Market at Close | Sensex and Nifty log worst week in seven, ended about 2% lower

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

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In a day marked by volatility, the equity benchmark indices Sensex and Nifty managed to maintain their range on Friday (May 10), with the Nifty holding on to the crucial 22,000 level while the Sensex made modest gains.

The 30-share BSE Sensex rose 248.45 points or 0.34% to settle at 72,652.62. The NSE Nifty rises 97.70 points or 0.44% to finish at 22,055.20. The Midcap stocks emerged as relative outperformers, with the Midcap Index registering a notable 1% uptick compared to the Nifty’s 0.4% rise.

From the Sensex basket, NTPC, Power Grid Corporation of India, JSW Steel, Asian Paints, Bharti Airtel and ITC, were the major gainers. Tata Consultancy Services, Infosys, Mahindra & Mahindra, HDFC Bank, Wipro and HCL Technologies were the biggest laggards.

Dragged down by weakness in the IT sector and select financial stocks, the Nifty faced headwinds, while support from PSU companies and the automotive sector provided some respite.

Among individual stocks, Bharat Petroleum Corporation Ltd (BPCL) emerged as the top gainer on the Nifty, buoyed by strong earnings performance in Q4, posting a commendable 4% rise. Asian Paints witnessed a surge following positive management commentary, with short covering driving the stock up by over 2%.

Hero MotoCorp extended its gains from the previous session, riding high on upbeat commentary post-Q4 results, marking a 2% increase. Conversely, Cipla’s Q4 earnings report presented a mixed picture, leading the stock to end 4% off its highs.

Bank of Baroda faced headwinds after reporting an increase in slippages, closing 3% lower. However, Polycab surged to a record high after beating earnings estimates in Q4, climbing by 7%. Manappuram and Muthoot Finance saw a 5% uptick each following clarifications on an RBI advisory, while Dr Lal PathLabs reported healthy Q4 results, leading to a gain of over 5%.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled with gains. European markets were trading in the green. Wall Street ended in positive territory on Thursday. Global oil benchmark Brent crude climbed 0.41% to $84.22 a barrel.

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