Representational image.
| Photo Credit: PTI

Benchmark equity indices Sensex and Nifty plunged nearly 1% on Wednesday, in continuation with the pessimistic trend amid the ongoing tensions in the Middle East.

Falling for the fifth day running, the 30-share BSE Sensex tanked 522.82 points or 0.81% to settle at 64,049.06. During the day, it dropped 659.72 points or 1.02% to 63,912.16.

The Nifty fell 159.60 points or 0.83% to 19,122.15.

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Among the Sensex firms, Infosys, Bharti Airtel, NTPC, Tata Motors, IndusInd Bank, Bajaj Finance, ICICI Bank, Tech Mahindra, Titan and Axis Bank were among the major laggards.

Tata Steel, State Bank of India, Mahindra & Mahindra, Maruti and Nestle were the gainers.

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

European markets were trading in the negative territory. The U.S. markets ended in the green on Tuesday.

“Investor sentiment is on edge as tensions in West Asia continue to drag the market. Despite a drop in oil prices and an optimistic view of the progressing Q2 results season, investors took a cautious approach due to the expectation that a higher interest rate scenario would continue slowing future growth,” said Vinod Nair, Head of Research at Geojit Financial Services.

Mr. Nair further said that a positive strategy is evident on large-cap stocks, amid growing geopolitical worries and valuation concerns in mid and small-cap stocks, as overall earnings growth is being sustained.

Global oil benchmark Brent crude climbed 0.30% to $88.32 a barrel.

“The market was waiting for an opportunity for profit-booking – the recent hike in bond yields to 5%, increased geopolitical tensions risking a flare-up in the Middle East as well and early in-line corporate results have all just provided the platform for much-awaited correction,” said Pawan Bharaddia, Co-founder, Equitree.

Foreign Institutional Investors (FIIs) bought equities worth ₹252.25 crore on Monday, according to exchange data.

Equity markets were closed on Tuesday on account of Dussehra festival.

The BSE benchmark plunged 825.74 points or 1.26% to settle at 64,571.88 on Monday. The Nifty fell 260.90 points or 1.34% to 19,281.75.

BSE Sensex fell 231.62 points or 0.35% to settle at 65,397.62. During the day, it plunged 320.63 points or 0.48% to 65,308.61. File

Benchmark stock indices Sensex and Nifty fell for the third day running on Friday due to weak trends in global markets and soaring crude oil prices.

Foreign fund outflows also weighed on investor sentiments amid strengthening U.S. bond yields which are nearing 5% for the first time since 2007.

The 30-share BSE Sensex fell 231.62 points or 0.35% to settle at 65,397.62. During the day, it plunged 320.63 points or 0.48% to 65,308.61.

Falling for a third straight day, the Nifty declined 82.05 points or 0.42% to 19,542.65.

In three sessions to Friday, Sensex dropped 1,030 points while Nifty tanked 268 points due to selling pressure.

Among the Sensex firms, ITC, Tata Steel, Hindustan Unilever, State Bank of India, JSW Steel and Power Grid were the major laggards.

Kotak Mahindra Bank, IndusInd Bank, Tata Consultancy Services and NTPC were the major gainers.

Vinod Nair, Head of Research at Geojit Financial Services said, “The added uncertainty stemming from West Asia tensions and the imperative for continued monetary tightening emphasized by the U.S. Fed Chair created a layer of volatility in the market.

“While heightened oil prices and elevated U.S. bond yields will impact the domestic monetary environment and operational metrics of the companies.”

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended in the negative territory. European markets were trading lower. The U.S. markets ended lower on Thursday.

Global oil benchmark Brent crude jumped 1.14% to $93.40 a barrel.

“Rising rates are intuitively not positive for equity markets. With U.S. government bonds giving 5% dollar returns, the ask rate for equities goes up significantly if one were to adjust for risk premium and currency hedging,” Alok Agarwal, Portfolio Manager at Alchemy Capital Management said.

The yield on the 10-year Treasury touched 4.99%, up from 4.91% late Wednesday, before paring its gain to 4.98%. Early Friday, the 10-year Treasury yield was 4.94%.

Brent crude, the international standard, picked up $1.29 to $93.67 per barrel as escalating Hamas-Israel conflict fuelled supply concerns.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,093.47 crore on Thursday, according to exchange data.

The BSE benchmark fell 247.78 points or 0.38% to settle at 65,629.24 on Thursday. The Nifty declined 46.40 points or 0.24 per cent to 19,624.70.

Tech Mahindra was the biggest loser in the Sensex pack, slipping 4.59%, followed by Asian Paints, Wipro, Kotak Mahindra Bank, Bajaj Finserv, Infosys, ITC, Mahindra & Mahindra, Hindustan Unilever, IndusInd Bank, Reliance Industries and JSW Steel. File
| Photo Credit: Reuters

Equity benchmark indices Sensex and Nifty fell by nearly 1% on Thursday due to unabated foreign capital outflows amid a largely negative trend in global markets.

Besides, heavy selling pressure in index major Reliance Industries, Infosys and ITC also dented market sentiments, traders said.

The 30-share BSE Sensex fell 610.37 points or 0.92% to settle at 65,508.32. During the day, it plunged 695.3 points or 1.05% to 65,423.39.

The Nifty declined 192.90 points or 0.98% to end at 19,523.55.

Tech Mahindra was the biggest loser in the Sensex pack, slipping 4.59%, followed by Asian Paints, Wipro, Kotak Mahindra Bank, Bajaj Finserv, Infosys, ITC, Mahindra & Mahindra, Hindustan Unilever, IndusInd Bank, Reliance Industries and JSW Steel.

In contrast, Larsen & Toubro, Bharti Airtel, Power Grid and Axis Bank were among the gainers.

In Asian markets, Shanghai ended in the green while Tokyo and Hong Kong settled lower. Trading was closed in South Korea for a holiday.

European markets were trading in the negative territory. The U.S. markets ended on a mixed note on Wednesday.

Global oil benchmark Brent crude dipped 0.38% to $96.18 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹354.35 crore on Wednesday, according to exchange data.

“The selling was broad-based, as investors are on alert given the rise of oil prices. If crude continues to stay above the USD 90 level, it will be a threat to inflation and boil the operational margins. Currently, the combination of higher interest rates and US bond yields are influencing FIIs to stay in the selling mode,” said Vinod Nair, Head of Research at Geojit Financial Services.

The BSE benchmark had climbed 173.22 points or 0.26% to settle at 66,118.69 on Wednesday. The Nifty gained 51.75 points or 0.26% to end at 19,716.45.

Stock brokers watch the markets at a brokerage in Kolkata.
| Photo Credit: ANI

Benchmark equity indices Sensex and Nifty rebounded from early lows to settle higher on Wednesday (September 27) following buying in Reliance Industries, Larsen & Toubro and ITC and positive trends in Asian and European markets.

The 30-share BSE Sensex rose by 173.22 points or 0.26% to settle at 66,118.69. The index opened lower and fell further to a low of 65,549.96 in morning trade. However, buying in Reliance, L&T, Infosys and Maruti helped it recover losses. Later it jumped 226.8 points or 0.34% to a high of 66,172.27.

The Nifty gained 51.75 points or 0.26% to end at 19,716.45. It moved between a low of 19,554 and a high of 19,730.70 in day trading.

Among the Sensex firms, Larsen & Toubro, ITC, Sun Pharma, Maruti, Reliance Industries, Axis Bank, IndusInd Bank and Hindustan Unilever were among the gainers.

Titan, State Bank of India, ICICI Bank, HDFC Bank, Tata Steel and Nestle were the major laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended in the green. European markets were trading mostly in positive territory. The U.S. markets ended lower on Tuesday.

Global oil benchmark Brent crude climbed 0.98% to $94.88 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹693.47 crore on Tuesday, according to exchange data.

“The market inched higher in the second half, driven by positive openings in European markets. Concerns about global interest rates and elevated oil prices are being balanced by several domestic factors, such as promising economic growth prospects and the potential for strong earnings, which validate the premium valuation,” said Vinod Nair, Head of Research at Geojit Financial Services.

Persistent outflows of foreign funds and rising U.S. bond yields are expected to keep the broader indices in bleak terrain, in the near term, Mr. Nair added.

The BSE benchmark fell 78.22 points or 0.12% to settle at 65,945.47 on Tuesday. The broader Nifty dipped 9.85 points or 0.05% to end at 19,664.70.

share broker reacts as Sensex & Nifty prices plummet.
| Photo Credit: ANI

Equity benchmark indices Sensex and Nifty buckled under selling pressure for the third straight session to settle nearly 1% lower on Thursday as investors pared exposure to auto, banking and financial shares amid a sluggish trend in global markets.

Global equities fell after the U.S. Federal Reserve signalled that they expect to raise rates once more this year to fight inflation.

The 30-share BSE Sensex fell 570.60 points or 0.85% to settle at 66,230.24. During the day, it plunged 672.13 points or 1% to 66,128.71.

The Nifty declined 159.05 points or 0.80% to end at 19,742.35.

“Domestic market declined following a hawkish stance by the Fed chair and prolonged high-interest rate trajectory, which is not positive for a slowing global economy.

“PSU Banks and Mid and small-caps were the worst hit due to stretched valuations and concern over moderation in yields. Rising oil prices and erratic rainfall further led investors to stay cautious in the market,” Vinod Nair, Head of Research at Geojit Financial Services, said.

ICICI Bank was the biggest loser in the Sensex pack, slipping 2.81%, followed by Mahindra & Mahindra, State Bank of India, UltraTech Cement, IndusInd Bank, Kotak Mahindra Bank, Tata Motors, Bajaj Finserv, Axis Bank and Power Grid.

Tech Mahindra, Bharti Airtel, Infosys, Asian Paints, Hindustan Unilever, Larsen & Toubro and Titan were the gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended in the negative territory.

European markets were trading in the negative territory. The U.S. markets ended in the red on Wednesday.

The U.S. Federal Reserve left its key interest rate unchanged on Wednesday for the second time in its past three meetings, a sign that it’s moderating its fight against inflation as price pressures have eased. But, Fed officials also signalled that they expect to raise rates once more this year.

Global oil benchmark Brent crude declined 0.81% to $92.77 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,110.69 crore on Wednesday, according to exchange data.

The BSE benchmark had tumbled 796 points or 1.18% to settle at 66,800.84 on Wednesday. The NSE Nifty declined 231.90 points or 1.15% to end below the 20,000 mark at 19,901.40.

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

Equity benchmark indices Sensex and Nifty ended almost flat on Tuesday (August 22) as investors booked profits amid concerns over potential rate hikes in the U.S. and persistent foreign fund outflows.

The BSE gauge eked out a marginal gain of 3.94 points or 0.01% to settle at 65,220.03. During the day, it climbed 146.82 points or 0.22% to 65,362.91.

The NSE Nifty inched up 2.85 points or 0.01% to settle at 19,396.45.

From the Sensex pack, ITC, Mahindra & Mahindra, Wipro, Larsen & Toubro, Axis Bank, Tata Steel, Maruti and Bharti Airtel were the major gainers.

Jio Financial Services, Bajaj Finserv, State Bank of India, ICICI Bank, Tata Consultancy Services, HDFC Bank, Tech Mahindra and UltraTech Cement were among the laggards.

Shares of Jio Financial Services, the demerged financial services unit of Reliance Industries, listed on the bourses on Monday.

With the company’s listing, BSE Sensex and NSE Nifty added Jio Financial Services to their pack. This has been done to ensure price stability and limit volatility in shares of Reliance Industries as part of the revised methodology of the exchanges to treat demergers.

The newly listed entity would be removed from the indices on the third day of its listing.

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

European markets were trading with gains. The U.S. markets ended mostly in the positive territory on Monday.

“Despite the support of positive international markets, Indian equities struggled to maintain their upward momentum due to lingering apprehensions over ongoing global uncertainties. Sectors closely tied to the Western economy, such as IT and pharma, faced challenges, while domestic-oriented sectors, alongside mid and small-caps, exhibited resilience and gained traction.

“The influence of higher bond yields and concerns about potential rate hikes in the US is prompting FIIs to withdraw funds from the domestic market, contributing to the market’s volatility,” said Vinod Nair, Head of Research at Geojit Financial Services.

Global oil benchmark Brent crude declined 0.18% to $84.31 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,901.10 crore on Monday, according to exchange data.

The BSE benchmark had climbed 267.43 points or 0.41% to settle at 65,216.09 on Monday. The Nifty gained 83.45 points or 0.43% to end at 19,393.60.