The rupee had risen for the fifth straight session on Thursday.
This is the biggest equity-raising exercise by an Indian corporate within a financial year. The fundraising - led by Citibank, Goldman, Kotak and Axis Capital as bankers - will see participation by foreign and domestic institutional investors.
Tata Steel was the top loser in the Sensex pack, sinking over 5 per cent, followed by SBI, IndusInd Bank, Bajaj Finance, HDFC Bank and NTPC. NSE Nifty tanked 371 points to 16,614.20.
Investor sentiment got a big push after Brent crude, the international benchmark, dropped below the USD 73-mark to quote at a seven-month low of USD 72.65 by falling 3.48 per cent, traders said.
The market capitalisation of BSE-listed firms reached an all-time high of Rs 288.50 lakh crore on Wednesday amid an ongoing rally in equities, as the benchmark Sensex settled above 63,000-level for the first time ever. The 30-share BSE barometer climbed 417.81 points or 0.67 per cent to settle at 63,099.65, its fresh record closing high. During the day, the benchmark jumped 621.17 points or 0.99 per cent to 63,303.01, its lifetime intra-day peak. Extending its winning momentum to seventh day, the Sensex has rallied 1,954.81 points or 3.19 per cent during this time.
Govt rules out controls on FII capital as Sensex tanks 3.97%, rupee breaches 62 intra-day & gold surges the most in two years
Gains in key IT, capital goods, healthcare and metal stocks, after consistent buying by domestic and foreign investors, helped both the key indices to scale new peaks.
Kotak Bank was the top laggard in the Sensex pack, shedding over 2 per cent, followed by ITC, PowerGrid, M&M, HDFC, Asian Paints and NTPC. On the other hand, Maruti rallied over 4 per cent. Bharti Airtel, Axis Bank, IndusInd Bank and Bajaj Finance were also among the gainers.
The move is expected to stabilise yields, volatile in the recent past.
The NSE index Nifty ended above the 10,500-mark.
The broader NSE Nifty slipped below the 10,500-mark by falling 103 points, or 0.97 per cent, at 10,482.20. It touched a high of 10,645.50 and a low of 10,464.05 during the day.
Increased demand for the dollar from importers affected the value of the rupee
The indices closed with losses for the week, with the Sensex declining 476.14 points, and the broader NSE Nifty falling 155.45 points during the period.
'As the Indian economy continues to expand over the next three years, mid- and small-caps should do well as they have higher exposure to the domestic economy than large-caps.'
TCS was the top gainer in the Sensex pack, rising over 3 per cent, followed by L&T, Bharti AIrtel, HCL Tech, Tata Steel, Bajaj Auto and Reliance Industries. NSE Nifty rallied 164.70 points to its fresh closing peak of 16,529.10.
Sustained FII inflows and fresh spell of buying by domestic institutional investors fuelled the rally
The broader Nifty finished at 10,421.40, up 194.55 points, or 1.90 per cent.
Appreciating rupee against the dollar and fresh buying by domestic institutional investors added to the momentum
Listed companies have seen equity deals worth Rs 23,500 crore in March.
Kotak Bank was the top loser in the Sensex pack, shedding over 2 per cent, followed by ICICI Bank, PowerGrid, HDFC, IndusInd Bank and Axis Bank. NSE Nifty declined 45.75 points to 16,568.85.
This was India's time; with a strong central bank governor and a new decisive government, anything was possible.
The broad-based NSE Nifty hit a low of 10,979.30 intra-day, managed to end above the 11,000-level at 11,027.70, down 21.95 points, or 0.20 per cent.
ICICI Bank, ONGC and Tata Motors contribute to nearly 50% gain seen on the Nifty.
Tata Steel was the top gainer among the Sensex constituents, surging around 8 per cent, followed by Axis Bank, Bajaj Finserv, ITC, Infosys, Sun Pharma, Kotak Bank, ONGC and UltraTech Cement. On the other hand, IndusInd Bank, Reliance Industries, Titan, Asian Paints and HDFC Bank were in the red.
Top losers in the session included Maruti, Tata Motors, RIL, Yes Bank, Adani Ports, Bharti Airtel, Asian Paints, ONGC, HUL, Kotak Bank, IndusInd Bank and Axis Bank, falling up to 5 per cent.
Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street on Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth
FPIs' ownership in NSE-listed companies reached a five-year high of 22.74 per cent in December 2020 on the back of huge net inflow of Rs 1.42 lakh crore by such investors in the third quarter.
The RBI fixed the reference rate for the dollar at 65.2525 and for the euro at 72.1954.
Without factoring in the rupee-dollar exchange rate, the index has been touching new all-time highs repeatedly.
Star Health and Allied Insurance's Rs 7,250-crore initial public offering (IPO), the third largest this year and eighth largest ever, just about managed to make it despite a poor response from investors, garnering just 79 per cent subscription, forcing the investment bankers to prune offer for sale (OFS) component. This is the second large offering after digital payments major Paytm this year to receive a lukewarm response from investors, a sign that despite the IPO frenzy investors are discerning when it comes to pricing. As Star Health didn't meet the profitability criteria, its IPO required a mandatory 75 per cent subscription from qualified institutional buyers (QIB).
Good foreign capital inflows failed to restrict the rupee's fall against the dollar
Hero MotoCorp, Bajaj Auto, M&M and Tata Motors were the major winners.
Analysts say lack of strong moves in stocks or sectors contributed to markets moving indecisively.
Analysts attribute the surge to a host of factors, particularly the interest shown by the retail investors in these two market segments.
Fresh selling of dollars by banks and exporters on the back of good foreign capital inflows helped the rupee
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In the global market, the US dollar rose against the basket currencies in early trade as US President Barack Obama called for diplomacy in dealing with alleged chemical weapons attack in Syria but kept open the possibility of military action against the Assad regime.
The Sensex has slid 18.5 per cent from its January 2015 peak.
Fresh foreign capital outflows also affected the rupee sentiment, a forex dealer said.
While the FPI limit on most bond issues would not be raised above 6 per cent, there would be some in which there would be no limits, reports Arup Roychoudhury.
