Benchmark stock indices Sensex and Nifty tumbled nearly 1 per cent on Wednesday due to profit booking in banking, financial and IT stocks after a recent rally. The 30-share BSE Sensex plunged 537.22 points or 0.94 per cent to end at 56,819.39 as 24 of its stocks declined. During the day, it tanked 772.57 points or 1.34 per cent to touch a low of 56,584.04. The broader NSE Nifty declined by 162.40 points or 0.94 per cent to 17,038.40 with 39 of its constituents ending in the red. Bajaj Finance was the biggest loser among Sensex stocks, dropping by 7.24 per cent.
Investors' wealth jumped over Rs 59.75 lakh crore in the 2021-22 fiscal, helped by a largely buoyant trend in domestic stocks with benchmark index Sensex surging over 18 per cent during the period. Braving many headwinds in the latter part of the current fiscal, Sensex closed the 2021-22 financial year with a gain of 9,059.36 points or 18.29 per cent. Mirroring optimism in equities despite worries related to geopolitical tension, inflation concerns, FII selling, the market capitalisation of BSE-listed firms rallied by Rs 59,75,686.84 crore to Rs 2,64,06,501.38 crore in the entire 2021-22 fiscal.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' stock market queries. Ajit will offer his unbiased views on a weekly basis
Mid-cap and small-cap stocks on the BSE were on the buyers' radar on Tuesday as investors booked profits in large-cap shares and the benchmark Sensex fell 264.57 points from a record close.
Wipro, Steel Authority of India, HDFC Bank, Mahanagar Telephone Nigam, Bharat Heavy Electricals and Reliance Commnications among companies reporting a decline in headcount in FY17.
As many as six merchant bankers are vying to handle and manage the sale of the government's 29.53 per cent residual stake in Hindustan Zinc Ltd (HZL), according to an official notice. ICICI Securities, SBI Capital Markets, HDFC Bank, IIFL Securities, Axis Capital and Citigroup Global Markets will make their presentations via video conferencing before the government officials on Friday, highlighting their plans in managing the offer for sale. The bankers to manage the sale process would be finalised after the presentation and opening of financial bids on August 12, as per the notice.
Financials were the top gainers lead by private lenders ICICI Bank and HDFC Bank
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Notable losers were ONGC, Axis Bank, ITC, SBI, ICICI Bank, NTPC, Hero Motocorp, Sun Pharma and Bharti Airtel who fell by up to 2.80 per cent.
According to Merrill Lynch (BofA-ML) report, Domestic capital markets are likely to remain volatile in the September-November period due to factors like US Fed's policy action, second quarter corporate earnings and Bihar state elections.
During a three-hour long virtual meeting with CEOs of large public and private sector banks along with heads of NBFCs, the prime minister assured them that the government is ready to take all steps to support the financial sector.
Strong gains in metal, energy, auto and power shares lifted the key indices to new highs.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
A recovery in rupee, buying by domestic institutional investors, encouraging earnings by select blue-chips and stock specific buying helped the market get back on its feet
Markets gained for the fifth straight session to end the customary 'Muhurat' trading session held to usher in the new year Samvat 2071 on a firm note post the slew of reforms announced by the government over the past few days.
The market breadth in BSE remains healthy with 1,829 shares advancing and 721 shares declining
Banking stocks felt the heat due to worries that the lending rate cuts will hit their bottom line
From the 30-share basket, 28 scrips suffered losses. Over 200 stocks were at their 52-week low in Tuesday's trade.
Markets regulator Sebi on Tuesday imposed a penalty of Rs 5 crore on NDTV for its failure to disclose price-sensitive information about VCPL loan agreements but the company denied the charges and said it will appeal against the ruling. The loan agreements had clauses and conditions that substantially affected the functioning of the media company, Sebi said in its order. The regulator said its probe began after receipt of complaints in 2017 from Quantum Securities Pvt Ltd about an alleged violation of rules by non-disclosure of material information to the shareholders about loan agreements with Vishvapradhan Commercial Private Ltd (VCPL).
The broader NSE Nifty ended at 10,888, a gain of 0.77 per cent or 83 points, after shuttling between 10,900.35 and 10,844.85.
The agency has registered the FIR after a preliminary enquiry on a complaint from the oil ministry.
The BSE 30-share index after a positive opening stretched to 31,772.41, but could not stay there for long buffeted by the selling pressure. It hit a low of 31,562.25 before settling lower by 79.68 points, or 0.25 per cent, at 31,592.03.
Sensex, Nifty post biggest weekly fall this year on inflation data.
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The BSE Sensex jumped 70.42 points to end at 34,503.49, while the broader NSE Nifty finished at 10,651.20, up 19 points.
Ratnagiri Gas & Power Pvt Ltd, in charge of Dabhol assets since 2005, has admitted it is passing through a difficult phase in the absence of gas allocation and low recovery of dues from the Maharashtra State Electricity Distribution Company.
Among Sensex constituents, Vedanta fell 3.40 per cent, followed by SBI 3.17 per cent, Yes Bank 3.11 per cent, Axis Bank 1.68 per cent, ONGC 1.60 per cent, Power Grid 1.52 per cent and HDFC 1.48 per cent.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
For development finance institution to succeed now, the government must stand like a rock behind it and be patient.
The index rising for the fourth straight session surged 564 points.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers's queries on stocks they own or want to buy.
Though some operators offer the facility of tag lanes, such tags can only be used at designated points.
Sebi's move to curb volatility didn't work for the market as rules were applicable for both long and short positions which makes difficult new long positions while short positions caused more price damage due to lack of liquidity.
Both benchmark indices were driven by strong gains in IT, teck, oil and gas, pharma and banking shares amid earnings optimism.
A 2019 investigation of Bombay Dyeing by market regulator Sebi has put a brake on the initial public offering process of sister company Go Air. The Wadia group-owned low cost airline had earlier planned to launch the IPO to raise Rs 3,600 crore by August, but may be forced to postpone it by a month or two as Sebi completes its investigation.
The Indian rupee slumped to a record low near 69 to the dollar on Wednesday on growing worries that foreign investors will continue to sell out of a country facing stiff economic challenges and volatile global markets.
The broader NSE Nifty dipped below the 10,200-mark to hit a low of 10,180.25 before ending at 10,195.15, down by 165 points, or 1.59 per cent.
The NSE Nifty too recovered over 100 points, or 0.96 per cent, to end at 10,576.85.
The sluggish legal system in India makes it extremely difficult for law-enforcing agencies in the ministry of finance to punish violations of foreign exchange laws. Unfortunately, it is not just FEMA. The Prevention of Money Laundering Act too has significant infirmities, say Paranjoy Guha Thakurta and Pranati Mehra.
