M&M was the top gainer in the Sensex pack, soaring around 7 per cent, followed by Bajaj Finserv, Bharti Airtel, PowerGrid, Infosys and ICICI Bank. On the other hand, HUL, Kotak Bank, Bajaj Finance and ITC were among the laggards.
Investors have lost a hefty Rs 11,45,267.43 crore in two days as the domestic equity market continued to face severe drubbing amid a global selloff. The BSE benchmark Sensex plunged 1,189.73 points or 2.09 per cent to close at 55,822.01 on Monday. During the day, it tanked 1,879.06 points to 55,132.68.
Bharti Airtel was the top loser in the Sensex pack, dropping 2.23 per cent, followed by Reliance Industries, L&T, Sun Pharma, HDFC Bank, Maruti, Titan and Kotak Bank.
Investors started booking profit at record highs in absence of cues from global markets that remained closed for the New Year holiday.
Going ahead, experts say, the fundraising trend in the primary market will depend on how the secondary market performs against the backdrop of the outcome of general elections and global cues.
A sharp decline in crude and strengthening of the rupee added to the buoyancy.
Top gainers in the Sensex pack included ICICI Bank, Infosys, HDFC, IndusInd Bank, Tata Motors, Kotak Bank, Axis Bank, L&T, Yes Bank and HUL, spurting up to 2.64 per cent.
Equity benchmarks Sensex and Nifty gave up early gains to close in the red on Wednesday after a selloff in power, metal and consumer durable stocks amid a weak trend in global equities. However, a rally in the rupee against the US dollar and unabated foreign capital inflows helped the indices restrict the losses, traders said. In a largely range-bound session, the 30-share BSE Sensex ended 151.60 points or 0.25 per cent lower at 61,033.55.
The finance minister also said that the merger would not result in any retrenchment but rather improve the benefit of the employees.
The 50-share NSE Nifty closed at a fresh life high of 11,130.40 points, up 60.75 points, or 0.55 per cent.
Silver, however, found some buying support.
Higher local output estimated to depress cross-border sales
India's exports recorded a flat growth of 0.59 per cent to $31.99 billion in November, even as trade deficit widened to $23.89 billion during the month, according to the data released by the government on Thursday. Exports stood at $31.8 billion in November last year. Imports rose by 5.37 per cent to $55.88 billion in November as compared to $53.03 billion in the corresponding month a year ago, the data showed. During April-November 2022, exports rose by 11 per cent to $295.26 billion as against $265.77 billion in the same month last year.
Gold prices recovered by Rs 100 to trade at Rs 27,200 per 10 gm at the bullion market.
The rupee depreciated 44 paise and slipped below the 81-mark against the US dollar for the first time in early trade on Friday, weighed down by the strong american currency and risk-off sentiment among investors. Forex traders said escalation of geopolitical risk in Ukraine and rate hikes by the US Fed and Bank of England in a bid to contain inflation sapped risk appetite. Further, the strength of the American currency in the overseas market, a negative trend in domestic equities, and risk-off moods amid escalation of geopolitical risk in Ukraine weighed on the local unit.
A weak dollar against major world currencies supported the domestic unit.
Silver also traded lower by Rs 400 at Rs 37,600 per kg.
SBI was the top laggard in the Sensex pack, tumbling around 5 per cent, followed by Axis Bank, ICICI Bank, UltraTech Cement, Bajaj Finance, HDFC Bank and Bharti Airtel. On the other hand, PowerGrid, ITC, NTPC, Tata Steel and Titan were among the gainers.
The Sensex had bounced back with gains of 94 points or 0.3%
Silver followed suit and shed Rs 100 to Rs 36,050 per kg.
The broader markets ended negatively with mid-caps and small-caps shedding 0.5 per cent on the BSE.
HCL Tech was the top loser in the Sensex pack, dropping 1.80 per cent, followed by Reliance Industries, HDFC Bank, TCS, Tech Mahindra, L&T, Maruti, Bajaj Finance and HDFC.
Tata Motors-owned Jaguar Land Rover reported 25 per cent increase in its global sales in November this year at 37,403 units.
Globally, gold added 0.4 per cent to $1,228.65 an ounce in Singapore.
Benchmark stock indices Sensex and Nifty spurted over 1 per cent at close on Monday following buying in IT, oil and gas and banking shares bolstered by firm global trends. Rising for a second straight session, the 30-share BSE Sensex rallied 760.37 points or 1.41 per cent to settle at 54,521.15. During the day, it jumped 795.88 points or 1.48 per cent to 53,760.78. The broader NSE Nifty advanced 229.30 points or 1.43 per cent to 16,278.50 as 41 of its constituents advanced.
Broader markets outperformed with BSE Midcap and BSE Smallcap adding 0.23% and 0.45%, respectively
Gold advanced one per cent to $1,212.21 an ounce in Singapore.
Broader markets gain nearly 1-1.5%, out-performing benchmark indices.
The broader markets ended firm with mid-caps and small-caps gaining nearly 0.5 per cent on the BSE.
Risk appetite improved on the back of a rally in global markets after the US stocks hit a fresh record high on Monday
With the results season kicking off next week and the undertone still weak, investors should be careful. The trend is likely to remain lacklustre ahead of Infosys results. The market may remain range-bound and choppy depending on global cues.
The broader Nifty finished at 10,421.40, up 194.55 points, or 1.90 per cent.
Silver met with resistance and fell by Rs 200 to Rs 36,000 per kg.
A yellow glow is likely to stand out amid grey geopolitical clouds in 2023, with gold price projected to touch Rs 60,000 per 10 grams in the Indian market as more investors veer towards safe-haven assets. In a year where volatility was more a norm than an exception, gold prices in the international market oscillated from a peak of $2,070 per ounce in March to a low of $1,616 per ounce in November and is steadily recovering since then, according to market experts. At the beginning of 2022, gold prices were around $1,800 an ounce.
The media report said Ukraine's National Anti-Corruption Bureau has sent a request to the ministry of home affairs seeking legal assistance in its probe into the alleged kickbacks.
Disney+ Hotstar reported its biggest decline in paid subscribers to date - a fall of 3.8 million subscribers, or 6 per cent of its total - in the October-December period. The drop in numbers came after two warnings by the company that Hotstar's paid subscriber base would shrink as it didn't have streaming rights for the Indian Premier League (IPL) for the 2023-27 media cycle. The IPL would start on April 1 this year and continue till May 28.
L&T was the top gainer in the Sensex pack, soaring around 7 per cent, followed by Bajaj Finance, IndusInd Bank, NTPC, PowerGrid, M&M and Axis Bank. On the other hand, Reliance Industries Bharti Airtel and Maruti were the laggards.
Gold in London, which normally sets price trend on the domestic front, fell by 0.1 per cent to $1,314.99 an ounce and silver by 0.3 per cent to $20.91 an ounce.
Sensex was up 184 points at 25,580 and the Nifty added 71 points to end the day at 7,654
China, at 28, remains by far the most competitive of this group.
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