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Equity benchmark BSE Sensex tumbled nearly 700 points to sink below the 79,000 level on Tuesday (August 13), extending its losses for the second straight day due to selling pressure in HDFC Bank, SBI and ITC amid fresh foreign capital outflows.

The 30-share BSE Sensex tumbled 692.89 points or 0.87% to settle at 78,956.03. During the day, it tanked 759.54 points or 0.95% to 78,889.38.

The NSE Nifty slumped 208 points or 0.85% to 24,139.

From the 30 Sensex firms, HDFC Bank declined over 3%. Tata Steel, Bajaj Finance, State Bank of India, Tata Motors, Power Grid and JSW Steel were the other laggards.

In contrast, Titan, HCL Tech, Nestle, Sun Pharma, Reliance and Mahindra & Mahindra were the gainers.

“The MSCI rebalancing is unfolding as anticipated, leading to mixed reactions among stocks – some are seeing gains, while others are experiencing profit-booking. A key focus is HDFC Bank, which will see an increased weight, though with a lower adjustment factor. Consequently, the inflows will occur in two tranches, amounting to over USD 1.8 billion.

“HDFC Bank is currently under pressure after outperforming the market in the days leading up to the MSCI rebalancing, driven by expectations despite its weak earnings. The stock is now facing profit-booking as investors react to the phased inflows,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.

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

European markets were trading mostly in the green. The U.S. markets ended on a mixed note on Monday.

Foreign Institutional Investors (FIIs) again turned sellers on Monday as they offloaded equities worth ₹4,680.51 crore after a day’s breather, according to exchange data.

“The weightage of HDFC Bank, the biggest private lender in India, would rise in its MSCI Global Standard Index over the course of two tranches. Although the street had expected the same thing to happen all at once,” Arvinder Singh Nanda of Master Capital Services Ltd said.

Meanwhile, retail inflation declined to a five-year low of 3.54% in July mainly on account of subdued prices of food items, and base effect, according to official data released on Monday.

India’s industrial production slowed to a five-month low of 4.2% in June 2024, mainly due to poor performance of the manufacturing sector, though power and mining sectors continue to perform well, as per official data released on Monday.

Global oil benchmark Brent crude declined 0.35% to USD 82.01 a barrel.

The BSE benchmark ended lower by 56.99 points or 0.07% at 79,648.92 on Monday. The Nifty dipped 20.50 points or 0.08% to 24,347.

The Sensex breached the historic 80,000 mark for the first time ever and the Nifty hit a fresh record peak of 24,292.15 on July 3, 2024.
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Equity benchmark indices Sensex and Nifty ticked higher to close at fresh all-time high levels on July 4, following buying in market heavyweights ICICI Bank, Infosys and TCS amid a largely positive trend in global equities.

The 30-share BSE Sensex scaled an intraday record high of 80,392.64 in early trade. The index pared most of the gains later due to volatility and profit-taking by investors at record levels. Sensex closed 62.87 points or 0.08% higher at 80,049.67, its all-time closing high.

The broader Nifty also hit an intra-day record high of 24,401 in early trade before closing almost flat. The 50-issue index rose by 15.65 points or 0.06% to settle at a record 24,302.15 with 23 of its shares closing higher and 27 with losses.

“The defensive bet on large caps like IT and pharma gained momentum due to the diminishing U.S. inflationary pressure, improvement in QoQ earnings outlook and a resultant sharp fall in the U.S. 10-year bond yield.

“The buoyancy in government spending and the green shoots in corporate earnings are now supporting the premium valuation. Return of FIIs to the domestic market and expectation of a rate cut in September are supporting market sentiment,” Vinod Nair, Head of Research at Geojit Financial Services, said.

Among Sensex shares, HCL Technologies, ICICI Bank, Tata Motors, Sun Pharmaceuticals, Tata Consultancy Services, Infosys, Kotak Mahindra Bank and Mahindra and Mahindra were the gainers.

In contrast, HDFC Bank, Bajaj Finance, Larsen & Toubro, Tech Mahindra, UltraTech Cement and IndusInd Bank were among the laggards.

Analysts said that stock markets traded within a narrow range and ended nearly unchanged.

“The Nifty has approached its immediate target of 24,500 and appears slightly overextended. It would be prudent to take some profits and wait for a potential dip before considering new long positions in the index,” Ajit Mishra – SVP, Research, Religare Broking Ltd said.

In the broader market, the BSE Smallcap gauge jumped 0.62% and the midcap index climbed 0.60%.

Among the indices, healthcare soared by 1.17%, IT jumped by 1.12%, tech by 0.98 %, auto by 0.88% and telecommunication rose by 0.73%.

However, consumer durables fell by 0.22%, FMCG (0.15%), financial services (0.13%), and Oil & Gas (0.02%).

A total of 2,185 stocks advanced while 1,742 declined and 94 remained unchanged on the BSE.

As many as 23 Nifty shares advanced, 27 declined on the exchange.

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

European markets were trading in the green territory in mid-session deals.

U.S. markets ended higher on Wednesday during the shortened trading session. Stock exchanges will remain closed on Thursday on account of Independence Day.

Global oil benchmark Brent crude fell 0.52% to $86.89 a barre.

Foreign Institutional Investors (FIIs) bought equities worth ₹5,483.63 crore on Wednesday, according to exchange data HG MR

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| Photo Credit: Reuters

With majority of exit polls predicting a third term for Narendra Modi in the general elections, a state of exuberance gripped the Indian stock markets on Monday, and the key benchmark indices, the S&P BSE Sensex and NSE Nifty-50, surged over 3.3% to their all-time high. 

The Sensex gained 2,507.47 points or 3.39% to 76,468.78, its all-time closing high. During intraday trade, the index had touched its all-time mark of 76,738.89.

PSU and banking stocks led the gains at BSE. NTPC was up 9.21%, followed by State Bank (9.12%), Power Grid (8.97%), L&T (6.27%), Axis Bank (5.68%) and Reliance (5.65%).

The Nifty-50 index too surged 733.20 points or 3.25% to 23,263.90, its all-time closing high, led by Adani Ports, which gained 10.62%.

Also Read | SBI Share Price: State Bank of India’s market cap crosses ₹8 lakh crore, stocks surge to all-time high

The euphoria was about continuity of the present government at the Centre led by Mr. Modi as predicted by over half a dozen exit polls. 

“The optimism over exit polls pushed the market to a new high. Major sectors rose, and small and mid-cap stocks also saw significant gains. Reliance closed at a new high,” said Vikram Kasat, head, advisory, Prabhudas Lilladher, a brokerage firm. 

He said buying was witnessed across Adani counters, with Adani Ports and Adani Power as the biggest gainers.

“The bulls maintained their grip on Dalal Street, with the Sensex and Nifty opening at record highs. Following the general election exit poll, the market saw broad-based buying, with the expectation that the BJP will return to power,” said Neeraj Sharma, AVP, Technical & Derivatives Research at Asit C Mehta Investment Intermediates Ltd. 

Monday’s show was mostly led by retail investors and domestic institutions, while Foreign Portfolio Investors (FPIs) preferred to wait for the actual outcome on Tuesday.

According to Pratik Gupta, CEO & Co-Head, Kotak Institutional Equities, some investors, “especially the Foreign Portfolio Investors [FPIs], are still waiting for the final results before they act.”

“If the actual election result is in line with the exit poll predictions, there is set to be further upside in the short term,” Mr. Gupta added.

“All sectoral indices closed in the green, with capital goods, PSU banks, oil and gas, power, and real estate up 5-7%,” he added.

However, some analysts have cautioned about the likely volatility on Tuesday when the actual outcome would be announced.  

“As we await the official election results, significant volatility is expected,” said Ajit Mishra, senior vice-president, Research, Religare Broking Ltd.  

Rupak De, senior technical analyst, LKP Securities, said, “The sentiment remains highly dependent on the election results tomorrow [Tuesday]. If the election results align with the exit poll or fall below the exit poll numbers, it might attract mild to heavy selling pressure in the overall market.” 

“However, if the results are better than expected — meaning if the NDA secures significantly more seats than the average exit poll numbers — then the Nifty might embrace another round of buoyant movement,” he added.

The 30-share BSE Sensex fell 241.79 points or 0.36% to settle at 67,596.84. File
| Photo Credit: Reuters

Benchmark stock indices Sensex and Nifty declined on September 18 after a record-breaking rally in line with weak trends in global markets and caution ahead of the U.S. Federal Reserve’s interest rate decision.

Snapping its 11-day rally, the 30-share BSE Sensex fell 241.79 points or 0.36% to settle at 67,596.84. During the day, it declined by 305.8 points or 0.45% to a low of 67,532.83.

The broader Nifty declined 59.05 points or 0.29% to end at 20,133.30.

Among the Sensex firms, HDFC Bank, Bharti Airtel, Infosys, UltraTech Cement, Tata Steel, Wipro, Kotak Mahindra Bank, Reliance Industries, Tech Mahindra and JSW Steel were the major laggards.

Power Grid, Titan, Mahindra & Mahindra and NTPC were among the gainers.

Vinod Nair, Head of Research at Geojit Financial Services, said, “Domestic markets relinquished their momentum as they anticipated a raft of policy rate decisions due this week.

“The investor’s confidence was also impacted by the expectations of a demand resurgence in China, combined with crude supply cuts. With the Fed rate hike fears back on the cards, as reflected in the elevated U.S. bond yields, the markets await clarification from major central banks.

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

European markets were trading lower. The U.S. markets ended in negative territory on Friday.

Global oil benchmark Brent crude climbed 0.39% to $94.30 a barrel.

Foreign Institutional Investors (FIIs) were buyers on Friday as they bought equities worth Rs 164.42 crore, according to exchange data.

Rallying for the 11th day running on Friday, the BSE benchmark had jumped 319.63 points or 0.47% to settle at a record closing of 67,838.63. During the day, it rallied 408.23 points or 0.60% to hit its fresh all-time intra-day high of 67,927.23.

The Nifty went up by 89.25 points or 0.44% to end at its all-time closing high of 20,192.35. During the day, it advanced 119.35 points or 0.59% to hit its lifetime intra-day peak of 20,222.45.