 3-6%. Similarly, chemical companies experienced a surge in buying activity following encouraging March export data, with Navin Fluorine International, Atul, Aarti, and Deepak Nitrite emerging as top gainers in the segment.

The market also witnessed notable movements in individual stocks, with Vedanta climbing by up to 10% after receiving an upgrade to ‘Buy’ from CLSA. Meanwhile, MCX extended its gains on the back of a positive brokerage note, registering an increase of up to 6%. However, Reliance Infrastructure faced challenges as it hit the lower circuit following the Supreme Court’s decision to set aside an arbitral award of ₹8,000 crore.

In the pharmaceutical sector, Cipla and Alkem witnessed slight declines of 2% and 1%, respectively, in response to US FDA observation details for their units. Overall, the market breadth slightly favoured advances, with the NSE Adv-Decline ratio standing at 5:4.

In Asian markets, Tokyo and Shanghai settled lower, while Hong Kong ended in positive territory. Markets in South Korea were closed for elections. European markets were trading in the green. Wall Street ended mostly with gains on Tuesday. Global oil benchmark Brent crude climbed 0.18% to $89.58 a barrel.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Will the rally in gold and stocks coexist for the rest of 2024?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Even though both gold prices and equities are marching to record highs, the former is likely to outperform equities this year as the expectation of an interest rate cut creates more excitement around the yellow metal. Further, a weakening dollar index also impacts gold prices.

Ahead of Wednesday’s US CPI release, the US dollar extended its fall for the fifth day in six trading sessions. Conversely, gold prices have rallied close to 30% from their October lows. Bullion added another 1.1% on Tuesday and is currently hovering at $2,365.35 per troy ounce.

However, a simultaneous rally in both risky and haven assets is very uncommon. Generally, both display an inverse relationship with each other, even though easing by the Federal Reserve should benefit both stocks and gold.

So far in 2024, gold prices have rallied by as much as 14.1% against last year’s return of 13.1%. In contrast, the dollar-denominated Nifty Index has gained just 4.1% since the beginning of the year. The outperformance of precious metal is happening for the first time since 2020. While the Nifty Index generated an average return of 16.2% between 2021 and 2023, gold yielded just 3% during the three years, with negative returns in both 2021 and 2022.

Historically, the stock market has been a better investment than gold. For instance, the Nifty Dollar index has been generating positive returns over the last eleven years through 2023, except in 2015. In contrast, the gold ended in the green only in five instances since 2013.

Economists attribute multiple reasons for the recent uptick in gold prices. According to them, heightened geopolitical risks in the Middle East and Ukraine, along with increased volatility in dollar value, have pushed the prices of yellow metal higher.

Moreover, buying by central banks also weighed on the latest surge in gold prices. Central banks buy gold as a measure to diversify their forex reserves and hedge against foreign currency risks. As part of their foreign exchange reserves, many central banks across the globe hold significant amounts of gold as reserves.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Market at Close | Sensex hits intra-day record high of 75,124 points but ends in the red

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian stock markets tumbled on Tuesday (April 9), failing to sustain the record-breaking momentum it had seen at the opening bell. Despite surging to new intra-day highs, both the Sensex and Nifty ultimately retreated, closing the day in negative territory.

In the early hours of trading, the Sensex soared to an intra-day high of 75,124 points, while the Nifty peaked at 22,768 points. The Midcap Index, which had been on an impressive 11-day winning streak, finally succumbed to profit-taking pressure, ending the day 1% below its recent highs.

Market heavyweights like ICICI Bank, Infosys, and HDFC Bank provided some support to the Nifty, preventing a steeper decline, while Reliance Industries dragged down the index.

The banking sector witnessed a mixed performance, with the Nifty Bank managing to close higher, largely propelled by ICICI Bank’s contribution, while other banking stocks struggled to maintain momentum. Axis Bank, for instance, saw only marginal gains amid reports of Bain Capital potentially divesting its stake.

Metal stocks, on the other hand, experienced buying interest driven by rising prices, with Hindalco and Hindustan Copper emerging as the top gainers. However, stocks like REC and PFC extended losses from the previous session after quarterly updates fell short of expectations.

Page Industries reached its highest levels in two months, while Godrej Properties surged following a robust quarterly performance. Vedanta hit a 52-week high, buoyed by a 25% increase in stock value over the month.

Meanwhile, positive developments in the sugar industry, including reports of the government’s intention to divert more sugar for ethanol production, lifted stocks like Balrampur.

However, Gland Pharma faced a setback, declining over 3% after a significant change in shareholding. Overall, market breadth favoured declines, with the advance-decline ratio at 2:3.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow