Tag: BSE Sensex

Market at Close | Sensex, Nifty surge to nearly 2-week highs on bullish weekly expiry

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

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The equity benchmark indices BSE Sensex and NSE Nifty witnessed resurgence on Thursday (May 16), closing at nearly two-week highs fueled by a wave of bullish sentiment as the weekly expiry unfolded. The 30-share BSE Sensex jumped 649.15 points or 0.89% to settle at 73,636.18. The NSE Nifty rose 194.10 points or 0.87% to finish at 22,394.65.

From the Sensex basket, Mahindra & Mahindra, Tech Mahindra, Bharti Airtel, Infosys, Titan Company and JSW Steel were the major gainers. Maruti Suzuki India, Tata Motors, State Bank of India, Power Grid Corporation of India, IndusInd Bank and Tata Steel were the biggest laggards.

The market capitalisation of BSE-listed companies skyrocketed to a record high, witnessing a increase of ₹3 lakh crore in a single trading session. The momentum was firmly in favor of advances, with the advance-decline ratio standing at an encouraging 3:2.

Leading the charge were heavyweight stocks such as HDFC Bank, Infosys, Bharti Airtel, M&M, and RIL, which emerged as top contributors to the Nifty’s upward trajectory. Mahindra & Mahindra (M&M), Hindustan Aeronautics Limited (HAL), and Honeywell emerged as the top gainers, upbeat by strong quarterly performances.

The IT sector also witnessed a surge in buying activity following better-than-expected US Consumer Price Index (CPI) data, propelling the Nifty IT index up by 2%. Meanwhile, most sectoral indices closed in positive territory, with the Volatility Index slipping by 2%.

Some stocks experienced losses, notably Maruti Suzuki and Tata Motors, which closed in the red, each declining by 2%. However, the standout performer of the day was Honeywell Automation, which closed 13% higher, marking a remarkable recovery of 20% from its recent lows on the back of a robust Q4 performance.

HAL also stole the spotlight with a stellar earnings report, boasting a remarkable margin of 40% compared to the expected 25%, sending its stock soaring by 11%. Similarly, Oberoi Realty surged 9% fueled by positive commentary, while LIC saw a 3% gain on the back of double-digit disbursement growth projections for FY25.

Apollo Tyres ended the day in the green, albeit off its highs, buoyed by brokerage upgrades, while PVR and Inox regained their losses from Wednesday’s session, closing with gains of 3% each. Furthermore, capital goods stocks continued to attract buying interest, with ABB rising another 3%.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading with gains. Wall Street ended higher on Wednesday (May 15). Global oil benchmark Brent crude climbed 0.40% to $83.08 a barrel.

Halting its three-day rally, the 30-share BSE Sensex declined 117.58 points or 0.16% to settle at 72,987.03 on Wednesday. The NSE Nifty dipped 17.30 points or 0.08% to 22,200.55.

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 close mixed amidst Midcap surge

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

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The equity benchmark indices Sensex and Nifty closed with a mixed sentiment on Wednesday (May 15), as the Midcap segment showcased remarkable strength, compensating for the slight downturn in benchmark indices.

The 30-share BSE Sensex declined 117.58 points or 0.16% to settle at 72,987.03. The NSE Nifty dipped 7.65 points or 0.034% to finish at 22,210.20. Notably, the Midcap Index surged by 1%, outperforming the benchmarks which ended flat. This resilience in Midcap stocks kept the market breadth tilted in favour of advances.

From the Sensex basket, Bharti Airtel, Power Grid Corporation of India, Mahindra & Mahindra, NTPC, Larsen & Toubro and HCL Technologies were the major gainers. Asian Paints, Tata Motors, HDFC Bank, JSW Steel, Sun Pharmaceutical Industries and Hindustan Unilever were the biggest laggards.

Also Read: Suzlon shares may see $14 million inflows on increased weightage in MSCI rejig

Coal India emerged as the top gainer on the Nifty, climbing 4% on reports of increasing e-auction premiums. Conversely, pharmaceutical giant Cipla witnessed a reversal in its Tuesday gains after a promoter sold a 2.5% stake via block deals, leading to a dip in its share price.

Bharti Airtel saw upward momentum as management hinted at the necessity of a tariff hike, while M&M extended its gaining streak ahead of its upcoming earnings announcement. However, the two-wheeler segment, represented by Eicher, TVS, and Bajaj Auto, faced pressure, with each stock witnessing a 2% decline. FMCG stocks, including Asian Paints and Britannia, also slipped during Wednesday’s session.

On the positive side, Siemens surged to a record high following strong Q4 results and brokerage upgrades, while airline stocks experienced significant buying interest, with IndiGo and SpiceJet gaining between 3% to 6%. Oil marketing companies also witnessed gains in the latter half of the trading session as crude oil prices remained within a stable range.

Furthermore, investor sentiment remained positive towards defence sector stocks, with BEL, Bharat Forge, and HAL recording gains between 1% to 3%. However, Colgate failed to see much upside potential in margins from current levels, leading to a 5% decline in its stock price.

Canara Bank closed with a gain of 5% as the company went ex-stock split, while Aarti Industries ended with a cut of 5% after UBS initiated coverage with a sell call. Additionally, BSE-listed companies continued their market capitalisation gains for the fourth consecutive session, adding over ₹2 lakh crore in market value on Wednesday.

Also Read: Paytm shares decline after exclusion from MSCI India Index; May see $70 million outflows

In Asian markets, Tokyo traded in the positive territory while Shanghai quoted lower. Wall Street ended with gains on Tuesday. Global oil benchmark Brent crude climbed 0.72% to $82.96 a barrel.

The BSE benchmark climbed 328.48 points or 0.45% to settle at 73,104.61 on Tuesday. The NSE Nifty went up 113.80 points, or 0.51%, to 22,217.85.

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 and Nifty extend gains, Midcap index outperform

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

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The equity benchmark indices Sensex and Nifty continued their upward trajectory, propelled by robust gains in Midcap stocks. The market breadth strongly favoured advances, with a notable advance-decline ratio standing at 4:1.

The 30-share BSE Sensex jumped 334.50 points or 0.46% to settle at 73,110.63. The NSE Nifty rises 115.80 points or 0.52% to finish at 22,219.85.

Midcap stocks stole the spotlight, with the Midcap Index surging 1%, outperforming other frontline indices, which recorded more modest gains ranging from 0.2% to 0.5%. The Nifty Bank climbed 105 points to reach 47,859, while the Midcap Index rallied by 490 points, closing at 50,225.

Mahindra & Mahindra, Larsen & Toubro, JSW Steel, NTPC, IndusInd Bank and Sun Pharmaceutical Industries were the major gainers. Tata Consultancy Services, Nestle India, Axis Bank, Asian Paints, ITC and ICICI Bank were the biggest laggards.

Pharmaceutical company Cipla witnessed a reversal from Monday’s gains, emerging as the top Nifty loser with a 4% decline. Similarly, entertainment conglomerate PVR saw its stock retract by 3% from its highs due to internal performance concerns.

Metal stocks surged, buoyed by positive cues, with the Metal Index closing 3% higher. The Adani Group also saw a surge in buying interest, with all its stocks ending the day higher by 2% to 6%.

Ahead of earnings, Mahindra & Mahindra (M&M) surged to a record high, gaining almost 4%. Meanwhile, the two-wheeler segment continued to attract buying interest, with Hero MotoCorp rising by another 3% during the session.

Railway stocks witnessed significant gains, with IRFC, IRCON, and Railtel all marking upticks ranging from 8% to 10%. However, the online food delivery platform Zomato faced continued profit booking, resulting in a 4% decline on Tuesday. The market capitalisation of BSE-listed companies reclaimed the ₹400 lakh crore mark, marking an increase of over ₹3 lakh crore on the day.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were quoting lower. Wall Street ended on a mixed note on Monday (May 13). Global oil benchmark Brent crude climbed 0.12% to $83.46 a barrel.

Recovering from early lows, the BSE benchmark ended higher by 111.66 points or 0.15% at 72,776.13 on Monday. The NSE Nifty climbed 48.85 points or 0.22% to 22,104.05.

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 | Financials drive smart recovery in Sensex and Nifty

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

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Equity benchmark indices Sensex and Nifty witnessed a smart recovery on Monday (May 13), buoyed by a resurgence in financial stocks spearheaded by HDFC Bank and ICICI Bank.

The Nifty Bank outperformed, rising by 1% compared to Nifty’s more modest 0.3% uptick, with financials playing a pivotal role in driving this surge. The resurgence in financial stocks not only propelled the broader indices but also contributed substantially to Nifty Bank’s gains.

From the Sensex basket, Asian Paints, Sun Pharmaceutical Industries, HDFC Bank, Tata Consultancy Services, Axis Bank and Tata Steel were the major gainers. Tata Motors, NTPC, Bharti Airtel, Titan Company, State Bank of India and Nestle India were the biggest laggards.

Amidst this financial rally, pharma stocks also garnered investor interest, following strong commentary from Cipla, further diversifying the market’s recovery. However, amidst the overall optimism, volatility loomed large, with the Volatility Index surging by 12% to its highest level in 19 months, reminiscent of the volatility witnessed back in October 2022.

The Sensex climbed 112 points to 72,776, while the Nifty gained 49 points, closing at 22,104. The Nifty Bank saw a substantial rise of 333 points, closing at 47,754, while the Midcap Index also posted significant gains, rising by 203 points to reach 49,735.

UPL stood out with a 6% surge, driven by strong Q4 earnings and a promising outlook. Conversely, Tata Motors faced headwinds due to a cautious outlook, slipping by 8% to become the top Nifty loser.

Public sector undertakings (PSUs) remained volatile, with their performance closely tied to ongoing elections. Oil marketing companies (OMCs) managed to recover from earlier lows but still ended the day with mixed results.

ABB stole the limelight among gainers, surging by up to 11% on the back of robust earnings, subsequently lifting stocks like Siemens and Cummins. Similarly, Lupin witnessed a significant boost after a US court lifted a restraining order for Mirabegron, leading to a 5% surge in its stock price.

Union Bank faced a setback, sliding by 8% as the bank reported increased slippages and lower operating profit. Polycab continued its upward trajectory, hitting a record high on the back of healthy Q4 earnings.

Dr Lal PathLabs also witnessed a 6% rise in positive management commentary, while Metropolis saw buying interest too. The day ended with Zomato ending lower, albeit significantly off its lows, thanks to an improved set of earnings.

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

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 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.

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 close little changed amid volatility, banking heavyweights drag market down

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

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The equity benchmark indices Sensex and Nifty saw minimal movement on Wednesday (May 8) as they closed nearly unchanged amidst a backdrop of heightened volatility, wiping out earlier intra-day gains. Notably, banking heavyweights HDFC Bank and ICICI Bank exerted downward pressure.

The 30-share BSE Sensex dropped 0.75 points or 0.0010% to settle at 73,511.10. The NSE Nifty jumped 6.20 points or 0.028% to finish at 22,308.70. The Nifty Bank fell 264 points to 48,021, offsetting some of the gains made elsewhere.

The day saw a mixed bag of performances across sectors, with midcap companies emerging as the saving grace for BSE-listed firms, boosting overall market capitalisation by ₹2 lakh crore.

From the Sensex basket, Power Grid Corporation of India, Tata Motors, NTPC, Larsen & Toubro, Maruti Suzuki India and Reliance Industries were the major gainers. Asian Paints, Hindustan Unilever, UltraTech Cement, HDFC Bank, HCL Technologies and Bajaj Finance were the biggest laggards.

Dr Reddy’s Laboratories and Voltas slipped, while Hero MotoCorp and Bharat Forge saw gains. Bharat Forge, in particular, surged 16%, marking its biggest gain in four years on the back of a healthy Q4 performance and promising outlook.

Oil marketing companies and other crude-exposed stocks rose by 3-4%, buoyed by favourable market conditions. Defence sector stocks continued to see buying interest, with Hindustan Aeronautics Ltd (HAL) rising another 4%.

Crompton and Havells saw gains as Voltas reported a fall in its UCP (Unitary Cooling Products) market share. Navin Fluorine and United Breweries Ltd managed to reverse their intra-day losses after releasing mixed Q4 earnings reports.

Indraprastha Gas Ltd (IGL) ended the day in the green, although off its highs, following an in-line performance in Q4. Muthoot and Manappuram faced downward pressure, closing sharply off their highs and experiencing declines of 1-3%.

Canara Bank fell 7% from its highs due to mixed earnings and a cautious outlook. Pidilite Industries also faced a setback, dropping 5% due to a cautious outlook. Market breadth favoured advances, with the advance-decline ratio standing at 3:2.

In Asian markets, Tokyo, Shanghai and Hong Kong settled lower, while Seoul ended with gains. European markets were trading with gains. Wall Street ended on a mixed note on Tuesday (May 7). Global oil benchmark Brent crude declined 1.65% to $81.79 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, Nifty end largely lower amid volatility, Midcaps underperform

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 on Monday (May 6) witnessed a mixed session as indices struggled to find direction amidst a plethora of factors influencing investor sentiment.

The Reserve Bank of India’s (RBI) draft on infrastructure lending weighed heavily on public sector undertakings (PSUs), leading to a notable slip of 3-4% in the PSUs, PSU Bank, and PSE indices.

Most sectoral indices experienced declines, further exacerbated by a surge in the Volatility Index, reaching a 52-week high. The Sensex managed to eke out a modest gain of 17 points, closing at 73,896, while the Nifty succumbed to selling pressure, falling 33 points to settle at 22,443.

Midcap stocks bore the brunt of the market turmoil, with the Midcap Index slipping 273 points to 50,662, and the Nifty Bank shedding 28 points to 48,895.

Among individual stocks, Britannia and Kotak Mahindra Bank emerged as the top gainers on the Nifty, buoyed by robust Q4 results. However, Titan faltered, plunging 7% after reporting lower-than-estimated earnings for the quarter.

Godrej Properties soared to a record high, surging over 10% on the back of strong guidance. Deepak Nitrite also witnessed a notable uptick, spurred by a double upgrade from Morgan Stanley.

Marico’s stock rose 2% as its Q4 earnings met market expectations, while Lupin managed to claw back from lows to close in the green ahead of its quarterly results. Arvind staged an impressive recovery, climbing 14% from its lows post the release of its Q4 results data.

Paytm faced a setback, sliding 5% following the resignation of its
Chief Operating Officer (COO) and President, Bhavesh Gupta. Tata Technologies, Inox Green, Jammu & Kashmir Bank, and M&M Financial Services witnessed declines of up to 3% each after reporting their Q4 results.

Angel One experienced a sharp decline of more than 3% as gross client acquisition month-on-month continued to fall. With the market breadth favouring declines, the advance-decline ratio stood at 1:2.

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 end near day’s low after recording biggest intra-day fall in 2 months

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

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The equity benchmark indices Sensex and Nifty experienced a tumultuous session Friday (May 3) as investors rushed to book profits, causing indices to plummet near the close of trading. With the largest intra-day fall witnessed in two months, the Sensex and Nifty shed significant gains, ending the day nearly 2% off their highs.

Throughout the trading day, market sentiment wavered as profit-taking ensued, particularly at record levels. All components of the Nifty Bank closed in the red, with HDFC Bank emerging as the biggest drag on the index. Most sectoral indices mirrored the overall downturn, while the volatility index, India VIX, surged by 9%.

The 30-share BSE Sensex tanked 732.96 points or 0.98% to settle at 73,878.15. The NSE Nifty dipped 191.55 points or 0.85% to finish at 22,456.65. Midcap stocks also bore the brunt of the sell-off, with the Midcap Index slipping by 180 points to 50,935, and the Nifty Bank shedding 308 points to reach 48,924.

From the Sensex basket, Bajaj Finance, Mahindra & Mahindra, Bajaj Finserv, Infosys, ICICI Bank and Wipro were the major gainers. Larsen & Toubro, Maruti Suzuki India, Bharti Airtel, Nestle India, Reliance Industries and JSW Steel were the biggest laggards.

Bajaj Finance and Bajaj Finserv rallied higher following the RBI’s announcement of lifting restrictions, instilling confidence among investors. Dr Reddy’s Laboratories and Cipla emerged as top gainers on the Nifty. Conversely, tyre companies struggled, with MRF and Ceat reporting earnings below expectations, leading to a slip in their stock prices.

Meanwhile, Ajanta Pharma surged to a record high fueled by robust Q4 results and the approval of a substantial buyback. Rane Brakes also witnessed a significant uptick, jumping 20% on the back of strong earnings data.

Cigniti Technologies saw a 3% decline following Coforge’s announcement to acquire a majority stake at a predetermined price, dampening investor sentiment. As the trading session concluded, market breadth favoured declines, with the advance-decline ratio standing at 1:2.

Wall Street ended with gains on Thursday (May 2). Global oil benchmark Brent crude climbed 0.27% to $83.90 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth ₹964.47 crore on Thursday, according to exchange data.

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 see sharp fall in last hour, closes off record highs

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

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The equity benchmark indices Sensex and Nifty ended lower on Tuesday (April 30) as a fag-end sell-off wiped out early gains, with IT and power stocks playing spoilsport amid a mixed trend in global markets.

Snapping its two-day winning run, the 30-share BSE Sensex declined 188.50 points or 0.25% to settle at 74,482.78. During the day, it had jumped 440.11 points or 0.58% to 75,111.39. The NSE Nifty dipped 38.55 points or 0.17% to finish at 22,604.85. In the late afternoon trade, the benchmark hit its all-time peak of 22,783.35, up 139.95 points or 0.61%.

Financial behemoths like ICICI Bank and HDFC Bank bore the brunt of profit booking, dragging down the indices. The Nifty Bank also took a hit, falling by 27 points to 49,397, while the Midcap Index managed to eke out a modest gain, rising by 34 points to 50,868.

M&M, Power Grid Corporation, Hero MotoCorp and Bajaj Auto were among the top gainers on the Nifty, while losers were Tech Mahindra, Dr Reddy’s Laboratories, Tata Steel and un Pharmaceutical Industries.

The automotive sector, buoyed by the launch of M&M’s XUV 3XO, witnessed a surge with M&M itself hitting a record high. Other auto stocks followed suit, riding on the anticipation of upbeat monthly sales data. Information technology and metal stocks traded lower, with companies like Tech Mahindra, JSW Steel, Tata Steel, and HCL Technologies emerging as top losers.

Amidst the volatility, some stocks defied the trend, with 7 Nifty stocks, including M&M, Power Grid, Grasim, and Eicher Motors, ending at 52-week highs. REC and PFC witnessed significant jumps following robust Q4 earnings reports, while Newgen Soft and Star Health also ended on a positive note after their earnings announcements.

In contrast, Birlasoft faced a decline of over 3% due to lower-than-expected Q4 earnings, while Indian Oil Corporation (IOC) saw a steep fall of over 4% following disappointing quarterly results, particularly in its gross refining margin (GRM).

Moreover, SBFC Finance slipped by 4% after a stake sale by its promoter group via block deals, while Central Bank and Spandana Sphoorty also faced declines ranging from 4% to 7% post their Q4 results. With the market breadth favouring declines and an advance-decline ratio standing at 1:1.

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 | Sensex, Nifty fail to hold opening gains, ends at day’s low

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

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The equity benchmark indices Sensex and Nifty experienced a rollercoaster ride on Friday (April 26) as they failed to sustain the early gains, closing the session on a downbeat note.

The Sensex and Nifty relinquished their morning highs and plunged to their day’s lows, with Sensex shedding 609 points to settle at 73,730, and Nifty dropping 150 points to end at 22,420. The Nifty Bank index also faced a significant setback, slipping 294 points to 48,201, while the Midcap Index defied the trend, surging 396 points to a historic high of 50,624.

IndusInd Bank, Nestle, Kotak Mahindra Bank and Mahindra & Mahindra were among the other laggards. Wipro, ITC, UltraTech Cement, Titan and Axis Bank were among the gainers. Bajaj Finance and Bajaj Finserv took a hit, sliding 8% and facing disappointment over their Q4 earnings performance. Similarly, IndusInd Bank stumbled on mixed Q4 results, while subdued guidance weighed down Larsen & Toubro Technology Services (LTTS).

Despite initial gains post-earnings, Nestle and ACC faltered, each slipping 2%, unable to hold onto their early momentum. However, Tech Mahindra witnessed substantial buying activity following its in-line Q4 results and optimistic guidance.

In the midst of market turmoil, Divi’s Laboratories announced plans to establish a new manufacturing plant, boosting its stock by 5%. Shriram Finance managed to eke out minor gains amid the volatility, although its Q4 earnings report presented a mixed picture.

Vodafone Idea, after initially grappling with losses, managed to reverse its trajectory and closed 1% higher following block deals worth ₹2,063 crore. Meanwhile, among the midcap gainers were GMR Airports, Coromandel International, Container Corporation of India (CONCOR), Dixon Technologies, and Havells India. Despite the overall downturn, market breadth favoured advances, with an advance-decline ratio standing at 1:1.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory. European markets were trading in the green. Wall Street ended lower on Thursday. Global oil benchmark Brent crude climbed 0.31% to $89.29 a barrel. The rupee declined 7 paise to close at 83.35 (provisional) against the US dollar on Friday.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,408.88 crore and Domestic Institutional Investors (DIIs) ₹4,356.83 crore on Friday.

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